Bonita Springs Shopping Center Sells for $14M

BONITA SPRINGS, FL- A private investment group based in Fort Myers, FL purchased the Bonita Grande Crossings, a neighborhood shopping center in here, for nearly $14 million. The group paid Devcon Pelican Bay LLC about $187.07 per rentable sf for the 74,676-rentable-sf property. The seller is a partnership between Pelican Bay Development in Bonita Springs and Devcon, based in West Hartford, CT.Located at the southwest corner of Bonita Beach Road and Bonita Grande Drive, the property was built in 2002. The shopping center, which a Publix grocery store anchors, was 100% occupied at the time of the sale. Other tenants at the center include Allstate Insurance, the UPS Store and Subway. Included in the sale was a three-quarter-acre undeveloped outparcel on Bonita Beach Road.”The center was sold based on favorable market conditions and a high demand for new Publix-anchored centers from investors,” says Nikolas Kozy, a broker involved in the sale. Kozy, Dennis Carson and Anthony Blanco of Miami-based Blackrock Retail Property Advisors represented Devcon Pelican Bay LLC exclusively in the transaction.