NAPLES, FL-Madison Marquette has taken an ownership interest in four Naples, Florida retail properties, including Mercato, Crossroads Market, Neapolitan Way, and Midway Plaza. The acquisitions were made as part of the Madison Marquette Retail Enhancement Fund. Financial terms of the deal were not disclosed.
"Naples is an affluent market that is gaining strength and we are delighted to have acquired these well-positioned centers," David Brainerd, managing director of Investment at Madison Marquette, said in a statement. "Mercato is extremely well-situated and our primary focus will be on leasing the remaining available space and perfecting the merchandising mix to best serve the local community."
Mercato is a recently built mixed-use shopping center with upscale residential condominiums built atop 330,000 square feet of retail. Whole Foods anchors the retail space. Sur La Table, Coldwater Creek, Capital Grille, Ulta, Bravo and Blue Martini are also tenants. Located just off the I-75 interchange, Crossroads Markets is a 127,000-square foot-neighborhood center anchored by Publix and Walgreens.
Neapolitan Way is the area's dominant grocery-anchored center that includes 138,000 square feet of retail. Neapolitan Way is anchored by Publix and Walgreens. And Midway Plaza is a 28,000-square-foot showroom and strip retail center adjacent to Neapolitan Way.
"Madison Marquette’s investment in these four solid properties highlights the continued demand by institutional investors to place capital into well-situated and strong anchored properties," Anthony Blanco, managing partner at Plaza Advisors, tells GlobeSt.com. "These are exceptional retail properties which should continue to flourish under Madison Marquette’s stellar management."
Madison Marquette controls over 3.7 million square feet of retail space throughout Florida, including holdings in Tampa, Fort Myers and Orlando. Chuck Taylor, senior vice president of Madison Marquette and head of the company's Florida operations, explained in a statement that the company approaches every property with an eye towards creating value: "Naples has strong market fundamentals that are very appealing to retailers."
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