MIAMI—Merchants Crossing, a 323,061-square-foot power center with multiple national anchors in North Fort Myers, FL, has traded hands. Noble Properties sold the retail asset to RD Management LLC for $20.5 million free and clear of existing debt.
The HFF investment sales team representing the seller was led senior managing director Brad Peterson and associate director Whitaker Leonhardt. The retail asset was built in 1993 and renovated in 2006.
“Fort Myers has experienced more than 50% residential growth since 2000, which is the highest percentage growth in the state of Florida during that period," Peterson tells GlobeSt.com. "In the last five years, home prices have steadily increased and both single-family and multifamily permits have continued to trend positively.
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