Naples destination retail center sells for $97M
JLL Capital Markets closed the sale of the Trader Joe’s-anchored Granada Shoppes to Brixmor Property Group
MIAMI, Dec. 15, 2021 – JLL Capital Markets announced today that it has closed the $97 million sale of Granada Shoppes, a 307,000-square-foot, one-of-a-kind shopping center destination anchored by Trader Joe’s, Marshalls, Haverty’s Furniture, Hobby Lobby and P.F. Chang’s in the coastal Florida community of Naples, Florida.
JLL marketed the property on behalf of the seller, Courtelis Company and Barron Collier Companies. Brixmor Property Group acquired the asset.
Granada Shoppes is 98 percent leased to a diverse lineup of popular national and local tenants, including Trader Joe’s, Marshalls, Hobby Lobby, Haverty’s, Dollar Tree, PF Chang’s, Tuesday Morning, Xfinity, First Watch Restaurant, Jersey Mike’s Sports Clips, Visionworks, Men’s Wearhouse and Petland of Naples.
Situated on more than 39 acres at the southeast corner of Tamiami Trail N. (U.S. 41) and Immokalee Road, Granada Shoppes is in a high-traffic location with visibility to more than 91,900 vehicles per day. The retail destination is 3.5 miles west of the I-75 Interchange, making it easily accessible to the affluent Naples and Bonita Springs residents. The center serves a trade area that includes 44,821 residents earning an average annual household income of $126,240 living within a three-mile radius.
The JLL Retail Capital Markets team representing the seller was led by Senior Managing Director and Co-Head of U.S. Retail Capital Markets Danny Finkle and Senior Director Eric Williams.
“The Courtelis Company and Barron Collier Companies visionary development has emerged as a market-dominant center over the past 20 years, as the Naples market has continued to emerge as one the highest barrier-to-entry and most desirable markets in the U.S.,” Finkle said. “Brixmor’s strong local market knowledge via its numerous retail holdings throughout Southwest Florida made this a highly synergistic acquisition.”
“Granada Shoppes is one of the premier retail locations in Southwest Florida and home to several of the leading retailers in the industry,” Williams added. “The outstanding tenant demand to be at the center offers unlimited long-term potential to grow the asset.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Courtelis Company
Established in 1963, Courtelis Company has developed over 5 million square feet of shopping center space and over 2,000 residential units throughout Florida. Courtelis Company is based in Miami, Florida, and develops, leases and manages high quality commercial and multifamily properties in a variety of mixed-use settings. Other current Southwest Florida development projects include Murano at Three Oaks, a recently completed 319-unit luxury apartment community in Ft. Myers and other past Southwest Florida real estate developments include Waterside Shops at Pelican Bay, Magnolia Square, Brooks Town Center and Marketplace at Pelican Bay.
About Barron Collier Company
Barron Collier Companies is one of the largest diversified companies in Florida dedicated to the responsible development, management, and stewardship of numerous land holdings. Led by the Collier family, with roots tracing back one hundred years to Collier County, founder Barron G. Collier, Barron Collier Companies pursues its vision for Southwest Florida with successful enterprises in several areas including agriculture, land development and mineral management. For more information, please visit barroncollier.com or call 239-262-2600.
About Brixmor Property Group
Brixmor (NYSE: BRX) is a real estate investment trust (REIT) that owns and operates a high-quality, national portfolio of open-air shopping centers. Its 389 retail centers comprise approximately 68 million square feet of prime retail space in established trade areas. The company strives to own and operate shopping centers that reflect Brixmor's vision "to be the center of the communities we serve" and are home to a diverse mix of thriving national, regional and local retailers. Brixmor is a proud real estate partner to approximately 5,000 retailers including The TJX Companies, The Kroger Co., Publix Super Markets and Ross Stores.