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Business Observer Thursday, Dec. 16, 2021 9 months ago

Trader Joe's anchored shopping center sells for $97 million

Granada Shoppes in Naples sells to New York real estate firm
by: Louis Llovio Commercial Real Estate Editor

NAPLES — The Granada Shoppes in Naples has been sold.

The shopping center on Tamiami Trail N. and Immokalee Road went to Brixmor Property Group, a real estate investment firm specializing in retail shopping centers.

New York-based Brixmor paid $97 million for the property.

Granada Shoppes is on 39 acres and its eclectic tenant mix includes Trader Joe’s, PF Chang’s, Haverty’s and First Watch along with Marshalls, Dollar Tree, Tuesday Morning and Men’s Warehouse.

The 307,000-square-foot center is 98% leased, according to JLL Retail Capital Markets, which brokered the deal for the seller, Courtelis Company, and announced the sale in a release, the center serves a trade area made up of 44,821 residents earning an average annual household income of $126,240 within three miles.

JLL’s senior director Eric Williams says in a statement that Granada “is one of the premier retail locations in Southwest Florida.”

“The outstanding tenant demand to be at the center offers unlimited long-term potential to grow the asset.”

Brixmor owns more than 400 shopping centers nationwide, including the recently purchased Center of Bonita Springs in Bonita Springs and Venice Village Shoppes in Venice.

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