SOLD!
According to the Naples Daily News, the Naples hotspot has sold! The new owner- the real estate investment and advisory business of Prudential Financial Inc. – said it purchased the property for institutional investors. Built between 2007 and 2009, Mercato has 456,359 square feet of Class A retail and office space.
“The prominent location, on-site amenities and high-quality tenant base in a market with favorable economic outlook and strong demographics made Mercato an ideal income-producing investment to add to our clients’ portfolio,” said Kevin R. Smith, head of Americas for PREI, in a statement. “We look forward to creating additional value at Mercato for the benefit of existing and prospective tenants, the Naples community and our clients.”
The retail part of Mercato is anchored by Whole Foods Markets, Nordstrom Rack, and a 12-screen cinema. The offices are home to such national tenants as Wells Fargo, Bank of America and Merrill Lynch, and regional law and financial services firms.
Madison Marquette, one of the sellers, will remain the property manager and leasing broker for the retail and office space. In 2011, Madison Marquette joined Barron Collier Cos. and The Lutgert Cos., two Naples-based companies, as a third owner of Mercato. “We are delighted to have worked with our partners to create such a dynamic and iconic asset as the Mercato,” said Amer Hammour, chairman of Madison Marquette, in a statement.
Real Estate Alert, a subscriber-only real estate newsletter, known for its exclusive tips on big commercial deals, recently identified Prudential Real Estate Investors as the buyer of Mercato. According to the newsletter, Prudential, based in Madison, New Jersey, agreed to pay about $240 million for the property, beating out two other suitors, MetLife Real Estate Investors and Jamestown Properties, in a “bidding process that grew heated.”
