Washington, D.C.-based Madison Marquette has taken a majority ownership interest in four Naples retail properties, including Mercato, Crossroads Market, Neapolitan Way and Midway Plaza. The acquisitions were made as part of the Madison Marquette Retail Enhancement Fund.
Public records did not indicate a change in the ownership from Lutgert Cos. and financial terms of the acquisition were not available. Madison Marquette took a managing interest in the Mercato and 100% ownership in the other three properties.
Mercato is a recently built mixed-use development with residential condominiums atop 330,000 square feet of retail. Whole Foods anchors the retail space and is joined by Sur La Table, Coldwater Creek, Capital Grille, Ulta, Bravo and Blue Martini.
“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,” David Brainerd, managing director of investment of Madison Marquette, says in a press release.
Crossroads Markets is a 127,000-square-foot retail neighborhood center near Interstate 75 and anchored by Publix.
Neapolitan Way includes 138,000 square feet of retail, also anchored by Publix.
Midway Plaza is a 28,000-square-foot retail showroom and strip center adjacent to Neapolitan Way.
Madison Marquette is best known locally for redeveloping Hyde Park Village in Tampa. It controls more than 3.7 million square feet of retail in Florida. Nationally it oversees 18 million square feet of retail real estate.