- April 18, 2014
BUYER: CH Realty VI/R Naples Neapolitan LLC (Fund VI Manager LLC), Dallas
SELLER: David Brainerd as successor trustee under Neapolitan Way South Land Trust and David Brainerd as successor trustee of Neapolitan Way North Land Trust with South Trust
PROPERTY: 754-882 Neapolitan Way, Naples
PRICE: $30.5 million
BUYER: CH Realty VI/R Naples Crossroads LLC (Fund VI Manager LLC), Dallas
SELLER: Madison Crossroads LLC
PROPERTY: Pine Ridge Road and Vineyards Boulevard, Naples
PRICE: $22.5 million
LAW FIRM ON DEED: Holland & Knight LLP, Miami
Crow Family Holdings purchased two Publix-anchored retail centers from Madison Marquette for a total of $53 million.
The firm purchased the 137,629-square-foot Neapolitan Way Shopping Center for $30.5 million and the 126,834-square-foot Crossroads Market for $22.5 million.
The price equated to $200 per square foot. That figure is higher than the two-year average price per square foot for retail space ($144) in Southwest Florida, according to the CoStar Group.
Located on Pine Ridge Road near Interstate 75, Crossroads Market is anchored by Publix, Crunch Gym and Walgreens. Other prominent tenants include HMA, Chase Bank, Giovanni Italian Restaurant & Pizzeria, Doctor's Choice Home Care and Subway. The center features outparcels for McDonalds/Mobile and AmSouth Bank.
Neapolitan Way features a 41,120-square-foot Publix in a central building with two strip center buildings surrounding the parking. Other tenants include a 13,000-square-foot Walgreens, 12,300-square-foot Bill Smith Appliances and Electronics, Draper's & Damon's Inc., Amore Ristorante, La Green Spa and BankUnited.
Crow Family Holdings handles the capital of the Trammell Crow family.