Naples shopping destination sold

NAPLES — Insurance giant Prudential has acquired luxury shopping center Mercato for an undisclosed price.

Barron Collier Cos. and The Lutgert Cos. originally developed Mercato on 42 acres near the intersection of U.S. 41 and Vanderbilt Beach Road in Naples. The 450,000-square-foot center that opened in 2008 is home to upscale retailers such as Whole Foods and Nordstrom Rack as well as restaurants, bars and a movie theater.

In 2011, Switzerland-based private investment firm Madison Marquette took an ownership stake in Mercato. At a commercial real estate conference in Fort Myers earlier this year, Madison Marquette Senior Vice President Chuck Taylor told an audience that the firm had signed 180 confidentiality agreements with prospective investors interested in acquiring Mercato.

“The current strong commercial market gave us a compelling reason to sell Mercato now,” says Howard Gutman, president of The Lutgert Cos, in a statement. “The Lutgert Companies is excited to continue to be involved in the new residential offering at Mercato, with robust sales so far in our 52-unit project, Residences at Mercato.”