- March 28, 2018
Boston-based AEW Capital Management L.P. has acquired the Daniels Marketplace retail center in Fort Myers for $49 million, amid an anticipated wave of new residents in Lee County.
The 106,739-square-foot center, at 6891 Daniels Parkway, is fully leased to Whole Foods Market, Mellow Mushroom, Panera Bread Co. and service-related stores including a dental practice, salon, dry cleaner, pet hospital and Pilates gym.
Seller S.J. Collins Enterprises, of Atlanta, began developing the center at Daniels and Six Mile Cypress parkways four years ago.
“I think we’re really good at working with a community and finding out what they want and ascertaining what fits for that particular community in regards to grocery stores, as was the case with Whole Foods at Daniels, but operating isn’t our strong suit,” says Jeff Garrison, the S.J. Collins partner who oversees development for the company.
“So we made the decision to find a strong capital buyer who could take it to the next level.”
Garrison adds that S.J. Collins also wants to focus on its three other developments in Florida.
AEW, which also has the ability to add space to Daniels Marketplace, did not return telephone calls for comment.
Along the Gulf Coast, the company is best known for developing a pair of industrial buildings on 46.6 acres within the Lakeland Logistics Center, in Polk County.
The two buildings, a joint venture with Ridge Development Co., total 490,000 square feet and were completed in early 2017.
Founded in 1981, AEW has developed or acquired in excess of $50 billion worth of property.
S.J. Collins was represented in the transaction by commercial real estate brokerage Cushman & Wakefield’s Fain Hicks, Mark Gilbert, Lane Breedlove, Adam Feinstein and Mitchell Halpert.
The firm’s Equity, Debt and Structured Finance team also arranged financing for AEW.