Cape Coral shopping center back on market — 3 months after being sold

Merchant Plaza is back on the market.

The 15,098-square-foot shopping center on Hancock Bridge Parkway in Cape Coral has been listed for sale for $5.4 million by Crownpoint Partners. This is the same firm that just helped a Cincinnati investor buy the Tire Plus-anchored shopping center in July. 

According to an offering memorandum from the firm, the center just east of Santa Barbara Boulevard is fully leased with a tenant roster that includes PI Pizza, Tobacco Shop, Lee Nails, Floral Designs, Palm Tree Massage and Cape Palace Arcade. It was renovated in 2023 with a new roof and parking lot. 

Tire Plus, the anchor, has a new nine-year lease extension and the remaining tenants have triple net leases in place, each with 3% to 5% annual rent increases. 

The center’s newest owner, an investor, paid $4.5 million for it in July. Before that Jeri-Lin Corp. bought it for $2.3 million for it in 2003. 

Shannon Bona, a managing partner and CrownPoint co-founder, says after the new owner "did a lot of value-add work extending and cleaning up leases so he was able to achieve business plan quickly and now is selling."

Bona and Julius Swolsky, who represented the recent buyer, have the new listing.