Skip to main content
Commercial Real Estate
Business Observer Friday, Aug. 17, 2018 3 months ago

New Market acquires Naples center for $37.8 million

Share
Atlanta firm adds a second Naples shopping center to its portfolio of 44 properties
by: Kevin McQuaid Commercial Real Estate Editor

An Atlanta firm that is a subsidiary of a major apartment developer has invested $37.8 million to buy a Naples shopping center in one of the largest retail transactions of the year in Southwest Florida.

New Market Properties LLC, a wholly owned subsidiary of Preferred Apartment Communities Inc., purchased the Neapolitan Way Shopping Centre in late June, according to Collier County property records.

The 137,580-square-foot center, anchored by Publix Super Markets Inc., had been owned since September 2014 by Crow Holdings, an affiliate of the Dallas-based Trammell Crow Co. Crow Holdings acquired the property for $30.5 million.

In addition to Publix, the 866 Neapolitan Way center also is anchored by Walgreens and the Cibao Grille restaurant.

The two-building shopping center, near the Park Shore Resort and the Naples Holocaust Museum and Education Center, opened in 1986, property records indicate.

The transaction brings to seven the number of retail properties that New Market owns in Florida in Orlando, Spring Hill, Naples and Parkland.

In addition to Neapolitan Way along the Gulf Coast, New Market also owns the Crossroads Market, a Publix-anchored, 127,000-square-foot center in Naples; and Barclay Crossing, a roughly 55,000-square-foot center in Spring Hill, north of Tampa.

In all, New Market now owns 44 retail centers spread across seven states, according to its website.

New Market CEO Joel Murphy did not respond to telephone calls for comment on the company’s most recent Naples acquisition.

 

 

Related Stories

Advertisement