Stock Plaza in East Naples has changed hands.
After seeing strong interest from potential buyers, the 65,000-plus square foot retail center off Collier Boulevard has sold for $26.5 million.
The seller? Naples-based Stock Development, which built the plaza in 2017 and 2018.
The buyer? A New York-based private family office, according to SRS Real Estate Partners National Net Lease Group, which marketed the property for sale
Property records show the new owner as COL Plaza Realty LLC. The limited liability company was formed in July, with an address in Katonah, New York, and its manager is Charles Rosner, according to Florida records.
Stock Plaza has five buildings sitting on 8.8 acres. It is 98% occupied, with more than a dozen tenants, including NCH Healthcare, Sherwin Williams, Five Guys, AT&T and Tropical Smoothie Café
Located in a high-growth area with a desirable address, the center sold a little over a month after hitting the market, said Keith Gelder, a vice president of land with Stock Development.
“We had qualified offers by a half a dozen buyers,” he said.
The buyer “really liked the asset because of the medical component,” Gelder said.
NCH Healthcare Southeast, a two-story multipurpose outpatient medical center spanning 23,000 square feet, includes an urgent care center, offices for primary care physicians, a sleep lab, outpatient imaging and rehabilitation services.
At a Commercial Real Estate Symposium hosted by the Naples Area Board of Realtors on Wednesday, Gerald Hendry, a real estate broker and managing partner with Maxwell, Hendry & Simmons, called the sale an “interesting transaction,” with the plaza fetching a notable $406 per square foot.
The plaza, he said, is a great example of what he describes as a move toward “retailtainment,” offering a mix of tenants that includes stores, restaurants and even medical offices in an area that has “a ton of residents” — and the proof of its success is reflected in the price paid per square foot.
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Shopping center buyers are seeking properties “with less big-box risk and Amazon-proof uses,” said SRS National Net Lease Group’s Britt Raymond in a news release.
“SRS was able to generate multiple competitive offers for the asset by targeting both the professional shopping center buyers that are the most common player in this space, as well as private capital, which can be more competitive on pricing because of their lower cost of capital,” he said
Raymond attributed the high demand for the plaza to an “ideal mix of daily neighborhood tenants” and “the anchor of a reputable healthcare concept.”
Stock Development put the plaza up for sale after receiving unsolicited inquiries from interested buyers, said Claudine Leger-Wetzel, the developer’s vice president of sales and marketing.
“It was just the right time in the market and the demand was there,” she said.
The plaza sits on the northwest corner of Collier Boulevard and Grand Lely Drive at the entrance to Stock Development’s Lely Resort residential communities.
The center is surrounded by country clubs, golf courses and gated residential communities. More than 65,582 residents live and nearly 18,742 employees work in the five-mile trade area around it.
Over the past 18 years, Stock Development has built more than 3,000 homes at Lely Resort. More recently, the company expanded into commercial development, including shopping centers and apartments.
On Tuesday, Collier County commissioners approved Allura, which will be the developer’s fourth apartment project. The complex will have up to 304 rental units on 35 acres at the southeast corner of Veterans Memorial Boulevard and Livingston Road
One of Stock’s next commercial projects will be in Estero, south of Corkscrew Road near Interstate 75. The mixed-use development, named Estero Crossing, will have a mix of apartments and retail shops. Asked whether it might eventually be sold, Gelder said “potentially.”
“It really depends on the market conditions,” he said.