Developer sells retail plaza for more than $5M

FORT MYERS — An investment entity connected to a Naples physician has acquired Arbor Towne Square, a shopping center in Fort Myers for $5.1 million.

Arbor Towne Investors LLC, an affiliate of Fort Myers-based Seagate Development Group, sold the 30,000-plus-square-foot shopping center to Arbor Lin LLC, according to a statement. The managing principal at Arbor Lin, Florida Department of State records show, is Kevin Lam. He’s the clinical director of the Family Foot and Leg Center, which has multiple locations in, Charlotte, Collier and Lee counties. 

Arbor Towne Square tenants include Goodwill, Allstate, Domino’s Pizza, Walgreens and Pinch A Penny, according to the statement. The plaza is adjacent to a 76,000-square-foot, 663-unit self-storage facility Seagate’s SW Management & Realty sold to Public Storage in April, the release adds.

Tim Schneider with Trinity Commercial Group represented the seller’s broker in the transaction, while his colleague, Matthew Fredrickson, represented the buyer.

This sale comes three and a half years after Seagate purchased the property, at 10654-10676 Colonial Blvd. “This center was a great opportunity for redevelopment when we purchased it,” Seagate Development Group CEO and Partner Matt Price says in the statement. “Arbor Towne Square has direct access to Interstate 75 and is in a prime location. Thousands of people pass this site every day and rely on tenants’ services. We are more than pleased with the product and look forward to the continued success of the project.”

Seagate Development Group is a leading, full-service development company specializing in a design-build process via new construction, custom renovations, interior design, and management and leasing services.