Alico Commons sells for $9.88 million

BUYER: PMAT Alico LLC (principal: Robert Whelan), Mandeville, La.
SELLER: EOP Alico Ltd.
PROPERTY: 16960-16980 and 16971 Alico Mission Way, Fort Myers
PRICE: $9.88 million
PREVIOUS PRICE: $4.65 million, March 2005 and $425,000, June 2011
LAW FIRM ON DEED: Shumaker Loop & Kendrick LLP, Tampa

PLANS, DESCRIPTION: Real estate development firm PMAT Cos. purchased the 97,663-square-foot Alico Commons for $9.88 million.

The price equated to $101 per square foot. That figure is lower than the two-year average price per square foot for retail space ($140) for Southwest Florida, according to the CoStar Group.

Built in 2009, the neighborhood retail center occupies a 12.04-acre parcel at the intersection of Alico Road and Tamiami Trail. Anchored by a 45,600-square-foot Publix grocery store, it was 53.5% occupied at the time of the sale.

Danny Finkle and Luis Castillo led the HFF team that represented the seller, Endeavor Real Estate Group.

“This asset provided investors an opportunity to acquire a recently built, high-volume, Publix-anchored center with substantial value enhancement possibilities through lease-up and outparcel development in an ascending local market,” Finkle says in a press release.

Started in 2003, the PMAT Cos. has acquired and renovated 16 anchored shopping centers with a market value of around $500 million.