MIAMI– HFF announced today that it has closed the $9.875 million sale of Alico Commons, a 97,663-square-foot Publix-anchored center in Fort Myers, Florida.
HFF marketed the properties on behalf of Endeavor Real Estate Group (“Endeavor”). The PMAT Companies purchased the asset for $9.875 million free and clear of existing debt.
Built in 2009, Alico Commons is situated on a 12.04-acre site at the intersection of Alico Road and Tamiami Trail (US Highway 41). The center is 53.5 percent leased and is anchored by a 45,600-square-foot Publix.
The HFF team representing the seller was led by senior managing director Danny Finkle and director Luis Castillo.
“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,” said Finkle.
HFF has capitalized more than $4.3 billion in retail assets nationally through third quarter 2013. The HFF Florida team has capitalized more than $476 million in retail transactions during this time.
Austin-based and privately owned, Endeavor is focused on the acquisition and development of retail, office, industrial and multifamily/mixed-use properties. Founded in 1999, the company provides a services including property management, tenant representation and leasing. www.endeavor-re.com.
The PMAT Companies is a real estate development firm focused on value-add grocery anchored shopping centers across the Southeast, Sunbelt and Mid-Atlantic Regions. Since its founding in 2003, the PMAT Companies have acquired and successfully renovated 20 anchored shopping centers with an aggregate market value of nearly $500 million dollars consisting of approximately 2.5 million square feet. www.pmat.net.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit www.hfflp.com or follow HFF on Twitter at www.twitter.com/hff.