New Jersey investors buy College Plaza shopping center for $14.6M
The College Plaza shopping center, located in the vibrant south of Fort Myers, found its new owners in New Jersey investors, who secured the property for $14.6 million. This transaction highlights a significant moment in the commercial property landscape, reflecting both ambition and opportunity. Should one consider the investment climate? It seems filled with promise, yet layered with choices that are far from simple.
College Plaza, situated prominently at the intersection of College Parkway and U.S. 41, switched hands on August 27, having sat on the market for a mere 64 days, although agreements typically took just a day to finalize through broker Jim Shiebler of CBRE. Closed deals often carry stories of negotiation and human interaction, reminding us that behind every number and transaction, there are people striving for success.
Spanning 56,386 square feet, this shopping center houses renowned tenants such as Pet Supermarket, Ada’s Natural Market, West Marine, Five Guys, Tijuana Flats, and Good Feet Store. Notably, these businesses will continue to thrive under their existing leases, offering a sense of continuity in an ever-changing world of retail. These names, recognized by many, pulsate with familiar energy, providing comfort to regular patrons who visit for their daily essentials or a spontaneous indulgence.
With a fresh ownership under College Plaza Center LLC, a family-operated firm from New Jersey, new possibilities arise. Frank Storino reflects on their confidence in the center, noting, “The sellers provided a level of transparency and genuine assistance.” Such sentiments remind one of the beauty of collaboration—the handshake deals that often pave the way for future opportunities. The investment’s allure lies in its location. As Storino described, the trophy positioning, combined with an eye-catching aesthetic, paints a picture of potential and growth. The tenants, recognized nationally, boast lengthy histories of stability, making this more than just a financial transaction; it’s about cultivating a garden of successful commerce.
College Venture 1 LLC, the former owners, had acquired the property for just $3.9 million in 2010. This remarkable appreciation signals an impressive growth of 274% over the span of 14 years. Each percentage point tells a story of resilience and market acknowledgment. The typical valuation journey one might experience over time sparkles with the glitter of hard work and perseverance.
Shiebler characterized College Plaza as a generational trophy location, nestled in one of the busiest intersections in Southwest Florida. A staggering average daily vehicle count of 109,000 highlights the center’s prime accessibility—an echo of the constant hustle and bustle that envelops commercial environments. With structured long leases averaging almost 12 years, this shopping center embodies a sense of security that many investors yearn for in today’s market climate.
This swift transaction, yielding interests from numerous potential buyers, emphasizes a prevailing demand for such properties. However, the seamless process set forth by both parties stands testimony to a fundamental truth: good relationships foster good business. Both buyer and seller deserve recognition for their honorable dealings, transparency, and genuine assistance, crafting an ultimate win-win scenario. Let this serve as a lesson—a reminder of the human connections that underline our commercial landscapes.
