Granada Shoppes in North Naples changed hands this month in a $97 million sale. The more than 307,000-square-foot retail center anchored by Hobby Lobby, Haverty’s, Marshalls and Trader Joe’s on the southeast corner of U.S. 41 and Immokalee Road was purchased Dec. 7 by Brixmor Property Group, a New York-based, publicly-traded real estate investment trust.
Brixmor owns and operates nearly 400 other retail centers in the nation, including a few others in the Naples area. Its Collier County portfolio includes Naples Plaza, Park Shore Plaza and Freedom Square, all of which have experienced extensive recent renovations by Brixmor.
The Granada Shoppes purchase is Brixmor’s second major regional acquisition in 2021. In April, the real estate investment company bought The Center of Bonita Springs at U.S. 41 and Bonita Beach Road for $48.5 million from AmCap Inc., which had owned the Publix-anchored 286,000-square-foot center for five years.
“Our acquisitions of Granada Shoppes and Center of Bonita Springs this year further strengthens our presence in the Naples market with six shopping centers offering retail space at the area’s highly trafficked intersections,” said Maria Pace, Brixmor’s director of marketing. “When we reinvest in our shopping centers, we attract better retailers, increase occupancy, improve the consumers’ shopping experience and increase center traffic benefiting our tenants. For example, at Freedom Square, located at Tamiami Trail and Collier Boulevard, we recently added HomeGoods, Planet Fitness and Burlington to this renovated center which realized a 65% increase in consumer traffic. We continually review our portfolio for reinvestment opportunities, but no plans have been finalized for these two centers.”
Granada Shoppes was created in 2001 when Barron Collier Companies of Naples teamed up with Miami-based Courtelis Co. to develop the shopping center on more than 39 acres formerly owned by Barron Collier Jr. It’s now on one of the busiest corners in the Naples area.
“Granada Shoppes is a high-quality asset with great tenants that we developed and have owned with our partner Courtelis for many years. We wish the new owner the best moving forward,” said Brian Goguen, chief investment officer for Barron Collier Companies.
Granada Shoppes, 10940 Tamiami Trail N., is the only location in Collier County for P.F. Chang’s, Chuck E. Cheese, Trader Joe’s and Tuesday Morning. Major inline vacancies remain from recent closings by Pier 1 Imports and Orchard Supply Hardware, as well as restaurant outparcels vacated by Sweet Tomatoes and Red Robin. Over the years, Courtelis filled previous vacancies left by Expo Design Center, Borders bookstore, Linens ‘N Things, Pier 1 Kids, Walgreens, Applebee’s, Romano’s Macaroni Grill and Starbucks.
Other retailers operating now in Granada Shoppes include Dollar Tree, Advance Auto Parts, Men’s Wearhouse, Petland, Visionworks, Sprint, Xfinity, H&R Block, Sally Beauty Supply, First Watch, Moe’s Southwest Grill and Jersey Mike’s Subs.
Danny Finkle, senior managing director of JLL Capital Markets, was part of the transaction team, representing the seller in the recent transaction.
“The Courtelis Company and Barron Collier Companies visionary development has emerged as a market-dominant center over the past 20 years as the Naples market has continued to emerge as one the highest barrier-to-entry and most desirable markets in the U.S.,” Finkle said. “Brixmor’s strong local market knowledge via its numerous retail holdings throughout Southwest Florida made this a highly synergistic acquisition.”