Marco Island shopping center sells for $26.6M

Island Plaza, one of Marco Island’s most prominent shopping centers, has changed hands with a $26.6 million sale, making it one of Collier County's largest retail trades of the year.

The transaction did more than give the tenants a new landlord. It potentially flipped the script on how these shopping center sales tend to play out.

Instead of a local owner selling to a national one, the new owner has local ties to a Marco Island restaurateur.

Luigi Carvelli, whose family owns Snook Inn, DaVinci’s, Marco Prime Steak & Seafood and The Oyster Society restaurants, is listed as an authorized agent of Island Plaza 2025 LLC, the new owner of the shopping center. Carvelli could not be reached for comment, and the details of who exactly owns the shopping center remain private and unclear.

Konya Shuh, who is listed on the transaction deed as the chairperson and manager of the former owner, Island Plaza Investments LLC, could not be reached for comment. She is the daughter of billionaire Diane Hendricks. Both of them are featured on "Betting on Beloit," an A&E network reality TV show about their family working as entrepreneurs to revitalize their hometown of Beloit, Wisconsin.

The shopping center at 3058-3078 Bald Eagle Drive, at the intersection with Collier Boulevard, has a mix of national companies and locally owned businesses, including Bealls Outlet, CVS Pharmacy, Quest Diagnostics, T-Mobile, Jetset Surf Shop, Pinch-A-Penny Pool Patio Spa, Modern Nails and Davide Italian Café & Deli.

Hendricks’ company bought the shopping center in 2013 for $12.5 million and made major renovations in 2018. The property now features a modern architectural design, two-stories and elevator access, according to KOVA Commercial Group, which brokered the off-market sale of the 70,823-square-foot retail and office center.

Cody Shadley, a Naples-based real estate broker with KOVA, worked on the deal with colleague Bryan Flores. They said the new owners wanted to remain private.

“It’s one of the more prominent plazas when you first get on the island,” Shadley said. “We represented the previous owner. Bryan had that relationship there with leasing efforts. The opportunity in conversations started with the relationship with the buyer.

“The buyer just knew about the plaza, and we started the conversation.”

The brokers said the Dec. 5 transaction would not impact the businesses or leases in place.

“It’s business as usual,” Flores said. “It’s a great property for the new owners to take control and run with it.”

In a news release, Flores said: “This transaction is a great example of how staying closely engaged in the leasing process can uncover broader opportunities for our clients. By timing the sale strategically, we were able to align with the seller’s long-term objectives while positioning the new owner for continued success.”

Shadley represented the buyer and said: “Island Plaza presented a strong investment opportunity, and our focus was on securing the property that offered both stability and upside for my customer. This transaction highlights our team’s ability to move decisively in a competitive Marco Island commercial real estate market.”