Naples investor acquires Uptown Center for $26M

A Naples investor purchased Uptown Center, a 70,422-square-foot North Naples shopping center, for $26 million. 

The transaction took place about six weeks after Indianapolis-based Kite Realty Group paid $65 million for Founder’s Square, about 5 miles east. 

Steve Tallides of Naples purchased Uptown Center at 2700 Immokalee Road, at the southeast corner of Airport-Pulling Road, west of Interstate 75, on July 28. He used LNMT Uptown LLC as the purchasing entity. 

The tenants include Jason’s Deli, Foxtail Coffee, Goodwill, Labcorp and U.S. Renal Care and will continue operating as usual. 

“It’s a nice center,” said Tallides, who began investing in Naples in 2013 and moved there from New York in 2020. “It’s a nice mix of good people. I used to live in Tiburon over there. So, I know it pretty well. It’s a good investment.” 

Rob Carroll, a leasing and sales agent for Investment Properties Corp. of Naples, brokered the deal on behalf of Tallides. 

Robert Morgan of Morgan Real Estate of Naples represented the seller, Mt. Ridge Realty Associates LLC. The seller purchased the property in 2013 for $11.2 million. Its value has increased 132% over 13 years, an average of about 6.7% annually, despite Hurricanes Irma and Ian and the COVID-19 pandemic. 

“Basically, the previous owner had owned it for a number of years,” Carroll said. “It was a pretty good asset. It was stable. He didn’t have any serious plans to sell. But he got a very good offer. Unsolicited, from a very good client of ours. He owns other retail in Collier County and was looking to grow his portfolio. 

“The previous owner decided the offer was worth considering. It was pretty straightforward. Off market. Never listed. It was just relationships.” 

Tallides, whose family is Greek, said he fell in love with Naples when he first visited. 

“It’s the closest I’ll get to Greece,” he said. 

He said he tends to develop more than purchase properties and is backing the construction of a 70,000-square-foot industrial/flex warehouse project off Jetport Loop Road in south Fort Myers. Jetport Interstate Commerce Park is scheduled for completion by June 2027, Tallides said. 

Investment Properties Corp. also brokered the sale of Founder’s Square, near the southeast corner of Immokalee Road and Collier Boulevard. 

Kite Realty Group purchased the 86,592-square-foot shopping center at 8845 Founders Square Drive on June 16. 

Tenants include Outback Steakhouse, Skillets, Tacos & Tequila Cantina, South Street City Oven and Grill, Fuji Sushi Bar & Asian Bistro, Crisp & Green, I Heart Mac & Cheese and Slicers Hoagies. 

Barron Collier Companies previously owned and developed The Pointe at Founder’s Square. 

Kite could not be reached for comment. It added The Pointe to an expanding Southwest Florida retail center portfolio that includes Tamiami Crossing, Shops at Eagle Creek, Kings Lake Square, Pine Ridge Crossing, Riverchase Plaza and Tarpon Bay Plaza in Collier County, as well as Estero Town Commons and Colonial Square in Lee County.