Fort Myers Retail Center Flips for $14.6M

CBRE Capital Markets has arranged the $14.6 million sale of College Plaza, a 56,386-square-foot retail center at 7070 College Parkway in Fort Myers, Florida. CBRE’s Jim Shiebler represented both the sellers, and the buyer, all private investors. The sellers paid $3.9 million for the property in 2010.

For the past 10 years, College Plaza has been fully leased. Tenants include Ada’s Natural Market, West Marine, Pet Supermarket, and an outparcel occupied by Five Guys, Tijuana Flats, and The Good Feet Store. 

The Storino Family was the buyer of the project, “After thorough examinations of numerous Florida shopping centers over the past several years, we strongly believe that College Plaza has the winning formula for long-term stability and success. The combination of the unrivaled, trophy location, highly attractive aesthetic design, strong corporate nationally recognized tenants with lengthy lease histories and below market rents ensures the stability of this investment for decades to come.”