The Bay Landing retail center at U.S. 41 and Bay Landing Drive in Bonita Springs sold May 5 for $10,425,000.
The Shopping Center Group, a retail-focused real estate advisory firm based in Atlanta, represented an affiliate of Barron Collier Co. in the sale to an affiliate of InvenTrust Properties, a publicly held real estate investment trust headquartered in Downers Grove, Illinois. Anthony Blanco, partner and senior managing director of investment sales for TSCG, led the team in the deal.
The retail center is anchored by The Fresh Market and HomeGoods. Also included in this sale is a parcel with inline shop spaces that are perpendicular to the anchor building, which includes Galeria Home Store and Pizza Hut. “The Fresh Market and HomeGoods are the ideal complementary anchor tenants to serve this dense and affluent trade area while drawing shoppers from an extended region beyond,” Blanco said.
Barron Collier owned the property for a long time and had other developments and acquisitions underway, and felt it was the right time to sell the asset, Blanco said. “The buyer plans to own and operate the same way as the seller, with some improvements to parking lot lighting and other enhancements,” he said.
The strong performance of The Fresh Market and HomeGoods created interest in the property, along with the property’s condition. Bay Landing was built in 1998 and totals 62,958 square feet. At the time of the sale, the shopping center was fully leased, but this investment offers future upside with the entitlement for expansion of about 10,000 square feet, Blanco said.