Mixed-use retail and office property in Naples sells for $25.5M
JLL Capital Markets closed the sale of the value-add Magnolia Square along Florida’s Gulf Coast
MIAMI, Nov. 18, 2021 – JLL Capital Markets announced today that it has closed the $25.5 million sale of Magnolia Square, a 71,640-square-foot, value-add, mixed-use retail and office property with a roster of food and beverage, wellness and service tenants in the heart of Naples, Florida.
Magnolia Square comprises 35,540-square-feet of retail and 36,100-square-feet of office space that is spread across five buildings. Constructed between 2007 and 2008, the property is 95 percent leased to a leading roster of national and regional tenants, including Raymond James, Brown & Brown Insurance, Starbucks, The Bowl, Naples Trust Company, Valley Bank and American Pacific Mortgage.
Situated on 8.92 acres at 1427 Pine Ridge Rd., Magnolia Square is at the highly trafficked intersection of Pine Ridge Road, Naples’ primary east-west thoroughfare, and Goodlette Frank Road, which provides visibility to nearly 80,000 vehicles per day. The infill location has exceptional demographics that include more than 107,000 residents with an average annual household income of $124,000 within a five-mile radius, along with more than 97,000 daytime employees. The property is adjacent to a newly completed, 290-unit, luxury multi-housing development, which provides a built-in customer base to further drive sales.
The JLL Retail Capital Markets team representing the seller was led by Senior Managing Director and Co-Head of U.S. Retail Capital Markets Danny Finkle, Senior Director Eric Williams and Managing Director Ike Ojala. Ryan Levy of Levy Commercial Real Estate, Inc. represented the buyer.
“The Naples market remains highly coveted by investors, and quality opportunities of scale are a rarity,” Williams said. “Magnolia Square was attractive, given its prime location, institutional quality improvements, strong in-place tenancy/cash flow and potential to create additional value over time.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
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