The Hampshire Companies, a full service, private real estate investment firm, announces the sale of the 85,078-square-foot Mission Hills Shopping Center in Naples, Florida to Phillips Edison & Company. The multi-tenant property is currently anchored by the Winn-Dixie grocery store and Anytime Fitness gym.
Located at 7550 Mission Hills Drive on just under 19 acres, the property was built in 2005 and is positioned in the epicenter of Naples’ residential boom. The population of the three-mile radius surrounding the retail center is expected to see a 10% growth over the next five years, 41% higher than the projected growth of the entire Naples MSA. Over 3,000 homes are currently under construction within two miles of the property and another 1,000 are planned in the immediate vicinity. Strong income demographics and access to CR 951 with traffic of 54,000 cars per day and 3 miles east of I-75, Mission Hills Shopping Center is strategically positioned for continued retailer growth and success
The property is currently just under 97% leased with The Winn-Dixie store which recently renovated its store with upscale finishes and offer high-end produce, wine and organic offerings to better serve the Naples market serving as an anchor tenant along with Anytime Fitness. In total, 17 tenants occupy Mission Hills Shopping Center with 11 tenants renewing their leases at least once showcasing the long-term retail viability of the center.
“We acquired the Mission Hills Shopping Center in 2006 and since then have executed our investment strategy and stabilized the asset. We have a strong investment track record and comprehensive strategy for grocery-anchored retail centers in growing markets.” said John Goldsmith, Portfolio Manager for The Hampshire Companies. “Part of that strategy is knowing the right time to sell the asset,” added Igor Derbaremdiker, Director of Dispositions for The Hampshire Companies. “With high market demand and premium pricing for grocery-anchored retail product coupled with Naples’ explosive residential growth, now was the right time to sell to optimize the value for this investment.”
Bradley Peterson, Whitaker Leonhardt and Michael Brewster of HFF represented Hampshire in the transaction.
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About The Hampshire Companies
The Hampshire Companies is a full service, private real estate investment firm with assets valued at more than $2.1 billion based in Morristown. N.J. The Hampshire Companies is a vibrant, dynamic organization that combines creative vision and superior execution, thereby enabling it to create and enhance value in real estate investments. Additional information on The Hampshire Companies is available online at www.hampshirere.com.
