Courtelis Company JV sells mixed-use retail and office property in Naples, Fla.
A joint venture between Courtelis Company and Barron Collier Companies has sold 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, Fla.
Secured Equities acquired the asset for $25.5 million.
“The Naples market remains highly coveted by investors, and quality opportunities of scale are a rarity,” said Eric Williams, senior director on the JLL Retail Capital Markets team, which represented the seller. “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.”
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, inc