PREI to purchase Florida mall
Prudential Real Estate Investors is under contract to purchase The Mercato, an outdoor mall in Naples, Fla., for an estimated $240 million. An official announcement was not released.
The sellers are Madison Marquette, The Lutgert Cos. and Barron Colliers Cos.
The 456,000-square-foot mixed-use development includes 320,000 square feet of retail and 136,000 square feet of office space. It is 93 percent occupied and anchored by Whole Foods Market, Nordstrom Rack and Silverspot Cinema, a 12-screen premier-style theater. In addition, Mercato has 12 restaurants, more than 20 upscale retailers and luxury residential condominiums.
The acquisition follows, PREI’s completion of the sale of its interest in the Highland Hospitality portfolio. Ashford Hospitality Trust acquired the remaining 28.26 percent ownership interest in the 28-hotel portfolio. It includes 19 full-service hotels and nine select-service hotels with a concentration in major brands such as