HFF closes sale of grocery-anchored shopping center in Naples, Florida
ORLANDO, FL – November 1, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of Mission Hills Shopping Center, an 85,078-square-foot, Winn-Dixie-anchored shopping center in Naples, Florida.
HFF arranged the sale on behalf of the seller, The Hampshire Companies. Phillips Edison Grocery Center REIT II, Inc. purchased the asset free and clear of existing debt.
Mission Hills Shopping Center is situated at the intersection of Collier Boulevard and Vanderbilt Beach Road in northeast Naples, one of the area’s fastest growing corridors. In a submarket known for its amenity-rich neighborhoods and golf-course communities, there are approximately 33,400 residents with an average household income of nearly $100,000 within a three-mile radius of the property and 3,000 additional homes currently under construction. Traffic counts for the intersection total more than 54,000 cars per day. In addition to anchor tenant Winn-Dixie, the 96.6-percent-leased property is home to 14 other tenants, including Anytime Fitness, Subway and AT&T.
The HFF investment sales team representing the seller was led by senior managing director Brad Peterson and associate director Whitaker Leonhardt.
“Mission Hills is a great shopping center asset benefitting from its well-performing, necessity-grocer anchor tenant and its location in East Naples, one of Florida’s most rapidly-growing regions,” said Leonhardt. “This acquisition, which was highly sought after from a variety of institutional and private investors, is representative of an asset with such an advantageous location and tenancy. Southwest Florida continues to realize impressive residential and job growth, a trend we expect to continue.”
About The Hampshire Companies
The Hampshire Companies is a full service, private real estate investment firm with assets valued at more than $2.3 billion based in Morristown, New Jersey. 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 hampshirere.com. To stay connected with The Hampshire Companies and for updates on the latest transactions and news, follow the company on Facebook, Twitter (@hampshireco), and LinkedIn.
About Phillips Edison Grocery Center REIT II, Inc.
Phillips Edison Grocery Center REIT II, Inc. is a public non-traded real estate investment trust that seeks to acquire and manage well-occupied grocery-anchored neighborhood shopping centers having a mix of national and regional retailers selling necessity-based goods and services, in strong demographic markets throughout the United States. For more information on the company, please visit the website at grocerycenterREIT2.com.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.