RD Management Purchases Merchants Crossing Shopping Center for $20.5 Million
New York-based owner and operator acquires Fort Myers shopping center & plans renovation
NEW YORK—October 22, 2015—RD Management LLC, one of the nation’s largest privately held real estate development and management organizations, announced it has acquired Merchants Crossing, a 323,061-square-foot shopping center for $20.5 million. The property, located at 15201 N. Cleveland Avenue in North Fort Myers, was purchased by RB Merchants LLC, an affiliate of RD Management, free of existing debt. Holliday Fenoglio Fowler, L.P. (HFF) arranged the sale on behalf of Noble Properties.
With this acquisition, RD Management is the owner and operator of Merchants Crossing. Anchor tenants at Merchants Crossing include a 16-screen AMC Theatres, Bealls Outlet, and Jo-Ann Fabrics. Local residents and shoppers can enjoy amenities such as a courtyard with outdoor seating, abundant parking, and access to US Highway 41 and State Route 78. Situated on 73.2 acres, the center also has several pylon signs and a three signalized intersection for easy navigation.
Merchants Crossing was built in 1993 and last renovated in 2006. RD’s plans for the center include a major façade renovation, a complete remodel and re-tenanting of the vacant Sears building, landscape modifications, and a courtyard upgrade.
“Merchants Crossing is a strong addition to our growing portfolio, with a prime location in the Cape Coral retail trade area,” said Richard Birdoff, principal and president of RD Management. “With RD’s renovations and upgrades, we anticipate the center becoming even more of a go-to destination for residents of North Fort Myers, a metro area recently named among the 20 fastest-growing in the nation.”
In recent years, RD Management has acquired, developed, and/or redeveloped several Florida properties including: Groves Shopping Center in Lakeland; Shady Oaks Shopping Center in Ocala; Sanford Centre in Sanford; and University Mall in Tampa.
About RD Management
Specializing in the retail sector for more than 40 years, RD Management owns and operates more than 18 million square feet of neighborhood and community shopping centers throughout the United States and Puerto Rico. With a portfolio of 200+ properties, RD Management is consistently ranked among the nation’s largest, privately held, real-estate development and management organizations. RD Management maintains in-house expertise in leasing, property management, construction and development, accounting and finance, legal and information technology services.