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Benderson Development Acquires Cypress Trace Shopping Center From Nuveen Real Estate For $40.35M

Property Image
SOLD
$40,350,000
Mitchell Halpern
Adam Feinstein
Mark Gilbert

Florida

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Retail280,000 SF
Sold 09/25/2024
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Property Image
SOLD

Benderson Development Acquires Cypress Trace Shopping Center From Nuveen Real Estate For $40.35M

13300 South Cleveland Avenue

See Similar Deals
Retail280,000 SF
Sold 09/25/2024
Mitchell Halpern
Adam Feinstein
Mark Gilbert
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:Retail
Price Per Square Foot:$144
Total Square Footage:280,000 SF
Transaction Type:Sale

The transaction involved the sale of a retail asset located at 13300 South Cleveland Avenue, Fort Myers, with a total sale price of $40,350,000. The property encompasses 29 acres and includes a total of 280,000 square feet, resulting in a price per square foot of $144.

Summary of transaction details:

  • Property Type: Retail
  • Transaction Amount: $40,350,000
  • Buyer: Benderson Development
  • Seller: Nuveen Real Estate
  • Brokerage Firm: Cushman & Wakefield
  • Brokers: Adam Feinstein, Mark Gilbert & Mitchell Halpern
  • Leasing Status: Nearly fully leased with major tenants like Winn-Dixie and Ross
  • Additional Notes: The acquisition also includes an adjacent vacant restaurant property, previously the Lone Star Steakhouse, and presents a redevelopment opportunity.

The deal was facilitated by brokers Adam Feinstein, Mark Gilbert, and Mitchell Halpern, who represent Benderson Development in this transaction, enhancing their portfolio in the Fort Myers market.

Players

Adam Feinstein
Cushman & Wakefield
Adam Feinstein
13 deals$523.9M volume
BROKER
Mitchell Halpern
Cushman & Wakefield
Mitchell Halpern
9 deals$316.3M volume
BROKER
Mark Gilbert
Cushman & Wakefield
Mark Gilbert
17 deals$632.3M volume(305) 371-4411
BROKER

Details

SOLD
IMAGE: Mark Gilbert, Adam Feinstein & Mitchell Halpern DATE: 09/25/2024 ADDRESS: 13300 South Cleveland Avenue MARKET: Fort Myers ASSET TYPE: Retail ~ ACRES: 29 BUYER: Benderson Development (@BendersonDevelopment) SELLER: Nuveen Real Estate (@Nuveeninv) BROKERS: Adam Feinstein, Mark Gilbert & Mitchell Halpern - Cushman & Wakefield (@CushWake) SALE PRICE: $40,350,000 SF: 280,000 ~ PPSF: $144 NOTE: Benderson Development acquired the 280,000-square-foot Cypress Trace shopping center in Fort Myers for $40.35 million, adding to its adjacent vacant restaurant property, previously the Lone Star Steakhouse. The center, nearly fully leased with major tenants like Winn-Dixie and Ross, presents an opportunity for redevelopment and enhancement of the surrounding retail landscape, potentially including multifamily units to attract more customers.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$2,152,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$143,355.02
Cash-on-Cash Return-1.27%
Monthly Debt Service$191,279.59
Annual Debt Service$2,295,355.03