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

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.