A view of Mission Hills Shopping Center in Naples, Florida — Courtesy: The Hampshire Cos.
By Joshua Burd
A decade after acquiring a grocery-anchored shopping center in Naples, Florida, The Hampshire Cos. has sold the 85,078-square-foot investment property.
The Morristown-based real estate firm announced Wednesday that it has sold the Mission Hills Shopping Center to Phillips Edison & Co. Terms were not disclosed.
Located at 7550 Mission Hills Drive on just under 19 acres, the property was built in 2005 and is positioned in the epicenter of Naples’ residential boom, Hampshire said in a news release. The 97 percent leased, multitenant property is anchored by the Winn-Dixie grocery store and Anytime Fitness gym.
“We acquired the Mission Hills Shopping Center in 2006 and since then have executed our investment strategy and stabilized the asset,” John Goldsmith, portfolio manager for The Hampshire Cos., said in a prepared statement. “We have a strong investment track record and comprehensive strategy for grocery-anchored retail centers in growing markets.”
The population of the three-mile radius surrounding the retail center is expected to see a 10 percent growth over the next five years, the news release said. More than 3,000 homes are currently under construction within two miles of the property and another 1,000 are planned in the immediate vicinity.
All told, 17 tenants occupy the shopping center, Hampshire said. Eleven of those tenants have renewed their leases at least once.
“Part of that strategy is knowing the right time to sell the asset,” said Igor Derbaremdiker, director of dispositions for Hampshire. “With high market demand and premium pricing for grocery-anchored retail product coupled with Naples’ explosive residential growth, now was the right time to sell to optimize the value for this investment.”
Bradley Peterson, Whitaker Leonhardt and Michael Brewster of HFF represented Hampshire in the transaction.
