The southeast chunk of the Market Square shopping center in south Fort Myers sold for $13.2 million.
The stretch of four mid-sized retail stores combines 65,688 square feet of space, costing about $201 per square foot.
Jim Shiebler, a commercial real estate broker with Marcus & Millichap, spent two years marketing the property on behalf of the previous owner, Market Square Owner LLC. He received 11 offers, with a New Jersey-based investor called A & B Florida Ventures LLC closing the deal last week.
Other than paying rent to a new landlord, the four stores will continue operating as usual.
The stores at 13741-13749 S. Tamiami Trail in south Fort Myers include Michael’s arts and crafts store, Petco, World Market and Dollar Tree. The diversification of those stores, and that most of them have proven to be resistant to the shift in retail trends to e-commerce, made the real estate an attractive investment, Shiebler said.
“We have Dollar Tree, which is recession and pandemic resistant because it’s a grocery, and it’s a discount store,” Shiebler said. “Can you buy it online and have it delivered to your door within minutes? In many of these, no.”
The location also stood out. Shiebler said as much as Lee County has expanded upon the growth corridor of Alico Road and Interstate 75, the Daniels Parkway and U.S. 41 intersection remain like a grand central station for area shoppers.
“Daniels Parkway and 41 is the most coveted and busiest intersection in all of Lee County,” Shiebler said. “It has 99,000-plus cars per day. Multiple signalized intersections. It’s really the crossroads of what they call Main and Main in commercial real estate.”