Ft. Myers, Florida
Alico Commons is a 98,000 square foot 2009 construction Publix anchored Shopping Center inFort Myers, FL located on Tamiami Trail (US 41) with traffic counts exceeding 60,000 vehicles per day and at the signalized intersection of Alico Road with traffic counts of approximately 30,000 vehicles. DR Horton had also broken ground on a 168 home project under 1 mile from the center. Despite this strategic location, the center had struggled with leasing as Fort Myers was one of the hardest hit areas in the Great Recession.
As such, PMAT was able to purchase this asset from an out of town owner with no other assets in Florida in December 2013 at over a 50% discount to the original construction cost. At that time, the center had over 45% vacancy as well as a developable 1 acre out parcel directly on Tamiami Trail adjacent to a new CVS. Within the first year of ownership, PMAT had executed over 17,000 square feet of leases for shop space. PMAT also leased the junior anchor space of about 21,000 square feet to a well-known, upscale regional fitness center, taking this center to 94% occupancy within one year.