The Prado at Spring Creek is a 152,000 square foot shopping and entertainment complex, anchoredby Steinmart, Regal Cinemas, and Walgreens and located in close proximity to a high concentrationof residential developments—including several upscale gated communities such as Pelican Landingwith almost 5,200 units and Bonita Bay, a 3,400- unit community. The Naples, FL location along U.S. 41 and Old U.S. 41 also benefited from traffic counts exceeding 50,000 vehicles per day and was located in the most central location of the trade area within one mile of new stores for Publix, Target, Winn-Dixie, Albertson’s, and Office Max.
In a transaction with two distinct parties, PMAT purchased both separate parcels and consolidated the properties into one combined asset under common ownership and operation. At the time of acquisition, the disjointed properties had been neglected and poorly leased resulting in a combined occupancy of only 80%. In only eighteen months, PMAT finished the renovations, streamlined the combined operations with cost savings and efficiencies, and stabilized the center to 95% occupancy.