RD Management buys Fort Myers shopping center
New York-based RD paid $20.5 million for the property, built in 1993 and last renovated in 2006
October 25, 2015 12:00PM
Bealls store at Merchants Crossing Shopping Center, Fort Myers.
RD Management LLC bought a 323,061-square-foot shopping center in Fort Myers for $20.5 million.
New York-based RD, a privately held property development and management company, acquired the Merchants Crossing Shopping Center free of debt.
Holliday Fenoglio and Fowler L.P. (HFF) arranged the sale on behalf of Noble Properties.
Major tenants of Merchants Crossing include AMC Theatres,Bealls and Jo-Ann Fabrics. The shopping center was built in 1993 and last underwent a renovation in 2006.
RD plans for the property include renovating the facade, remodeling space vacated by Sears, modifying the landscaping and upgrading the courtyard.
RD has acquired and developed or redeveloped several Central Florida retail properties in recent years, including Groves Shopping Center in Lakeland, Shady Oaks Shopping Center in Ocala, Sanford Centre in Sanford, and University Mall in Tampa.
Source: The Real Deal