Business Services Industry
Florida lifestyle center
Real Estate Alert, June 9, 2004
Principal Global beat out a dozen competing bidders to snag the 310,000-sf Bell Tower Shops, a lifestyle center in Fort Myers, Fla. The open-air property is anchored by a Fresh Market gourmet grocery, Saks Fifth Avenue, a 20-screen Regal Cinemas, Bed Bath & Beyond and ULTA, a beauty specialty chain.
Inline stores generate $375/sf in sales. Principal, working through its Principal Real Estate Investors unit, agreed to pay about $85 million for the 22-year-old center--a price that translates into an initial annual yield of about 7%. Eastdil Really brokered the sale for the team of AEW Capital Management and Madison Marquette.
COPYRIGHT 2004 Harrison Scott Publications, Inc.
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