May 1, 2018 – Brian Ahrens of Horvath & Tremblay has represented the buyer to complete the sale of Berkshire Place in Naples, Florida. Horvath & Tremblay procured the 1031-exchange buyer to close the property for a sale price of $7,100,000, a 6.25% cap rate.
The 17,143-square foot, fully leased retail center is located at the corner of Radio Road and Santa Barbara Boulevard in the south side of Naples. The Property is situated within the larger Berkshire Commons, anchored by Publix. This Publix store is one of three 68,000-square foot prototype stores, making it one of the largest in the state. Additionally, it is one of the top grossing stores in the state.
With Starbucks leasing 1,890-square feet, Berkshire Place’s remaining retail spaces are leased by Five Guys, Moe’s, Supercuts, Tropical Smoothie, Hibachi of Japan, Regal Nails, Naples Cellular (Verizon), and Royal Scoop Ice Cream. The Property benefits from its strategic location within a densely populated neighborhood with over 130,216 people within a 5-mile radius.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States. Our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.