Grocery-anchored center trades hands in Fort Myers

MIAMI, May 15, 2025 –  JLL Capital Markets announced today that it has arranged the sale of Grand Bay Plaza, a 77,810-square-foot, Publix-anchored shopping center in Fort Myers, Florida.

JLL represented the seller, a Miami-based joint venture between Lombardi Properties and Fox Farm Capital. Wilder, a Boston-based real estate development, management, and leasing firm specializing in retail and mixed-use developments along the Eastern Seaboard, orchestrated the acquisition on behalf of a private investment client and will assume responsibility for the leasing and management of the center. This transaction is part of its strategic portfolio expansion in Florida.

Grand Bay Plaza is situated on 17.3 acres at 19100 S Tamiami Tr., along the heavily trafficked US-41, which sees 51,500 vehicles per day. The property is 100% leased to a high-quality tenant roster led by a high-performing Publix supermarket. The center also features national tenants such as Sherwin Williams, UPS Store and Papa John's.

The center serves an affluent and rapidly growing customer base, with 48,511 residents having an average household income of $106,577 within a three-mile radius. Its proximity to Florida Gulf Coast University, numerous upscale residential communities and new multifamily developments further enhance its appeal.

JLL Capital Market’s Investment and Sales Advisory team representing the seller was led by Senior Managing Director Danny Finkle, Senior Director Jorge Portela and Vice President Kim Flores.

“We are excited to add another successful, high-performing grocery-anchored retail center to our portfolio in this target Sunbelt market,” said Brian Cosentino, SVP of Acquisitions and New Development for Wilder. “Our team, including acquisitions, management, leasing and marketing, collaborate to improve every one of our centers to mine untapped and unseen value for our clients and partners.”

“Grand Bay Plaza represented an exceptional opportunity to acquire a dominant Publix-anchored center in one of Florida's top growth markets,” said Portela. “The property's strategic location, coupled with Lee County's rapid population growth and the center's strong-performing tenancy, positions it well for continued success.”

“With its secure revenue stream from national tenants and significant mark-to-market opportunities, Grand Bay Plaza offered strong NOI growth potential at pricing significantly below replacement cost,” added Finkle.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Lombardi Properties is a family-run real estate firm established in 2000 and Fox Farm Capital is run by Jared Brunnabend are both based in Wynwood (Miami), Florida. The partnership has acquired six properties in Florida since 2017. The partnership focuses on both urban and suburban opportunities within the retail, industrial and office asset classes. Current projects include the development of The Doris, a 30,000 square foot boutique office project currently under construction in the heart of Wynwood as well as 161 NW 29 Street, a 50,000 square foot boutique office project in the permitting phase. New business is focused on South Florida emerging markets as well as select opportunities within SW Florida, Orlando and Tampa. 

Wilder is a premier Boston-based real estate development, management, and leasing firm specializing in the positioning of retail properties. Privately held and owner-managed, Wilder’s mission continues to be to create vibrant shopping places that meet and exceed the expectations of customers, retailers, and investors. From lifestyle centers and urban properties to community centers and mixed-use developments, Wilder has developed, managed, and leased over 20 million square feet of retail properties throughout the United States and Puerto Rico. The Company continues to have a diverse portfolio of properties throughout the East Coast, including Greater Boston’s Arsenal Yards, Silver Spring Square in Pennsylvania, and Daniels Marketplace in Fort Myers, Florida. For more information, visit www.wilderco.com.