Prudential Real Estate Investors are the new owners of the retail and office divisions of Mercato. The North Naples mixed-use project was sold for $240 million; other terms of the transaction have not been disclosed.
Built between 2007 and 2009 Mercato comprises 456,359 sq. ft of Class A open-air retail and office space. The retail portion is anchored by Whole Foods Markets, Nordstrom Rack and a 12-screen cinema.
The office portion is occupied by national tenants including Wells Fargo, Bank of America and Merrill Lynch as well as regional law and financial services firms.
Madison Marquette, one of the original trio of owners, has been retained as the property manager and leasing broker for the retail and office space.