Prudential Real Estate Investors acquires mixed-use retail lifestyle center in Naples, Fla.

NAPLES, Fla.--(BUSINESS WIRE)-- Prudential Real Estate Investors has acquired the retail and office portion of Mercato, a mixed-use retail lifestyle center in Naples, Fla., on behalf of institutional investors, the company announced today. PREI is the real estate investment and advisory business of Prudential Financial, Inc. (NYSE: PRU).

Terms of the transaction were not disclosed.

Built between 2007 and 2009, Mercato comprises 456,359 square feet of Class A open-air retail and office space. The center is easily accessible from multiple locations throughout Southwest Fla., and is in close proximity to several luxury hotels, resorts and golfing communities.

“The prominent location, on-site amenities and high-quality tenant base in a market with a favorable economic outlook and strong demographics made Mercato an ideal income-producing investment to add to our clients’ portfolio,” said Kevin R. Smith, head of Americas for PREI. “We look forward to creating additional value at Mercato for the benefit of existing and prospective tenants, the Naples community and our clients.”

The retail portion of Mercato is anchored by Whole Foods Markets, Nordstrom Rack, and a 12-screen cinema and features a mix of casual and upscale dining including The Capital Grille and McCormick & Schmick’s, as well as national retailers such as Sur La Table and The Paper Source. 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 has been retained as the property manager and leasing broker for the retail and office space.

Prudential Real Estate Investors is the global real estate investment business of Prudential Financial, Inc. (NYSE: PRU). Investing in real estate on behalf of institutional clients since 1970, PREI today has more than 650 employees located in 19 cities around the world, and gross assets under management of $58.7 billion ($44.1 billion net) as of December 31, 2014. PREI offers to its global client base a broad range of real estate investment vehicles across the risk-return spectrum and geographies, including core, core plus, value-add, opportunistic, debt, securities, and specialized investment strategies. For more information, visit www.prei.com.

Prudential Financial, Inc. (NYSE: PRU), a financial services leader with more than $1 trillion of assets under management as of March 31, 2015, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. In the U.S., Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit www.news.prudential.com.

Prudential
John Chartier, 973-802-9829
[email protected]

Source: Prudential Real Estate Investors

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