AmCap Acquires Center of Bonita Springs in the Greater Naples-Ft. Myers, FL Metropolitan area
On February 25, 2016, AmCap Inc. purchased the Center of Bonita Springs with its capital partner, AIG Global Real Estate Investment Corp. (AIG). This transaction seeds a programmatic venture by AIG and AmCap to invest in value-add shopping center assets nationwide. The 286,000 square foot community center is anchored by one of the best performing stores for Publix, and also includes Chase Bank, Crunch Fitness, Verizon and AutoZone among the major tenants.
The center is situated on the northwest corner of Bonita Beach Road and US 41 (40,800 vehicles per day) and surrounded by a trade area with an $85,000 average household income. The shopping center was completely renovated in 2014 with Publix relocating to a new state of the art 54,000 square foot store. Several new tenants recently opened at the center taking advantage of the new parking lots, façade, lighting and landscaping and have contributed to the existing tenant’s strong sales and strong leasing performance.
Bonita Springs, located on the southwest coast of the state is part of the Cape Coral – Ft. Myers, Florida Metropolitan Statistical Area. While historically known as a retirement and second home vacation community, Bonita Springs is now home to a growing number of international conglomerates, including Hertz Global, who are seeking low taxes, an abundance of inexpensive commercial office space and highly educated professionals to accommodate their expansion plans.