Holland & Knight Advises on $240 Million Sale of Mercato
NAPLES, Fla. (May 11, 2015) – Holland & Knight advised Washington, D.C.-based company Madison Marquette on the sale of the Mercato, a Naples, Fla. development, to Prudential Real Estate Investors. The transaction, which closed on May 8, is valued at $240 million.
Mercato is a premier mixed-use lifestyle and entertainment center with over 450,000 square feet of retail and Class A office space. The property is located on a 42-acre parcel in the heart of North Naples.
Mercato was originally developed by Barron Collier Companies and The Lutgert Companies, opening in 2008 as an upscale, pedestrian-friendly living experience, attracting prominent retail and restaurant tenants including Whole Foods, Silverspot Theaters, Sur la Table and Capital Grille. In 2011, Madison Marquette joined Barron Collier Companies and The Lutgert Companies in the ownership of Mercato. National tenants such as Nordstrom Rack, Ulta and Tommy Bahama were added along with a mix of local and regional operators and a thriving event calendar, creating a dynamic environment that draws from throughout Southwest Florida.
Madison Marquette currently has over 3.7 million square feet of retail space throughout Florida, including holdings in Tampa, Fort Myers and Orlando.
William R. Bloom, a partner in Holland & Knight’s Miami office, advised Madison Marquette on the transaction and was assisted by associates Shawn Amuial and Brett Holland.
With more than 280 lawyers and professionals, Holland & Knight's Real Estate Section is one of the largest of any U.S. law firm. The U.S. News – Best Lawyers® "Best Law Firms" 2015 guide selected the Real Estate Law and Land Use and Zoning Law practice groups for national first-tier rankings.