Jim Shiebler, now serving as a senior vice president at CBRE, has recently completed a month-long preparation of marketing materials to list College Plaza, located at 7070 College Parkway in South Fort Myers, for sale. The property is being introduced to the market this week with an asking price of $15.2 million.
Creighton and Devito, under the entity College Venture I LLC, originally purchased the property in December 2010 for $3.9 million.
College Plaza encompasses 56,386 square feet and maintains full occupancy. Major tenants include Ada’s Natural Market, West Marine, and Pet Supermarket, along with Five Guys, The Good Feet Store, and Tijuana Flats. The shopping center is strategically positioned, drawing an average daily traffic of about 109,000 vehicles.
“When the property was acquired, it included a closed Publix and Walgreens,” Shiebler recalled. “It was acquired during a challenging period, and the site required significant improvements.”
The new owners undertook substantial upgrades, redesigning the parking area and creating a 7,000-square-foot outparcel to accommodate three additional tenants.
“College Plaza has enjoyed full occupancy for the last ten years,” Shiebler highlighted. “When Radio Shack vacated, its space was quickly taken over by Good Feet in just 45 days. The decision to sell now was prompted by the fact that, in 2020, several leases were close to expiring.”
At that time, Shiebler advised the owners to renew these leases to enhance the property’s attractiveness for potential buyers.
“All the leases were successfully renewed,” he explained. “With long-term agreements now in place, the property presents an excellent investment opportunity. Its prime location, robust tenant base, and the potential to adjust rents provide a solid foundation for new ownership. The current owners have optimized the asset’s value.”
The property’s previous valuation in 2020 was $10.6 million, with an 8.25% cap rate. The current asking price of $15.2 million reflects a 6.4% cap rate.
“The equity value has effectively increased by 50% over four years,” Shiebler observed. “This sale offers the seller an opportunity to reallocate capital for potentially higher returns while providing the buyer a chance to gain a strategic position in Florida’s dynamic market.”
Shiebler's efforts over the past month have included organizing six aerial photo shoots and developing a comprehensive 40-page marketing brochure. The promotional materials are set to reach thousands of potential investors across the country, with an expectation that the buyer will likely be an out-of-state, high-net-worth private investor seeking to move capital from high-tax areas.
“It’s likely that the eventual buyer will come from outside the local market,” Shiebler concluded.
HomeQwest Real Estate, Building & Development Companies
4020 Del Prado Blvd S. Unit B2, Cape Coral, FL 33904
O. (239)770-5429
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