JLL Capital Markets facilitated the sale of Grand Bay Plaza at 19100 S. Tamiami Trail in Fort Myers, Fla. The firm facilitated the deal on behalf of the property’s previous owner, a joint venture between Lombardi Properties and Fox Farm Capital. The buyer, a private investor, was represented by Wilder in the transaction.
Moving forward, Wilder will handle the leasing and management of the 77,810 square-foot grocery-anchored property, which is anchored by Publix. At the time of the sale, Grand Bay Plaza was 100 percent leased. Other well known tenants include Sherwin Williams, Papa John’s and The UPS store.
The joint venture between Lombardi Properties and Fox Farm purchased the grocery-anchored center in 2019 for $11.3 million, according to CommercialEdge. Phillips Edison & Co. was the seller of the 17.3-acre property.
JLL Capital Markets called upon Senior Managing Director Danny Finkle, Senior Director Jorge Portela and Vice President Kim Flores to represent the seller in the transaction.
Located just under 14 miles outside of Fort Myers, Grand Bay Plaza is close to various neighborhoods in the southwest Florida coast area, one of the fastest-growing markets in the state. The shopping center is right along US-41, where over 50,000 cars drive daily. Close by is Southwest Florida International Airport, which is within 9 miles of the property, and Florida Gulf Coast University is within 6 miles.
Also nearby, EQT Exeter has made an investment in a 500,000-square-foot industrial campus in Fort Myers. The company purchased the property for $87 million from Stonemont Financial Group and Geis Development.
Southern Florida’s resilient retail market
According to a recent Colliers report, the southwest Florida retail market has shown resilience throughout the first quarter of 2025. The area saw the delivery of 87,000 square feet of space, pushing vacancy up by 3.3 percent. Net absorption totaled 204,070 square feet, reflecting a strong demand for retail space in the market.
In another southern Florida market earlier this year, Hudson Bay Capital provided a $104 million loan for phase one of Centro City, a 38-acre mixed-use development in Miami. The financing will be used to construct the 350,000-square-foot retail portion of the project. Upon completion, the mixed-use development will include 1,200 market-rate apartments, a green space, a shopping center and a Class A office building.
