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5050 S Cleveland AvenueFort Myers, FL 33907
Page Plaza
Asset ClassRetail
Deal Size$23 M
Cap Rate: 7.67%Rentable SF: 95,356Year Renovated: 2024Access Data Room
Multi-Tenant Essential Retail Center with Two Outparcels-Fort Myer's Primary Retail Corridor
overview of deal

Overview

Marcus & Millichap is pleased to present the opportunity to acquire Page Plaza, a strategically located multi-tenant retail center with two outparcels in the heart of Fort Myers, Florida. The subject property sits along U.S. Highway 41 (S Cleveland Ave), the primary commercial artery of the city, benefiting from excellent frontage and daily traffic counts exceeding 53,000 vehicles per day.

 

Anchored by national and regional tenants including Dollar Tree, Goodwill, & Advance Auto Parts, the property features a stabilized rent roll with NNN leases in place for all tenants except Florida Lottery, which operates under a full-service gross lease structure. Goodwill occupies a standalone outparcel, while Advance Auto Parts and Mattress Kingdom comprise another two-tenant outparcel, both detached from the primary retail center.

 

The retail center sits on a large, 13-acre parcel, offering a total 95,536 SF of GLA, and is situated at a hard corner signalized intersection with excellent ingress/egress. It is surrounded by dense retail and residential development, including nearby national anchors such as Sam’s Club, Best Buy, Dick’s Sporting Goods, Trader Joe’s, Marshalls & Ross. The property’s strong visibility, ample parking, and proximity to Interstate 75 further enhance its positioning. Primary access to Page Plaza is shared with Sam’s Club, which drives tremendous traffic through the center.

 

Fort Myers has experienced robust growth in both population and development activity, now home to over 96,000 residents and part of the larger Cape Coral-Fort Myers MSA with a population exceeding 820,000. The city’s business-friendly environment, expanding infrastructure, and significant inbound migration trends continue to attract national retailers and developers. This offering provides investors the opportunity to acquire a 98% occupied, income-producing asset with reliable cash flow, strong tenant performance, and national credit tenancy. Located in a high-traffic corridor within a fast-growing market, the property benefits from a wide range of tenants and strategic positioning within one of Fort Myers' most active commercial corridors.

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Investment Highlights

  • Essential Retail Tenant Mix: Fills the Need of the Local Market
  • Limited Tenant Renewal Options: Provide Landlord With Future Flexibility/Upside
  • High Growth Area: 2,500+ New Multi-Family Units Within a 5 MI Radius
  • Recently Renovated & Updated: $5M+ Invested in the Last 2 Years
  • Excellent Visibility & Access: 600 Linear Ft of Frontage on US Hwy 41 (S Cleveland Ave) W/ 53,000+ VPD
  • WALT of 6.5 Years Remaining: Average Tenure of Over Nine Years
  • Primary Retail Corridor Location: Neighboring Anchor Tenants Include Sam’s Club, Best Buy, Trader Joe’s, Ross & Marshalls
  • Outparcels with National Tenants: Advance Auto/Mattress Kingdom & Goodwill Occupy Separate Pads-Ability to Monetize

PROPERTY OFFERING

PRICE
CAP
YEAR BUILT/RENO
TOTAL GLA
LOT SIZE
PARKING SPACES
Summary:
$23,000,000
7.67%
1990/2024
95,356 SF
13.24 AC
425
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5050 S Cleveland AvenueFort Myers, FL 33907

Sales Team

Scott SandelinSenior Managing Director Investments

License #: SL636794

786-522-7009SSandelin@Marcusmillichap.com
Alex D'AlbaSenior Director Investments

License #: SL3071645

786-522-7072ADAlba@Marcusmillichap.com

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Listing provided by Revere CRE