Prudential Closes Quickly on Mercato Purchase

After being on the market for just over one week in April, Mercato was purchased by Prudential Real Estate Investors. Located on 42 acres in north Naples, the mixed-use development contains approximately 456,000sf of retail and Class-A office space in 14 open-air buildings, as well as a fourlevel parking garage and 92 residential condominiums.

Barron Collier Companies and The Lutgert Companies originally developed the property in 2008. Madison Marquette became a partner in 2011. Retail tenants include anchors Whole Foods and Nordstrom Rack, as well as Silverspot Theaters, Sur la Table, Tommy Bahama and Capital Grille, among other upscale shops and restaurants.

“The current strong commercial market gave us a compelling reason to sell Mercato now,” says Howard Gutman, president of The Lutgert Companies. Lutgert will continue to be involved in the development of Mercato’s new 52-unit residential community, Residences at Mercato.