JLL Capital Markets announced today that it has closed the $14.4 million sale of Sprouts Farmers Market, a free-standing, single-tenant grocery store in Estero, Florida.
JLL marketed the property on behalf of the seller, GBT Realty, and a private investor purchased the property.
Sprouts Farmers Market is located at 19990 S. Tamiami Trail in the Fort Myers MSA, which is the 4th strongest MSA in the nation for net in-migration of residents over the past decade. The property benefits from the more than 690,000 people residing within a 30-minute drive time of the grocery store and the surrounding retail centers that generated 20.8 million customer visits in 2019. In addition, Sprouts is located at one of the fastest growing intersections in Florida, which has combined traffic counts of more than 71,000 vehicles per day.
Sprouts, which was founded in 2002 and operates 356 stores across the U.S., opened the Estero location in 2020. This location is the fastest growing market for Sprouts in Florida with the immediate trade area ranked No. 1 in population growth and No. 4 in income level across 23 Florida Sprouts locations.
The JLL Retail Capital Markets team representing the seller was led by Director Michael Brewster, Senior Managing Director Brad Peterson and Associate Tommy Isola.
“We are seeing family offices and offshore capital move to the forefront of bidding to acquire ‘best-of-the-best’ net lease assets with pandemic-resistant attributes,” Brewster said. “That was evident on this trade of a rare single-tenant grocer in Florida.”
JLL Research U.S. Grocery Tracker 2021 report describes how grocery-anchored properties continue to be investors’ preferred retail property type. JLL expects grocery anchored retail under 100,000 square feet to be one of the most sought-after asset classes during the recovery.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 91,000 as of March 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About GBT Realty
Founded in 1987, GBT Realty Corporation develops virtually all types of retail and mixed-use developments throughout the United States from its headquarters in Brentwood, Tennessee, a suburban Nashville community. In recent years, the real estate company has completed over 6 million square feet of development totaling over $1 billion of project cost in 27 states through its shopping center, net lease and diversified development platforms. Since inception, GBT has been involved with the development, construction, leasing and management of over 30 million square feet of retail including grocery-anchored shopping centers, neighborhood centers, single-tenant buildings, regional power centers and mixed-use developments. The team’s combined decades of experience with local, regional and national tenants includes such names as Academy Sports + Outdoors, Hobby Lobby, Sprouts Farmers Markets, Publix Supermarkets, Walgreens, Dollar General, Ross Dress for Less, Kohl’s, Bed Bath and Beyond, T.J.Maxx, Marshalls, PetSmart and Target, to name a few. Currently, the company has $1 billion of commercial development totaling five million square feet in the pipeline and under construction.
