The developer will begin construction on Cape Coral Commons later this month
Thompson Thrift Retail Group purchases 13 acres in Cape Coral for $20 million mixed-use development
FORT MYERS, Fla. (April 1, 2020) – Thompson Thrift Retail Group (TTRG), a business unit of Indianapolis-based Thompson Thrift, has purchased 13 acres of land in Cape Coral. The property, located on the corner of Pine Island Road and Del Prado Blvd., will be the site of Cape Coral Commons, a $20 million mixed-use development.
As part of its development plan, TTRG plans to level the vacant Circle K building to make way for the construction of approximately 50,000 square feet of single-level, multi-tenant retail space. Tenants such as First Watch, Tire Kingdom, Firehouse Subs and Encore Nails have already committed to the site, which TTRG expects to open at the end of this year. The property is zoned for commercial use, which allows for a wide range of uses from office to retail.
The development site is an assemblage of 15 parcels of land, including the site of a vacant Circle K. Dannielle Robinson of Colliers International represented both sides in the transaction, including all seven private sellers.
“Working with all parties, I was able to create an assemblage that has great visibility for a new retail development in a highly sought-after market,” said Robinson, Senior Associate, Retail Services for Colliers International. “It took over a year to complete this deal, but based on the amount of pre-leasing interest we have received, the timing for this project is right.”
Robinson will also handle leasing for the property.
In 2018, Forbes magazine ranked Cape Coral and the surrounding area among the top 10 fastest-growing cities in the nation for jobs and population. The Pine Island Road corridor sits in the heart of the city, with an average of more than 30,000 cars traveling the road each day.
"Cape Coral has been one of the country's fastest growing cities for the past few years," said Ryan Menard, Vice President of Development for Thompson Thrift Retail Group. "We look forward to working closely with the city and future tenants to develop a project with strategic purpose and skilled design. Our hope is that it will bring much-needed redevelopment to this key intersection, while providing additional amenities and employment opportunities for this rapidly growing local economy."
TTRG is a full-service real estate development company focused on ground-up commercial and mixed-use development across the Midwest, Southeast and Southwest. This project will be TTRG’s first retail development in Florida.
The developer will begin construction on the property later this month. Two outparcel lots are currently for sale on the property, available for free-standing developments such as a carwash or medical building.
About Colliers International Group Inc.
Colliers International (NASDAQ: CIGI) (TSX: CIGI) is a leading global real estate services and investment management company. With operations in 68 countries, our 14,000 enterprising people work collaboratively to provide expert advice and services to maximize the value of property for real estate occupiers, owners and investors. For more than 20 years, our experienced leadership team, owning more than 40% of our equity, has delivered industry-leading investment returns for shareholders. In 2018, corporate revenues were $2.8 billion ($3.3 billion including affiliates), with more than $26 billion of assets under management.