Naples investor acquires Uptown Center for $26M
A Naples investor purchased Uptown Center, a 70,422-square-foot North Naples shopping center, for $26 million.
The transaction took place about six weeks after Indianapolis-based Kite Realty Group paid $65 million for Founder’s Square, about 5 miles east.
Steve Tallides of Naples purchased Uptown Center at 2700 Immokalee Road, at the southeast corner of Airport-Pulling Road, west of Interstate 75, on July 28. He used LNMT Uptown LLC as the purchasing entity.
The tenants include Jason’s Deli, Foxtail Coffee, Goodwill, Labcorp and U.S. Renal Care and will continue operating as usual.
“It’s a nice center,” said Tallides, who began investing in Naples in 2013 and moved there from New York in 2020. “It’s a nice mix of good people. I used to live in Tiburon over there. So, I know it pretty well. It’s a good investment.”
Rob Carroll, a leasing and sales agent for Investment Properties Corp. of Naples, brokered the deal on behalf of Tallides.
Robert Morgan of Morgan Real Estate of Naples represented the seller, Mt. Ridge Realty Associates LLC. The seller purchased the property in 2013 for $11.2 million. Its value has increased 132% over 13 years, an average of about 6.7% annually, despite Hurricanes Irma and Ian and the COVID-19 pandemic.