DEVCON & PELICAN BAY DEVELOPMENT ANNOUNCE SALE OF BONITA GRANDE CROSSINGS

BONITA SPRINGS, FL.- DEVCON Enterprises, Inc. of West Hartford, CT. announced the sale of one of their shopping centers in Florida.  The shopping center, Bonita Grande Crossing in Bonita Springs, FL. was sold to Bonita Grande Investments, LLC of Florida for $13,970,000.  Blackrock Retail Property Advisors of Miami, FL. was the sole broker in the transaction.  The center proved to be an extremely successful development.  The decision to sell was primarily to take advantage of the incredible appetite and high prices investors are willing to pay for first class, Publix Grocery anchored shopping centers.   

Bonita Grande Crossing opened in 2002 and was a joint venture, new construction development between Devcon Enterprises and Pelican Bay Development of Bonita Springs, FL.   

The center offers a strategic location just off I-75 at the intersection of Bonita Grande Road & Bonita Beach Road, capitalizing on one of the most affluent and fastest growing areas of Bonita Springs.  The 78,966 center also benefits from a successful tenant mix which included its anchor Publix, Florida’s leading grocer, in a state of the art 54,376 s/f storeroom with drive-thru facility. Other tenants in the center include national names such as Subway, The UPS Store and Allstate Insurance, as well as numerous local tenants such as J & L Golf, Marsala’s Pizza, China A Restaurant, Protech Nail Salon, Bernwood Beauty Salon, Fashion Fresh Cleaners and DiVosta Homes.  Two outparcels not part of the sale include Colonial Bank and Chevron.  A third outparcel included in the sale is still available for lease or purchase.  

Devcon continues to aggressively pursue the development and acquisition of grocery anchored retail shopping centers throughout the East Coast with concentrations in the Northeast and Florida.  For more development, acquisition or leasing information on any of Devcon's properties, please contact J.R. Cody III from Devcon Enterprises, Inc. at (860) 521-6999 x19, via e-mail or visit their website at devconenterprises.com