Merrill expanding footprint to occupy over 29,000 square feet of space at lifestyle destination
Naples, Fla. (June 29, 2023) – While the national outlook for office remains clouded, North American Properties (NAP) announced the Class A product offering at Mercato in Naples, Florida, is now 100% leased following an expansion deal recently executed with Merrill, a Bank of America corporation. The behemoth wealth management company originally planted its flag at Mercato in a 17,000-square-foot space during 2009 and will increase its footprint by more than 12,000 square feet this year.
“Locals know Mercato for its unique dining and entertainment venues, but we also have some of the most sought-after office space in the market – especially for financial institutions – due to our prominent location as well as access to a skilled workforce and affluent customer base,” said Michael McLean, general manager of Mercato. “Leaders navigating today’s return-to-office journey have really emphasized quality of place and are consistently selecting energetic sites, like Mercato, where employees want to spend time during the work week. You must give people a reason to leave their home offices, and I’m proud to say that’s something we’ve mastered.”
Global commercial real estate agency Colliers oversees office leasing at Mercato and has completed eight transactions totaling over 65,000 square feet since assuming duties in summer 2021. This includes new leases with Blue Ocean Plastic Surgery, Fountain Life Management, RehabWorks, Sansone Group, Teramo Advisors, a renewal with U.S. Bank, and an extension with Dentons Cohen & Grigsby.
Not only is Mercato’s office leasing rate outpacing the national average, but the Colliers team, led by Brandon Stoneburner and Michael Ciccarello, has also been successful in raising rents and absorbing space.
“Mercato is a high-quality asset that’s uniquely positioned as the only true, modern mixed-use development in north Naples. Unlike most office products across the country, we gained velocity during COVID-19, which speaks to management’s ability to cater to its tenants and provide a compelling return-to-work environment,” said Stoneburner, Colliers executive vice president of Office Services. “During the pandemic, we received consistent feedback from existing national tenants that Mercato was outpacing physical employee occupancy rates in other markets as concerns subsided and employees were encouraged to return to the workforce. Mercato’s office space has benefited not only from retaining current tenants, but by appealing to companies looking to provide employees with an unparalleled working experience.”
Office users at Mercato enjoy a centralized experience where they can eat, shop, socialize and engage with clients in one connected location. Amenities such as complimentary parking, 24/7 security, full-service valet, and year-round events also aid in Mercato’s ability to attract and retain best-in-class office tenants.
Mercato is a 14-year-old lifestyle center featuring 315,000 square feet of main-street-style retail, dining, and entertainment along Southwest Florida’s Gulf Coast. Mercato is anchored by Nordstrom Rack and Whole Foods Market. In addition, it is home to more than 20 notable restaurants, including The Capital Grille and premier nightclub Blue Martini as well as over 40 prominent retailers such as ULTA Beauty, Tommy Bahama, Southern Tide, Sur La Table and Z Gallerie. Conveniently located off US 41 at Vanderbilt Beach Road in the heart of Naples, Mercato is managed and leased by North American Properties (NAP). To learn more, visit ExperienceMercato.com or follow the center on Facebook, Instagram and Twitter.
About North American Properties Atlanta
Headquartered in Cincinnati, Ohio, North American Properties (NAP) established its Atlanta office in 1996 to focus on retail real estate. Today, NAP Atlanta (NAPA) has evolved into a boutique, full-service owner/developer specializing in value-add, opportunistic investments of underappreciated mixed-use assets. Applying a hands-on, high-touch approach toward management, NAPA doesn’t build shopping malls or lifestyle centers, it transforms destinations into magnets of social experience. Ever-engaged with local municipalities, nonprofits and tastemakers, NAPA plants roots in every market it serves – creating lasting, community-driven bonds. Its carefully curated, hospitality-infused portfolio currently includes Avalon in Alpharetta, Ga.; Avenue East Cobb in Marietta, Ga.; Birkdale Village in Huntersville, N.C.; Colony Square in Midtown Atlanta; Mercato in Naples, Fla.; Newport on the Levee in Newport, Ky.; Ridge Hill in Yonkers, N.Y.; Riverton in Sayreville, N.J.; and The Forum in Peachtree Corners, Ga. For more information, visit leasing.naproperties.com.
Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 66 countries, our 18,000 enterprising professionals work collaboratively to provide expert real estate and investment advice to clients. For more than 28 years, our experienced leadership with significant inside ownership has delivered compound annual investment returns of approximately 20% for shareholders. With annual revenues of $4.5 billion and $98 billion of assets under management, Colliers maximizes the potential of property and real assets to accelerate the success of our clients, our investors and our people. Learn more at corporate.colliers.com, Twitter @Colliers or LinkedIn.