PGIM Real Estate Recruits North American Properties to Manage Mercato in Naples, Florida Hospitality-driven real estate firm to renew lifestyle center at the heart of the Paradise Coast
Naples, Fla. (August 2, 2022) – North American Properties (NAP) and PGIM Real Estate have extended their relationship to include Mercato, a 450,000-square-foot lifestyle center in Naples, Florida. This represents the fourth time the firms have worked together, including Avalon in Alpharetta, Georgia, Avenue East Cobb in East Cobb, Georgia, and Riverton in Sayreville, New Jersey. NAP’s Atlanta office (NAPA) will take over responsibility for leasing and property management immediately, with capital improvements and an enhanced placemaking vision to follow.
“Mercato has long been a beloved part of the north Naples community, and as the market continues to grow, it is important for the property to mature as well. To complement the vibrant dining, social, and retail scene that already exists, we are excited to have North American Properties bring new experiences to strengthen the relevance of Mercato and its relationship with the community,” said Christy Hill, head of Americas asset management and global head of ESG for PGIM Real Estate.
NAPA, which specializes in value-add investments and reimagining mixed-use assets, plans to further connect Mercato’s street-level experience and restore the center’s bespoke retail collection through enhancements to the merchandising lineup. NAPA will also deploy its hands-on operations approach to reposition the property as a community-oriented entertainment destination.
Morgan Liesenfelt, director of leasing at NAPA, and Regan Thomas, leasing representative at NAPA, will lead the leasing strategy, focusing heavily on attracting new food and beverage offerings. The core onsite property team will remain the same, with Michael McLean serving as general manager, Valerie Cope as senior marketing manager and Jacqui Feltman as social media and marketing coordinator.
“Florida has a well-deserved reputation as one of the best places for businesses and residents in the country, with Naples consistently ranking in the top three cities for launching a venture YOY. Southwest Florida offers a great quality of life and Mercato has such a loyal, established fanbase, that we see great potential to elevate it as the number one hotspot to visit in the market,” said Tim Perry, managing partner at NAPA. “We’re honored to have been awarded this opportunity by PGIM and look forward to collaborating on the reboot of this treasured asset.”
First opened in 2008, Mercato is home to over 60 retail, dining, and entertainment concepts, 140,000 square feet of Class A office space, and 92 luxury residences. The center is anchored by Nordstrom Rack, Silverspot Cinema and Whole Foods Market, and attracts 4.3 million annual visitors.
To keep up with happenings and updates at Mercato, visit Experiencemercato.com or follow the destination on Facebook, Instagram and Twitter. For additional information about NAPA, visit leasing.naproperties.com.
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, Silverspot Cinema 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 Atlanta (NAPA). 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; 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.
About PGIM Real Estate
As one of the largest real estate managers in the world with $208.7 billion in gross assets under management and administration,1 PGIM Real Estate strives to deliver exceptional outcomes for investors and borrowers through a range of real estate equity and debt solutions across the risk-return spectrum.
PGIM Real Estate is a business of PGIM, the $1.4 trillion global asset management business of Prudential Financial, Inc. (NYSE: PRU). PGIM Real Estate’s rigorous risk management, seamless execution, and extensive industry insights are backed by a 50-year legacy of investing in commercial real estate, a 140-year history of real estate financing,2 and the deep local expertise of professionals in 32 cities globally. Through its investment, financing, asset management, and talent management approach, PGIM Real Estate engages in practices that ignite positive environmental and social impact, while pursuing activities that strengthen communities around the world. For more information visit pgimrealestate.com.
1 As of March 31, 2022, net AUM is $138 billion and AUA is $46 billion.
2 Includes legacy lending through PGIM’s parent company, PFI.