Southwest Florida Retail Center Changes Hands
JLL represented the seller and procured acquisition financing for the buyer.
Corinthian Capital has paid $23.5 million for Promenades Port Charlotte, a grocery-anchored retail center in Port Charlotte, Fla. A private individual based in Miami Beach, Fla., sold the asset, according to Yardi Matrix. JLL negotiated on behalf of the seller and also arranged an $18.5 million acquisition loan from Intercredit Bank.
Promenades Port Charlotte occupies 26 acres at 3280 Tamiami Trail, at the intersection of Harbor Boulevard and U.S. Highway 41. More than 59,000 vehicles pass the property each day.
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The shopping center was 79.5 percent leased at the time of sale. Major tenants include ALDI, which occupies a former Winn-Dixie location, along with Bealls Outlet, HCA Florida Fawcett Hospital and YouFit Gyms.
The property is 28 miles from Fort Myers, Fla., and 35 miles from Cape Coral, Fla. The shopping center serves more than 92,000 residents within a 5-mile radius and the area’s population is projected to surpass 255,000 residents by 2030.
A retail center poised for redevelopment
Originally built in 1976, Promenades Port Charlotte underwent a major renovation in 2024. Back then, the former owner planned to also expand the retail space from 230,000 to 270,000 square feet, mirroring broader retail industry trends that favor open-air centers or lifestyle-oriented corridors.
The seller intended to revitalize the area into a mixed-use neighborhood dubbed Promenades at Parkside, according to WENG Radio. Plans called for 1,400 new rental units, a hotel and commercial and office spaces, as the project aimed to become the new downtown of Port Charlotte. However, the future of these plans is still unknown.
JLL Executive Managing Director Danny Finkle, Senior Director Jorge Portela, Vice President Kim Flores and Analyst Jacob Wise represented the seller. In addition, the company’s Directors Kenny Cutler and Paul Adams secured the acquisition funds.
Southwest Florida Coast’s retail investment scene
Year-to-date as of May, Southwest Florida Coast investors generated $40.7 million in retail sales, according to Yardi Matrix information. Some 425,800 square feet changed hands at an average price of $126.64 per square foot.
The activity marks a nearly 15 percent jump in dollar volume and a 25 percent increase in pricing year-over-year. During the first five months of 2025, the retail investment volume amounted to $35.5 million, as 350,230 square feet traded for $101.37 per square foot.
A notable deal that closed this year was Hajjar Management’s $12.7 million purchase of Town & Country Plaza, a 55,973-square-foot retail center located just 2 miles from Promenades Port Charlotte. The property changed hands for some $226.9 per square foot.
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