B
enderson Development has expanded its portfolio with the acquisition of Cypress Trace, a 280,000-square-foot shopping center in Fort Myers. The Florida-based firm purchased the property from Nuveen Real Estate for $40.4 million, or $144 per square foot. Anchored by Winn-Dixie, CVS, and Bealls, the center is part of Benderson's growing portfolio, which now includes over 750 properties across 40 states.

    The acquisition follows a recent $140 million investment in three Florida land deals and the purchase of two other prominent properties: the Shops at Midtown Miami and the Park Plaza Hotel in Winter Park. The Tampa Bay area benefits from strong job growth, tourism, and low retail vacancy rates, with absorption increasing to 260,000 square feet in the second quarter.

    Investment sales in the region totaled $95.3 million in the second quarter, a decline from previous highs. Several high-profile mixed-use developments are underway, including a stadium-anchored project by the Tampa Bay Rays and Hines' Encore district, which will feature 19,000 square feet of retail space as part of its development.