Mercato, the well-known North Naples mall located off US 41, welcomes a new management team this month. The 140,000-square-foot space of more than 60 retail, dining and entertainment venues that attracts more than 4 million annual visitors will now be managed by North American Properties.
Prior to Aug. 1, Madison Marquette served as property manager and leasing broker for both retail and office space inside Mercato. Before PGIM, the asset management arm of Prudential Financial, bought Mercato in 2015 for around $240 million, Madison Marquette was also one of three owners of the mall, alongside Barron Collier Companies and The Lutgert Companies.
Company officials at Madison Marquette did not respond to requests seeking comment.
This is the fourth time PGIM Real Estate has hired North American Properties for management duties with other locations of partnership in Georgia and New Jersey. Although North American Properties has an office in Fort Myers, its Atlanta office will be responsible for Mercato’s leasing and property management. The Atlanta office is known for reimagining mixed-use properties and has plans to use the mall’s street-level experience to enhance its retail vision.
“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,” PGIM Managing Director Christy Hill said in a statement. “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.”
Mercato has experienced many closures in the past few years, especially with restaurants such as The Counter, TooJay’s and Sweetberry Bowls. With the addition of new places to dine such as Zza Baby and The 239 Naples, North American Properties is hoping to add even more commercial diversity to encourage visitors at any time of day. The current onsite property team will remain the same, with Michael McLean as general manager and Valerie Cope as senior marketing manager.
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