Crossroads Market is a single-level, grocery-anchored neighborhood shopping center with a total of 126,834 square feet in Naples, Florida. Anchored by the state’s dominant grocery retailer (Publix) and drugstore/pharmacy (Walgreens), the shopping center is immediately adjacent to the state-of-the-art Cleveland Clinic medical campus, and is the front door for the award-winning “The Vineyards” residential and golf community.
The key objective was to improve on the existing cash flow through an aggressive leasing and re-merchandising program that would target users for the 20K SF junior anchor space once occupied by Robb & Stucky, while simultaneously targeting the medical community (both employees and patients), and obtaining in-line tenants that cater to the service needs of the local community. Crossroads Market does not have exposure on the primary retail corridor (US 41) in the market, which was the preferred location of the limited number of large-scale users.
Madison Marquette developed three initial leasing strategies to fill the 20K SF vacant junior box. Several options were explored for this space, including re-leasing as is; reconfiguring to create smaller, more valuable spaces; creating a medical office cluster with a common vestibule entrance.
By promoting Crossroads as being adjacent to Physician’s Regional Medical Center, and at the entrance of the award-winning Vineyard’s Country Club master-planned community, Madison Marquette focused on service-oriented tenants that would cater to the immediate surrounding community.
The result was a 20,000 SF lease with Crunch Fitness, which significantly impacted NOI and the marketability of some of the smaller in-line spaces to popular tenants like Cold Stone Creamery, Starbucks, Subway and a UPS Store.