PGIM Real Estate Recruits North American Properties to Manage Mercato in Naples, Florida

Naples, Fla.  – 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 MercatoShops.com or follow the destination on Facebook, Instagram and Twitter. For additional information about NAPA, visit leasing.naproperties.com.