Hendricks Commercial Properties has completed the sale of Island Plaza, a CVS-anchored retail center located on Marco Island, Florida, for $26.6 million. The transaction, finalized in late 2025, marks a significant milestone for the commercial real estate firm's portfolio management strategy in the Southeast coastal market.
The property, originally purchased in 2013 for $12.5 million, generated a 2.5x equity multiple over its 12-year holding period. Based on the transaction metrics, the investment delivered an estimated internal rate of return between 9-13%, reflecting consistent value appreciation in the Florida retail sector during a period marked by significant market evolution and changing consumer retail patterns.
The successful exit underscores the viability of well-positioned anchor-tenant retail assets in established coastal markets, where demographic stability and tourism activity have supported sustained leasing demand. The transaction adds to the growing body of evidence regarding institutional investor appetite for quality retail properties with strong tenant credit profiles.