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Saggio Realty congratulates Hendricks Commercial Properties on the successful sale of Island Plaza, an approximately 79,000-square-foot, CVS-anchored retail center at 3058-3078 Bald Eagle Drive in Marco Island. The transaction closed in late 2025 for $26.6 million.
The property was originally acquired in 2013 in a private, off-market transaction. Saggio Realty states it was not the broker on the 2025 sale. Mike Rivera of Saggio Realty served as the broker on the 2013 acquisition, working with Hendricks representative Steve Eaheart.
Saggio Realty characterizes the 2025 outcome as among the most notable commercial real estate investment results in Southwest Florida for 2025, citing the strength of the asset’s long-term performance.
According to the case study provided by Saggio Realty, Island Plaza was purchased in July 2013 for $12.5 million. At acquisition, the center delivered a value-add profile with a strong and stable income stream supported by national-credit tenancy.
Historical operational files cited by Saggio Realty show first-year net operating income (NOI) of just under $995,000. The company says this NOI level placed the asset among the strongest-performing retail holdings on Marco Island at the time of purchase.
Saggio Realty also notes that over Hendricks’ 12-year hold, the center remained consistently leased, supported by tourism-driven demand, tenant stability, and strategic improvements.
The company describes Island Plaza as operating in a high-demand sub–5 cap Naples, Florida coastal market and says the 12-year return profile exceeds the long-term average for U.S. retail investments held through multiple market cycles, including the 2008–2020 recovery period and post-pandemic normalization.
"It was an honor to facilitate the original off-market transaction and to see the exceptional long-term results Hendricks achieved with Island Plaza," said Mike Rivera, Commercial Broker at Saggio Realty. "This asset remained one of Marco Island’s most resilient and consistently performing retail centers, and Hendricks’ stewardship produced an extraordinary outcome for their investors."
Island Plaza is described as a premier Marco Island commercial destination with national-credit tenants including CVS Pharmacy, along with a mix of retail, service, and daily-needs tenants. Saggio Realty says the property is located at Marco Island’s busiest commercial intersection, positioning it as one of the city’s most strategically valuable retail centers.
Diane Hendricks oversees one of the nation’s leading privately held real estate portfolios through her leadership behind Hendricks Commercial Properties. The firm specializes in long-term ownership, redevelopment, and high-performance operation of mixed-use, retail, industrial, and adaptive-reuse assets across the United States.
Saggio Realty is a Southwest Florida brokerage specializing in commercial investment property, development land, multifamily assets, and income-producing real estate. The company says it has more than 35 years of experience, and that broker Mike Rivera represents institutional investors, private equity groups, national corporations, and private ownership entities across Naples, Marco Island, Bonita Springs, Estero, and Fort Myers.
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