Mike Rivera Of Naples Fl Congratulates Hendricks Commercial Properties on Exceptional Return From Sale of Marco Island’s CVS-Anchored Island Plaza
Marco Island, Florida, Feb. 13, 2026 (GLOBE NEWSWIRE) — Saggio Realty proudly congratulates Hendricks Commercial Properties on the successful sale of Island Plaza, the approximately 79,000-square-foot CVS-anchored retail center located at 3058-3078 Bald Eagle Drive,, Marco Island, which closed in late 2025 for $26.6 million.
CVS Anchored Island Plaza
Saggio Realty was NOT the broker on this recent transaction for 2025.
Mike Rivera was Hendricks broker on the 2013 acquisition sale. The transaction ranks among the most impressive commercial real estate investment outcomes in Southwest Florida for 2025 as it was in 2013.
Case study:
The property was originally acquired in a private, off-market sale in 2013, brokered by Mike Rivera of Saggio Realty,for $12,500,000 the Largest Real Estate Transaction during the Great Recession at that time. In cooperation with Hendricks representative Steve Eaheart. The long-term performance of the asset demonstrates the strength of disciplined ownership, strategic tenancy management, and patient capital in a high-demand sub 5 cap Naples Florida coastal market.
Exceptional Cash Flow & Long-Term Returns
At acquisition, Island Plaza delivered a value add, strong and stable income profile supported by national-credit tenancy. According to historical operational files, the center produced:
FIRST-YEAR NET OPERATING INCOME (NOI)
Just under $995,000
This NOI level positioned the asset among the strongest-performing retail holdings on Marco Island at the time of purchase.
Over Hendricks’ 12-year hold, the center remained consistently leased, benefitting from sustained tourism-driven demand, tenant stability, and strategic improvements. The resulting investment performance was outstanding:
Investment Performance Summary
- Acquisition: $12,500,000 – 7/2013 (private, off-market)
- CAP Rate Year one : 7.9%
- Exit Sale Price: $26,600,000
- Equity Multiple: Approximately 2.5× the original investment
- Estimated 12-Year IRR Range: 9% – 13%, highly competitive for a stabilized coastal Florida retail asset
- Tenancy: Anchored by CVS Pharmacy,Bealls supported by national & regional retailers
This 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 market normalization.
Statement From Saggio Realty
“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.”
About Island Plaza
Island Plaza is a premier Marco Island commercial destination featuring national-credit tenants including CVS Pharmacy, along with a mix of retail, service, and daily-needs tenants. Its location at Marco Island’s busiest commercial intersection positions it as one of the city’s most strategically valuable retail centers.
About Hendricks Commercial Properties
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.
About Saggio Realty
Saggio Realty is a Southwest Florida brokerage specializing in commercial investment property, development land, multifamily assets, and income-producing real estate. With over 35 years of experience, 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.
Media Contact
Saggio Realty
Attn: Media Relations
Naples, Florida
Website: www.CRENaples.com
CVS Anchored Island Plaza / www.CreNaples.com
About Mike Rivera | Saggio Realty Inc
A real estate company and developer for over 30 years in Southwest Florida. Offering market insights and advice for the everyday homeowner and Investor. A former mortgage professional for Apple Bank and mortgage, Security Mortgage. and A former licensed real Estate appraiser for landsafe, Countrywide, 5/3 bank and certified express appraisal in Naples Fl.
Press Inquiries
Mike Rivera
realestateradio1 [at] gmail.com
9412290888
https://www.mikeriverasr.com
4548 W Alhambra Cir Naples Fl
