Barron Collier, Lutgert Cos. selling interest in Mercato

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Mercato LLP is under contract to sell a non-controlling interest in the retail and office side of Mercato to a national company.

The national company's leasing exposure and management experience of centers are similar to Mercato and "complements the strengths of the Barron Collier Cos. and the Lutgert Cos.," which jointly developed the project, said Howard Gutman, president of the Lutgert Cos.

Mercato LLP is the partnership between Barron Collier Cos. and the Lutgert Cos.

The Mercato, a successful, upscale shopping center, is off U.S. 41 North near Vanderbilt Beach Road. The project includes housing, but that's not part of the contract.

"The transaction has not closed and due to confidentiality agreements no additional information can be shared at this time," Gutman said.

Mercato has national tenants and expects to draw more in the future, he said.

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