In one of the largest retail transactions in Collier County this year, Island Plaza has sold for $26.6 million. The deal marks a significant shift in the typical commercial real estate narrative, as the prominent 70,823-square-foot shopping center moves from a national billionaire’s portfolio back into the hands of an owner with deep local ties.
A Shift to Local Investment
The property at 3058-3078 Bald Eagle Drive was purchased by Island Plaza 2025 LLC. Luigi Carvelli—whose family operates several of Marco Island’s most iconic restaurants, including Snook Inn, DaVinci’s, and Marco Prime—is listed as an authorized agent for the new ownership group.
This transaction reverses a common trend where local properties are sold to national entities. The seller, Island Plaza Investments LLC, is managed by Konya Shuh, daughter of billionaire entrepreneur Diane Hendricks. The Hendricks family, known for their revitalization efforts in Wisconsin, originally purchased the plaza in 2013 for $12.5 million and completed major renovations in 2018.
Seamless Transition for Tenants
Despite the change in ownership, the brokers behind the off-market deal emphasize that it remains “business as usual” for the plaza’s diverse mix of tenants. The shopping center currently hosts a blend of national and local businesses, including:
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Retail & Pharmacy: Bealls Outlet, CVS Pharmacy, and Jetset Surf Shop.
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Services: Quest Diagnostics, T-Mobile, and Pinch-A-Penny.
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Dining & Personal Care: Davide Italian Café & Deli and Modern Nails.
Brokers Cody Shadley and Bryan Flores of KOVA Commercial Group, who facilitated the sale, confirmed that existing leases and daily operations will not be impacted by the Dec. 5 transaction.
Strategic Market Impact
The sale highlights the continued strength and competitiveness of the Marco Island commercial market. By timing the exit strategically, the previous owners were able to capitalize on the property’s significant appreciation, while the new owners secured a stabilized asset with high visibility at the entrance to the island.
According to the brokerage team, the deal was born out of long-term leasing relationships and the buyer’s existing familiarity with the plaza’s prominence in the community.
