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BUYER: Trail Boulevard LLLP (Barron Collier Corp.) (52% interest) and Barron Collier Co. Ltd. (48%), Naples
SELLER: Goodlette Corners LLC
PROPERTY: 1410 Pine Ridge Road, Naples
PRICE: $13.3 million
PREVIOUS PRICE: $2.3 million, September 2004
LAW FIRM ON DEED: Conroy Conroy & Durant PA, Naples
PLANS, DESCRIPTION:
Barron Collier Cos. purchased the 46,000-square-foot Goodlette Corners in North Naples for $13.3 million.
The price equated to $289 per square foot. That figure is higher than the two-year average price per square foot for retail space ($144) in Southwest Florida, according to the CoStar Group.
The 8-year-old retail strip center was 97% occupied at the time of the sale. Its tenants include South Street City Oven and Grill, PJ's Coffee, Third Federal, Sports Clips and Five Guys Burgers and Fries.
The center occupies a 4.29-acre parcel at the intersection of Goodlette-Frank and Pine Ridge roads.
The original developer of the center, Steve Hovland of Hovland Real Estate, represented the seller. David Stevens of Investment Properties Corp. represented the buyer.
“Even though it was a pretty high per square foot at about $300, the yield was about 7%, which is fair for the product category and stability of the income,” Stevens says. “This was a well established, well-located retail center.”
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