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BUYER: Boca Norte LLC (principal: Greg Betterton), Venice
SELLER: Integrated Control Systems Inc.
PROPERTY: 900 and 990 W. Marion Ave. and 955 W. Retta Esplanade, Punta Gorda
PRICE: $3.52 million
PREVIOUS PRICE: $8.9 million, March 1995
LAW FIRM ON DEED: Grant Fridkin Pearson PA, Naples
PLANS, DESCRIPTION: Billionaire businessman/real estate mogul Brad Kelley purchased the 51,824-square-foot former Integrated Control Systems Inc. corporate headquarters and training facilities for $3.52 million.
The price equated to $68 per-square-foot. That figure is lower than the two-year average price per-square-foot for office space ($120) in Southwest Florida, according to the CoStar Group.
Located across the street from Charlotte Harbor, the 3.99-acre property features several two-story buildings. The development also included a number of unusual corporate amenities from its time as the home of the IMPAC University business school. It features basketball and racquetball courts, a gym, a library, classrooms, several conference and meetings rooms and a 247-seat auditorium.
Integrated Control Systems had the campus built in 1994, but by 2004 the company had filed for bankruptcy.
As the Business Observer reported in its March 15 issue, the three-building campus attracted a great deal of attention. The listing generated the most views for any Florida property on LoopNet for several weeks in a row heading up to its auction by Fisher Auction Co.
The private Kelley made most of his money from manufacturing tobacco and is now primarily a rancher and landowner. The Land Report magazine lists him as the fourth-largest owner of land in America in its 2012 Land Report 100 and various news reports say he owns roughly 1.7 million acres in Florida, Texas and New Mexico. Last year, he purchased the well-known thoroughbred breeding and training facility, Calumet Farm in Lexington, Ky.
Kelley's local representative, Venice attorney Greg Betterton did not reply to a request for comment as of deadline.
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