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BUYER: ADT Properties LLC, Coldwater, Mich.
SELLER: Marlow Werner Pontiac-Buick-GMC Truck Inc.
PROPERTY: 1110 Tamiami Trail, Punta Gorda
PRICE: $2.09 million
PREVIOUS PRICE: $887,600, December 1986
LAW FIRM ON DEED: Law Offices of Thomas D. Wright Chartered, Marathon
PLANS, DESCRIPTION: Bill Shenk, owner of Destination Powersports, purchased a 24,309-square-foot former General Motors car dealership for $2.09 million.
The price equated to $86 per square foot. That figure is lower than the two-year average price per square foot for retail space ($140) in Southwest Florida, according to the CoStar Group.
The 2.5-acre property features a 17,909-square-foot sales and service building with 19 service bays, 12 sales offices and a separate body shop with eight bays. The metal buildings were built in 2004 and 1974.
Shenk plans to renovate the property to relocate his motorcycle and motorsports dealership there from a smaller location at 1732 Steadley Ave., Punta Gorda.
“We're going to create an 11,000-square-foot super showroom with a much larger service facility,” he says. “We bought it in 2010 and we've doubled the business and its employees in Florida. We believe with this building we can double it again.”
Shenk says the current dealership only has room to show half its inventory at its current location. He hopes to be in the new location by December.
In a coincidence, Destination Powersports was leasing space from Palm Auto Group, and Palm Auto Group was leasing, but not operating, the Tamiami Trail property Desination Powersports purchased. So in exchange for releasing it from its lease on the Tamiami property, Palm Auto Group has allowed Destination Powersports to go to a month-to-month lease.
Chuck Thomas of Maxim Commercial Real Estate LLC handled the transaction.
Purchase entity ADT Properties LLC mortgaged the property to Busey Bank for two loans totaling $1.86 million.
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