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Tampa Bay Area
Business Observer Friday, Dec. 6, 2013 7 years ago

Fort Myers real estate investors buy Plant City's Courtyard Square

The price equated to $68 per square foot or $88 per net rentable square foot.

BUYER: Rminvesting LLC (principals: Kerrie Reid and Emma McGrath), Fort Myers
SELLER: Donna Jean Corp.
PROPERTY: 1001 E. Baker St., Plant City
PRICE: $1.22 million
PREVIOUS PRICE: $110,000, August 1984
TITLE FIRM ON DEED: Hillsborough Title Inc., Plant City

PLANS, DESCRIPTION: Fort Myers real estate investors Kerrie Reid and Emma McGrath purchased the 17,769-square-foot Courtyard Square for $1.22 million.

The price equated to $68 per square foot or $88 per net rentable square foot. That figure is lower than the two-year average price per square foot for office space ($115) in the Tampa Bay area, according to the CoStar Group.

Occupying a 1.13-acre block between Backer and Reynolds streets and east of Johnson Street, the office building features 13,883 square feet of rentable space around an open courtyard. It was 60% occupied at the time of the sale. Major tenants include JSA Medical Group, Consolidated Electrical Distributor and The Wynne Law Group PLLC.

“This is an iconic building,” McGrath says. “Most buildings are just a standard block [structure]. This is something different. It actually looks somewhat plain at the moment with its four-sided brick [exterior]. But it was incredibly built out. It has a lovely little community inside with an atrium.”

The buyers plan to repaint the interior and install new carpeting and light fixtures.

The purchase entity, Rminvesting LLC, mortgaged the property to the seller Donna Jean Corp. for $915,000.

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