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BUYER: CS Tamiami LLC (principals: Douglas Hannah and John Morgan), Fort Myers
SELLER: Wells Fargo Bank NA as trustee for the holder of J.P. Morgan Chase Commercial Mortgage Securities Trust 2007-CIBC18 Commercial Mortgage Pass-Through Certificates Series 2007-CIBC18
PROPERTY: 14700 Tamiami Trail N., Naples
PRICE: $2.4 million
LAW FIRM ON DEED: Baker Donelson Beaman Caldwell & Berkowitz PC, Birmingham, Ala.
PLANS, DESCRIPTION: Miami-based real estate investment manager and adviser SilverLeaf Advisors has purchased the remainder of Tamiami Square. The private equity firm already owned 19,000 square feet of the Naples retail center, which is operated as a condominium. It acquired the remaining 31,000 square feet of the retail building from a J.P. Morgan Chase Commercial Mortgage Securitized Trust for $2.4 million.
The 31,000-square-foot property was 40% occupied at the time of the sale, which the new ownership attributed to it being previously bank-owned. A 6,462-square-foot Naples Tomato Italian restaurant anchors the center.
“Its problems are really just a function of product distress,” says Doug Hannah, founder and managing director of SilverLeaf Advisors. “The previous owner was not cooperative with the bank and had no incentive to put leases in place. We think the market is starting to rebound and people are starting to gravitate to more desirable locations on [U.S.] 41. We were able to purchase it at a significant discount to replacement cost.”
With the exception of some deferred maintenance, Hannah says the property was in good shape and won't require much improvement.
SilverLeaf Advisors invests in a variety of commercial and residential real estate assets. The firm owns the 68,000-square-foot Mid-Cape Corporate Center in Cape Coral, retail and office buildings in North Port's Gateway area, the Sandpiper Plaza retail center in Bonita Springs and an office building and restaurant building in St. Petersburg. It also owns 55 residential lots in Cape Coral.
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