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BUYER: Olde Marco Island Acquisition Co. LLC (principal: John Allard), Manchester, New Hampshire
SELLER: Landman LLC
PROPERTY: 178 Royal Palm Drive, Marco Island
PRICE: $1.1 million
PREVIOUS PRICE: $1.77 million, November 2005
LAW FIRM ON DEED: The Kramer Law Firm PA, Marco Island
PLANS, DESCRIPTION: The Allard Family Trust of Marco Island and New Hampshire purchased the four building, 12,870-square-foot Shops of Olde Marco development for $1.1 million.
The price equated to $85 per square foot.
The property is currently 62% occupied, according to John Allard, managing member of the purchase entity. Cafe de Marco restaurant is the biggest tenant in the development. Other current tenants include Lee Be Fish Co., Summer Salt Beach House, Gabby Abby's and Simply Cupcakes.
“It just needs some attention, a little love and care and marketing,” Allard says. “Somebody that understands what is there. Based on the tenants are we talking to, we expect to be close to fully occupied in time for next season. We are planning a refresh of the whole property.”
The new ownership plans to improve the landscaping and renovate the development. It has retained Paul Tateo, a broker with Horizons By the Sea to market the remaining vacant tenant spaces.
Farm to Table Organic Cafe and Market has committed to leasing a portion of the vacant tenant space.
The Allards also own the common area and two of the condominium units in the adjacent Olde Marco Island Inn & Suites and are making a number of improvements there as well. The trust has already upgraded and renovated the common areas, pool area, lobby and landscaping. Next up for the owners is completely renovating the restaurant and banquet area in the inn to create a new indoor/outdoor bar and dining area. The Allards are also in the early stages of planning to renovate the inn itself, including the upstairs area of the historical building.
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