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Commercial Real Estate
Business Observer Thursday, Mar. 18, 2010 12 years ago

P Berger Holdings of Illinois buys closed building

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Winnetka, Ill.'s P Berger Holdings LLC purchased the former Jean Paul's French Corner, a 2,752-square-foot restaurant building on Tarpon Bay Road south of Periwinkle Way for $635,000.

P Berger Holdings of Illinois buys closed building


BUYER: P Berger Holdings LLC, Winnetka, Ill.


SELLER: Let Inc.


PROPERTY: 708 Tarpon Bay Road, Sanibel


PRICE: $635,000


PREVIOUS PRICE: $150,100, June 1977


TITLE FIRM ON DEED: Title Group Services, Fort Myers


PLANS, DESCRIPTION: Winnetka, Ill.'s P Berger Holdings LLC purchased the former Jean Paul's French Corner, a 2,752-square-foot restaurant building on Tarpon Bay Road south of Periwinkle Way for $635,000. The purchase price equated to $231 per square foot of building space. The two-story building has been vacant for about eight years.


Robin Humphrey of VIP Realty Group handled the transaction.


“The owner was French and a longstanding customer of mine is French,” Humphrey says. “The daughter of my customer had always been attracted to location. They used to eat there as a family when it was open. It was sold for below land value.”


The new owners have no immediate plans for the property.


The building has mixed-use zoning, which allows for commercial on the first level and residential uses on the second floor.

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