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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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