Investor buys REO office building

BUYER: Corrion Bonita LLC (principal: Bob Corrion), Bonita Springs
SELLER: Regions Bank
PROPERTY: 27975 Old Bonita Springs Road, Bonita Springs
PRICE: $1.53 million
PREVIOUS PRICE: $3.28 million, June 2006
LAW FIRM ON DEED: Bradley Arant Boult Cummings LLP, Birmingham, Ala.
PLANS, DESCRIPTION: Bonita Springs real estate investor Bob Corrion purchased a vacant 25,165-square-foot office building on Old U.S. 41 north of Bonita Beach Road for $1.53 million. The purchase price equates to an average of $61 per square foot of building space. The property's previous owner, Regions Bank, took ownership of the building in April after foreclosing on JRC Enterprises Co.