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Investor buys REO office building

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  • | 5:54 p.m. July 23, 2009
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  • Commercial Real Estate
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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.

“It's on Bonita Beach Road, a major thoroughfare,” Corrion says. “It has nice parking and is in great location. It could work for a lot of different things. It's zoned C1, which means it could also be retail. It might be ideal for a charter school extension campus.”

Nichole Kozak and Brian Corrion with Amerivest Realty are marketing the property for lease or sale. The rental rate ranges from $8 to $12 a square foot depending on build-out.

Bob Corrion is experienced in creative reuse. In Michigan he purchased several manufacturing plants and subdivided them for use as multi-tenant buildings.


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