Petray Property buys building

Petray Property buys building

BUYER: Petray Property Investments LLC (principal: Raymond Perla), Fort Myers

SELLER: Severn Associates Inc.

PROPERTY: 1469-1479 Colonial Blvd., Fort Myers

PRICE: $875,000

PREVIOUS PRICE: $1.55 million, March 2005

TITLE FIRM ON DEED: Stewart Title Co., Fort Myers

PLANS, DESCRIPTION: Raymond Perla's Petray Property Investments LLC purchased a 12,922-square-foot office and retail building on Colonial Boulevard near Sommerset Drive for $875,000.

The purchase price equated to $68 per square foot.

The two-story building was roughly 45% vacant at the time of the sale. It currently houses The Hearing Store, Atlantic Insurance, a clock/watch repair shop and a nursing school.

The property also features an approved development order allowing the option to build an additional 8,000 square feet.

Adam Palmer of LandQwest Commercial represented the seller.

“It was purchased as an investment,” Palmer says. “Despite [the] vacancies, the acquisition price per square foot left room for respectable upside on future cash flows.”