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BUYER: Swan FM LLC (principal: Habib Bokhari), Kerrville, Texas
SELLER: 14231 Jetport Loop Holdings LLC
PROPERTY: 14241-14261 Jetport Loop W., Fort Myers
PRICE: $2 million
PREVIOUS PRICE: $11.8 million (includes additional parcels), October 2008
TITLE FIRM ON DEED: First American Title Insurance Co., Washington, D.C.
PLANS, DESCRIPTION: Swan FM LLC purchased two warehouse buildings totaling 75,000 square feet for $2 million. The price equated to $27 per square foot.
The buildings, on Jet Loop east of Interstate 75, were 50% occupied at the time of the sale. Current tenants include Trane and Action Bolt & Tool.
Bob Johnston, Jerry Messonnier and Derek Bornhorst with Grubb & Ellis | 1st Commercial handled the transaction. Texas-based investor Habib Bokhari runs Swan FM.
“To replace the land and building it would easily be $100 a square foot or more,” says Johnston. “The buildings are only six years old. It had all the tenant improvements already in place, including carpets.”
The buyer owns other properties in Texas and California, according to Johnston. Grubb & Ellis will manage and lease the property. The asking lease rate for the vacant space is $4.95 per square foot.
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