BUYER: Radio Road 6 LLC (principals: Chad and R. Keith Ferrari), Franklin, Tenn.
SELLER: Bank of Florida-Southwest
PROPERTY: 4375 Radio Road, Naples
PREVIOUS PRICE: $2.13 million, December 2009
LAW FIRM ON DEED: Conroy Conroy & Durant PA, Naples
PLANS, DESCRIPTION: Franklin, Tenn.-based real estate firm Ferrari Partners LP purchased two 8,000-square-foot partially completed buildings for $940,000. The price equated to $59 per square foot of building space.
“We're in the process of cleaning them up and getting them finished,” says Chad Ferrari. “The inside is a very vanilla box. We're planning on putting some lipstick on the outside of it. The landscaping needs to be redone and it needs to be pressure washed. We are planning to do them as office condominiums to undercut the market of what's out there.”
The two-story buildings will feature as many as four suites each.
Ferrari Partners primarily buys and manages commercial and multifamily residential real estate in Illinois and Nashville. And in December the firm purchased a 7,990-square-foot office building in Naples. Ferrari says he is seeing more opportunities in Florida than the Midwest.
“We lucked out. We sold a lot of our holdings in middle to late 2007,” he says. “Then we sat in cash, waiting for opportunities. We've committed a sizable amount of money for the Southwest Florida market.”
Bill Gonnering of Investment Properties Corp. was the listing broker and George B. Atkinson of CB Richard Ellis represented the buyer.