Sellstate Realty owners buy Del Prado office building

BUYER: Sudbury Cape Holding LLC (principals: Neil Cresswell and Arthur Darmanin), Fort Myers

SELLER: Reliance Bank

PROPERTY: 3321 Del Prado Blvd. S., Cape Coral

PRICE: $825,000

PREVIOUS PRICE: $2.65 million, December 2006

TITLE FIRM ON DEED: Palm Title Associates Inc., Fort Myers

PLANS, DESCRIPTION: Neil Cresswell and Arthur Darmanin purchased a vacant 8,596-square-foot office for $825,000.

The price equated to $96 per square foot.

LandQwest Commercial Managing Principal Stephen Cunningham was the listing agent for the sale and Cresswell represented the buyers. Cresswell and Darmanin are the top officers for Fort Myers-based real Sellstate Realty Systems Network Inc.

“The new owners plan to use half the building for a real estate office and lease out the other half,” Cunningham says of the building on Del Prado Boulevard, just north of Palaco Grande Parkway “It was a fair price for both parties. The bank had tried to lease it but was not successful. The interior was partially completed. The floors are complete and the walls are in. The ceiling has been dropped. But there was no partitioning.”

The purchase entity Sudbury Cape Holding LLC mortgaged the property to Preferred Community Bank for two loans totaling $868,500.