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Minneapolis company buys Fifth Avenue building shell

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  • | 6:56 p.m. August 6, 2010
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  • Commercial Real Estate
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BUYER: Vincent Prestige Properties LLC, Minneapolis

SELLER: Everbank

PROPERTY: 602 Fifth Ave. S., Naples

PRICE: $2.4 million

PREVIOUS PRICE: $2.1 million, November 2005

LAW FIRM ON DEED: Conroy Conroy & Durant PA, Naples

PLANS, DESCRIPTION: Minneapolis-based Vincent Prestige Properties LLC purchased a 9,700-square-foot building for $2.4 million.

The price equated to $247 per square foot.

The three-story building is still a shell. Located on Fifth Avenue, a prominent retail corridor, the 2,708-square-foot bottom level is planned as retail space. The upper two 3,020-square-foot levels are expected to be residential. The building also features a garage under the building for four vehicles.

Craig Timmins and David Stevens of Investment Properties Corp. negotiated the transaction.

“A development group lost the building through foreclosure to Everbank,” Timmins says. “[The prior owners] started at the peak of the market, which probably made it a pretty tough situation. Fifth Avenue is a very desirable area, and we had multiple parties interested in it.”


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