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BUYER: Griffin Bonita Springs Properties LLC (principal: Justin Griffin), College Station, Texas
SELLER: Shops at Hidden Lakes LLC
PROPERTY: 28811 S. Tamiami Trail, Bonita Springs
PRICE: $2.65 million
PREVIOUS PRICE: $7.4 million, June 2007
TITLE FIRM ON DEED: Atlas Title of S.W. FL Inc., Fort Myers
PLANS, DESCRIPTION: The Griffin family in Texas purchased the 30,072-square-foot Shops at Hidden Lakes retail center for $2.65 million.
The price equated to $88 per square foot.
While the center was 50% occupied at the time of the sale, the buyer has already leased an addition 25% of space. The tenants include: Fitness for Life, Capriotti's, Loretta's Bridal, Los Mulcajetes Mexican Restaurant, Hair by Blanca, Help-U-Sell and Beyond Nail Salon & Spa. Patio and Hearth is scheduled to open in October.
“We feel like it is a tremendous place for attractive long-term value,” says Justin Griffin, managing member of the buyer. “It's not a significantly old property, but there was some neglect that occurred. We are a long-term investor and have the cash necessary to make it a first class center.”
The Griffins plan to improve the parking lot, paint the center and rearrange the landscaping for better visibility.
Nick Paulus of InvestFortMyers.com represented the buyer and will manage the property.
The Shops at Hidden Lakes is the Griffins' first Florida purchase. The family owns commercial real estate in Texas.
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