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Goodwill Industries buys Arborgate Shopping Center
BUYER: Goodwill Industries of Southwest Florida Inc. (principals Raymond Holland, William Barrett, Don Hoppe, Daniel Adams, Michael Sullivan), North Fort Myers
SELLER: Regions Bank
PROPERTY: 10676-10654 Colonial Blvd., Fort Myers
PRICE: $3.36 million
PREVIOUS PRICE: $9.3 million, February 2008
LAW FIRM ON DEED: Bradley Arant Boult Cummings LLP, Birmingham, Ala.
PLANS, DESCRIPTION: Goodwill Industries of Southwest Florida Inc. purchased the 30,875-square-foot Arborgate Shopping Center at the corner of Colonial Boulevard and Treeline Avenue, plus eight acres of undeveloped land, for $3.36 million.
The purchase price equated to $109 per square foot for just the existing building space.
The non-profit plans to occupy about 12,000 square feet in the retail center with a store and to lease out the remainder. The center already houses a hair salon, a shipping/packaging store and an Allstate Insurance Co. office.
“We had wanted to buy the vacant land to start,” says Kirsten O'Donnell, spokesperson for Goodwill Industries of Southwest Florida. “It's in a really promising area with proximity to Lehigh Acres and the Forum. Now we're planning to generate some money from the rentals. There was an appraisal that was done in September that appraised it at $6.9 million.”
Arborgate isn't Goodwill Industries' first experience as a retail center landlord, but its the group's biggest center so far. The non-profit owns a small, unnamed shopping center off San Carlos Boulevard on Fort Myers Beach.
Matt Yaniglos of LandQwest Commercial represented the seller, and Bill Young, Dan O'Berski and Matt Fredrickson of CB Richard Ellis, Fort Myers/Naples represented the buyer.
Goodwill Industries of Southwest Florida mortgaged the center to the former owner Regions Bank for $2.86 million.
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