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BUYER: Alpha Opportunity Fund I LLC (principals: Jay Stein and David Eskenazi), Scottsdale, Ariz.
SELLER: Professional Place Pelican LLC
PROPERTY: 1026, 1048 and 1064 Pine Ridge Road, Naples
PRICE: $2.4 million
PREVIOUS PRICE: $7 million, April 2006
PLANS, DESCRIPTION: The Alpha Opportunity Fund I LLC bought the two-building Pelican Professional Place for $2.4 million. The sale was done in connection with a nonperforming loan.
The retail center features a 27,604-square-foot strip center and a 2,400-square-foot, two-unit building.
A number of smaller tenants make up the larger strip center, including Floors Direct, M&M Dry Cleaners, a hair salon, the bar and restaurant Pelican Larry's and Mexican restaurant Taco Ardiente. Enterprise Rent-A-Car and Papa John's lease the smaller building.
Three units, totaling 10,033 square feet, are still vacant in the center.
Alpha Opportunity Fund I LLC is affiliated with Scottsdale, Ariz.-commercial developer and property manager Sandor Development Co., and the two share principals.
“We saw an opportunity to purchase a piece of real estate at well below replacement cost,” says Josh Simon of Sandor Development. “We are buyers of nonperforming debt. Between several different entities we hold close to $100 million in nonperforming debt and are actively seeking more.”
The fund acquires properties with good underlying real estate with the understanding that a number of the properties may end up surrendered back.
Sandor Development plans to self manage the properties. It owns and operates more than 7 million square feet of shopping centers across 24 states.
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