Invenio Capital buys U.S. 41 development site

BUYER: US 41 Page Field LLC (principals: Jonathan Smokler, Daniel Greenberg and Invenio Capital LLC), Fort Myers

SELLER: Bank of America NA

PROPERTY: 4944 S. Cleveland Ave., Fort Myers

PRICE: $2.1 million

PREVIOUS PRICE: $8.2 million, October 2005

LAW FIRM ON DEED: Stoneburner Berry Glocker Purcell & Greenhut PA, Jacksonville

PLANS, DESCRIPTION: Fort Myers-based Invenio Capital and two New York investors purchased 18.24 acres of vacant land for $2.1 million.

The price equated to $115,132 per acre.

The property was formerly known as the Page Mobile Home Park. The site is on U.S. 41, north of Fowler Street and south of the Page Field Commons retail center.

Invenio Capital LLC is an investment group made up of Keith Campbell and Ted Muftic. The New York partners in the purchase group are described as passive investors in the transaction.

Shawn Stoneburner and Gary Tasman of Commercial Property Southwest Florida LLC, a Cushman & Wakefield Alliance Member, handled the transaction.

“It was an investment,” Stoneburner says. “The people [who] used to own the property had plans for a retail development. They had the zoning changed and vacated the existing use. Then the market declined. It's a good infill site. There's nothing of that size on that stretch of U.S. 41.”

Invenio Capital is in discussions with possible tenants and expects to have a better idea about the development future of the property in the next 90 days.

Invenio Capital recently purchased a similar site at the corner of Michigan Avenue and U.S. 41 for $2 million. The investment group plans to redevelop that 1.58-acre property as a multi-story commercial building.