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BUYER: JCS Realty Group LLC (principals: James and Christopher Shucart), Naples
SELLER: Pulaski Bank
PROPERTY: 11574 Tamiami Trail E., Naples
PRICE: $3.34 million
PREVIOUS PRICE: $7.8 million, April 2006
LAW FIRM ON DEED: Cheffy Passidomo PA, Naples
PLANS, DESCRIPTION: Naples real estate investors James and Christopher Shucart purchased the 46,600-square-foot Hitching Post Plaza for $3.34 million.
The price equated to $72 per square foot.
The center was recently renovated. It was built in 1974.
The Shucarts owned and operated the retail center from 2004 to 2006, when they sold it to Naples Barefoot Investors. Pulaski Bank foreclosed on the property from Naples Barefoot Investors in mid-May.
The plaza was 60% occupied at the time of the sale and its largest tenant is a Clean Clothes laundry.
Harry Looknanan Jr. and Mark Alexander of Sperry Van Ness Commercial Real Estate Advisors have been hired to market the vacant space.
“[The buyer] will be revamping the entire center,” Looknanan says. “They'll be fixing units, changing the landscaping and painting the plaza a more vibrant color.”
The Shucarts also own the 29,262-square-foot Estey Air Plaza strip shopping center on Airport Road in Naples and the Port of the Islands Marina on Newport Drive.
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