Morgan House owners buy Fort Myers building

Morgan House owners buy downtown Fort Myers building

BUYER: Price Holdings of Southwest Florida LLC (principals: Michael and Patti Price), Fort Myers

SELLER: Wachovia Commercial Mortgage Inc.

PROPERTY: 33 Patio De Leon, Fort Myers

PRICE: $410,000

PREVIOUS PRICE: $1.45 million, May 2006

LAW FIRM ON DEED: Duncan & Associates PA, Fort Myers

PLANS, DESCRIPTION: Michael and Patti Price, owners of the Morgan House restaurant, purchased a 6,250-square-foot historic building on Patio De Leon from Wachovia Commercial Mortgage for $410,000.

The purchase price equated to $66 per square foot.

The Prices plan to move their restaurant to the two-story building from its smaller 4,100-square-foot location at 2207 First St.

Bob White and Chuck Smith of Grubb & Ellis | 1st Commercial represented the seller, and Gregg Fous with Market America Realty & Investment Group represented the buyer.

“Price was a big driver [in the buyer choosing the building], and the location on Patio De Leon is on main and main as far as I'm concerned,” Fous says.

The owners say that the building also offered them nearly double the dining space, three bars compared to one and more separation between the bar and dining space.

The new owners plan to renovate the kitchen in the Patio De Leon building, but expect to still open July 1.