Loading
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.
Your free article limit has been reached this month.
Subscribe now for unlimited digital access to our award-winning business news.
Join thousands of executives who rely on us for insights spanning Tampa Bay to Naples.
