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BUYER: Kingstown Family Trust I LLC (principal: John Allen), Minneapolis
SELLER: Community South Bank
PROPERTY: 3827 White Lake Blvd., Naples
PRICE: $700,000
PREVIOUS PRICE: $1.01 million, April 2009
LAW FIRM ON DEED: Coleman Yovanovich & Koseter PA, Naples
PLANS, DESCRIPTION: Kingstown Family Trust I LLC, a trust led by John Allen of the Minneapolis-based commercial real estate development, investment and management company Industrial Equities LLP, purchased the 3,600-square-foot City Gate Car Wash on White Lake Boulevard north of Interstate 75 for $700,000.
The purchase price equated to $636,364 per acre for the 1.1-acre parcel.
Built in 2007, the carwash features two automated and six self-service bays along with four air/vacuum stations. The prior owner, McGee Enterprises LLC, had transferred the property to its lender Community South Bank in a certificate of title in April of 2009.
Calls to Allen were not returned prior to publication.
Founded in 1983, Industrial Equities owns more than 50 multi-tenant properties comprising three million square feet in the Minneapolis/St. Paul metro area.
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