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BUYER: Invenio Park Shore LLC (principals Keith Campbell and Ted Muftic), Fort Myers
SELLER: CRM Florida Properties LLC
PROPERTY: 3860, 3880 and 3898 Tamiami Trail N. and vacant commercial, 978 Michigan Ave., Naples
PRICE: $2 million
PREVIOUS PRICE: $3.35 million, December 2005 and $2 million, February 2007
TITLE FIRM ON DEED: Angelo & Banta PA, Fort Lauderdale
PLANS, DESCRIPTION: Real estate investors Keith Campbell and Ted Muftic purchased three office and retail buildings for $2 million.
The buildings, at the corner of Michigan Avenue and U.S. 41, feature 15,192 square feet of total space. The price equated to $132 per square foot.
Gary Tasman of Commercial Property Southwest Florida LLC, a Cushman & Wakefield Alliance Member, handled the transaction.
“It contains a hodgepodge of old office and retail buildings,” Tasman says. “They bought it from the bank just to own and operate it as is. They are looking to fix it up and stabilize it. It's a very prominent redevelopment site, which we are evaluating as the market improves.”
The 1.58-acre property is 70% occupied. The site has already been approved for development of a 53,551-square-foot commercial building, along with a 180-space parking garage.