BUYER: Naples Tanglewood Holdings LLC (principals: Bobby Sullivan, Pat George, Katherine Sproul and Brian Goguen), Naples
SELLER: Tanglewood Marketplace of Naples LLC
PROPERTY: 4910 Tamiami Trail N., North Naples
PRICE: $6.15 million
PREVIOUS PRICE: $8.5 million, April 2004
LAW FIRM ON DEED: Douglas A. Wood PA, Naples
PLANS, DESCRIPTION: Naples-based Halstatt Real Estate Partners purchased the 48,615-square-foot Tanglewood Marketplace shopping center for $6.15 million.
The price equated to $127 per square foot.
Originally built in 1985, the four-acre center was 87% leased at the time of the sale. Prominent tenants in the center include Outback Steakhouse, Snyderman Shoes and Chesterdales' Home & Garden.
“We liked that the center was in a good location with lots of traffic on U.S. 41 and that it was anchored by Outback,” says Pat George, a principal with Halstatt Real Estate Partners. “We don't have any changes planned for the center except for some small maintenance things.”
AJS Realty Group Inc., an affiliated company of seller Tanglewood Marketplace of Naples LLC, will continue to manage the center.
Halstatt Real Estate Partners is a private equity fund created and managed by Halstatt Partnership, a real estate and investment firm of the Sproul family. Halstatt Real Estate Partners invests in residential and commercial projects principally in Southwest Florida.
David Stevens of Investment Properties Corp. handled the transaction.