Central Line Properties LLC buys Colonial Plaza, land

BUYER: Central Line Properties LLC (principal: Don DeLuca), Sanibel

SELLER: IberiaBank

PROPERTY: 8341, 8291-8293 Dani Drive, Fort Myers

PRICE: $1.5 million

PREVIOUS PRICE: $1.51 million, August 2005 and $2.2 million, October 2007

LAW FIRM ON DEED: Adams and Reese LLP, Sarasota

PLANS, DESCRIPTION: A company owned by Royal Shell Real Estate broker Don DeLuca purchased the 11,148-square-foot Colonial Plaza retail strip center and additional land for $1.5 million.

The price equated to $135 per building square foot.

The center was 52% occupied at the time of the sale. It currently houses a Mattress Firm and Subway restaurant.

“The plaza was in fine shape; we just plan to secure additional tenants for it,” DeLuca says. “We have land there for an additional outparcel. Our preference is to do [the outparcel] built-to-suit for a tenant.”

Karen Johnson-Crowther of Colliers International Southwest Florida's Fort Myers office is marketing the space.

The purchase entity Central Line Properties LLC mortgaged the property to Sanibel Captiva Community Bank for $1.52 million.