Colonial Center sells for $3M

FORT MYERS — Fort Myers investor Mark Turnbull purchased the 49,573-square-foot Colonial Center retail building for $3 million through TF Commercial Investments LLC.

The property was last sold in 2005, when it went for $3.35 million.

“This was owned by a bank out of California that failed and was taken over the by the FCIC and sold to successor bank under a loss-sharing arraignment,” says Jim Boback, of Boback Commercial Group, who brokered the deal. “The bottom line was there was a lot of tenant demand for the property, but the landlord really wasn't interested in doing deals. It was bought by a local investor that owns a center of similar size.”