BUYER: My Naples Sunshine LLC (56% interest), Killer Cooke LLC (22%) and Queeny Bee LLC (22%), Nashville, Tenn.
SELLER: MB Reo-FL Retail Inc.
PROPERTY: 933 Third Ave. N., Naples
PRICE: $1.88 million
PREVIOUS PRICE: $2.35 million, December 2003
LAW FIRM ON DEED: Greenberg Traurig PA, Orlando
PLANS, DESCRIPTION: Nashville, Tenn.-based investment group Cooke & Grace Properties purchased the 12,480-square-foot Trinity Plaza retail center for $1.88 million.
The price equated to $150 per square foot. The Naples property on Ninth Street and Third Avenue was 50% occupied at the time of the sale.
“It was previously owned by a bank that just wasn't interested in doing leases,” says Ched Cooke, president of Cooke & Grace Properties. “In just the time we've had it we've had a tremendous amount of activity. We have at least six people wanting to do leases out there. We just think there should be a lot of demand for a property near the trail that we can rent in the area of $12 a square foot and make money.”
The new owner is planning a mini-rehab of the property that will include renovating the roofs, redoing the parking lot and painting it.
Trinity Plaza is Cooke & Grace Properties' first commercial purchase in Naples.
David Stevens of Investment Properties Corp. represented the buyer and Chuck Smith, Richard Clarke and Carlos Acosta of Grubb & Ellis | 1st Commercial represented the seller.