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BUYER: Invenio Pearl LLC (principals: Keith Campbell and Ted Muftic), Fort Myers
SELLER: Manasota Beach LLC
PROPERTY: 7990 Manasota Key Road, units 1-13, Englewood,
PRICE: $1.55 million
PREVIOUS PRICE: $2 million, June 2004
LAW FIRM ON DEED: Hill Ward Henderson, Tampa
PLANS, DESCRIPTION: An investment group directed by the Bonita Springs-based private equity firm Invenio Capital LLC purchased the 13-room Pearl Beach Inn for $1.55 million.
The price equated to $119,231 per unit.
Originally built in 1953, the 5,333-square-foot motel occupies a 0.62-acre Gulf-front site.
All of the units in the property have been converted into condominiums.
“We knew the prior developer and that when the note had been sold, the current owners were not properly maintaining the property,” says Keith Campbell, managing partner of Invenio Capital. “For now it's being run as a hospitality play. Longer-term, more than likely we will sell off the condominiums.”
The new ownership estimates that fixing the complex's deferred maintenance, sprucing up its landscaping and grounds and other improvements to the facility, including roofing work, will likely cost about $30,000.
The purchased entity Invenio Pearl LLC mortgaged the property to the Employees' Retirement Plan of Hajoca Corp. for $1.05 million.
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