Marco Island investor buys Prudential Florida Realty building

BUYER: 900 North Collier Blvd LLC (principal: Gary Van Cleef), Marco Island

SELLER: David W. Nassif, individually as trustee of the land trust

PROPERTY: 900 N. Collier Blvd., Marco Island

PRICE: $2.75 million

PREVIOUS PRICE: $420,000, July 1986

LAW FIRM ON DEED: Coleman Yovanovich & Koester PA, Naples

PLANS, DESCRIPTION: Marco Island investor Gary Van Cleef purchased a 12,000-square-foot freestanding office building on Collier Boulevard for $2.75 million.

The price equated to $229 per square foot.

David Stevens of Investment Properties Corp. and Carolyn Huffor of Prudential Florida Realty handled the transaction.

The three-story building was sold as a passive investment, according to Stevens. Prudential Florida Realty has a long-term triple-net lease on the building that requires the brokerage to maintain it and pay all property taxes and insurance.

The purchase price equates to the pay off ratio based on current income (capitalization rate) of 7.5%.

“It's a little bit higher than what CVS and Walgreens are going for,” Stevens says. “The building was in fine shape. With its proximity to the Esplanade [Shoppes] and other retail, it's really a billboard location for real estate companies.”

The purchase entity 900 North Collier Blvd LLC mortgaged the property to First Federal Bank of the Midwest for $2.2 million.