Naples Shutter CEO buys Power Street building

BUYER: NSI Investments LLC (principal: John Leach), Naples

SELLER: AERL LC

PROPERTY: 1025 Power St., Naples

PRICE: $725,000

PREVIOUS PRICE: $462,000, July 1992

LAW FIRM ON DEED: Bond Schoeneck & King, Naples

PLANS, DESCRIPTION: An investment entity led by Naples entrepreneur John Leach purchased a vacant 13,738-square-foot industrial building for $725,000.

The price equated to $53 per square foot.

Leach is CEO of Naples Shutter Inc., a manufacturer of residential and commercial shutters and housing hurricane protection products. He was unavailable for comment prior to deadline.

Chip Olson and Robert Morgan of Colonial Square Realty Inc. represented the seller. William Gonnering and Christine McManus of Investment Properties Corp. represented the buyer.

“[The buyer] was attracted by the size of the property,” Gonnering says. He adds that there are sprinklers in the loading dock, fenced in yard and high ceilings.

The purchase entity NSI Investments LLC mortgaged the property to The Northern Trust Co. for $600,000.