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BUYER: Sanibel Beach Place Partners LLC (principals: Doron Valero, Alan Merkur, Martin Pico, Gabe Navarro), Sunrise
SELLER: NW-Sanibel Beach Place LLC
PROPERTY: 20351 Summerlin Road, Fort Myers
PRICE: $7 million
PREVIOUS PRICE: $14 million, November 2004
PLANS, DESCRIPTION: Global Fund Investments LLC purchased the 74,288-square-foot Sanibel Beach Place retail center for $7 million.
The price equated to $94 per square foot.
Located just off Sanibel Island, the Publix-anchored center had 20,813 square feet of vacant tenant space at the time of the sale. Some of its smaller tenants include Gator Bites, Sanibel Liquor, Salon by Design and Subway. The new owner has an agreement in place for Bike Bistro to open in Sanibel Beach Place in the next few weeks, according to Steve Frazier of Global Realty and Management, who is managing the center.
“We felt the property was a great opportunity to pick up,” he says. “There was quite a bit of vacancy there, but we feel we can get quality tenants in there. We're in the process of repainting the center, improving the landscaping and increasing the lighting.”
The seller, Nationwide Life Insurance Co., acquired the center in lieu of foreclosure in February.
The property had some deferred maintenance, including neglected fountains, Frazier says, which the new owner plans to repair. He says the center itself was sound, but that the high previous purchase price hamstrung the former owner.
Global Fund Investments LLC acquires, develops, manages and finances retail shopping centers across the Southeast. It owns three properties in Broward County, another three in Orlando, two in Jacksonville and 23 in Texas.
The purchase entity Sanibel Beach Place Partners LLC mortgaged the center to Wells Fargo Bank NA for $3.62 million.
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