BUYER: Mark Wiles as trustee of the Mark T. Wiles Revocable Living Trust Agreement, Fort Myers
SELLER: OB Florida CRE Holdings LLC
PROPERTY: 16240 S. Tamiami Trail, Fort Myers
PRICE: $1.49 million
PREVIOUS PRICE: $2.5 million, April 2005
LAW FIRM ON DEED: Shumaker Loop & Kendrick LLP, Sarasota
PLANS, DESCRIPTION: Mark Wiles of Wayne Wiles Floor Coverings purchased the 24,792-square-foot former Ethan Allen retail building for $1.49 million.
The price equated to $60 per square foot.
The vacant building features a mix of showroom and warehouse space. Wayne Wiles Floor Covering already leases and operates a 5,000-square-foot showroom nearby at 16430 S. Tamiami Trail, Fort Myers.
Mike Doyle of LandQwest Commercial represented the buyer.
“There were no physical problems with the structure,” Doyle says. “They will likely do some work on it for their use, but there were no major problems with the building. It has a great location on U.S. 41.”
OB Florida CRE Holdings LLC, an affiliate of IberiaBank, previously owned the building, which took title to the property from Oxford Furnishings LLC, et al., in May.
Doyle says retail real estate activity is up, which he ties to the growing recovery in the residential market.
Officials for Wayne Wiles Floor Coverings did not return calls for comment prior to deadline.
Mark Wiles mortgaged the property to Wayne Wiles, as trustee of the Wayne R. Wiles Trust, for $1 million.