BUYER: Mywat LLC (Myles Strohl Living Trust), Naples
SELLER: Petro Realty Annex
PROPERTY: 168 Commercial Blvd., Naples
PRICE: $1.5 million
PREVIOUS PRICE: $2.2 million, November 1999
LAW FIRM ON DEED: Thomas E. Moorey Esq., Fort Myers
PLANS, DESCRIPTION: A company affiliated with Myles Strohl Living Trust purchased a 40,000-square-foot flex building in Airport Industrial Park for $1.5 million.
The price equated to $38 per square foot. That figure is below the two-year average price per square foot for industrial space ($50) in Southwest Florida, according to the CoStar Group.
The former Naples Shutter building featured 37,500 square feet of warehouse space and another 2,500 square feet of office/showroom space. The two-story building was built in 1990 and occupies a 2.27-acre parcel.
Bill Young of CRE Consultants handled the transaction.
Baker Custom Cabinets & Millwork Inc., which occupies the building, is also part of the new ownership, Young says. Baker Custom Cabinets & Millwork sold the property to P. Richard, Jon and William Ware and Ralph McNaughton dba Petro Realty Annex in late 1999 for $2.2 million. Calls to the company for comment were not returned prior to deadline.
“This is one of the largest manufacturing spaces in Naples,” Young says. “This will allow them to control [many] of their own fees.”