Developer buys 2.4-acre property, demolishing two buildings for Culver's

BUYER: 1607 Cape Coral Parkway LLC (principal: Dan Creighton), Cape Coral
SELLER: Fifth Third Bank
PROPERTY: 1611, 1625 and 1607 Cape Coral Parkway E. and 1630 and 1620 S.E. 47th Terrace and the corner of Del Prado Boulevard South and Cape Coral Bridge Road, Cape Coral
PRICE: $1.35 million
PREVIOUS PRICE: $2.8 million, November 2002
LAW FIRM ON DEED: Zimmerman Kiser & Sutcliffe PA, Orlando

PLANS, DESCRIPTION: Developer Dan Creighton purchased four commercial buildings on 2.4 acres at the northeast corner of Del Prado Boulevard and Cape Coral Parkway for $1.35 million.

The price equated to $562,500 per acre. That figure is lower than the two-year average price per acre for office land ($935,216) in Southwest Florida, according to the CoStar Group.

Only one of the four buildings was leased at the time of the sale.

Creighton says the single tenant plans to take additional space in the property, bringing it up to a total of 21,000 square feet. In addition, he plans to demolish two buildings near Del Prado Boulevard to develop a new building for a Culver's restaurant.

“We hope to start construction there in six months to a year,” says Creighton. “We're just working our way around to [redevelop] the main and main corridors.”

Fred Kolb and Jim Garinger of Colliers International Southwest Florida represented the seller.

The challenge of developing the property, according to Kolb, is an alley that bisects the entire property.

The site was previously owned by Fifth Third Bank, which took ownership of it through a foreclosure in July 2012 from the Cape Promenade Trust.

The purchase entity 1607 Cape Coral Parkway LLC mortgaged the property to Stonegate Bank for $1.07 million.