BUYER: Insignia Center LLC (Blackstone Management Properties LLC), New York City
SELLER: 7765 Preserve Lane LLC
PROPERTY: 7765 and 7775 Preserve Lane, Naples
PRICE: $1.58 million
PREVIOUS PRICE: $2.74 million, November 2006
LAW FIRM ON DEED: Cheffy Passidomo, Naples
PLANS, DESCRIPTION: New York City's Blackstone Management Properties LLC purchased the two-building Insignia Center development for $1.58 million.
The price equated to $195 per square foot.
The property includes a 2,025-square-foot Dunkin' Donuts and a 5,354-square-foot strip center. Both buildings were built in 2005. The buildings were fully leased, with the larger building housing Mathworks, Nail Colors and Gulf Coast Martial Arts.
Andrew Saluan of AJS Realty Group Inc. represented the seller. His firm will continue to handle leasing and property management.
“It's a nice market-rate stabilized deal,” he says. “The location is excellent on Immokalee [Road] across from Gulf Coast High School. There's a Publix on Immokalee and a Target nearby.”
The sale price equated to a payoff ratio based on current income (capitalization rate) of about 8%.