West Gate Corporate Center sold to investor group

BUYER: BBR Florida Investments LLC (principals: Richard Applegate), Boca Raton
SELLER: CPS Holdings LLC
PROPERTY: 5624 Eighth St. W., Lehigh Acres
PRICE: $1.1 million
PREVIOUS PRICE: $3.5 million, July 2005
LAW FIRM ON DEED: Safe Harbor Title Co., Fort Myers

PLANS, DESCRIPTION: A collection of private investors, managed by Richard Applegate of Boca Raton, purchased the 12,584-square-foot West Gate Corporate Center for $1.1 million.

The price equated to $87 per square foot.

Built in 2005, the retail and medical office building was 40% occupied at the time of the sale, according to one of the sellers, Linda Haas of Commercial Property Specialists. She says the property was well maintained prior to the sale.

Christopher Leonard of Colliers International's Tampa office represented the buyer.

The buyer, which is known as a value-added investor, last purchased the 29,812-square-foot Lee West Center retail and office project in Lehigh Acres in late 2011 for $1.65 million.