Miami real estate investor buys Sherwin Williams Plaza

BUYER: Sami Marco LLC (principal: Frank Santoyo), Miami

SELLER: J&J Marco Inc.

PROPERTY: 810-820 Bald Eagle Drive, Marco Island

PRICE: $1.71 million

PREVIOUS PRICE: $1.2 million, May 2002

LAW FIRM ON DEED: Woodward Pires & Lombardo PA, Marco Island

PLANS, DESCRIPTION: Frank Santoyo of Miami purchased the 9,980-square-foot Sherwin Williams Plaza for $1.71 million.

The price equated to $171 per square foot.

Anchored by its namesake Sherwin-Williams store, the Marco Island shopping center also features Bill Smith Appliances and the Critter Cafe.

Marcus & Millichap out of Chicago and Miami represented the seller and Dave Wallace of CRE Consultants represented the buyer.

“It was bought by an individual investor who plans to hold it,” Wallace says. “The new owner plans to put a new roof on it, but there wasn't any deferred maintenance.”

The sale price equated to a payoff ratio based on income (capitalization rate) of 8%.