BUYER: Toll Gate Naples LLC (R. Paul G Hardy and Realty Two LLC), Naples
SELLER: Bank of America NA
PROPERTY: 3571 Del Prado Blvd. N., units 1-19, Cape Coral
PRICE: $2.08 million
PREVIOUS PRICE: $1.6 million, November 2006
LAW FIRM ON DEED: Balch & Bingham LLP, Jacksonville
Naples developer Paul Hardy and investors from Indiana purchased the 44,305-square-foot Entrada Community Shopping Center for $2.08 million.
The price equated to $47 per square foot. That figure is below the two-year average price per square foot for retail space ($140) in Southwest Florida, according to the CoStar Group.
The retail plaza was purchased as an investment. It was 40% occupied at the time of the sale. Tenants include the 7,000-square-foot Internal Medicine Associates, 1,000-square-foot Edward D. Jones & Co. and 1,750-square-foot The Bagel Factory. Roughly 40% of the remaining vacant space (28,174 square feet) in the center is still gray shell requiring interior improvements before it can be occupied.
“We felt it was a good fit with the other properties we purchased,” Hardy says. “We purchased the two Entrada properties [Estates at Entrada and Villages of Entrada] nearby and know there is going to be a lot of growth in the future. We'll be adding some 2,320 dwelling units. We felt that future growth would really enhance the shopping center.”
The new ownership plans to self-manage the center.
Gary Tasman of Cushman and Wakefield, Commercial Property Southwest Florida LLC handled the sale.