BUYER: Wynn Properties Inc. (principals: Jeffrey, Larry, Linda, Thomas, Jerry and Timothy Wynn, Bonita Springs
SELLER: Dearborn Street Holdings-LLC-Series 16 M&I
PROPERTY: 4433 Tamiami Trail E., Naples
PREVIOUS PRICE: $700,000, September 2003
LAW FIRM ON DEED: Mason Wenk & Berman LLC, Northbrooke, Ill.
PLANS, DESCRIPTION: Bonita Springs-based Wynn Properties Inc. purchased the 8,200-square-foot former Sizzling Steak restaurant building for $750,000.
The price equated to $91 per square foot. That figure is lower than the two-year average price per square foot for retail space ($140) in the Southwest Florida market, according to the CoStar Group.
The building was constructed in 1985 and occupies a 1.84-acre parcel on U.S. 41 between Airport Road and Rattlesnake Hammock Road. The property also included 150 parking spaces. It was most recently used as Morningstar Music.
David Wallace of CRE Consultants represented the seller.
“It's a good, well-constructed building that could be readily adaptable for either its current use or future expansion,” Wallace says.
Bill Clarke, senior adviser with Wynn Properties, says the company is unsure exactly what it will do with the property.
“We're planning to clean it out,” he says. “We've been talking to a number of restaurant people about it, but it's been a long time since it has been a restaurant.”
Wynn Properties' primary attraction to the site was its prime location on U.S. 41, Clarke says.