TerraCap Partners II buys five Westlinks buildings

BUYER: Westlinks Gateway LLC (principal: W. Stephen Hagenbuckle), Cape Coral
SELLER: Cambridge Associates of SW Florida LLC
PROPERTY: 12601-12631 and 12751-12801 Westlinks Drive and 12100, 12701 and 12730 Commerce Lakes Drive, Fort Myers
PRICE: $7.2 million
PREVIOUS PRICE: $2.15 million, November 1997 and $1.28 million, June 1997
LAW FIRM ON DEED: Kevin A. Denit Esq., Naples

PLANS, DESCRIPTION:
Cape Coral-based TerraCap Partners II took ownership of five commercial buildings in Westlinks Business Park in a deed in lieu of foreclosure. The investment fund purchased the $12.4 million worth of mortgage debt from an affiliate of Miami Beach-based LNR Partners LLC for $7.2 million.

The price equated to $31 per square foot. That figure is lower than the two-year average price per square foot for industrial space ($50) in the Southwest Florida area, according to the CoStar Group.