BUYER: Naples Custard LLC (principal: Mike Busalacchi), Brookfield, Wis.
SELLER: Dunkin's Diamonds & Gold Real Estate Inc.
PROPERTY: 5775 Airport-Pulling Road N., Naples also known as lot 5, Pine Air Lakes, unit 5
PREVIOUS PRICE: $1.2 million, July 2006
LAW FIRM ON DEED: Kevin F. Jursinski PA, Fort Myers
PLANS, DESCRIPTION: Mike and Vinnie Busalacchi purchased a 0.87-acre parcel on Airport Pulling Road North between SunTrust Bank and Bob Taylor Chevrolet for $850,000.
The price equated to $977,011 per acre. That figure is higher than the two-year average price per acre for retail space ($746,593) in Southwest Florida, according to the CoStar Group.
The new owners plan to use the property to create the first Culver's restaurant in Florida. The Busalacchies already own and operate three Culver's in Wisconsin.
Mike Busalacchi, who lives in Naples and has split his time between Florida and Wisconsin for the past nine years, sees a huge opportunity in the market. He says the large presence of Midwesterners along the west coast of Florida made it especially attractive to the fast-casual restaurant chain.
Construction has already started on the 4,300-square-foot restaurant building. It is scheduled to open in August. The building will feature seating capacity for 102 at 35 tables and will generate 70 full- and part-time jobs.
Jeremy Kallies will be the operating partner for the new restaurant.
“We're already looking at a second location in Naples,” Mike Busalacchi says. “We already have it under contract.”
The Culver's restaurant chain has announced plans for other franchisees to open restaurants in Fort Myers and Sarasota. The chain has 482 restaurants nationwide. Florida is Culver's 21st state.
The purchase entity Naples Custard LLC mortgaged the property to First Bank Financial Centre for $2.5 million.