BUYER: Ozinus Palmetto LLC (Ozinus Realty LLC), Fort Myers
SELLER: Palmetto Grove LLC
PROPERTY: 2853-2861 Work Drive, Fort Myers
PRICE: $2 million
PREVIOUS PRICE: $1.45 million, March 2004
LAW FIRM ON DEED: Madden Law Firm LLC, Fort Myers
PLANS, DESCRIPTION: An Australian real estate investment trust that operates as Ozinus Realty LLC purchased the 61,354-square-foot Palmetto Grove Industrial Park for $2 million.
The price equated to $33 per square foot. That figure is lower than the two-year average price per square foot for industrial space ($50) in Southwest Florida, according to the CoStar Group.
The five-building industrial complex occupies a 4.6-acre parcel. The project features some 20 tenant spaces ranging from 1,140 to 4,560 square feet of warehouse and distribution space. The tenants include contractors, a window and door company, an auto detail business and motorcycle repair shop. The center was 85% occupied at the time of the sale.
James McMenamy of Re/Max Realty Group Commercial Division was the managing member of the selling entity, Palmetto Grove LLC, and Stu Silver of Silver and Silver Inc. represented the buyer.
McMenamy says that after owning the property for nearly a decade, he wanted to move on to other investments. Further, he says the buyer was primarily interested on the return on investment. The purchase price equated to a payoff ratio based on current income (capitalization rate) of 10%. Silver and Silver Inc. will be managing the property for the new owner.
The buyer mortgaged the property to Palmetto Grove LLC for $600,000.