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Creighton Development and Construction buys, rebranding Burnt Store gas station


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  • | 10:13 a.m. November 15, 2013
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  • Commercial Real Estate
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BUYER: 714 Burnt Store Road LLC (principal: Dan Creighton), Cape Coral
SELLER: OB Florida CRE Holdings LLC
PROPERTY: 714 Burnt Store Road N., Cape Coral
PRICE: $2.64 million
PREVIOUS PRICE: $380,000, October 2004
LAW FIRM ON DEED: Adams and Reese LLP, Sarasota

PLANS, DESCRIPTION: Creighton Development and Construction purchased a 5,694-square-foot former Texaco gas station for $2.64 million.

The price equated to $464 per square foot. That figure is higher than the two-year average price per square foot for retail space ($140) in Southwest Florida according to the CoStar Group.

Occupying a 7.7-acre parcel, the gas station and car wash was originally built in 2005. Seller OB Florida CRE Holdings LLC, an affiliate of Iberiabank, foreclosed on the property July 3.

Dan Creighton, the CEO of Creighton Development and Construction, plans to rebrand it for a 7-Eleven franchise.

“We plan to open it there in about three weeks,” Creighton says. “It's going to be a triple-net lease.”

The purchase entity, 714 Burnt Store Road LLC, mortgaged the property to Stonegate Bank for $2.2 million.

 

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