BUYER: JPR San Carlos LLC (principal: Ramulu Eligeti), Ocala
SELLER: Melco Investments LLC
PROPERTY: 15751 San Carlos Blvd., Fort Myers
PRICE: $1.39 million
PREVIOUS PRICE: $450,000, October 2003
TITLE FIRM ON DEED: Title Professionals of Florida, Fort Myers
PLANS, DESCRIPTION: An investment group led by Ocala Cardiologist Dr. Ramulu Eligeti purchased the 14,205-square-foot Shoppes at Beachwalk retail and office complex for $1.39 million.
The price equated to $98 per square foot. That figure is lower than the two-year average price per square foot for retail space ($140) in Southwest Florida, according to the CoStar Group.
The plaza, which occupies a 1.71-acre parcel, was fully leased at the time of sale. The center's tenants include a cafe, beauty salon, medical office user and property management firm.
Chuck Smith and Carlos Acosta of Lee & Associates|Naples-Fort Myers handled the transaction.
The purchase price equated to a payoff ratio based on income (capitalization rate) of 8.6%.
“Its location across the street from a Target Supercenter was a big plus,” Smith says. “The condition of the building is also excellent.”