Massachusetts investor buys Beach Unlimited building for $2 million

BUYER: PKM Property Holdings LLC (principal: F.D. Bagley), Charlestown, Mass.
SELLER: 1000 Highway 98 East Corp.
PROPERTY: 998 Sixth Ave. S., Naples
PRICE: $2 million
PREVIOUS PRICE: $1.05 million, September 2000
LAW FIRM ON DEED: Cohen, Norris, Wolmer, Ray, Telepman & Cohen, Attorneys at Law, North Palm Beach

PLANS, DESCRIPTION: An investment group led by F.D. Bagley of Charlestown, Mass., purchased the 4,048-square-foot retail building for $2 million.

The price equated to $494 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.

The 12-year-old building is currently operated by Beach Unlimited, which has agreed to lease it for two years. The triple-net lease agreement obligates the tenant to pay all property taxes, insurance and building repairs and maintenance.

Barry Jarett of Oneir Realty Inc. represented the seller and Alisha Cage of Naples Realty Services Inc. represented the buyer.