BUYER: Derynda Properties II LLC (Michael Derynda), Oconomowoc, Wis.
SELLER: Lee County Real Estate Holding LLC
PROPERTY: 10050 University Plaza Drive, Fort Myers
PREVIOUS PRICE: $6.25 million (part of additional property), January 2009
LAW FIRM ON DEED: Coleman Yovanovich & Koester PA, Naples
PLANS, DESCRIPTION: Culver's restaurant franchisee Michael Derynda purchased 1.19 acres at the southwest corner of Alico Road and Ben Hill Griffin Parkway for $800,000.
The price equated to $672,269 per acre. That figure is lower than the two-year average price per acre for retail land ($746,593) in Southwest Florida, according to the CoStar Group.
Derynda, a 21-year franchisee with three existing Culver's in Wisconsin, is helping to bring the restaurant brand to the Gulf Coast area. Construction has already started on the new 4,400-square-foot restaurant.
“We hope to open right before Christmas,” he says.
The large number of Midwesterners that have migrated to Florida should ease Culver's entry to the market, Derynda says. He has plans to develop additional stores in the area if the first location proves successful.
Fellow Culver's franchisees Mike and Vinnie Busalacchi are developing the first Florida Culver's at 5775 Airport-Pulling Road N., Naples. The Culver's restaurant chain expects to announce a future location in Sarasota. The chain has more than 480 open restaurants nationwide. Florida is Culver's 21st state.
Tom Strauss and Matt Yaniglos of LandQwest Commercial handled the transaction for the seller.
Purchase entity Derynda Properties II LLC mortgaged the property to First Bank Financial Centre for two loans totaling $3.4 million.