BUYER: Musca Properties LLC (principal: Joe Musca), Independence, Ohio
SELLER: Renaissance Center of Bonita Springs LLC
PROPERTY: 3440 Renaissance Blvd., Bonita Springs
PRICE: $2.83 million
PREVIOUS PRICE: $3.15 million, January 2003
TITLE FIRM ON DEED: Stewart Title Co., Naples
PLANS, DESCRIPTION: Independence, Ohio-based real estate investment firm Musca Properties LLC purchased the 19,001-square-foot Renaissance Center for $2.83 million.
The price equated to $149 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 15-year-old retail center sits on U.S. 41 south of the proposed Hertz headquarters. The Golf Guys leases half of the center, which also houses Quest Diagnostics and Handel's Homemade Ice Cream & Yogurt. It was 93% occupied at the time of the sale.
The purchase price equated to a pay off ratio based on income (capitalization rate) of 7.75%.
Andrew Saluan of AJS Realty Group Inc. handled the transaction and will continue to manage the center.
Musca Properties LLC and principal Joe Musca are best known locally as the owner of the Publix-anchored Marketplace at Pelican Bay in Naples, but they own additional retail properties in Southwest Florida and Northeast Ohio.
“We're very familiar with that area and felt there was a tremendous upside potential for the future,” Musca says. “We are looking into creating more visible monument signs, but we're otherwise happy with the center and its existing tenants.”