Investor group buys bank building as 1031 tax-deferred exchange

BUYER: Cross Hayes LaRoche Inc. (principals: Timothy Cross, Ronald LaRoche and James Hayes), Coral Springs
SELLER: GFP Naples Property LLC
PROPERTY: 4898 Davis Blvd., Naples
PRICE: $2.58 million
PREVIOUS PRICE: $1.64 million, December 2008
LAW FIRM ON DEED: Satterlee Stephens Burke & Burke LLP, New York City

PLANS, DESCRIPTION:
A Coral Springs investment group purchased a 4,520-square-foot Bank of America bank building for $2.58 million.

The price equated to $571 per square foot. That figure is higher than the two-year average price per square foot for retail space ($144) in Southwest Florida, according to the CoStar Group.