- February 27, 2015
BUYER: Global Tech LED Holdings LLC (principals: Gary Mart Inc. and Jeffrey Jay Newman Inc.), Naples
SELLER: Palm Shores Development Corp.
PROPERTY: 8901 Quality Road, Bonita Springs
PRICE: $1.28 million
PREVIOUS PRICE: $135,200, May 1997
LAW FIRM ON DEED: Costello Royston & Wicker PA, Fort Myers
PLANS, DESCRIPTION: Naples-based lighting design and manufacturing company Global Tech LED purchased the 25,500-square-foot former Rice Insulation & Glass industrial building for $1.28 million.
The price equated to $50 per square foot. That figure matches the two-year average price per square foot for industrial space ($50) in Southwest Florida, according to the CoStar Group.
Located on a 1.87-acre parcel, the two-story building features 11,000 square feet of warehouse space and 14,500 square feet of office and showroom space.
“Due to the growth of our business we had to move,” says Gary Mart, Global Tech LED's CEO. “We've grown from no employees to almost 30 and next year we could be getting closer to 100 employees. This facility gives us room to grow. It is really very well located, near my home, and in a good area for future growth.”
The company plans to renovate the Bonita Springs Industrial Park building and move in next month.
Stan Stouder of CRE Consultants handled the transaction.
The company's purchase entity, Global Tech LED Holdings LLC, mortgaged the property to BMO Harris Bank NA for $1.06 million.