Shapiro Insurance Group buys Barton Insurance buildings

BUYER: Joel R. Shapiro Enterprises Inc. (principal: Joel Shapiro), Jacksonville
SELLER: Richard Barton, individually and as trustee of the Richard D. Barton Trust
PROPERTY: 447 and 455 Cape Coral Parkway E., Cape Coral
PRICE: $1.07 million
PREVIOUS PRICE: $848,000, January 2001

SELLER: Nancy Barton, individually and as trustee of the Nancy D. Barton Trust
PROPERTY: 1091 N.E. Pine Island Road Cape Coral
PRICE: $285,000
PREVIOUS PRICE: $985,000, March 2007
LAW FIRM ON DEED: Warchol Merchant & Rollings LLP, Cape Coral

PLANS, DESCRIPTION:
An affiliate of Jacksonville-based Shapiro Insurance Group purchased an 8,778-square-foot multitenant office building on Cape Coral Parkway for $1.07 million. It also acquired a 3,185-square-foot office building on Pine Island Road for $285,000.

The price equated to $113 per square foot. That figure is less than the two-year average price per square foot for retail space ($144) in Southwest Florida, according to the CoStar Group.

Constructed in 2000, the larger of the two buildings features four tenant spaces. At the time of the sale, it had a single vacancy. Tenants include Barton Insurance and Financial Services, Apollo Pharmacy and Tri County Computers.

The Pine Island Road building is leased to Barton Insurance and M&M Realty Solutions.

“We've owned the [Barton Insurance] firm for the last few years and recently we were asked by Mr. Barton if we wanted to buy the buildings,” says Joel Shapiro, owner of Shapiro Insurance Group and Barton Insurance. “Any time we can pay ourselves rather than a landlord, it's more efficient and practical for us and means we are more invested in the community.”

Shapiro says a real estate company is expected to fill the sole vacancy in the Pine Island building space within the next 45 days.

The purchase entity, Joel R. Shapiro Enterprises Inc., mortgaged the properties to Branch Banking and Trust Co. for two mortgages totaling $1.15 million.