BUYER: Havacamp Inc., Bayport, Minn.
SELLER: 9520 Bonita Beach Road LLC
PROPERTY: 9520 Bonita Beach Road, Bonita Springs
PRICE: $2.5 million
PREVIOUS PRICE: $350,000, October 2011
LAW FIRM ON DEED: Salvatori Wood Buckel Carmichel & Lottes, Naples
A Minnesota investor purchased a 10,412-square-foot office building in the Colonnade Medical Park for $2.5 million.
The price equated to $240 per square foot. That figure is higher than the two-year average price per square foot for office space ($131) in Southwest Florida, according to the CoStar Group.
The 11-year-old building is fully leased and occupied by Solaris Health & Wellness, which offers physical, occupational and speech therapy.
Andrew DeSalvo and Matt Stepan of Premier Commercial Inc. represented the seller and Warren Segraves of Downing-Frye Realty Inc. represented the buyer. The sale was structured as a single-tenant sale lease-back.
“The owner of the business and real estate wanted to use that money to make some additional purchases to expand the business,” Stepan says. “The seller bought the building around 2011 for $350,000 when it was in deplorable condition. The former surgery center had gone through foreclosure and had all kinds of water intrusion issues. The seller bought the building back from BB&T and put in more than a million in capital to rehab it and then occupy it.”
He says the deal was structured as a seven-year triple net lease that obligates the tenant to all the obligations of the property, including its insurance and taxes. The purchase price equated to a payoff ratio based on income (capitalization rate) of 8%.
The purchase entity, Havacamp Inc. mortgaged the property to Central Bank for $1.88 million.