Investors buy Morgan House for new downtown restaurant

BUYER: Florentine Commercial III LLC (principals: Joseph Florentine and Donald Tyree), Fort Myers
SELLER: Price Holdings of Southwest Florida LLC
PROPERTY: 33 Patio de Leon, Fort Myers
PRICE: $825,000
PREVIOUS PRICE: $410,000, February 2010
LAW FIRM ON DEED: DeBoest Stockman Decker Hagan Cheffer & Webb-Martin PA, Fort Myers

PLANS, DESCRIPTION:
Joseph Florentine and Donald Tyree, the president and operations manager of Affordable Secure Insurance, purchased the 5,155-square-foot Morgan House Restaurant building for $825,000.

The price equated to $160 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.