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Investors buy Morgan House for new downtown restaurant

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  • | 10:00 a.m. May 30, 2014
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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

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.

The 100-year-old, two-story historic building has been used as the Morgan House Restaurant through various owners since 1997. The former owners, Patti and Michael Price, purchased the building in 2010 and renovated it. They sold the building and closed the restaurant as part of their plans to retire.

The new owners are leasing the building to Marc Beauchamp, who plans to open a new steakhouse restaurant, Prime de Leon, there.

Florentine and Tyree own several properties including the nearby The Firestone Grille.

“We've been looking at this property for a while,” Florentine says. “We talked to the couple that owned it a couple of times, but they weren't interested in selling. Our main interest in it, is we love the location.”

Beauchamp has worked for the past 20 years at different restaurants and bars in New York City. Most recently he was floor manager for The Old Homestead Steakhouse. The new restaurant is doing some minor cosmetic improvements, including removing some walls, adding new flooring and fixtures and painting the interior and exterior. It is scheduled to open in mid-June.

“It's a very exciting time for downtown Fort Myers and we're very excited to be a part of that,” Beauchamp says.

Mike Price of Land Solutions represented the seller.


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