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DRA Advisors company buys Springs Plaza center

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  • | 10:00 a.m. November 7, 2014
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  • Commercial Real Estate
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BUYER: G&I VIII Springs Plaza LLC, New York City
SELLER: Bonita Beach 41 LLC, RRR Springs Plaza LLC and KJR Springs Plaza LLC
PROPERTY: 8951 Bonita Beach Road S.E., Bonita Springs
PRICE: $23.7 million
PREVIOUS PRICE: $15.4 million, May 2004
LAW FIRM ON DEED: Gunster Yoakley & Stewart PA, West Palm Beach

An affiliate of New York City investment adviser DRA Advisors LLC purchased the 199,922-square-foot Springs Plaza shopping center for $23.7 million.

The price equated to $119 per square foot. That figure is lower than the two-year average price per square foot for retail space ($144) in Southwest Florida, according to the CoStar Group.

The neighborhood shopping center is located at the southeast corner of U.S. 41 and Bonita Beach Road. It features three buildings: a large main building with the central parking lot facing Tamiami Trail and two smaller buildings facing Bonita Beach Road.

Anchor tenants include Bealls Outlet, Winn-Dixie, LA Fitness and a Goodwill Super Store.

DRA Advisors had not replied to a request for comment prior to deadline. According to its website, DRA's funds own a total of 39 properties in Florida, including 16 office, five industrial, 11 retail and seven multifamily properties.


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