Naples real estate investor buys Ninth Street retail center

BUYER: Giovanni Management LLC (manager: Angelo Mariani), Naples
SELLER: Onesto Group LLC
PROPERTY: 570, 572, 586 and 590 Ninth St. N., Naples
PRICE: $2.75 million
PREVIOUS PRICE: $2.05 million, August 2002
LAW FIRM ON DEED: Roetzel & Andress LPA, Naples

PLANS, DESCRIPTION:
Angelo Mariani of Naples purchased an unnamed 10,000-square-foot retail strip center for $2.75 million.

The price equated to $275 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 center was fully occupied at the time of the sale. Tenants include Pastrami Dan's Restaurant and Tropical Smoothie Cafe.

The purchase price equated to a payoff ratio based on income (capitalization rate) of about 6.5%.

David Stevens of Investment Properties Corp. handled the transaction.

The purchase entity, Giovanni Management LLC, mortgaged the property to BB&T for $1 million.