New York City's W.P. Carey fund buys, rebranding Fibber McGee's Closet

BUYER: FM Naples Storage 18 (FL) LLC (CPA: 18 Limited Partnership), New York City
SELLER: Fibber McGee's Closet Inc.
PROPERTY: 571 Airport Road N., 3555, 3687, 3727 and 3806 Exchange Ave., Naples
PRICE: $16.43 million
PREVIOUS PRICE: $345,000, July 2000

PLANS, DESCRIPTION:
CPA: 18 Limited Partnership, an investment fund managed by W.P. Carey Inc., purchased the 179,791-square-foot Fibber McGee's Closet property for $16.43 million.

The price equated to $91 per square foot. That figure is higher than the two-year average price per square foot for industrial space ($49) in Southwest Florida, according to the CoStar Group.