Loading
BUYER: Downtown Mini Storage LLC, Marblehead, Mass.
SELLER: Naples Tanglewood Holdings LLC
PROPERTY: 4910 Tamiami Trail N., Naples
PRICE: $10.5 million
PREVIOUS PRICE: $6.15 million, November 2011
LAW FIRM ON DEED: Coleman Yovanovich & Koester PA, Naples
PLANS, DESCRIPTION:
Charleston Management Co. LLC, a Naples company affiliated with Marblehead, Mass.-based financial holding company S.J. Lockwood & Co. LLC, purchased the 48,735-square-foot Tanglewood Marketplace for $10.5 million.
The price equated to $215 per square foot. That figure is higher than the two-year average price per square foot for retail space ($150) in Southwest Florida, according to the CoStar Group.
Prominent tenants in the retail center include an Outback restaurant and Chesterdales' Home & Garden, a consignment and furniture and accessory antique market. The center, which occupies a 4.35-acre parcel, was 97% occupied at the time of the sale.
The sale was completed as part of a 1031 tax-deferred exchange.
David Stevens of Investment Properties Corp. handled the transaction.
The seller, an affiliate of the private equity fund Halstatt Real Estate Partners, purchased the property in late 2011 when the real estate market was still depressed and real estate lending was tight. It was 87% occupied at that time.
“They were able to come in and stabilize this asset,” says Stevens, who also handled the prior sale in 2011. “There weren't a whole lot of physical changes, they just did some deferred maintenance and got some new leases done.”
Stevens says the price ultimately came down to the strength of that section of U.S. 41 and a value-add opportunity of eventually raising some rents that are slightly below market.
Your free article limit has been reached this month.
Subscribe now for unlimited digital access to our award-winning business news.
Join thousands of executives who rely on us for insights spanning Tampa Bay to Naples.
