Naples investor Gignac buys Midway Plaza

BUYER: Patton Avenue Holdings LLC (manager: Peter Gignac), Naples
SELLER: Madison Midway LLC
PROPERTY: 4751 Ninth St. N., Naples
PRICE: $3.2 million
PREVIOUS PRICE: $3.2 million, January 2004
LAW FIRM ON DEED: Holland & Knight LLP, Miami

PLANS, DESCRIPTION:
Real estate investor Peter Gignac purchased the 28,261-square-foot, three-building Midway Plaza for $3.2 million.

The price equated to $113 per square foot.

The buildings are 55% occupied. Its two prior owners had planned to eventually raze the property to create an expansion to the adjacent Neapolitan Way development. Gignac plans to improve the buildings and lease them.

David Stevens of Investment Properties Corp. handled the transaction and is working to lease the units. He recently reached a deal for ProSource to lease 10,000 square feet.