Investor buys downtown mixed-use complex for $3.9M

FORT MYERS — Corsica Rive, a mixed-use project in downtown Fort Myers, has sold for $3.9 million to a local investor.

Built in 2008, the project contains 22 apartments and a pair of upscale retail spaces measuring 1,200 square feet. The apartments range from studios with 600 square feet to two bedroom/two-and-a-half-bathroom units containing as much as 1,250 square feet.

The units feature porcelain tile flooring, granite countertops and hardwood cabinets.

“With Fort Myers having achieved some of the highest year-over-year rental growth rates in Florida, coupled with the very limited Class A product in the downtown area, it is of no surprise that Corsica Rive drew substantial interest during our marketing campaign,” says Adam Podbelski, an associate with commercial real estate brokerage firm Marcus & Millichap's Tampa office, who, along with firm vice presidents Nicholas Meoli and Michael Donaldson, represented seller Florentine Development LLC.

The buyer, employing 1031 tax-deferred capital, is listed in Lee County property records as GFH Investments LLC, a Fort Myers-based company managed by Gerard F. Hanwacker.

The 2471 First St. property, in the city's Drew Park Historic District, was sold Nov. 17, county records indicate.