Naples hardware store fetches $16.8 million

In one of the largest single-tenant retail investment sales in the Naples area in the past three years, an Orchard Supply hardware store has traded hands for $16.85 million, according to Collier County property records.

The 33,950-square-foot store, a former furniture showroom, was acquired by KME Orchard Naples LLC, a company headed by Ronald M. Kramer, of Virginia Beach, Va., at a 5.25% capitalization rate.

Kramer, who acquired the 3790 Tamiami Trail N. property as part of a 1031 tax-deferred exchange, could not be reached for comment on the purchase.