Midwest investor pays $4.5 million for retail center

A Cincinnati investor has bought Merchants Plaza in Cape Coral.

Lee County public records show the center sold for $4.5 million. It was previously owned Jeri-Lin Corp., which paid $2.3 million for it in 2003. 

The 15,098-square-foot center is at 155-159 Hancock Bridge Parkway just east of Santa Barbara Boulevard. 

It sits on a 1.2-acre parcel and is fully leased with a tenant roster that includes Tires Plus, PI Pizza, Tobacco Shop, Lee Nails, Floral Designs, Palm Tree Massage and Cape Palace Arcade. 

According to CrownPoint Partners, which brokered the sale, the center was refurbished two years ago and has a new roof, upgraded HVAC systems, LED lighting, a new pylon sign and improved exterior finishes. 

The firm says financing was arranged by Trinity Capital Corp.

Julius Swolsky and Shannon Bona of CrownPoint represented the buyer and Matthews Real Estate Investment Services represented the seller. Niko Buntich arranged the financing for Trinity. 

The property was originally listed for $4.9 million.