The seller was James Carney of Cleveland, OH, and the sale price was $800,000. The owner of the building had several leases ready to expire and was getting ready to put the building on the market, according to Gary Tasman of Grubb & Ellis VIP.
Tasman negotiated the renewal of three of the five leases in the building, located at 4524 SE 16th Place, then the owner put it on the market. "It was not a marketable asset until" the leases were renewed, Tasman says.
The companies that renewed were Interiors by Patricia, Jason Tremonti Architect and National Land Group. The other two tenants had term left on their leases.
The building was sold to an investor at a sub-8% capitalization rate, Tasman says. "That cap rate was extremely low for the market," he says. "The market all over southwest Florida is paying low cap rates" for similar properties, he adds.
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