The buyer was a local physician who plans to maintain and hold it as a long-term investment, says Paul A. Sands, a broker in the transaction. "It's already been updated and remodeled." The approximately 15-year-old building "was immaculately kept," he adds.
The property was an attractive buy, due in part to its good location and occupancy, Sands tells GlobeSt.com. "It's extremely visible" with frontage on U.S. Highway 41. "It's a solid income stream, as opposed to investing in the stock market. He (the buyer) has a 100% occupied building with rent increases going forward."
Sands says there are "so many investors sitting on the sidelines" that it's hard to find quality properties to invest in. "We probably have 20 others just like him, and we're looking every day for good investment properties."
Tenants of the 100% occupied plaza, located at 11935 Tamiami Trail North, include Naples Patio, Fred Astaire Dance Studios and Barry's Barbells.
Sands of Grubb & Ellis|VIP represented JMD 2000 LLC. David Stevens of Grubb & Ellis|IPC represented CRF Design Studio LP and the sale closed May 30.
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