Search
 

Riverbend Plaza Sells for $2.8M

NAPLES-JMD 2000 LLC paid CRF Design Studio LP of Baltimore about $155.55 per sf for the 18,000-sf, 100% occupied retail plaza here. With its good location and occupancy, the buyer expects it will be a good investment.

By Melissa Bogdany | Updated on June 02, 2003

NAPLES-JMD 2000 LLC purchased Riverbend Plaza, an approximately 18,000-sf strip center in Naples, FL, for $2.8 million, or about $155.55 per sf. CRF Design Studio LP of Baltimore was the seller.

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.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.