Riverbend Plaza Sells for $2.8M

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.”