Search
 

Vacant Commercial Building Sells for $750,000

CAPE CORAL, FL-Investors Henry Demers and Marion Demers paid $187.50 per sf for the former Lazy Flamingo Restaurant building here. Their plans are to lease it to a local restaurateur.

By Melissa Bogdany | Updated on June 14, 2004

CAPE CORAL, FL-A commercial building here that has been vacant for about a year has flipped for $750,000. The price equates to $187.50 per sf. Henry Demers and Marion Demers purchased the freestanding building, formerly the Lazy Flamingo Restaurant, from Cape Coral Roasters Inc. The 4,000-sf building is located at 3522 Del Prado Blvd.Paul A. Sands of Grubb & Ellis/VIP, who negotiated the sale, says the buyers are investors who plan to turn the asset around and lease it out to a local restaurateur. The property didn’t sit vacant because of a lack of a buyer. Instead, there was a prepayment penalty and a disagreement between the seller and the mortgage holder on how much that penalty would be, the broker explains. This had to be resolved before the building could be sold.Sands says he had gotten four or five contracts for the sale of the building, but they did not go through for one reason or another. He had it sold at one time to a bank that wanted to tear it down, but then the bank was acquired. Other potential buyers did not want to wait for the issue with the mortgage holder to be resolved, he says.

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.