FORT MEYERS, FL-As the retail sector continues to improve across Florida, more properties are coming to market. Carlton Exchange is auctioning a stand-alone, newly constructed single-story restaurant in Ft. Meyers.
“The property is located right off of I-75 and Daniels Parkway, which is a major thoroughfare that connects most points of Fort Myers to I-75,” JP Josephson, managing director at Carlton Exchange, tells GlobeSt.com. “It has an average daily traffic count north of 65,000 cars a day.”
Originally completed at the end of 2009, the 8,632-square-foot property was home to a Sam Snead’s Restaurant for about three months before it closed down, Josephson says, so all furniture, fixtures and equipment is hardly used. The facility can accommodate 319 patrons, 261 inside and 58 outside on a 1,309-square-foot patio.
“At the moment, the property is zoned Commercial Planned Development and is designated General Interchange under the Lee County Future Land Use Plan,” Josephson says. “Franchisees, franchisors, restaurateurs, investors who have relationships with retailers that one usually find off of Interstate exits, as well as triple-net investors or funds looking to grow their asset base, would find this property very attractive and ideal for a new retail and restaurant concepts.”
The winning bidder would take over ownership of the fee simple interest in
the land and building improvements, in addition to the furniture, fixtures
and equipment needed to run a sit down restaurant. Final bids are due by Feb. 18, but Carlton is expecting a very busy 2011.
“There is approximately $300 billion of commercial real estate loan maturities this year, and another $340 billion next year,” Josephson says. “With the existing gap in market values today with the amount of debt coming due, we anticipate a very active distressed debt market this year and next.”
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 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.
