FORT MYERS, FL (Dec. 20, 2011) – After tracking the property as it went through the foreclosure process, Colliers international Southwest Florida represented the buyer in a $1.5M sale of a 10,724-square-foot retail center with a 12,000± square-foot land outparcel.
Karen Johnson-Crowther (top right photo),, Director of Retail Services for Colliers International Southwest Florida, represented the buyer, Central Line Properties LLC. The seller, Iberia Bank, was selfrepresented.
In the current environment, buyer representatives often find it necessary to follow a property
through foreclosure and sale to the lender, knowing that there may be a good buying
opportunity afterwards. Johnson-Crowther had completed lease transactions in the retail center, and her knowledge of the property’s rental rates and net operating income helped her to
negotiate a favorable price.
“In situations with distressed properties, it’s important to take a long-term approach,” said
Johnson-Crowther. “This retail strip center and outparcel were definitely in line with what Central
Line Properties was looking for as an investment.”
Central Line has plans to develop the land outparcel as retail facility with a drive-thru, while
working to fill the vacant space in the retail center.
The shopping center, located at 8291 Dani Drive in Fort Myers, was 50 percent occupied at the time of the sale, with tenants includingSubway and Mattress Firm.
The land outparcel, at the corner of Colonial Boulevard and Metro Parkway, would work for a
4,000-square-foot building with a drive-thru or a 5,500-square-foot free-standing building.
Contact:
Leah Saunders
Bayview Public Relations
(727) 895-5030 ext 104 (office)
(813) 924-0367 (cell)
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