Mooring Capital Funding buys Cypress Center mall

BUYER: MCF Florida I LLC (Mooring Fund Manager LLC), Vienna, Vir.

SELLER: Cypress Center LLC

PROPERTY: 229 Del Prado Blvd. N., Cape Coral

PRICE: $1.5 million

PREVIOUS PRICE: $550,000, July 2004

LAW FIRM ON DEED: Fowler White Burnett PA, Miami

PLANS, DESCRIPTION: Mooring Capital Funding LLC purchased the 15,840-square-foot Cypress Center strip mall for $1.5 million.

The price equated to $95 per square foot.

The 15-unit center was 67% occupied at the time of the sale. Current tenants include: REI's Bakery, Centro International, Liberty Tax, A-1 Trophy, Charlie's Tavern, Cache, Terra Firma, Stinger Print, Elite Barber and Talk of the Town.

Terra Firma Realty Group Inc. will be the property manger for the center, according to fund manager Mooring Financial Corp.

“The property is fairly new construction and in excellent condition,” says Liz Schalow, director of asset management for Mooring Financial. “We felt as the economy continues to improve, we will be able to increase the occupancy and eventually grow rents. Our goal right now is to get it leased back up.”

Mooring Financial Corporation is a private investment firm that specializes in managing assets for high net-worth individuals and institutional investors.