Naples investors buy Victoria Square center

BUYER: Victoria Square Properties LLC (principals: James and Christopher Shucart, Naples

SELLER: Gregg Holdings Inc.

PROPERTY: 286 Goodlette Road S., Naples

PRICE: $1.8 million

PREVIOUS PRICE: $5.15 million, February 2006

LAW FIRM ON DEED: Salvatori, Wood & Buckel PL, Naples

PLANS, DESCRIPTION: James Shucart and his son Christopher Shucart purchased the 23,674-square-foot Victoria Square retail center for $1.8 million.

The price equated to $76 per square foot and to a mortgage payoff ratio based on income (capitalization rate) of 6%.

The retail center was roughly 87% occupied at the time of the sale.

“We liked the downtown Naples location,” Christopher Shucart says. “We think the real estate market is coming back. There are some great values in the commercial market right now.”

The Shucarts plan to clean up the vacant units, paint the center's exterior, and improve the landscaping and lighting.

Late last year, the Shucarts purchased 30 acres of developable land on Tamiami Trail at an entrance to Treviso Bay in Naples for $2.03 million.

David Stevens of Investment Properties Corp. handled the transaction.