Fort Myers investor buys Colonial Center for $3 million

BUYER: TF Commercial Investments LLC (principal: Mark Turnbull), Fort Myers

SELLER: SA Callenger Inc.

PROPERTY: 4383-4391 Colonial Blvd., Fort Myers

PRICE: $3 million

PREVIOUS PRICE: $3.35 million, January 2005

TITLE FIRM ON DEED: Ocean Title Insurance Agency LLC, Fort Myers

PLANS, DESCRIPTION: Fort Myers investor Mark Turnbull purchased the 49,573-square-foot Colonial Center retail building for $3 million.

The price equated to $61 per square foot.

Jim Boback of Boback Commercial Group handled the transaction.

The bank-owned property was 46% leased at the time of the sale, according Boback. The property included 6,000 square feet of shell building space. The Florida Academy of Massage and Skincare currently anchors the center.

“This was owned by a bank out of California that failed and was taken over the by the FCIC and sold to a successor bank under a loss-sharing arraignment,” Boback says. “The bottom line was there was a lot of tenant demand for the property, but the landlord really wasn't interested in doing deals. It was bought by a local investor that owns a center of similar size.”

Further, three existing tenants have already agreed to expand, he says.