Grace Baptist purchases Mid Cape Racquet & Health Club

BUYER: Grace Baptist Church of Cape Coral, Florida Inc. (principals: Thomas Ascol, Donald Reisinger Sr., John Swaska, Judy Veilleux), Cape Coral

SELLER: Community South Bank

PROPERTY: 1300 Ceitus Terrace, Cape Coral

PRICE: $982,500

PREVIOUS PRICE: $186,300, September 2003

LAW FIRM ON DEED: Warchol Merchant & Rollings LLP, Cape Coral

PLANS, DESCRIPTION: Grace Baptist Church of Cape Coral purchased the 21,923-square-foot Mid Cape Racquet & Health Club in Cape Coral for $982,500.

The price equated to $45 per square foot.

The seller, Community South Bank, foreclosed on the tennis, racquetball and fitness facility in August 2010, but had continued to operate the club. Grace Baptist Church plans to convert the 5-year-old club building into its new worship space and educational center.

The church sold its 10,826-square-foot facility on 11th Place to Crosspoint Christian Church of Cape Coral Inc. in September for $800,000.

“We knew we needed a bigger facility than we have had, so we've been looking to either build or purchase something,” says Tom Ascol, senior pastor at Grace Baptist Church. “One of our members found this building in foreclosure. We realized if we purchased and renovated it; it would be a lot less expensive than building from scratch.”

However, the redevelopment doesn't include the club's tennis courts. Ascol says the church is working with tennis members of the club for them to take over management of the tennis courts. Fitness operations were sold to Mid Cape Fitness LLC and will be moved into another building across Pine Island Road.

The church is working to occupy the building by Easter.

Fort Myers-based Stevens Construction Inc. has been retained as the general contractor, and Fort Myers-based Christopher J. Lee Architects Inc. is designing the renovations.

Alan Gruber of Barclay Properties represented the seller and Chris Achilles of Southern Premiere Realty represented the buyer.