Two investors buy Bellagio Shoppes

BUYER: Bellagio Naples LLC (principals: Edward Dublois and John Varela, Manchester Center, Vt.

SELLER: LBUBS 2006-C6- Tamiami Trail LLC

PROPERTY: 877 91st Ave. N., Naples

PRICE: $1.65 million

PREVIOUS PRICE: $150,000, August 2009

LAW FIRM ON DEED: Bilzin Sumberg Baena Price & Axelrod LLP, Miami

PLANS, DESCRIPTION: Edward Dublois of Manchester Center, Vt., and John Varela of Naples purchased the 9,203-square-foot Bellagio Shoppes retail strip center on Tamiami Trail for $1.65 million.

The price equated to $179 per square foot.

Larry Foster and Bill Young of CBRE handled the transaction.

The center was 100% leased at the time of the sale. It currently houses Realty Pros, Diamond Cleaners, Executive Bullion, Holistic Health Solutions and Natural Nail Care Clinic.

“They're planning to keep it just as it is,” Young says. “It is in great condition. It didn't need anything outside of a power wash and a coat of paint. All of [the tenants] are in three- or five-year leases.”

Young says the center features below-market rents and is located across from the large Mercato mixed-use development at a signalized intersection.