Radio Road Plaza sells for $1.35 million

BUYER: Radio Road Plaza Investments LLC (Franco & Zegada LLC, B&S Finance LLC, BMP Investments LLC, Tonchi Investments LLC, Kuljis Investments LLC and Nian Financing Corp.), Naples

SELLER: Naples Property Services III LLC

PROPERTY: 6028 Radio Road, Naples

PRICE: $1.35 million

PREVIOUS PRICE: $3.96 million, September 2005

LAW FIRM ON DEED: Anthony J. Gargano PA, Fort Myers

PLANS, DESCRIPTION: Nian Financing Corp. and several other partner investors purchased the 19,791-square-foot Radio Road Plaza strip center for $1.35 million. The price equated to $68 per square foot.

Nian Financing, which occupies space in the center, is part owner and the management company coordinating the investment.

“These [partners] have been investing with my company for the past three to four years,” says Antonio Brown, president of Nian Financing. “Most are from South America. We have been investing in several buildings in Collier for a while now, but this is only our second commercial property.”

Brown says after having the Nian Financing offices in the center for the past seven years, he and the investors felt they had a close understanding of the location.

The new owner plan to remodel the center over the next six months with a focus on improving security and parking.

A new Peruvian restaurant has agreed to lease space in Radio Road Plaza, increasing its occupancy to 100% this December.

Stephen Cunningham, principal of LandQwest Commercial, handled the transaction for the seller.