Great Lakes Case & Cabinet distributing from Shaw Boulevard building

BUYER: White Lakes Realty LLC (principal: Carrie Lowther), Edinboro, Pa.

SELLER: Manatee Property Management of Southwest Florida Inc.

PROPERTY: 3630 Shaw Blvd., Naples

PRICE: $1.05 million

PREVIOUS PRICE: $700,000, December 2003

LAW FIRM ON DEED: Law Office of Antonio Faga, Naples

PLANS, DESCRIPTION: An affiliate of Edinboro, Pa.-based Great Lakes Case & Cabinet purchased a seven-unit, 15,100-square-foot industrial building for $1.05 million.

The price equated to $70 per square foot.

Constructed in 2003, the building features 2,572 square feet of office space and the remainder is warehouse space. The steel beam and metal siding structure occupies a 1.35-acre site. The building is fully occupied, housing among others import/export company Taray International Corp. and commercial electric contractor Nu-Sons Electric Inc.

Great Lakes Case & Cabinet, which manufactures enclosures for the data and communications market, plans to use 5,700 square feet in the building for a distribution facility to support the Caribbean and Central America.

“This puts us within an hour and 45 minutes from Miami,” says Rob Lowther, executive vice president of Great Lakes Case & Cabinet. “I've been a homeowner in Naples since 1987, so this offers easier access for myself. We also wanted to be in a business park that we're comfortable with from a safety and security standpoint and, believe it or not, there aren't a lot of locations in Miami that offer that. The ones that do were much more expensive.”

Lowther says the rental income also made buying the building a low-risk financial decision.

Rodney Harvey of Coldwell Banker Commercial NRT handled the transaction.

The purchase entity White Lakes Realty LLC mortgaged the property to PNC Bank NA for $950,000.