Naples' Uptown Center sells for $7.7 million

BUYER: Naples Uptown Holdings LLC (principals: Bobby Sullivan, Pat George, Katherine Sproul and Brian Goguen), Naples

SELLER: U.S. Bank NA as successor trustee of J.P. Morgan Chase Commercial Mortgage Securities Corp.

PROPERTY: 2700 Immokalee Road, Naples

PRICE: $7.7 million

PREVIOUS PRICE: $5.91 million, April 2004

LAW FIRM ON DEED: Squire Sanders & Dempsey LLP, Tampa

PLANS, DESCRIPTION: Naples-based Halstatt Real Estate Partners purchased the 74,000-square-foot Uptown Center retail neighborhood center for $7.7 million.

The price equated to $104 per square foot.

Built in 2004, the center was 78% occupied at the time of the sale. Its anchors include Jason's Deli, Pelican Larry's, Dunkin' Donuts and CiCi's Pizza Buffet.

The holders of the mortgage security on the building, which at the time was Bank of America and later became the current seller U.S. Bank NA, took the property back in December 2010.

“It fit our overall investment strategy,” says Bobby Sullivan, a principal with Halstatt Real Estate Partners. “It's a high-end asset in a fantastic location with a great base of tenants. We will be making some touch ups to improve the aesthetic look of the buildings.”

Sullivan says the fund appreciated the attractive demographics of the area and the healthy traffic counts.

Halstatt Real Estate Partners is a private equity fund created and managed by Halstatt Partnership, a real estate and investment firm of the Sproul family. The fund is targeting distressed residential and commercial projects principally in Southwest Florida. Recently it purchased 19 unsold condominiums in the Manatee Bay tower at the Waterside at Bay Beach in Fort Myers Beach and a building pad for $7.35 million ($386,842 per unit). It also acquired the 48,615-square-foot Tanglewood Marketplace shopping center on U.S. 41 in Naples for $6.15 million ($127 per square foot).