Rocky Patel Premium Cigars buys industrial properties

BUYER: Rocky Patel Premium Cigars Inc. (principals: Rakesh Patel, Bharat Muchhala, Nishit Patel and Nimish Desai), Bonita Springs

SELLER: Liberty Bank FSB

PROPERTY: 10960 Harmony Park Drive, Bonita Springs

PRICE: $1.38 million

PREVIOUS PRICE: $130,000, April 2000

LAW FIRM ON DEED: Conroy Conroy & Durant PA, Naples

PLANS, DESCRIPTION: Local cigar manufacturer Rocky Patel Premium Cigars Inc. purchased its two Bonita Springs flex buildings for $1.38 million.

The price equated to $58 per square foot.

The 1.31-acre property features a 10,037-square-foot, two-story building and a separate 13,884-square-foot building. The two concrete buildings include about 5,000 square feet of office space and additional warehouse space with 10 bay doors.

Rocky Patel Premium Cigars has been leasing the property since 2007 and had a lease agreement to pay insurance, maintenance of building and property repairs (double net) through June 2013.

Liberty Bank, the seller, took title to the property in Greyhound Industrial Park in July.

Rocky Patel Premium Cigars mortgaged the property to Fifth Third Bank for $1.04 million.