Texas' Griffin family buys Bella Villa Shops

BUYER: Griffin Bonita Springs Properties LLC (principal: Justin Griffin), Houston

SELLER: SunTrust Bank

PROPERTY: 8890 Salrose Lane, Fort Myers

PRICE: $1.7 million

PREVIOUS PRICE: $2.5 million, June 2004

LAW FIRM ON DEED: Hill Ward Henderson, Tampa

PLANS, DESCRIPTION: The Griffin family in Texas purchased the 20,000-square-foot, two-story Bella Villa Shops office and retail center for $1.7 million.

The price equated to $85 per square foot.

Built in 2008, the property features street-level retail and office space on the upper level.

Gary Tasman of Commercial Property Southwest Florida represented the seller and Nick Paulus of Invest Realty LLC represented the buyer.

“It had an economic occupancy of less than 20%,” Tasman says. “[The buyer] bought it as a long-term hold with the intent to restabilize it and own it for the income. The space does need some tenant improvement dollars, but it's in pretty decent shape.”

Last year, the family purchased its first Florida asset, the 30,072-square-foot Shops at Hidden Lakes retail center in Bonita Springs for $2.65 million. The family also owns commercial real estate properties in Texas.