Naples investor buys charter school building

BUYER: CDW 10995 Metro Parkway LLC (principal: Calvin Wible), Fort Myers

SELLER: 2103 SBB Cape Coral LLC

PROPERTY: 2107 and 2119 Santa Barbara Blvd., Cape Coral

PRICE: $2.29 million

PREVIOUS PRICE: $750,000, February 2011

LAW FIRM ON DEED: Robert D. Royston Jr. PA, Fort Myers

PLANS, DESCRIPTION: Naples real estate investor Calvin Wible purchased a 20,695-square-foot building housing Cape Coral Preparatory and Fitness Academy for $2.29 million.

The price equated to $111 per square foot.

The seller, investor group 2103 SBB Cape Coral LLC, bought the vacant former Riverside Bank building in early 2011 from the Federal Deposit Insurance Corp. and arranged a 10-year lease with the charter school.

Randal Mercer and Brandon Stoneburner of CRE Consultants represented the buyer. Dan O'Berski of Trinity Commercial Group represented the seller.

“They converted the bank conference room into their dojo,” Mercer says. “Performance Academies operates a very, very high level of curriculum focused on martial arts.

They are a good, healthy tenant. They also have schools on Bonita [Springs] and Colonial [Boulevard]. My buyer came in and thought the building would make a nice addition to his portfolio.”

The property also includes more than an acre and half of vacant land for a future expansion. Mercer says the school currently enrolls 108 students and the current facility could house up to 170 students.

The purchase entity CDW 10995 Metro Parkway LLC mortgaged the property to First American Bank for $1.65 million.

Wible owns several prominent commercial buildings in Southwest Florida, including the Morgan Stanley Smith Barney building on University Pointe Drive and the Millicorp building on University Drive in Fort Myers. The purchase was done as the second part of a 1031 tax-deferred exchange.