Broadway Medical Plaza bought by local investor

BUYER: Royal T Properties LLC (Donald Hatfield), Cape Coral

SELLER: Broadway Plaza I LLC

PROPERTY: 3900 Broadway, Fort Myers

PRICE: $900,000

PREVIOUS PRICE: $1.59 million, February 1989

TITLE AGENCY ON DEED: Wilkinson Title Agency Inc., Fort Myers

PLANS, DESCRIPTION: Cape Coral real estate investor Donald Hatfield purchased the four-building Broadway Medical Plaza property for $900,000.

The price equated to $31 per square foot.

The property is less than two miles from both Lee Memorial Hospital and Hope Hospice.

The single-story buildings feature a total of 29,349 square feet of rentable space. The most notable tenants are Region Medical Center, Dr. Crandall and Associates and Fort Myers Women's Health Center Inc.

The plaza was 70% occupied at the time of the sale. Those vacancies cover a 1,240-square-foot dental office space and a 8,050-square-foot space that could be subdivided.

The purchase price equated to a payoff ratio based on current income (capitalization rate) of 11%.

Jim Tamblyn of Colliers International Florida represented the buyer and is marketing the vacant tenant space.

“The property did have some deferred maintenance, but it's mainly cosmetic,” Tamblyn says. “It needs some landscaping work and for the buyer to scrape and reseal the parking lot. It also needs some roofing work. The buyer plans to spruce up the property.”