Commercial buildings, two homes purchased by Canadian investors

BUYER: Summer Daze LP (Lance King and Sue Connelly-King), Peterborough, Ontario

SELLER: Liberty Bank FSB

PROPERTY: 1172-1174 and 1188-1190 Estero Blvd. and 221 and 231 Canal St., Fort Myers Beach

PRICE: $1.25 million

PREVIOUS PRICE: $2.6 million, $700,700 and $515,000, July 2005 and $500,000, October 2001

ATTORNEY ON DEED: Charles R. Meador Jr., Fort Myers Beach

PLANS, DESCRIPTION: Part-time Fort Myers Beach residents Lance King and Sue Connelly-King purchased two commercial buildings on Estero Boulevard and two single-family homes on Canal Street for $1.25 million.

The price equated to $251 per square foot for just the commercial space.

The larger of the commercial buildings is 2,932 square foot and houses The Cigar Hut, Island Sol and an art gallery. The second commercial building is 2,040 square feet and contains Chillers, a restaurant and ice cream shop, and a gift shop store. The residential homes are currently vacant.

Paula Kiker of Lahaina Realty represented the seller and Bob Beasley of RWB Real Estate Inc. represented the buyers.

“The only changes are going to be that they clean up the properties so they are looking good again,” Beasley says. “The two residential cottages need to be rehabbed and then they are going to put them back on the rental market. The commercial buildings are just going to be fixed up; all the same tenants are going to remain in place.”

The Canadian investors liked the immediate income and the potential for future development based on the downtown commercial zoning, according to Beasley.