RLR Investments buys two Lee County centers

BUYER: RLR Investments LLC (principals: Ralph Roberts Sr., Roby Roberts, Donald Deluca, Jeffrey Wade, Jeffrey Haungs and Michelle Carpenter), Wilmington, Ohio
SELLER: U.S. Bank National Association as trustee
PROPERTY: 26795-27851 South Bay Drive, Bonita Springs
PRICE: $5 million
PREVIOUS PRICE: $2.47 million, December 1997 (includes additional parcels)

BUYER: RLR1 LLC (principals: Ralph Roberts Sr., Roby Roberts, Donald Deluca, Jeffrey Wade, Jeffrey Haungs and Michelle Carpenter), Wilmington, Ohio
SELLER: U.S. Bank National Association as trustee
PROPERTY: 16520 S. Tamiami Trail, Fort Myers
PRICE: $4.13 million
PREVIOUS PRICE: $13.73 million, February 2007 (includes additional parcels)

LAW FIRM ON DEED: Caldwell & Berkowitz PC, Birmingham, Ala.

PLANS, DESCRIPTION: Wilmington, Ohio-based RLR Investments LLC purchased the 106,454-square-foot The Promenade At Bonita Bay and the 108,575-square-foot Island Park Shopping Center for a total of $9.13 million.

The price equated to $42 per square foot.

“We were attracted by the upside value based upon the purchase price,” says Don DeLuca, vice president and general counsel for all the Roberts family companies, including RLR Investments. “We plan to hold them. The lease up potential makes them a great value long-term.”

The new owner is also interested in housing some of its affiliated businesses, such as R+L Carriers and Paramount Transportation Logistics Services LLC, in the properties.

DeLuca says the two centers are generally in good shape, but have some deferred maintenance and need roof repairs.

The firm has hired Karen Johnson-Crowther of Colliers International's Fort Myers office to market the properties.

RLR Investments is a commercial and residential real estate investment company owned by the Roberts Family. It owns hundreds of properties in 29 states.