Stein Investment Group buys Ninth Street SunShine Pharmacy

BUYER: 421 9th Street LLC (principal: Jeffrey Stein), Atlanta

SELLER: DNR Realty LLC

PROPERTY: 8 Fourth Ave. N. and 441 Ninth St. N., Naples

PRICE: $900,000

PREVIOUS PRICE: $2.85 million, January 2009

LAW FIRM ON DEED: Busch Slipakoff & Schuh LLP, Atlanta

PLANS, DESCRIPTION: Atlanta-based Stein Investment Group purchased a 6,920-square-foot SunShine Pharmacy building for $900,000.

The private investment group also assumed a $1.59 million loan on the freestanding property with Bank of America NA.

The purchase price and loan assumption equated to $359 per square foot.

Craig Timmins and Clint Sherwood of Investment Properties Corp. handled the transaction.

Although the building houses a long-term tenant, the 0.55-acre site, which is adjacent to Naples Community Hospital and Naples Medical Center, was marketed for a possible future redevelopment.

Calls to Stein Investment Group for comment were not returned prior to deadline.

The firm owns more than 1.5 million square feet of commercial space, including 250,000 square feet of retail space, 225,000 square feet of office, 1,400 multifamily units and more than 100,000 square feet of self-storage. It also recently acquired a 12,700-square-foot medical office at 6350 Davis Blvd., Naples for $1.5 million.