Naples investment entity buys large flex building

BUYER: Bonita Commerce Center LLC (principal: Brooke Mitchell), Naples
SELLER: HMTW II
PROPERTY: 25150 Bernwood Drive, Bonita Springs
PRICE: $2.04 million
PREVIOUS PRICE: $1.72 million, June 2010
LAW FIRM ON DEED: Craig D. Blume, Esq.

PLANS, DESCRIPTION: Bonita Commerce Center LLC, a Naples purchase entity led by Brooke Mitchell, purchased a 38,529-square-foot flex (office/warehouse) building in Bernwood Business Park for $2.04 million.

The price equated to $53 per square foot. That figure is near the two-year average price per square foot for industrial space ($50) in Southwest Florida, according to the CoStar Group.

The 10-year-old building, which is 93% occupied, houses some 20 small tenants, primarily contractors and service companies. It occupies a 3.15-acre site.

Randal Mercer and Brandon Stoneburner of CRE Consultants handled the transaction.

“It was sold as investment,” says Stoneburner. “This was a cash flow play. It was in great condition. [The numerous tenants] allow the owner to spread out the risk.”

The purchase entity Bonita Commerce Center LLC mortgaged the property to First National Bank of the Gulf Coast for $700,000.