Sophia's Ristorante Italiano owner buys Hawthorn Retail Center

BUYER: Sophia's Italian Village Development LLC (principal: Jay Cherr), Naples

SELLER: Seth R. Heller of Heller & Co. Inc.

PROPERTY: 3545 Pine Ridge Road, Naples

PRICE: $1.2 million

PREVIOUS PRICE: $750,000, July 2002

LAW FIRM ON DEED: Michael A. Schroeder PL, Boca Raton

PLANS, DESCRIPTION: Sophia's Italian Village Development LLC purchased the 8,028-square-foot Hawthorn Retail Center for $1.2 million.

The price equated to $149.48 per square foot. That figure is near the two-year average price per square foot for retail space ($140) in Southwest Florida according to the CoStar Group.

Jay Cherr, co-owner with his wife of Sophia's Ristorante Italiano, a major tenant in the center, led the purchase entity. Built in 2005, the center is fully leased. Other tenants include Edward Jones, Artisan Framers and The Summit Church. The center occupies a 1.06-acre parcel adjacent to the Hawthorne Suites Hotel.

Jared Kaye and Sonny Molloy of Marcus & Millichap's Atlanta office handled the transaction. Kaye says the sale was done as an investment.

Marketing sheets for the sale suggest the center generated net operating income of $113,076.

Sophia's Italian Village Development LLC mortgaged the property to Venture 11 LLC for $1.2 million.