Canadian investment firm buys multiunit flex building

BUYER: Amoura Inc., Brampton, Ontario
SELLER: Meric Property Management of Florida LLC
PROPERTY: 613 S.W. Pine Island Road, Cape Coral
PRICE: $1.85 million

PREVIOUS PRICE: $3 million, September 2009
LAW FIRM ON DEED: Porter Wright Morris & Arthur LLP, Naples

PLANS, DESCRIPTION:
The Canadian company Amoura Inc. purchased the 30-unit Nicholas Pines flex building for $1.85 million.

The price equated to $48 per square foot. That figure is in line with the two-year average price per square foot for industrial space ($50) in Southwest Florida, according to the CoStar Group.

The 38,789-square-foot building was fully leased at the time of the sale. Each unit is roughly 1,300 square feet with bay doors in the front and back and 100 square feet of air-conditioned office space.

Paul Faragoi of Hamilton-Franklin Realty LLC represented the seller and is managing the building for the new owner.

“It was a good investment building,” he says. “It had sat for several years, before we got in here. Now we have five or six tenants on a waiting list. Mainly it took more hands-on management.”