Golden Key Properties buys Port Charlotte's Grand Oaks Plaza

BUYER: Golden Key Properties LLC (principal: Andreas Kirchberger), Port Charlotte
SELLER: RL BB ACQ I-FL Goaks LLC
PROPERTY: 992 Tamiami Trail, buildings 1-3 and units 201-203 and 301-304, Port Charlotte
PRICE: $3 million
LAW FIRM ON DEED: Law Offices of Dean Hanewinkel PA, Englewood

PLANS, DESCRIPTION: Andreas Kirchberger's investment group Golden Key Properties LLC purchased the 45,821-square-foot Grand Oaks Plaza for $3 million.

The price equated to $65 per square foot. That figure is lower than the two-year average price per square foot for retail space ($140) in Southwest Florida, according to the CoStar Group.

The strip center building features a mixture of office and retail tenants and is anchored by Southwest Florida College. It was 45% occupied at the time of the sale with some 23,000 square feet vacant. However, roughly 15,000 square feet in the center is grey shell, unfinished interior space that must be built out before a tenant can occupy it.

Paul Forsberg of HG Real Estate Services represented the buyer and will be marketing the property.

“The location is fantastic; it's in a very high traffic area,” says Forsberg. “It has huge upside potential.”

Golden Key Properties and Kirchberger have made a habit of targeting distressed bank-owned office and retail rental properties with heavy vacancies. The company purchased two 95% vacant office buildings in Lake View Office Park in Venice for $1.5 million: the 24,000-square-foot Placida Plaza retail center and additional development land in Rotonda West for $825,000, and eight office buildings in North Port's Toledo Blade Professional Center for $1.15 million.

Kirchberger currently lives in Canada and is moving to the United States.