Drive Medical's Inovo Inc. relocating, expanding to Lehigh Acres

BUYER: Inovo Inc. (principals: Rich Kocinski, Harvey Diamond, Tom San Antonio, Douglas Francis, Jeffrey Schwartz and Richard Kolodny), Naples

SELLER: JLM Financial Investments 3 LLC

PROPERTY: 401 Leonard Blvd. N., Lehigh Acres

PRICE: $1.8 million

PREVIOUS PRICE: $3.95 million, October 2002

LAW FIRM ON DEED: Robert D. Royston Jr. PA, Fort Myers

PLANS, DESCRIPTION: Naples-based Inovo Inc. purchased the 60,000-square-foot former LeeSar building for $1.8 million.

The price equated to $30 per square foot. The two-year average price per square foot for industrial space is $50 in the Southwest Florida area, according to the CoStar Group.

Constructed in 2001, the tilt-wall building features nine dock-high doors, a sprinkler system and 30-foot ceilings.

Inovo plans to relocate from 30,000 square feet in several Naples buildings to the Lehigh Acres facility.

The expansion follows Drive Medical Design and Manufacturing's purchase of Inovo in late 2011. Inovo is a manufacturer of medical oxygen regulators and conservers.

Gary Tasman and Shawn Stoneburner of Cushman and Wakefield Commercial Property Southwest Florida LLC represented the buyer and Stan Stouder of CRE Consultants represented the seller.

“This was more about getting into a single contiguous space that was much more conducive to their business,” Tasman says. “It has access to State Road 82, which should also allow them to retain a lot of their employees.”

Inovo mortgaged the property to Webster Business Credit Corp. for $2.1 million.