Portland, Maine investor buys Mission Square West

BUYER: Mission Square West LLC (principal: Eric Cianchette), Portland, Maine
SELLER: IPTV-B-C06 LLC
PROPERTY: 1485-1495 Pine Ridge Road, Naples
PRICE: $3.4 million
PREVIOUS PRICE: $6 million, January 2003
LAW FIRM ON DEED: Liechty & McGinnis LLP, Dallas

PLANS, DESCRIPTION: Investor Eric Cianchette of Portland, Maine, purchased the 17,862-square-foot Mission Square West retail center for $3.4 million.

The price equated to $190 per square foot.

The 6-year-old, two-building center occupies a 2.3-acre site next to the larger Mission Square retail center and near Magnolia Square and Pine Ridge Middle School. It was 95% occupied at the time of the sale. Tenants include Ideal Image, Phoenix Salon, Just for Girls, Lu Lu Belle Children's Boutique, United Arts Council of Collier County, The Bump Maternity Boutique and Sylvan Learning.

Mike Concilla of CRE Consultants represented the seller and Larry Foster of CRE Consultants represented the buyer.

“It had a small 1,200-square-foot vacancy,” Concilla says. “It was purchased as an investment. It has a number of new leases and a great location right on Pine Ridge Road.”

Foster says Cianchette has several holdings in Maine and he's hoping to expand his holdings in Southwest Florida.