Real Estate investors buy Kings Highway flex buildings

BUYER: Kings Industrial Park LLC (principals: Anthony Dubbaneh, Michael Landsberg and Kristen Depaola), Punta Gorda
SELLER: Stephen and Julie Schenk
PROPERTY: 4186 Kings Highway, Punta Gorda
PRICE: $960,000
PREVIOUS PRICE: $1.45 million, June 2005

PLANS, DESCRIPTION: An investor group led by Anthony Dubbaneh, Michael Landsberg and Kristen Depaola purchased the 35,050-square-foot former A1 Cabinets complex for $960,000.

The price equated to $27 per square foot. That figure is lower than the two-year average price per square foot for industrial space ($50) in the Southwest Florida area, according to the CoStar Group.

The 3.89-acre property houses four flex buildings ranging in size from 3,780 to 13,000 square feet. Three of the buildings were constructed in 1975, 1978 and 1979. The last, an 8750-square-foot building, was constructed in 1990.

The property includes a number of tenants including UPS, Townsend Glass and Kovach Auto Body. Roughly 43% or 15,250 square feet of the complex is currently vacant.

The purchase price equated to a payoff ratio based on income (capitalization rate) of around 8%.

Ronald Struthers PA of Coldwell Banker Commercial NRT handled the transaction.

“The buyer felt it was a pretty good value,” he says. “The property is a good location off Kings Highway with access to Interstate 75. There is also the opportunity, based on what happens to the market over the next few years, to redevelop the property.”

The purchase entity Kings Industrial Park LLC mortgaged the property to Wells Fargo Bank NA for $672,000.