Real Capital Solutions buys North Bay Village

BUYER: RCS - Lowry Apartments LLC (principals: Marcel Aresnault and Sharon Eshima), Louisville, Colo.
SELLER: 26381 South Tamiami Trail Holdings LLC
PROPERTY: 26381-263151 S. Tamiami Trail and 3181 North Bay Village Court, Unit 1A, Bonita Springs
PRICE: $7.45 million
PREVIOUS PRICE: $7.5 million, July 2003
LAW FIRM ON DEED: K&L Gates LLP, Dallas

PLANS, DESCRIPTION: Louisville, Colo.-based Real Capital Solutions purchased the 120,000-square-foot North Bay Village for $7.45 million.

The price equated to $62 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.

Keller Williams Realty, First Watch, Mattress Giant and Bonefish Grill anchor the retail and office development. The center is well occupied except for a 60,000-square-foot former Robb and Stucky Interiors space.

An affiliate of U.S. Bank NA, 26381 South Tamiami Trail Holdings LLC, has owned the property since it foreclosed on it in early 2012.

The transaction was done as an investment.

Real Capital Solutions focuses most of its investments on distressed real estate. The company says it bought more than $200 million worth of distressed condominium, commercial, apartment and homebuilder deals in California, Colorado, Florida, New Jersey, Nevada, Oklahoma and Kansas. It expects to acquire $333 million worth this year and $450 million worth next year.

Gary Tasman and Doug Olson of Commercial Property Southwest Florida, an affiliate of Cushman & Wakefield are handling the leasing for the property.