Naples real estate investors buy most of Del Mar Retail Center

BUYER: 7795 Davis LLC (principals: James and Christopher Shucart), Naples
SELLER: ICV Naples LLC
PROPERTY: 7785 Davis Blvd., units 201-209, Naples
PRICE: $1.88 million
LAW FIRM ON DEED: Cheffy Passimomo PA, Naples

PLANS, DESCRIPTION: Naples investors James Shucart and his son Christopher Shucart purchased 85% of the condominium units in the Del Mar Retail Center for $1.88 million.

The price equated to $74 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 Shucarts purchased a total of 25,426 square feet in the center, which was 40% occupied at the time of the sale. However, since the closing the new owners have already signed two new leases, according to Christopher Shucart.

The seller, an affiliate of Frisco, Texas-based Iron Creek Ventures Inc., bought the debit on the center from Colonial Bank and foreclosed on it in August 2009.

“It has essentially been bank owned by an out-of-town owner for the past several years,” Shucart says. “Davis Boulevard has also been under construction the last couple of years, but it is set to be completed in the next couple of months.”

Pelican Larry's Raw Bar & Grill and Gulf Coast Insurance LLC anchor the property. All of the units were built out to at least white box (minimally finished interior) condition with new air-conditioning systems and bathrooms. The new owners plan to paint the property, add signage and install flooring in a number of the units.

Jennifer Horne of Re/Max Realty Group Commercial Division and Michael Frye of the Frye Commercial Group at Re/Max Realty Group of Fort Myers handled the transaction.