Estero Professional Center transferred for mortgage debit

BUYER: Corkscrew Management LLC (principals: John Summers, Kenneth Marvald and Eugene Baldino), Rochester, N.Y.
SELLER: Green Abaco Island Development Co. LLP

PROPERTY: 9911-9921 Corkscrew Road, Estero
PRICE: $5.42 million (debit)
PREVIOUS PRICE: $800,000, July 2002
LAW FIRM ON DEED: Becker & Poliakoff PA, Fort Myers

PLANS, DESCRIPTION: A Rochester, N.Y., investment company took over ownership of the two-building Estero Professional Center for $5.42 million in debit.

The two-story, 18,000-square-foot Corkscrew Road medical office building was constructed in 2007. The property also featured a 6,000-square-foot building that was only partially constructed. The two buildings were 35% occupied.

John Summers, one of the managers of the purchase entity Corkscrew Management LLC, says the group purchased the mortgage debit as an investment on the property from Liberty Bank FSB a year ago. He says the former owner stopped paying on the mortgage and eventually transferred the property in quit-claim deed rather than losing it through a foreclosure.

“We are going to renovate the [main] building to bring it back to its first-class status,” Summers says. “We're are also going to go ahead and build the other building as well. It's an investment we aren't necessarily pleased with owning, but we are going to go ahead and make it world class.”