New York investors buy North Naples' Uptown Center for $11.2 million

BUYER: Mt. Ridge Realty Associates LLC (principal: Kenneth Desrosiers), Webster, N.Y.
SELLER: Naples Uptown Holdings LLC
PROPERTY: 2700 Immokalee Road, Naples
PRICE: $11.2 million
PREVIOUS PRICE: $7.7 million, January 2012
LAW FIRM ON DEED: Coleman Yovanovich & Koester PA, Naples

PLANS, DESCRIPTION: A Webster, N.Y., investment group purchased the 75,000-square-foot Uptown Center in North Naples for $11.2 million.

The price equated to $149 per square foot. That figure is higher than the two-year average price per square foot for retail space ($140) in Southwest Florida, according to the CoStar Group.

Located next to a Sam's Club, the retail center is anchored by Jason's Deli, CiCi's Pizza, Fred's and Pelican Larry's. Its occupancy is currently about 80%.

The sale marked a significant appreciation of the property over the past year and a half. The seller, Naples-based private-equity fund Halstatt Real Estate Partners, purchased it from trustee U.S. Bank NA in January 2012 for $7.7 million.

David Stevens of Investment Properties Corp. represented the seller and Dougall McCorkle of Premier Commercial Inc. represented the buyer.

“One of the attractions was the upside because of the vacancy,” McCorkle says. “The vacancy really stems predominately from the soft economy. The buyer will be doing some roof repairs, but otherwise it's in very good shape.”
Premier Commercial will be leasing the property.