ICORR Properties president buys Deep Creek Plaza

BUYER: 2000 Rio De Janeiro LLC (principal: Ron Wolf), Sarasota
SELLER: Branch Banking & Trust Co.
PROPERTY: 2000 Rio De Janeiro Ave., Punta Gorda
PRICE: $930,000
PREVIOUS PRICE: $1.25 million, September 2002
ATTORNEY ON DEED: Anthony J. Gargano Esq., Fort Myers

PLANS, DESCRIPTION: Ron Wolf, president of the real estate firm ICORR Properties International, purchased the 12,735-square-foot Deep Creek Plaza for $930,000.

The price equated to $73 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.

Anchored by a 3,400-square-foot SunTrust Bank branch, the nine-space retail strip center also features K's Family Pizzeria & Restaurant, Wealth Advisors Group and Genesis Full Services Salon. It was 64% occupied at the time of the sale. The center occupies a 1.45-acre site.
Matt Stepan and Andrew DeSalvo of Premier Commercial Inc. represented the seller.

“It needed some improvement, but the seller did all of that before we finalized the marketing,” Stepan says. “The seller put on a roof and resealed and painted the property. They also took care of some semi-serious plumbing and did some AC work. The seller wanted to do two things: Take away the risk premium from the deferred maintenance and stabilize the rent roll.”

The seller, Branch Banking & Trust Co., signed extended leases with SunTrust Bank and K's Family Pizzeria & Restaurant prior to the sale.

Stepan says the bank's investment in the property, including $140,000 in physical improvements, increased the market value for the center by roughly $230,000.

ICORR's Susanne Stovall will be marketing the vacant space. She expects to ask $13 a square foot gross, which includes trash.