Cleveland's CRM Cos. Inc. buys Bernwood buildings, land

BUYER: Bernwood LLC (CRM Development II LLC), Cleveland
SELLER: Paul Ritter as personal representative of the Estate of James A Bernet
PROPERTY: 9230, 9231, 9240 and 9241 Brookwood Court, 24810-24890 Burnt Pine Drive, 24850 Old 41 Road, 12800 Trade Way Drive, 9200 Cockleshell Court and 12611 Bonita Beach Road S.E., Bonita Springs
PRICE: $14.89 million

SELLER: Bernwood Enterprises Inc.
PROPERTY: 24840-24880, 24821 and 24851 S. Tamiami and 9220 Brookwood Court, Bonita Springs
PRICE: $5.11 million
PREVIOUS PRICE: $705,800, January 1996; $471,100, September 1995
LAW FIRM ON DEED: Pavese Law Firm, Fort Myers

PLANS, DESCRIPTION:
Cleveland's CRM Cos. Inc. purchased the Bernwood portfolio covering nine commercial buildings and 72 acres of vacant land near Old 41 Road for $20 million.

The acquisition included the commercial parks Bernwood Courtyard and Bernwood Business Park, the retail/offices centers Bernwood Centre, Bernwood Design Centre, Bernwood Shoppes and Bernwood Place and a vacant former Synovus Bank branch building on Cockleshell Court. The 212,000 square feet of completed commercial space is nearly 50% occupied.

The vacant land has zoning and entitlements for a future development with several commercial uses.

“We thought the portfolio offered a great value-add opportunity,” says Brian Intihar, a principal with CRM. “There's a lot of quality in the buildings and construction. We plan to devote the time and attention the project needs.”

James Bernet's Development Associates acquired the Bernwood property and developed much of it prior to Bernet's death.

Michael Maurer of Engel & Völkers represented the buyer in the sale and will be marketing the vacancies and land.

“It's really unique because there's a little bit of something for everyone; there's office, warehouse, retail and showroom [space],” he says. “There are pieces on U.S. 41 and pieces off. My focus right now is on stabilizing the existing space and getting them filled. If a deal comes along on the vacant land, great, but our primary focus is on getting the buildings filled.”