Southfield, Mich.'s Versa Development buys bank-owned flex buildings

BUYER: Intelliflex VH LLC, Southfield, Mich.
SELLER: Redus Florida Commercial LLC
PROPERTY: 12801-12821 Commerce Lakes Drive and a portion of Express Court north of Daniels Parkway, Fort Myers,
PRICE: $4.59 million
PREVIOUS PRICE: $1.86 million, August 2012

LAW FIRM ON DEED: Nelson Mullins Riley & Scarborough LLP, Jacksonville

PLANS, DESCRIPTION:
Versa Development purchased three buildings with 115,300 square feet of flex space, for $4.59 million.

The price equated to $40 per square foot. That figure is lower than the two-year average price per square foot for industrial space ($50) in Southwest Florida, according to the CoStar Group.

“The price was right,” says Todd Wyett, a principal with Versa Development. “It was a bank sale, and we were able to buy it at probably 50% below where the market is. It would cost $125 a square foot to build it again including the land. We plan to give them some tender loving care. There is nothing else in the marketplace like it.”

The buildings are roughly 40% occupied. The new owner plans to improve the landscaping and paint the buildings in anticipation of putting the 69 units up for sale. Units range from 1,540 to 2,400 square feet.

Jerry Messonnier of Lee and Associates will be marketing the property.

The purchase entity, Intelliflex VH LLC, mortgaged the property to The Private Bank and Trust Co. for $3 million.