Letra Realty buys Reflection Lakes Commons

BUYER: Letra Realty LLC (22.5% interest) (principals: Vladimir Trainin, Gennady Leykin and Alexander Mezheritsky) and FLT Three LLC (77.5%) (principals: Vladimir Trainin, Gennady Leykin, The Trainin Family Trust and Leykin and Barsky Family Trust), Fort Myers
SELLER: ACM Florida RE LLC
PROPERTY: 13550 Reflections Parkway, Fort Myers
PRICE: $3.27 million
PREVIOUS PRICE: $1.63 million, December 2000
TITLE FIRM ON DEED: Naples Title Inc., Naples

PLANS, DESCRIPTION:
Letra Realty LLC, an investment group in Bedford, Mass., purchased the 25,625-square-foot Reflection Lakes Commons for $3.27 million.

The price equated to $127 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.

The retail center is anchored by a Jason' s Deli and also houses Nami Japanese Steakhouse, Spin City Arcade and Jet's Pizza among others. It was 97% occupied at the time of the sale.

Gary Tasman and Michael Ciccarello of Cushman and Wakefield Commercial Property Southwest Florida LLC handled the transaction.

The purchase price equated to a payoff ratio based on income (capitalization rate) of 10%.