AJS Realty and Harbour Insurance owner, partner buy Coconut Point shops

BUYER: The Shoppes at Coconut Point LLC (principals: Andrew and Christina Saluan), Naples
SELLER: Fifth Third Bank
PROPERTY: 8350 Hospital Drive, Bonita Springs
PRICE: $2.25 million
PREVIOUS PRICE: $2.5 million, March 2011
LAW FIRM ON DEED: Zimmerman Kiser & Sutcliffe, PA, Orlando

PLANS, DESCRIPTION:
Naples-based AJS Realty Group Inc.; William Kastroll, principal of Harbour Insurance in Naples, and Joseph O'Malley of Naples purchased the 25,000-square-foot The Shoppes at Coconut Point in Bonita Springs for $2.25 million.

The price equated to $90 per square foot. That figure is less than the two-year average price per square foot for retail space ($140) in Southwest Florida, according to the CoStar Group.

The center is nearly entirely vacant. Its sole tenant is the restaurant Tijuana Flats, which occupies 2,500 square feet.

“We've been actively watching that property for quite some time, since Fifth Third Bank took it back in foreclosure,” says Andrew Saluan, owner and managing broker of AJS Realty Group. “The timing was just right, they were ready to sell and move on. We like that location; it's part of the Coconut Point [Development of Regional Impact]. It has great U.S. 41 exposure and was very well constructed.”

Saluan plans to market the vacant land for an asking rate of $18 a square foot with $5.75 for common area maintenance.