MacDaddy's building sells, buyers planning redevelopment

BUYER: EBC 8951 Daniels LLC (Estero Bay Capital LLC and manager: Rokki Rogan), Fort Myers
SELLER: L&M Daniels LLC
PROPERTY: 8951 Daniels Parkway, Fort Myers
PRICE: $1.2 million
PREVIOUS PRICE: $975,000, July 2011
LAW FIRM ON DEED: Bolaños Truxton PA, Fort Myers

PLANS, DESCRIPTION:
LandQwest Commercial partner Rokki Rogan and John and Jeff Stultz of the Fort Myers general contractor Stultz Inc. purchased a 5,796-square-foot MacDaddy's sports restaurant building for $1.2 million.

The price equated to $207 per square foot. That figure is higher than the two-year average price per square foot for retail space ($144) in Southwest Florida, according to the CoStar Group.

The MacDaddy's restaurant has since closed.

The new owners plan to construct an additional 4,000 square feet of commercial space on the 1.47-acre property. Rogan and Carla Scharenberg of LandQwest Commercial are marketing the resulting 9,500-square-foot retail neighborhood center for an asking rate of $23 to $28 a square foot. The property will feature 79 parking spaces and have annual average daily traffic of more than 53,000.

“We are talking about a theme similar to the center with Starbucks in it next door,” Rogan says. “There's been overwhelming demand for it so far. It is going to have a drive-thru so we hope to capture a food user that will want that along with a mix of national and regional tenants for the rest of the space.”

Stultz Inc. will be the general contractor for the construction.