Land investors/developers buy Vector Ave. building

BUYER: NYFL Commercial Holdings 5 LLC (managers: Anastios Vasilakos and Joanne Patras-Venetis), Fort Myers
SELLER: Twelve Thousand LLC
PROPERTY: 13831 Vector Ave., Fort Myers
PRICE: $1.2 million
PREVIOUS PRICE: $637,500, September 2003
TITLE FIRM ON DEED: Title Guaranty Agency Inc., Fort Myers

PLANS, DESCRIPTION:
A company led by Joanne Patras-Venetis of Bonita Springs and Anastios Vasilakos of Brooklyn, N.Y., purchased a 12,049-square-foot freestanding office building for $1.2 million.

The price equated to $99 per square foot. That figure is less than the two-year average price per square foot for office space ($131) in Southwest Florida, according to the CoStar Group.

Adam Palmer, Michelle Hoffmann and Godfrey Santini of LandQwest Commercial represented the seller and Chase Mayhugh of Mayhugh Realty Inc. represented the buyer.

The vacant building was constructed in 1988. It sits on 1.5 acres and has 69 parking spaces.

The buyer owns the adjacent property to the east that continues to the southwest corner of Cypress Terrace and U.S. 41. The two partners' immediate plan is to market the property for lease either for the entire space or subdivided.

“Ultimately this is going to be a redevelopment opportunity,” says Mayhugh. “This is part of a 10-year plan. The highest and best use for that corridor is retail. They are already putting up a strip center on that front piece.”

Mayhugh, who is marketing the building, says the asking rate for the space is from $12 to $14 a square foot gross.