Hazelden Betty Ford Foundation buys residential portion of Naples facility

BUYER: Hazelden Foundation (principals: Mark Mishek, Terry Rubenstein, Susan Gillis, Paul Gossling, James Blaha, John Butler, William Cirone, Susan Engeleiter, Harve Ferrill, John Huss Jr., Andrew Jeon, Paul Karon, William Lammers, Cheryl McKinley, Lester Munson, Austin Olney, Gloria Perez, Michael Sime, Catherine Weyerhaeuser, et al.), Center City, Minn.
SELLER: 610 Development Co. LLC
PROPERTY: 950 Sixth Ave. N., units 1-12, Naples
PRICE: $5.88 million
PREVIOUS PRICE: $1.7 million, May 2006 (includes additional property)
LAW FIRM ON DEED: Foley & Lardner LLP, Tampa

PLANS, DESCRIPTION: The Hazelden Betty Ford Foundation has purchased the remainder of Six10 Condominium, 12 loft units, for $5.88 million.

The price equated to $490,054 per unit.

Hazelden has been leasing the units on the second floor of the building since 2010 for the residential portion of its addiction treatment and continuing care operations. The foundation had 47 beds in the space with two bathrooms per loft.

The nonprofit drug treatment center company purchased the commercial ground floor portion of the Six10 Building Condominium in late 2009 for $3.3 million.

A Hazelden spokesperson says the property was acquired because a purchase option that was priced years earlier, when the residential market was much worse, was scheduled to expire. The company now owns a total of 40,000 square feet in the building.

No changes are currently planned for the property.

The Center City, Minn.-based drug rehabilitation center company currently has 12 locations.