Canadian real estate investor buys Cypress Lake Professional Center

BUYER: Captain Investments Inc. (Henry and Simon Kaptyn as trustees), Ontario, Canada
SELLER: Wells Fargo Bank NA
PROPERTY: 9371 Cypress Lake Drive, Fort Myers
PRICE: $1.08 million
PREVIOUS PRICE: $1.15 million, June 1998
LAW FIRM ON DEED: Roetzel & Andress LPA, Fort Myers

PLANS, DESCRIPTION: A Canadian investor purchased the 26,421-square-foot Cypress Lake Professional Center for $1.08 million.

The price equated to $41 per square foot. That figure is lower than the two-year average price per square foot for office space ($140) in Southwest Florida, according to the CoStar Group.

The 38-year-old, professional- and medical-office plaza was 51.8% occupied at the time of the sale. It features an independent pharmacy in the front of the plaza. The seller, Wells Fargo Bank NA, foreclosed on the center in August.

Gary Tasman and Shawn Stoneburner of Commercial Property Southwest Florida, a Cushman & Wakefield Alliance Member, represented the seller and Tod Whipple and Doug Olson of Cushman & Wakefield represented the buyer.

“This was a somewhat obsolete center that needed to be renovated,” Tasman says. “It was just overleveraged. The former buyers hung on as long as they could.”