Grace Development company buys Naples' Plaza North

BUYER: Bellevue Properties LP (Bellevue Valley Co. Inc.), Nashville
SELLER: Patton Avenue Holdings LLC
PROPERTY: 10265 Tamiami Trail N., Naples
PRICE: $1.9 million
PREVIOUS PRICE: $6.28 million, May 2009 (contains additional property)
LAW FIRM ON DEED: Conroy Conroy Durant & Rudnick PA, Naples

PLANS, DESCRIPTION: An affiliate of Nashville's Grace Development purchased the 9,964-square-foot Plaza North retail center for $1.9 million.

The price equated to $191 per square foot. That figure is higher than the two-year average price per square foot for retail space ($140) in Southwest Florida, according to the CoStar Group.

The 24-year-old fully leased strip center occupies a 0.85-acre parcel.

Grace Development specializes in developing properties, rehabbing older properties and operating historic buildings principally in Tennessee and Florida.

David Stevens of Investment Properties Corp. handled the transaction.

The purchase entity Bellevue Properties LP mortgaged the property to Gibraltar Private Bank & Trust Co. for $650,000.