Vantage Properties buys land for Gulf Coast Town Center outparcels

BUYER: Van University Plaza LLC (principals: Greg Nowak, R. Scott Collins and Franco Mirasola Jr.), St. Petersburg
SELLER: Cleveland Clinic Foundation
PROPERTY: a portion of land south of Alico Road and west of Royal Queen Boulevard and containing a portion of University Plaza Drive, Fort Myers
PRICE: $4.5 million
PREVIOUS PRICE: $12.5 million, December 2003 (includes additional land)
LAW FIRM ON DEED: Roetzel & Andress LPA, Fort Myers

PLANS, DESCRIPTION: St. Petersburg's Vantage Properties purchased 22.46 acres of land in front of Gulf Coast Town Center Mall for $4.5 million.

The price equated to $200,356 per acre. That figure is lower than the two-year average price per acre for retail space ($746,593) in Southwest Florida, according to the CoStar Group.

Gulf Coast Town Center houses more than 1.9 million square feet of retail development, anchored by large brand names such as Bass Pro Shops, L.A. Fitness, Costco, Best Buy and Super Target.

Vantage Properties plans to develop five outparcel buildings on the property, including a single multi-tenant building. The project will include a Chili's, BJ's Restaurant and Brewhouse, Bonefish Grill and Tijuana Flats.

“We plan to break ground in January or February and our goal is to be done with the infrastructure in the second quarter,” says Frank Mirasola, vice president of Vantage Properties. “All of the outparcels are on their own schedules. We have a rough completion target of the end of 2014. There's a critical mass there with the large anchors pulling the clientele to the mall.”

The purchase entity, Van University Plaza LLC, mortgaged the property to USAmeriBank for $6.06 million.