Naples real estate investor buys Orange Pine Plaza center, Hess Express

BUYER: Patton Avenue Holdings LLC (principal: Peter Gignac), Naples
SELLER: PRY of Naples LLC
PROPERTY: 2055 and 2099 Pine Ridge Road, Naples
PRICE: $4.5 million
PREVIOUS PRICE: $4.53 million, April 2006
LAW FIRM ON DEED: Conroy Conroy & Durant PA, Naples

PLANS, DESCRIPTION:
Peter Gignac of Naples purchased the Orange Pine Plaza retail center and a 4,000-square-foot Hess Express convenience store for $4.5 million.

The price equated to $186 per square foot. That figure is higher than the two-year average price per square foot for retail space ($144) in Southwest Florida, according to the CoStar Group.

The 1.88-acre retail center contains a total of 24,230 square feet of retail space. The property features a mixture of local tenants including Chinatown Restaurant, Asia Market, MaidPro, Love My Dog Resort and Spa and Grouper Grille.

David Stevens of Investment Properties Corp. handled the transaction.

“It has a strong history of tenancy,” Stevens says. “There was also the creditworthiness of Hess in the deal. There are a few spaces that are turning over, but of those two or three vacancies, we are already starting to see action on them.”

The new owner is said to be planning cosmetic improvements and a possible name change.

The purchase entity, Patton Avenue Holdings LLC, mortgaged the property to the seller, PRY of Naples, for $4 million.