Equity buys 7.1 acres for development near Berkshire Commons

Columbus, Ohio
SELLER: Berkshire Commons Inc.
PROPERTY: 3707 Santa Barbara Blvd., Naples
PRICE: $1.84 million
PREVIOUS PRICE: $7.5 million, July 1991
LAW FIRM ON DEED: Salvatori Wood Buckel Carmichael & Lottes, Naples

PLANS, DESCRIPTION:
Columbus, Ohio-based commercial real estate firm Equity Inc. purchased 7.1 acres of land for $1.84 million.

The price equated to $259,787 per acre.

The property was acquired for $1.55 million in cash and $290,000 in impact-fee credits.

The land is located adjacent to the 110,062-square-foot, Publix-anchored Berkshire Commons retail shopping center. The new ownership plans to develop the property into a retail or medical office space.
Mike Concilla and Ben Layman of Equity handled the sale of the land.

Formerly known as Berkshire Commons II, the site is now being called Berkshire Place, and its first phase is slated to be 18,000 square feet. Construction is scheduled to start this summer for new retail space, which is expected to open in the spring.