Real Capital Solutions buys Plaza at Island Pass

BUYER: Eat-1404 LLC (Real Capital Solutions), Louisville, Colo.
SELLER: TDG-Fort Myers LLC
PROPERTY: 15880 San Carlos Blvd. and 11561-11571 Majestic Palms Blvd., Fort Myers
PRICE: $5.12 million
PREVIOUS PRICE: $9.03 million, September 2005 (includes additional property)

PLANS, DESCRIPTION:
Louisville, Colo.-based Real Capital Solutions purchased the 40,376-square-foot Plaza at Island Pass retail center for $5.12 million.

The price equated to $127 per square foot. That figure is lower than the two-year average price per square foot for retail space ($140) in Southwest Florida, according to the CoStar Group.

The three-building retail center is adjacent to a separately owned Super Target. Its main tenants include Dollar Tree, Sally Beauty Supply, Verizon and Rib City.

The 6-year-old property was 68% occupied at the time of the sale.

Gary Tasman and Doug Olson of Cushman and Wakefield, Commercial Property Southwest Florida handled the transaction.

“It is located in a trade area, where the economy hit it pretty hard. But it has started to come back pretty nicely,” Tasman says. “There is some shell space, where the bays haven't been built out, but otherwise it's in very good condition.”

Real Capital Solutions invests in condominium, commercial, apartment and residential properties. Its local holdings include 75 units of the 32-story, 273-unit high-rise High Point condominium in downtown Fort Myers and the 114,545-square-foot North Bay Village retail center in Bonita Springs.