RCG Ventures buys Naples Towne Centre for $7.3 million

BUYER: RCG-Naples LLC (RCG Ventures Fund III LP), Atlanta
SELLER: Ramco-Gershenson Properties LP
PROPERTY: 3721 and 3775 Tamiami Trail E., Naples
PRICE: $7.3 million
PREVIOUS PRICE: $4.92 million, March 2003 and $2.16 million, May 1996
LAW FIRM ON DEED: Honigman Miller Schwartz and Cohn LLP, Bloomfield Hills, Mich.

PLANS, DESCRIPTION:
Atlanta-based RCG Ventures purchased the 134,707-square-foot Naples Towne Centre shopping center for $7.3 million.

The price equated to $54 per square foot. That figure is less than the two-year average price per square foot for retail space ($144) in Southwest Florida, according to the CoStar Group.

Located on U.S. 41, the 11-store center houses Bealls, Save-A-Lot, Dollar Tree, Rent-A-Center and Radio Shack. A Goodwill store in the center is independently owned.

Farmington Hills, Mich.-based Ramco-Gershenson Properties Trust sold the property.

The purchase entity, RCG-Naples LLC, mortgaged the property to KeyBank National Association for $4.89 million.