Axonic Capital entity buys Goodlette Road Waterfront Plaza

BUYER: 499 Goodlette Road LLC (manager: Jonathan Shechtman), Naples
SELLER: Goodlette Plaza LLC
PROPERTY: 499 Goodlette Road N., Naples
PRICE: $1.28 million
PREVIOUS PRICE: $540,000, June 2002
ATTORNEY ON DEED: Jane Yeager Cheffy, attorney at law, Naples

PLANS, DESCRIPTION:
An affiliate of New York City-based Axonic Capital LLC purchased the 6,750-square-foot Goodlette Road Waterfront Plaza for $1.28 million.

The price equated to $189 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.

Located at the corner of Goodlette Road and Fifth Avenue North, the center was fully occupied with six smaller tenants at the time of the sale.

The property backs up to a canal and is less than a mile from the beach.

The purchase price equated to a payoff ratio based on income (capitalization rate) of about 4%.

Alisha Cage of Naples Realty Services Inc. represented the seller and Matt Pikus of Pikus Realty PA represented the buyer.

“This was really bought for the land value,” Cage says. “It had below market rents.”

Axonic Capital LLC is a trading and investment firm that manages about $2.4 billion in assets for clients. The firm targets assets that are undervalued and can be repositioned and has targeted a number of single-family homes in core markets in Florida.