Naples-based Oakes Farms buys former Albertsons

BUYER: Oakes Farms Inc. (officer: Deanne Oakes), Naples
SELLER: ABS FLA Owner LLC
PROPERTY: 4835 Immokalee Road, Naples
PRICE: $5 million
PREVIOUS PRICE: $10.31 million, August 2006
LAW FIRM ON DEED: Steven J Bracci PA, Naples

PLANS, DESCRIPTION:
Oakes Farms Inc. purchased a former Albertsons grocery store building for $5 million.

The price equated to $83 per square foot. That figure is lower than the two-year average price per square foot for retail space ($144) in Southwest Florida, according to the CoStar Group.

The 60,444-square-foot store was built in 2002. Albertsons closed the North Naples location in mid-2007. It has since been used as the Naples International Pavilion for a time and had more recently been marketed as office space. The 7-acre site features 200 parking spaces.

The farm raises fruits and vegetables on more than 500 acres of conventional farmland and 20 acres of certified organic fields. It also operates greenhouses, a food service and distribution division, aquaponics farm to raise tilapia, lettuces and herbs, natural-food market, cafe and juice bar and food and clothing and accessories stores.

Oakes Farms did not respond to a request for comment as of deadline. However, the farm has previously said it would be creating a second market location in North Naples this year.

Dave Wallace of CRE Consultants represented the seller and 5D Ventures LLC represented the buyer.

Oakes Farms mortgaged the property to First-Citizens Bank & Trust Co. for $4 million.