Miami area real estate investor buys Southwest Plaza

BUYER: KAS Winkler LLC (manager: Daniel Stuzin), Coral Gables
SELLER: AW Southwest Plaza LLC
PROPERTY: 2675 Winkler Ave., Fort Myers
PRICE: $4.14 million
PREVIOUS PRICE: $900,041, April 2012
LAW FIRM ON DEED: Rennert Vogel Mandler & Rodriguez PA, Miami

PLANS, DESCRIPTION:
Real estate investor Daniel Stuzin of Coral Gables purchased the 64,386-square-foot Southwest Plaza for $4.14 million.

The price equated to $64 per square foot. That figure is lower than the two-year average price per square foot for office space ($131) in Southwest Florida, according to the CoStar Group.

The 20-year-old medical and professional office building was 70% occupied at the time of the sale. Tenants include the Pivot Charter School and several medical clinics.

The seller, AW Property Co., purchased the property in 2012 when it was 40% occupied.

“We bought it in a portfolio [of seven buildings] from Healthcare Realty Trust,” says Brian Waxman, co-founder of AW Property Co. “We put in about a half-million dollars into it. We fully repositioned the buildings and leased them up.”

Enn Luthringer of CRE Consultants facilitated the sale.