Open Door Preschool buys bank-owned London Plaza

BUYER: Open Door Preschool Inc. (principal: Daniel and Rachel McIntyre), Lehigh Acres
SELLER: Mutual of Omaha Bank
PROPERTY: 5280 Lee Blvd., Lehigh Acres
PRICE: $1.1 million
PREVIOUS PRICE: $1.03 million, May 2007
LAW FIRM ON DEED: Rogers Towers PA, Fort Myers

PLANS, DESCRIPTION:
Open Doors Preschool Inc. purchased the 17,807-square-foot London Plaza for $1.1 million.

The price equated to $62 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.

The retail center was built in 2008 and features two buildings. A portion of the front building features space for a carwash or single-bay garage, but did not contain equipment for either use. The remainder of the front building is broken up into four office or retail storefronts with 295 to 400 square feet. The second building contains five 2,000-square-foot retail spaces.

The seller, Mutual of Omaha Bank, foreclosed on the retail center in February 2013.

The plaza currently houses Hertz and Freedom Tax Services.

Open Doors Preschool plans to relocate to the property from 3732 Lee Blvd., Lehigh Acres. The company had not replied to a request for comment as of deadline. However, it said in a letter to parents that the new location is better located, has a better building design, a larger parking lot and safer access to Lee Boulevard.

Rokki Rogan, principal of LandQwest Commercial, represented the seller.

Open Doors Preschool mortgaged the property to SunTrust Bank for $1.25 million.