Naples' Heritage Builders buys former Big Cypress Marketplace

BUYER: Heritage Property Holdings LLC (managers: Bruce Duvall, Mark Richarz, Neville Davies and John Rinald), Naples
SELLER: SBT Naples LLC
PROPERTY: 220 Basik Drive, Naples
PRICE: $2.8 million
PREVIOUS PRICE: $662,500, June 2007
LAW FIRM ON DEED: Mark H. Muller PA, Naples

PLANS, DESCRIPTION:
Heritage Builders of Naples purchased the 94,362-square-foot former Big Cypress Marketplace building for $2.8 million.

The price equated to $30 per square foot. That figure is less than the two-year average price per square foot for retail space ($150) in Southwest Florida, according to the CoStar Group.

The former flea market occupies 18.88 acres of land at the corner of Tamiami Trail and Basik Drive and has 776 parking spaces. When it was operated as the Big Cypress Market Place, the building housed 205 vendor spaces, a restaurant, tiki bar and theater.

Craig Timmins of Investment Properties Corp. handled the transaction.

“This is one of the largest air-conditioned, big-box-type buildings offered for sale in Naples, especially with this type of parking field,” Timmins says. “So it was unusual in a positive way.”

The seller, an affiliate of Suburban Bank and Trust Co., foreclosed on the property and has held it since July 2011.