California 1031 exchange buyer acquires Pinegate Plaza

BUYER: Pinegate Naples LLC (manager: C. Anthony Phillips), Westlake Village, Calif.
SELLER: Pinegate 135 LLC
PROPERTY: 4075 Pine Ridge Road, Naples
PRICE: $1.9 million
PREVIOUS PRICE: $3.36 million, June 2002
LAW FIRM ON DEED: Ram Realty Services, Palm Beach Gardens

PLANS, DESCRIPTION:
Pinegate Naples LLC, an undisclosed buyer represented by California attorney C. Anthony Phillips, purchased the 25,998-square-foot Pinegate Plaza for $1.9 million.

The price equated to $73 per square foot. That figure is lower than the two-year average price per square foot for retail space ($150) in Southwest Florida, according to the CoStar Group.

Located south of Collier Boulevard, the recently renovated shopping center is across Pine Ridge Road from the Publix-anchored retail center Brooks Village. Tenants include Amazon Pediatrics, a fitness facility and Allstate. At the time of the sale, the retail center had 8,932 square feet vacant in four tenant spaces. Trinity Commercial Group is currently marketing the vacancies.

The purchase was done as part of a 1031 tax-deferred exchange.