Arkansas attorney-led company buys TerraCap's Bonita Springs building

BUYER: Freehold Properties LLC (manager: Patricia Henry), Russellville, Ark.
SELLER: Coconut Office Center LLC
PROPERTY: 23421 Walden Center Drive, Bonita Springs
PRICE: $1.44 million
PREVIOUS PRICE: $800,000, August 2012
LAW FIRM ON DEED: Kevin A. Denti PA, Naples

PLANS, DESCRIPTION:
A company led by Russellville, Ark., attorney Patricia Henry purchased an 11,062-square-foot Coconut Office Center office building for $1.44 million.

The price equated to $130 per square foot. That figure is higher than the two-year average price per square foot for office space ($112) in Southwest Florida, according to the CoStar Group.

The seller, a fund managed by TerraCap Partners, bought the three-story building in 2012 and invested about $90,000 in renovations. Those improvements include renovating the lobby, resurfacing the parking lot and cleaning up the landscaping.

Prominent tenants in the building include TerraCap Partners itself, Downing-Frye Realty and Pelican Primary Care.

Two small units, totaling 2,124 square feet, on the first floor were vacant at the time of the sale.

The building was sold as an investment.

Andrew DeSalvo and Matt Stepan of Premier Commercial Inc. represented the buyer.

The purchase entity, Freehold Properties LLC, mortgaged the property to First State Bank for $800,000.