Connecticut real estate investor buys, renaming Del Prado Outlet Centers

BUYER: 3046 Del Prado Biz Center LLC (Bryant Boyd), Madison, Conn.
SELLER: Donald and Nancy Hinks
PROPERTY: 3046 Del Prado Blvd. S., Cape Coral
PRICE: $1.35 million
PREVIOUS PRICE: $2.3 million, January 2003
TITLE FIRM ON DEED: Team Title Insurance Agency Inc., Fort Myers

PLANS, DESCRIPTION:
Madison, Conn., real estate investor Bryant Boyd purchased the 10,916-square-foot Del Prado Outlet Centers retail strip center for $1.35 million.

The price equated to $124 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 0.8-acre property features two buildings. The larger 6,500-square-foot building houses Baby Love Birth Center, a yoga studio, Metro PCS and Maks Realty. The smaller 4,300-square-foot building contains Records Results Real Estate and has a 2,300-square-foot vacancy.

“I thought it was nicely located between the two bridges,” says Boyd. “It was in great shape and was built in 2005. It had stable tenants. The only thing we may change is what we do with that space; I'm consider doing business suites there.”

He plans to rename the retail development as the Del Prado Biz Center.

Mark Everson of Expert Team Property Management LLC is managing and marketing the property for the new owner.

The purchase entity, 3046 Del Prado Biz Center LLC, mortgaged the property to Charlotte State Bank & Trust for $675,000.