Edwin Watts store purchased, renovated for new furniture chain

BUYER: John Summerfield, as trustee for the John A. Summerfield Living Trust, Naples
SELLER: RW Management Ltd.
PROPERTY: 3980 Tamiami Trail N., Naples
PRICE: $3.6 million
PREVIOUS PRICE: $2.44 million, September 2006

SELLER: Strada Holdings LLC
PROPERTY: 9045 Strada Stell Court, Units 106-108, Naples

PRICE: $1 million
PREVIOUS PRICE: $2.5 million, January 2013
LAW FIRM ON DEED: Coleman Yovanovich & Koester PA, Naples

PLANS, DESCRIPTION:
Investor John Summerfield used the proceeds from the sale of Chicago real estate to buy two Naples properties.

He purchased the 10,735-square-foot former Edwin Watts Golf retail building for $3.6 million, equal to $335 per square foot, and commercial office units 106-108 in the Vanderbilt Galleria for $1 million, equal to $265 per square foot.

Both prices were higher than the two-year average price per square foot for retail space ($150) in Southwest Florida, according to the CoStar Group.

David Stevens, Clint Sherwood and Patrick Fraley of Investment Properties Corp. and Michael Timmerman of MJT Realty Economic Advisors represented the buyer. James Watts of J. Watts Properties represented the seller of the former Edwin Watts location, and KOVA Commercial LLC represented the seller of the Vanderbilt Galleria units.

The U.S. 41 Edwin Watts Golf store location has been renovated and is being leased to furniture company Natuzzi Italia.

“They don't have a presence on the west coast [of Florida],” Timmerman says. “They have several stores on the east coast, and there are several stores that sell their furniture here. This new store will cover all of Southwest Florida from Sarasota south.”

The new store is scheduled to open in July.

The Vanderbilt Galleria space is fully leased to financial services firm Capital Wealth Advisors. Summerfield was also attracted to the galleria space by the quality of the building, its diversity with both office and retail tenants and its North Naples location, Timmerman says.

The two properties were purchased as part of 1031 tax-deferred exchanges.