Developer buys Fort Myers storage, completing project

BUYER: Vehicle Fortress LLC (owner: Richard Kohn), Winchester, Mass.
SELLER: 14702 Tarmac Court LLC
PROPERTY: 14702 Tarmac Court, various units, Fort Myers
PRICE: $3.85 million
PREVIOUS PRICE: $3.6 million, January 2008
LAW FIRM ON DEED: Rogers Towers PA, Fort Myers

PLANS, DESCRIPTION: Massachusetts developer Richard Kohn purchased the Treasure Chest Storage Condominiums property just east of Interstate 75 for $3.85 million.

The property features three buildings with 45 storage units and 3.8 acres of additional land.

An Ohio-based developer started a 172-unit storage project on the site. But the developer ran into problems stemming from the recession, and didn't complete it. An affiliate of First American Bank took over the property through a deed in lieu of foreclosure in June 2013.

The new owner plans to develop the remaining 127 units, in six buildings, and rename the project Vehicle Fortress to highlight its focus on auto, RV and boat storage.