FORT MYERS, FL – Signaling the continued improvement of the Southwest Florida commercial real estate market, a local developer has purchased four buildings on 2.4 acres of land in downtown Cape Coral, Fla., for $1.35 million.

The property at 1607 Cape Coral Parkway East is on the corner of Del Prado Boulevard and Cape Coral Parkway, at the first major intersection entering Cape Coral from Fort Myers by way of the Cape Coral Bridge. One of the four retail and office buildings was leased at the time of sale.

Fred Kolb, MBA, CCIM, and Jim Garinger, CCIM, SIOR, of Colliers International Southwest Florida represented the seller, Fifth Third Bank. The buyer was 1607 Cape Coral Parkway, LLC, led by principal Dan Creighton.

The existing tenant is expected to take additional space in the property. In addition, the buyer plans to demolish two buildings near Del Prado Boulevard to develop a new building for a Culver’s restaurant location. Construction is expected to begin in six to 12 months.

“This market area is starting to see increased redevelopment at prime locations,” Kolb said.

“This is a great property for a local developer who is confident he can work with the local agencies and work through issues impacting plans for the property.”

About Colliers International

Colliers International is a global leader in commercial real estate services, with over 13,500 professionals operating out of more than 482 offices in 62 countries. A subsidiary of FirstService Corporation, Colliers International delivers a full range of services to real estate users, owners and investors worldwide, including global corporate solutions, brokerage, property and asset management, hotel investment sales and consulting, valuation, consulting and appraisal services, mortgage banking and insightful research. The latest annual survey by the Lipsey Company ranked Colliers International as the second-most recognized commercial real estate firm in the world. For the latest international news from Colliers International, visit colliers.com/us/news, or follow us on Twitter: @ColliersIntl