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.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.”
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