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Portion of Ft. Myers industrial property sells for $5.9 million
Indian Creek Ranch LLC purchases three fully leased units totaling 55,500 square feet
The seller, Suncoast Aluminum Furniture, which has built the property in three phases – the first of which began in the 1980s – will maintain ownership and occupancy of the 61,500 square feet of the 117,000-square-
Maddie Sawatzky of Colliers represented the seller in the transaction. Jim McMenamy of RE/MAX Realty Group represented the buyer.
"This property balances the buyer's other holdings in the rapidly growing Alico Corridor and was a replacement property ("upleg") in a 1031 exchange," said Maddie Sawatzky, Broker Associate, Colliers. "With the property being 100 percent leased with market terms, it offered an attractive return on investment."
Prior to listing the property for sale, the Colliers team worked with the seller to bring the property to 100% occupancy with new quality tenants paying market rents.
The seller wanted to maintain ownership and occupancy of a portion of the property. Following strategic discussions with the Colliers team and their attorney, the seller agreed to condominiumize the property. This allowed the seller to remain in the space it has been using and give the new owner more flexibility.
"All of the work that went into the property prior to the sale increased its value by at least $2 million," Sawatzky said. "The seller's goals were to capitalize their real estate investment to add value to expand and improve their business operations, and to reinvest into another income-producing property. We were proud to play a role in helping them accomplish that."
The three tenants currently in the portion of the property now owned by Indian Creek Ranch are Clear Energy Partners, Gannett MHC Media, Inc. d/b/a The News Press and Montgomery Cabinetry Co. Inc.
Suncoast Aluminum Furniture is a family-owned and operated leading manufacturer of quality commercial and residential outdoor furniture established almost 40 years ago.
"Before we started using Maddie as our commercial real estate broker, we had above-market vacancy in our multi-tenant industrial building," said Paul Varshney, co-owner of Suncoast Aluminum Furniture. "She was able to attract multiple tenants at almost double the rental rate we had previously. https://www.colliers.com/