Meyers Group Acquires Development Site On Alico Road & Three Oaks Parkway In Fort Myers For $20M
$20,000,000
$6/SF
Building Size
3,014,002 SF
Asset Type
Development Site
Closing
Feb 1, 2024
AI
A development site on Alico Road and Three Oaks Parkway in Fort Myers has been sold for $20,000,000. The property spans 1,507,001 square feet, resulting in a price per square foot of $13. The buyer, Meyers Group, acquired the site from the seller, Paul Freeman.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $20,000,000
- Square Footage: 1,507,001
- Price per Square Foot: $13
- Address: Alico Road & Three Oaks Parkway, Fort Myers
- Market: Fort Myers
The deal was facilitated by brokers Don Ginsburg and Michael Lewin from Katalyst Real Estate & Development.
Players
Market Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.79%
Cash-on-Cash
-0.23%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93