Schiff Enterprises Acquires Barnes & Noble Building In Fort Myers For $7.5M
13751 South Tamiami Trail
$7,500,000
$250/SF
Building Size
30,000 SF
Asset Type
Retail
Closing
Dec 22, 2023
AI
Schiff Enterprises, led by Robert and Abe Schiff, has acquired a 30,000-square-foot Barnes & Noble building in Fort Myers for $7.5 million. The purchase completes Schiff Enterprises' ownership of a shopping center in Lee County. The property is located at 13751 South Tamiami Trail and is strategically positioned in a high-traffic area. The transaction includes a new 10-year lease under a triple-net agreement.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $7,500,000
- Address: 13751 South Tamiami Trail
- Market: Fort Myers
- Square Footage: 30,000
- Buyer: Schiff Enterprises - Robert & Abe Schiff
- Buyer's Representative: Jim Shiebler - Marcus & Millichap
- Seller's Representative: Christopher Bosworth - CBRE
Jim Shiebler, representing Schiff Enterprises, facilitated the deal with Christopher Bosworth, who represented the seller. The acquisition of the Barnes & Noble building provides Schiff Enterprises with a valuable asset in its shopping center portfolio. The strategic location and favorable lease agreement make it a desirable addition to their holdings.
Players
Fort Myers Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.12%
Cash-on-Cash
-0.60%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93