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Storino Family Acquires College Plaza Shopping Center In Fort Myers For $14.6M

Property Image
SOLD
$14,600,000

Florida

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Retail56,386 SF
Sold
the dealplayerscompscontact
Property Image
SOLD

Storino Family Acquires College Plaza Shopping Center In Fort Myers For $14.6M

7070 College Parkway

See Similar Deals
Retail56,386 SF
Sold
the dealplayerscompscontact
Contact now

Summary

FLORIDA
Asset Type:Retail
Price Per Square Foot:$258
Total Square Footage:56386 SF
Transaction Type:Sale

The property involved in this transaction is a retail asset located at 7070 College Parkway in Fort Myers, encompassing 5.25 acres. The sale price for the fully-leased property was $14,600,000, with a total square footage of 56,386 and a price per square foot of $259.

Summary of transaction details:

  • Property Type: Retail
  • Transaction Amount: $14,600,000
  • Address: 7070 College Parkway
  • Market: Fort Myers
  • Acres: 5.25
  • Square Footage: 56,386
  • Price Per Square Foot: $259
  • Buyer: Storino Family
  • Broker: Jim Shiebler - CBRE

CBRE Capital Markets facilitated the transaction, which involved extensive marketing that resulted in an exclusive agreement within one day of activation. The Storino family is noted for their ownership of Jenkinson’s Boardwalk located in New Jersey.

Players

Jim Shiebler
CBRE
Jim Shiebler
20 deals$139.9M volume
BROKER
Marcus & Millichap
Marcus & Millichap
BROKERAGE

Details

SOLD
IMAGE: Jim Shiebler DATE: 09/03/2024 ADDRESS: 7070 College Parkway MARKET: Fort Myers ASSET TYPE: Retail ~ ACRES: 5.25 BUYER: Storino Family BROKER: Jim Shiebler - CBRE (@CBRE) SALE PRICE: $14,600,000 SF: 56,386 ~ PPSF: $259 NOTE: CBRE Capital Markets facilitated the $14.6M sale of College Plaza shopping center in Fort Myers to the Storino family, known for owning Jenkinson’s Boardwalk in New Jersey. The fully-leased 56,386-square-foot property was marketed intensively, leading to an exclusive agreement within a day of activation.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$778,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$51,870.71
Cash-on-Cash Return-1.27%
Monthly Debt Service$69,211.45
Annual Debt Service$830,537.38