Storino Family Acquires College Plaza Shopping Center In Fort Myers For $14.6M
7070 College Parkway
$14,600,000
$258/SF
Building Size
56,386 SF
Asset Type
Retail
Closing
Sep 3, 2024
About this deal
AI
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.
On the Map
$14,600,000
$258/SF
Retail
View full map
Players
Fort Myers Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
Loading comparables…
Deal FAQ
Visit Jim Shiebler to view all their deals.
Browse Fort Myers retail sales on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.09%
Cash-on-Cash
-0.31%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93