The Time it took to sell the College Plaza shopping center in the south Fort Myers was officially 64 days. But in fact it only took one day for real estate agent Jim Shiebler of CBRE Commercial real estate company to reach an oral agreement between buyer and seller.
College Plaza, at the northwest corner of College Parkway and US 41, sold 27.August for 14.6 million dollars, nearly 4% less than the June 4 list price of $15.2 million. It covers an area of 5,250 square meters.
Pet supermarket, Ada’s Naturally Market, West Marine, Five Guys, Tijuana Flats and Good Feet Store will continue to operate as usual under their leases. THose shops get a new landlord at College Plaza Center LLC, A company owned by Frank Storino and his family, who are based in New Jersey, where they also own Jenkinson’s Boardwalk in Point Pleasant Beach.
“After carefully reviewing numerous shopping centers in Florida over the past few years, we are convinced that College Plaza has the recipe for long-term stability and success,” Storino said in an email: “The sellers provided us with a level of transparency and genuine support throughout our underwriting process, which proved invaluable in creating a win-win situation for both parties.”
“The combination of the unrivalled trophy location, the extremely attractive aesthetic design, the strong corporate and national Recognized tenants with a long-term lease history, long terms and below-market rents ensure the stability of this investment for decades to come.”
Storino bought the mall from a group of Fort Myers investors that included Mike Devito and Dan Creighton, whose company develops 7-Eleven convenience stores and other shopping centers.
The seller’s business name was College Venture 1 LLC. He paid $3.9 million in 2010, meaning the property’s value has increased 274 percent over the past 14 years.
“Dan and I purchased College Plaza and four other properties after the Great Financial Crisis and developed them into prime commercial properties,” Devito wrote in an email.
Shiebler called College Plaza a trophy site for generations. With an average traffic volume of 109,000 vehicles per day, it is one of the busiest intersections in Southwest Florida.
“It’s a gem of a location,” Shiebler said. “This is a long-term play. There are long-term leases. And the average lease term for the current six tenants is almost 12 years. They also have below-average rents. So, it is very sustainable., Should there be any problems with one of these tenants in the distant future, they can be easily replaced.”
Shiebler said a handful of potential buyers reached out when the property hit the market, but he had no idea he would reach an agreement within a day and close in less than three months.
“It happened quite by chance,” said Shiebler. “And again, the buyer and seller really understand each other They deserve credit for this deal thanks to their honorable dealings, transparency and genuine mutual support, which ultimately created a win-win situation.”
