North Fort Myers Retail/Office Plaza Purchased in 1031 Exchange

Plaza 41, a retail/office property in North Fort Myers, has sold for $1.9 million. Totaling 26,820sf, the plaza is situated at the corner of North Cleveland Avenue and North Key Drive, just north of the Cleveland Avenue bridge.

Jim Boback, CCIM, of Boback Commercial Group, represented the buyer, B.J. & S. Properties, LLC, a private investor from Florida’s east coast. Nick DeVito II and Joanna Ginder of Ian Black Real Estate represented the sellers, 600 Plaza 41, LLC.

The plaza, which is currently less than 50% occupied, contains a strip of retail and office space, as well as two standalone restaurant outparcels. Tenants include Rib City, Siam Thai & Sushi and Daddy Dee’s Ice Cream.

According to DeVito, the purchase was part of a 1031 Exchange. “This property was a perfect fit for the buyer because of the value-add potential,” he said.

The buyer plans to improve the property and enhance the space for future tenants.