West Virginia-based D&S, Inc., has purchased a 19,060sf strip center in Cape Coral for $2.25 million. Situated on 1.56 acres of land, the center is at 601 Del Prado Boulevard North. The sale was part of a tax-deferred (1031) exchange.
Phil Deems of Phil Deems Real Estate represented the seller, William J. Lader. The buyer was represented by William Mankin, managing director of office services for Colliers International Southwest Florida.
According to Mankin, the property was a good fit for the buyer because of its strong location and value-added potential. “Reasonably priced investment properties are becoming more difficult to find in Southwest Florida,” he said. “As supply for suitable retail property diminishes, we’re seeing a trend toward lower capitalization rates and resulting price increases.”
D&S will oversee cosmetic improvements to the building’s exterior and plans to increase value for existing tenants that include Century 21, Cabinet Depot and Petrucci Pianos.
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