Couple buys Plaza North, Northpark Centre

June 05, 2009

BUYER: Patton Avenue Holdings LLC, Naples
SELLER: Kenneth J. Johnson as trustee of the Plaza North Trust
PROPERTY: 9995 and 10295 Tamiami Trail N., Naples
PRICE: $6.28 million
PREVIOUS PRICE: $3.7 million, October 2001 and $1.11 million, March 2005
LAW FIRM ON DEED: Goodlette Coleman Johnson Yovanovich & Koester PA, Naples
PLANS, DESCRIPTION: An Asheville, N.C., couple, using the corporate identity of Patton Avenue Holdings LLC, purchased the 10,000-square-foot Plaza North retail strip center and the 18,000-square-foot professional and medical office park Northpark Centre for $6.28 million. The purchase price reflected 3,000 square feet of vacant space in the L-shaped strip center, 1,500 square feet vacant in the four-building office park and equated to a capitalization rate of 8.2%. Verizon and Hungry Howie’s Pizza anchor Plaza North.

David J. Stevens of Investment Properties Corp. handled the transaction.

“This couple was working on a 1031 exchange,” Stevens says. “They were looking for stable properties. I thought it was a reasonable price for the purchaser given the yield and stability. It was also a good number for the seller.
The reality is that most people agree we are nearing the end to the downturn, and that if that’s the case when do you want to jump back in. When everyone else is jumping in or do you want to pioneer a little bit.”
Patton Avenue Holdings LLC mortgaged the property to the former ownership Kenneth J. Johnson as trustee of the Plaza North Trust for $4.18 million.