Great Northern buys warehouse
June 26, 2009
BUYER: Great Northern Investments LLC (principals: Max and Michael Harari), Fort Myers
SELLER: Westgate Medical Records LLC
PROPERTY: 5597 Eighth St. W., Lehigh Acres
PRICE: $2.54 million
PREVIOUS PRICE: $383,100, September 2004
LAW FIRM ON DEED: Duncan & Associates PA, Fort Myers
PLANS, DESCRIPTION: Max and Michael Harari’s limited liability company Great Northern Investments LLC purchased a 41,648-square-foot warehouse building on Eighth Street West south of Lee Boulevard for $2.54 million. The purchase price equated to $61 per square foot of building space. The building, which sits on 2.9 acres par
cel, is currently leased to LeeSar Great Northern Investments for its record storage and management offices.
Bob Johnston and Jerry Messonnier with Grubb & Ellis | 1st Commercial LLC represented the seller, and Tom Daugherty of Daugherty & Associates represented the buyer.
“This was in investment; the medical record tenant will stay on,” Johnston says.
Built in 2005, the facility features a two-story 6,400-square-foot office space and a 7,000-square-foot clean room.
The purchase price equated to an 8.7% capitalization rate.
Patient executive finally makes his move
Steve Marino, who closed on a $380,000 deal for the land last July, recently announced plans to build a two-building, 20,000-square-foot complex on the site, where he eventually hopes to employ at least 10 people. He hopes a glossy new showroom for appliances will be open by early 2011.
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News that $56.1 million in federal tax-exempt financing is available for Lee County businesses has generated considerable interest.
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