Marlin Propety Holdings, LLC to Marlin Plaza, Inc.
5611 & 5631 Six Mile Commercial Court, Fort Myers, FL 33912
Our client is an experienced restauranteur with the capacity and ability to invest. He originally approached us with a need to lease space or find a build-to-suit opportunity to launch a new restaurant concept. We listened closely to understand his needs and capabilities. We developed and discussed different strategies then identified opportunities in the market. The client settled with a strategy to develop a multi-tenant anchored retail and entertainment center. To diversify the risk, he developed a building concept that could easily be repurposed in the event that a change of use would be required.
We located a site, created the financial model, assisted in identifying the financial resources required, then created a leasing strategy. The building was fully leased at issuance of the certificate of occupancy with a solid, long-term tenant mix and stabilized operating statement that exceeded proforma by more than twenty percent. The assets has been professionally managed from inception to disposition by Cushman & Wakefield | Commercial Property Southwest Florida.
Our local capital markets team sold the asset for $6,500,00 or 6.54% CAP Rate which represented a $2,000,000 profit, plus free buildout and two years free rent for the fledgling start-up phase.