A single-tenant retail property in Fort Myers, Florida, has sold for $14.3 million in a transaction arranged by SRS Real Estate Partners. The 42,500-square-foot building is occupied by EōS Fitness under a long-term lease. The seller was a Florida-based developer, while the buyer was a Florida investor completing a 1031 exchange.
Key takeaways
- The property at 10560 Colonial Blvd. sold for $14.3 million.
- EōS Fitness occupies the 42,500-square-foot building.
- The lease has a 20-year term and is absolute triple-net with a corporate guarantee.
- SRS represented the Florida-based developer selling the property.
- The buyer was a Florida-based investor completing a 1031 exchange.
Property and lease details
The property is a single-tenant retail building located at 10560 Colonial Blvd. in Fort Myers. EōS Fitness occupies the entire 42,500-square-foot space. Its lease runs for 20 years and is structured as an absolute triple-net lease with a corporate guarantee.
Transaction and representation
SRS Real Estate Partners arranged the $14.3 million sale. Patrick Nutt and William Wamble of SRS represented the seller, a Florida-based developer. The buyer was a Florida-based investor using the acquisition to complete a 1031 exchange, a tax-deferred strategy for reinvesting proceeds from the sale of qualifying property.
- SRS Real Estate Arranges $14.3 Million Sale of Single-Tenant Retail Property in Fort Myers, Florida, Shopping Center Business.