FOR IMMEDIATE RELEASE:
Sarasota, Florida – 3/26/2019
Ozinus Maple, LLC has purchased the Mapleleaf Plaza shopping center in Port Charlotte for $1.9 million. The 20,510-square-foot property on 2.75 acres is located at 2200 Kings Highway, just south of the Maple Leaf Golf and Country Club in Punta Gorda, Fla.
Nick DeVito II, SIOR, and Joanna Ginder of Ian Black Real Estate represented the seller, 200 Mapleleaf Plaza, LLC, in the transaction.
At the time of sale, the average length of occupancy of the seven existing tenants – which includes Smoke N Pit BBQ and Peter’s Restaurant – was 12.5 years. Vacancy was approximately 30 percent. The seller had put on a new roof, resurfaced the parking lot and painted the property within the past three years.
“Right now, buyers are looking for value-added investments,” said DeVito. “This property fit into the buyer’s expectations on having stable tenants, minimal capital expenses coming up and increased return with current vacancy.”
The buyer currently owns commercial properties in Lee County.
“This is a good addition as the buyer grows their portfolio north,” said DeVito.
Four spaces are currently available for lease in Mapleleaf Plaza.