The land was just zoned for 45,000 sf--with retail encompassing 30,000 sf and office space filling up the rest, Paul A. Sands of Grubb & Ellis|VIP, who represented Bonita Boardwalk Inc., tells GlobeSt.com. Such a facility would cost an estimated $5 million to $6 million.
The property is located at Interstate 75 and Bonita Beach Road, across the street from the new Home Depot in Lee County. Sands says he is not sure if the new owner will develop the project or turn around and sell it.
"There are a lot of people out there who are pretty hot for (property there)," says Sands. "We made a pretty nice profit," he says, adding he thinks there is room for the developer to make money.
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