Aspen Dental, MD Now Urgent Care share building bought for $5.1 million

A two-tenant building that’s just under 7,000 square feet just sold for $5.1 million in the heart of Cape Coral – at $734 per square foot.

And a three-tenant building, about 7,100 square feet, at the epicenter of Southwest Florida’s largest growth corridor off Alico Road in south Fort Myers, also just sold for $3.8 million. That’s $535 per square foot.

Jim Shiebler, a broker with Marcus & Millichap, brokered both deals. Both were triple-net leases, meaning the involved tenants must pay the property taxes, the insurance and the upkeep of the property.

The landlords just collect the rent, which Shiebler called “mailbox money.”

The medical sector seemed to be doing better than any other in Southwest Florida, Shiebler said.

Aspen Dental and MD Now Urgent Care clinic are each leasing the Cape Coral building at the busy intersection of Veterans Parkway and Santa Barbara Boulevard.

2609 Santa Barbara Blvd LLC bought the building from 776 Jeffco Corp.

“It’s interesting, because the medical office class and asset class is really the most coveted right now in the retail and commercial sector,” Shiebler said. “They’re also destination tenants that are fortified. They are really ecommerce, recession and pandemic resistant.”

In south Fort Myers, a T-Mobile phone store, a Sun Beach tanning salon and a Chinese restaurant to become Dimsung King and planned to open in December will be leasing the building known as University Plaza at one of the entrances to Gulf Coast Town Center off Alico Road.

L.B. Anderson & Co., Inc., and Light Real Estate LLC bought that building from Sena Realty LLC.

“They’re extremely fortified and safe investments,” Shiebler said.

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