CCIM ROI
PHIL FISCHLER , CCIM , AND STEVE CUNNINGHAM , CCIM , MAI , SRA
The 10-parcel , 4.7-acre asset required clear communication and attentive deal-structuring before changing hands for $ 20 million in late 2021 .
Photo by Fischler Properties
Redeveloping downtown waterfront assets can look good when everything is said and done , but commercial real estate professionals are paid to handle all the odds and ends that come along with such complex legacy assets . One case ? The recent $ 20 million deal for a 10-parcel property near downtown Fort Myers , Fla ., that included a chain restaurant , hotel , and 131-slip marina .
Phil Fischler , CCIM , and Michael Curran , a colleague at Fischler Properties who is also a candidate member , represented NRIA , a New Jersey development company that expects to spend more than $ 175 million in redevelopment .
“ It had survived as a mom-and-pop-style 1970s travel lodge motel , but its time has come to be repurposed ,” Fischler says . “ The patriarch of the family had passed it on to the family , who had unsuccessfully tried to sell it several times over the years .”
The issues tied into any potential sale were many and included the on-site restaurant with a challenging lease renewal , submerged land leases that included governmental involvement , and title issues . Selling real estate with three separate income streams — a hotel , marina , and leased restaurant — made the transaction inherently difficult .
But Steve Cunningham , CCIM , MAI , SRA , who represented the family trust , brought more than 40 years of experience to the table . Along with that professional track record , he also had an established relationship with the sellers .
“ I have been involved with the family for over 20 years ,” Cunningham says . “ I helped them assemble the land that is the subject of this sale , and I have consulted with them regarding this and other properties .”
The family trust was looking for a buyer who could handle significant development and had interest in the existing marina — both boxes that were checked by Fischler and Curran ’ s client . The two sides managed to work through the various unique considerations involved in the transaction , finally closing the deal on Dec . 30 , 2021 .
“ This deal was highly confidential , extremely complex , and required a high level of both technical expertise and deal-structuring experience ,” Fischler says . “ Having CCIMs on both ends of the deal was critical in navigating the various obstacles and executing on the solutions that ultimately led to the transaction getting over the goal line .”
CIREMAGAZINE . COM COMMERCIAL INVESTMENT REAL ESTATE MAGAZINE 47