This property is a 10,000 square-foot office located near the corner of U.S. 41 and Hancock Bridge Parkway in North Fort Myers, Florida. Originally built in 1975, the property underwent major exterior renovations to the façade, roof, and 3,000 square feet of interior office space in 2007. The remaining 7,000 square feet are currently in grey shell condition. Since acquisition, the building has undergone exterior cosmetic repairs such as landscaping improvements, touch-up painting, and pressure washing. Additionally, a monument sign has been installed on the property to provide better visibility for its tenants. In the summer of 2013, the parking lot will be resurfaced and restriped. Dennis J. Fullenkamp Realty leases 2,000 square feet and will begin reimbursing operating expenses in 2014; Spatopia leases 1,000 square feet. There is also a billboard on the property that generates $4,800 per year in income. Hancock Office has signed a lease agreement with a State Farm franchise office for 1,350 square feet, which lease begins July 1, 2013. The State Farm lease will bring the property’s total income to approximately $69,300 and the building’s occupancy to 43.5%. Our intent is to continue marketing the remaining leasable space to further enhance the return on this asset.
