Owner of abandoned restaurant buys adjacent Cypress Trace for $40.3M

Author: David Dorsey, Gulfshore Business
Published: Updated:

Benderson Development, which for 10 years has owned a vacant restaurant building off U.S. 41 in south Fort Myers, just paid $40.35 million for its next-door neighbor, Cypress Trace shopping center.

For more than a decade, Benderson has been unwilling and unable to lease what, until 2008, used to be the 5,600-square-foot Lone Star Steakhouse and Saloon at 13186 S. Cleveland Ave., in south Fort Myers at the corner of U.S. 41 and Cypress Trace Drive.

Just to the west of the abandoned building stands the 280,000-square-foot Cypress Trace shopping center at 13300 S. Cleveland Ave. The center is 99% leased, with anchor tenants comprising 83% of the tenant base, according to Cushman & Wakefield Commercial Property Southwest Florida, which represented the seller, an affiliate of Nuveen Real Estate.

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