A newly constructed commercial building in Port Charlotte housing an urgent care facility and coffee shop sold for $4 million.
Tenants American Family Care Urgent Care and Kahwa Coffee occupy the building at the entrance to the Home Depot- and Kohl’s-anchored shopping centers on Cochran Boulevard.
“My client sold vacant land in Homestead, Florida, and was looking to invest in a triple-net lease property,” said broker Doris Parham, who represented buyer 19580 Cochran LLC. The principal of the LLC wasn’t disclosed.
“Once we found a good match in this listing, I helped them to negotiate a sales price with a 6.08% cap rate. After only being on the market for a few weeks, the sale closed in 45 days with an all-cash transaction.”
The seller was AFC PC LLC, represented by co-op agents Ronnie Issenberg and Gabriel Britti from Marcus & Millichap.
The 5,000-square-foot building on 1.08 acres was originally listed at $4.3 million.
AFC Urgent Care was the latest franchise added to the portfolio of CEO Vik Patel and managing partner Sanjay Patel whose Tampa-based Purple Square Management Co. was founded in 2006. The company operates seven different franchises in a dozen states and plans to open more, Sanjay Patel said.
Sanjay Patel said his company owns about 300 franchises nationwide, including Baskin Robbins, Popeyes, The Brass Tap Craft Beer, Rent-A-Center, RimTyme, Take 5 Oil Change, Smalls Sliders and Content Recovery Specialists.
In addition to owning AFC Urgent Care, Purple Square Management also owns a Dunkin’ location in Port Charlotte and another in Punta Gorda, in addition to dozens more in Florida and Alabama.
AFC was founded in 1982 by the late Dr. Bruce Irwin and the franchise is among the most successful urgent care clinics in the area, Marcus & Millichap officials said.
Kahwa Coffee is a wholesale and retail coffee company based in St. Petersburg founded in 2006 by Sarah and Raphael Perrier.
Charlotte County Community Development records show, during its permitting stage, Kahwa Coffee is described as a 1,500-square-foot drive-thru restaurant.
Coldwell Banker officials said Kahwa Coffee’s contractor is completing buildout expected to open in early 2025.
Kahwa is among the largest independent coffee roasters in Florida with numerous coffee bar locations.
