BUYER: The Ford Building LLC (principal: David Torres), Naples
SELLER: GE Commercial Financial Business Property Corp.
PROPERTY: 4150 Ford St. Extension, Fort Myers
PRICE: $1.63 million
PREVIOUS PRICE: $510,000, May 1998
LAW FIRM ON DEED: Katten Muchin Rosenman LLP, Chicago
PLANS, DESCRIPTION: An investment group managed by David Torres of Naples purchased a 49,675-square-foot office building for $1.63 million. The price equated to $33 per square foot.
The building was 64% occupied at the time of sale. Current tenants include Southwest Florida Workforce and the Children's Network of Southwest Florida. It previously housed several government offices, including the Lee County Department of Human Services.
Gary Tasman and Brandon Stoneburner of Commercial Property Southwest Florida LLC, a Cushman and Wakefield alliance member, handled the sale. “It was bought as an investment, and they plan to lease it for the revenue stream,” Tasman says. “They liked the upside potential.”