New York's Ninigret Group buys Northbrooke Plaza

BUYER: Ninigret Technology East LC and Ninigret Park Development LC, Salt Lake City

SELLER: Trinity of Naples LLC

PROPERTY: 2515 Northbrooke Plaza Drive, Naples

PRICE: $1.36 million

PREVIOUS PRICE: $352,000, April 2002

TITLE FIRM ON DEED: Ross Title & Escrow Inc., Naples

PLANS, DESCRIPTION: New York City-based The Ninigret Group purchased the 9,620-square-foot Northbrooke Plaza for $1.36 million.

The price equated to $141 per square foot.

Constructed in 2003, the medical office building is fully leased. Its tenants include 4,500-square-foot Integrated Healthcare Solutions and 3,600-square-foot Trinity Chiropractic. Lana's Dental Care PA occupies the remainder of the building.

The purchase price equated to a payoff rate based on income (capitalization ratio) of 8.6%.

Richard Clarke, Chuck Smith and Carlos Acosta of Lee & Associates' Naples-Fort Myers LLC represented the seller, and Dean Foster of Downing Frye Realty Inc. represented the buyer.

“It was the back leg of a 1031 [tax deferred] exchange,” Clarke says. “These were the equivalent of [passive] double net leases. It was the closest thing to a triple net lease as you can get for a multi-tenant building with no common area amenities. Freestanding medical buildings under 10,000 square feet are really a sweet spot in the market right now.”
Tenant lease terms range from two to four years.