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Salt Lake's Ninigret Group buys Goodlette medical office building

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  • | 6:47 a.m. September 21, 2012
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BUYER: Ninigret Technology East LC (The Ninigret Group LC), Salt Lake City

SELLER: Goodlette Office Corp.

PROPERTY: 671 Goodlette Road N., Naples

PRICE: $3.49 million

PREVIOUS PRICE: $2.61 million, July 1993

LAW FIRM ON DEED: Cheffy Passidomo, Naples

PLANS, DESCRIPTION: The Ninigret Group LC purchased a 22,998-square-foot medical office building for $3.49 million.

The price equated to $151 per square foot. The two-story building was constructed in 1992 and occupies a 1.99-acre site.

Located in Goodlette Medical Park, the facility was 93.8% occupied at the time of the sale and had a single vacant unit. The 11-unit building houses mainly medical users, such as physicians' offices, but it also includes a chiropractic office, therapist and a title company.

Based on current income the sale price equated to a payoff ratio (capitalization rate) of 8%. The buyer purchased the property as part of a 1031 tax-deferred exchange.

Dean Prevolos of Commercial Management of Naples represented the seller and Dean Foster of Downing Frye Realty Inc. represented the buyer.

A month ago, The Ninigret Group purchased the 9,620-square-foot medical office building Northbrooke Plaza for $1.36 million ($141 per square foot). The company did not reply to requests for comment prior to deadline.

The firm mortgaged the property and Northbrooke Plaza to Symetra Life Insurance Co. for $2.75 million.


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