BUYER IN LIEU OF FORECLOSURE: CHP Erie Investors LLC, Buffalo, N.Y.
SELLER: DIV Double Pea LLC
PROPERTY: 11121-11181 Health Park Blvd., Naples
PRICE: $16.12 million (loan debit exchanged)
PREVIOUS PRICE: $3.39 million
LAW FIRM ON DEED: Coleman Yovanovich & Koester PA, Naples
PLANS, DESCRIPTION:McGuire Development Co. has acquired the 76,500-square-foot Collier Health Park in Naples.
The Buffalo, N.Y.-based medical real estate developer acquired the mortgage debit on the property from LaSalle Bank NA and then took over ownership of the property through a deed in lieu of foreclosure. The deed reports the property was transferred based on $16.12 million in mortgage debit.
Collier Health Park features a 49,500-square-foot multitenant medical building, 17,000-square-foot surgery center and 10,000-square-foot plaza with retail space. The surgery center and medical office building are both fully leased. The retail building is 82% occupied.
“We see it as an active investment and look forward to working with the tenants to meet their needs within the buildings,” says James Dentinger, president of McGuire Development. “We are planning an expansion and refurbishment particularly to the retail plaza out front. We [also] plan to work closely with the Naples Community Hospital across the street.”
The hospital already rents space in the medical building and surgery center. Dentinger says that the new owner plans to meet with the existing tenants to help craft the future physical improvements.
McGuire Development isn't a stranger to the Naples market. The firm is already working to develop 26 acres on Airport Pulling Road, and its principals also have winter homes in the region. Dentinger says the company likes to build a critical mass in an area and that it is looking at other commercial properties across Southwest Florida.