BUYER: PJJ Holdings LLC (principal: Peter Jaffe), Naples
SELLER: HMW LLC
PROPERTY: 150 Tamiami Trail N., Units A and B, Naples
LAW FIRM ON DEED: John G. Vega PA, Naples
PLANS, DESCRIPTION: Dr. Peter Jaffe of Naples-based Jaffe Sports Medicine & Rehabilitation purchased the 4,285-square-foot Units A and B in Doctors Professional Building for $942,700.
The price equated to $220 per square foot. That figure is higher than the two-year average price per square foot for office space ($119) in Southwest Florida, according to the CoStar Group.
The vacant former surgery center is across U.S. 41 from Naples Community Hospital in downtown Naples.
Craig Timmins of Investment Properties Corp. handled the transaction.
“This was a freestanding building on Tamiami Trail and not a terribly big one,” Timmins says. “There aren't that many smaller buildings on U.S. 41 that are available to purchase.”
Officials at Jaffe Sports Medicine & Rehabilitation did not respond to a request for comment prior to deadline.
The purchase entity PJJ Holdings LLC mortgaged the property to Gibraltar Private Bank & Trust Co. for $1 million.