Riverchase Dermatology group occupying part of Regions Bank building

BUYER: Ajadmin LLC (principal: Andrew Jaffe), Naples
SELLER: Everbank
PROPERTY: 15051 S. Tamiami Trail, Fort Myers
PRICE: $2.71 million
PREVIOUS PRICE: $1.05 million, September 1994
LAW FIRM ON DEED: Rogers Towers PA, Jacksonville

PLANS, DESCRIPTION: A purchase entity led by Dr. Andrew Jaffe of Naples purchased a 27,000-square-foot Regions Bank building for $2.71 million.

The price equated to $126 per rentable square foot. That figure is near the two-year average price per square foot for office space ($120) in Southwest Florida, according to the CoStar Group.

Michael Frye of the Frye Commercial Group at Re/Max Realty Group of Fort Myers represented the seller and Jay Crandall of Crandall Commercial Group represented the buyer.

Regions Bank continues to rent roughly half, 13,500 square feet, of the 21,429 net leasable space in the Class-A office building. Jaffe's medical practice, Riverchase Dermatology and Cosmetic Surgery, will use the remainder of the building for its back-office operations.

“They've been in expansion mode,” Crandall says. “In their other locations they have been [creating] more procedural space. This will give them a centralized back office. More of a spoke-and-hub concept.”

Riverchase Dermatology and Cosmetic Surgery is scheduled to be operational there by August.