BUYER: 1726 Medical Building I LLC (Walcott Partners), Huntley, Ill.
SELLER: MT Crown Properties Inc.
PROPERTY: 1726 Medical Blvd., Naples
PRICE: $3.95 million
PREVIOUS PRICE: $3.05 million, September 2001
TITLE FIRM ON DEED: Florida Universal Title LLC, Naples
PLANS, DESCRIPTION: The Walcott Partners of Huntley, Ill., purchased the 13,152-square-foot Naples Women's Center medical office building for $3.95 million.
The price equated to $300 per leasable square foot. That figure is higher than the two-year average price per square foot for office space ($120) in Southwest Florida, according to the CoStar Group.
The 12-year-old, two-story building features five tenant suites and is less than a block from NCH North Naples Hospital. The obstetric and gynecology medical practice, Naples Women's Center, leases more than 7,000 square feet on the first and second floors. The dental practice of Dr. Mark Makram occupies 2,169 on the second floor and family medicine doctor Dr. Gregory Knight of Pointe Medical Center leases another 2,056 square feet. A lease for the final 1,665-square-foot space is pending.
Kevin Lindheim of Florida Valuation & Consultants Inc. represented the seller.
The purchase price equated to a payoff ratio based on income (capitalization rate) of about 8%. The sale was done as 1031 tax-deferred exchange.
Purchase entity 1726 Medical Building I LLC mortgaged the property to Florida Community Bank NA for $2.56 million.