London Bay Homes buys third floor of office building

BUYER: LB 2210 Vanderbilt LLC (principals: Stephen and Mark Wilson), Naples
SELLER: 2210 Floor 3 LLC
PROPERTY: 2210 Vanderbilt Beach Road, units 301-307, Naples
PRICE: $2.08 million
PREVIOUS PRICE: $2.95 million, July 2005
LAW FIRM ON DEED: Conroy Conroy Durant & Rudnick PA, Naples

PLANS, DESCRIPTION: An affiliate of London Bay Homes purchased the 11,911-square-foot third floor of an office building for $2.08 million.

The price equated to $174 per 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 Naples-based homebuilder previously leased other space in the Vanderbilt Beach Road building, and it bought the additional space to consolidate and enlarge the company's offices and operations.

“We're pleased to see the steady uptick in sales and construction activity in Southwest Florida over the past 18 months,” Mark Wilson, president and CEO of London Bay, says in an email to the Business Observer. “As a result, London Bay Homes has grown by almost 35% in the past year, so the time was right to considerably expand our office space. The new space also gives us the opportunity to showcase a state-of-the-art home design center in a central location, for the ultimate convenience of our clients.”

The larger location will house about 80 employees, including the company's in-house architectural department and Romanza Interior Design services.

Craig Timmins and David Stevens of Investment Properties Corp. represented the seller. London Bay Realty Inc. represented the buyer.

Purchase entity LB 2210 Vanderbilt LLC mortgaged the property to First National Bank of the Gulf Coast for $1.35 million.