BUYER: Steelbridge 801 LLC, Miami
SELLER: Gulf Shore Associates Limited Partnership
PROPERTY: 801 Laurel Oak Drive, Naples
PRICE: $12.6 million
PREVIOUS PRICE: $8.58 million, October 1984
LAW FIRM ON DEED: Latham & Watkins LLP, Chicago
Chicago-based Steelbridge Capital LLC purchased the 68,487-square-foot SunTrust Bank Building on U.S. 41 for $12.6 million.
The price equated to $184 per square foot. That figure is higher than the two-year average price per square foot for office space ($131) in Southwest Florida according to the CoStar Group.
The seven-story office building is located in Pelican Bay adjacent to the Waterside Shops retail development. Tenants include SunTrust Bank, UBS, BMO Financial Group and Preferred Travel of Naples Inc. It was 85% occupied at the time of the sale.
“We are a big fan of Naples,” says Jay Caplin, managing principal of Steelbridge Capital. “The principals of the firm have invested in Naples through several different cycles. We looked at several different deals in the market, including retail on Fifth Avenue, but when this property presented itself it was really ideal for what we wanted to accomplish.”
The new ownership plans to make some capital improvements including upgrades to the grounds, exterior and some of the common areas. The goal, Caplin says, is to improve a property that is already among the top tier assets in the market.
“We are really bullish on Naples and we're looking for other acquisitions to pursue there,” he says.
Dougall McCorkle of Premier Commercial represented the seller and Michael Lynch of Michael Lynch PA represented the buyer.
Steelbridge Capital is a privately held real estate investment company. Its existing local holdings include the Buschwood III, Urban Center and Sun Forest I and II in Tampa, Marshall and Iseley Building in Naples and Metro Park Center in Fort Myers.
The purchase entity, Steelbridge 801 LLC, assumed a $12.6 million mortgage provided by U.S. Bank National Association as trustee on the property from the seller, Gulf Shore Associates Limited Partnership.