Pelican Bay Executive Center sold for $34M

NAPLES — Chicago-based Steelbridge Capital LLC purchased the Pelican Bay Executive Center in Naples for $33.65 million.

The firm paid about $177 per square foot for the complex, which is around 190,000 square feet. That figure is higher than the two-year average price per square foot for office space ($131) in the Southwest Florida, according to the CoStar Group.

The property, 5801-5811 Pelican Bay Blvd., features two six-story buildings constructed in 1980 and 1981; a 242-space parking garage; and a freestanding bank building leased to Wells Fargo. Tenants include Fischer International Systems Corp., Hahn Loeser and NewsBank. The development was 70% occupied at the time of the sale.