- April 15, 2011
BUYER: 9260 Estero LLC (manager: Summit Holdings GP LLC), Miami
SELLER: The United States Life Insurance Co. in the City of New York
PROPERTY: 9260 Estero Park Commons Blvd., Estero
PRICE: $2.5 million
PREVIOUS PRICE: $2.51 million, November 2002
LAW FIRM ON DEED: Coleman Yovanovich & Koester PA, Naples
A company affiliated with air-cargo carrier Western Global Airlines LLC purchased a 22,480-square-foot office building for $2.5 million.
The price equated to $111 per square foot. That figure is in line with the two-year average price per square foot for office space ($112) in Southwest Florida, according to the CoStar Group.
Known as Estero Park Commons, the building is currently half leased to Lane Pediatrics and McGarvey Development Co./McGarvey Construction Co. of Florida. Both of the tenants occupy space on the bottom level. The top floor, about 11,000 square feet, is currently vacant. Western Global Airlines is expected to operate from that space.
The building features keyless entry, a specialized safety system and energy-efficient and impact-resistant glass. It was built using concrete tilt-wall construction.
Matt Frederickson and Tim Schneider of Trinity Commercial represented the seller, The United State Life Insurance Co. Randal Mercer, Brandon Stoneburner and Nicole Gray of CRE Consultants represented the buyer.
“This is a great place to call home for a 10,000-square-foot tenant,” Mercer says. “The prior owner put a lot of money into the building, so aside from remodeling their own space, the building is in great shape.”
Western Global Airlines, which started operations in August, is led by CEO Jim Neff, who founded and was CEO of Southern Air Inc. from 1999 until 2010. Neff is also acting CEO and chairman of Helsinki, Finland-based Nordic Global Airlines Ltd.