Iberiabank cashes in tower

BUYER: SHA Realty Holdings LLC (members: P&D Irrevocable Trust, Robert Costello and Vincent Costantino), Palm Beach Gardens
SELLER: Iberiabank
PROPERTY: 2150 Goodlette Road N. and 1465 Golden Gate Parkway, Naples
PRICE: $14 million
PREVIOUS PRICE: $15.5 million, April 2005 and $465,300, February 2006
LAW FIRM ON DEED: Coleman Yovanovich Koester PA, Naples

In virtually any other Gulf Coast market, selling an office building for $228 a square foot would be a crowning achievement. Not in Naples, where the $14 million sale of the eight-story Iberiabank building is slightly below the current average sales price ($237 a square foot) for office space. The sale stands as a testament to the rapid gains in the Naples office market, particularly over the past 18 months.

Area businessmen Robert Costello and Vincent Costantino and a trust purchased the 61,278-square-foot Iberiabank building on 2.65 acres along with an adjacent 2.64 acres to the east containing additional parking.