A Naples-based investment group has acquired the two-building Collier Place office complex in Naples for $12.85 million.
Collier Place Holdings LLC’s purchase of the 62,000-square-foot project marks the second major deal in that sector in Naples in as many months, following a European group’s transaction for Newgate Center and Park North.
Collier Place Holdings comprises four individuals led by H&H Property & Management LLC, which, in turn, is led by Gordon and Brian Henke, state records show.
The partnership acquired the 3001 N. Tamiami Trail project from Gofsco LLC, an entity led by the late Homer Scoville, according to records. Gofsco had bought the complex, whose buildings date to 1973 and 1984, respectively, for $11.4 million in 2013.
Collier Place is currently 82% occupied to Comerica Bank, Lake Michigan Credit Union, law firm Cummings & Lockwood, Fifth Avenue Advisors and others.
The off-market transaction had been under a contract of sale since last October, says Patrick Fraley, a partner in the commercial real estate brokerage firm Investment Properties Corp. (IPC), also of Naples, who represented Gofsco in the negotiations.
Fraley adds that Collier Place Holdings intends to investment roughly $1.5 million into the office buildings within its first year of ownership.
“The pricing reflects a lot of deferred maintenance in the property, but the new owner intends to invest in it to get it back to being the Class A property it once was,” says Fraley, who worked on the sale with fellow IPC partner David Stevens.
Last month, Stevens negotiated the $33 million sale of the nine-building Newgate Center and Park North, at 5200 N. Tamiami Trail, which was purchased by a firm from the Netherlands. That 100,000-square-foot deal represents one of the largest office transactions in the Collier County market over the past three years.