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Fort Myers office building sells to Sarasota investor for $10.25 million

The Valley National Bank Plaza was bought by Sarasota attorney and investor Evan N. Berlin.

The five story Valley National Bank Plaza was bought by Sarasota attorney and investor Evan N. Berlin for $10.25 million. (Courtesy photo)
The five story Valley National Bank Plaza was bought by Sarasota attorney and investor Evan N. Berlin for $10.25 million. (Courtesy photo)
  • Charlotte–Lee–Collier
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A nearly 55,000-square-foot office building in Fort Myers has sold to a Sarasota attorney.

Evan N. Berlin and his revocable trust paid $10.25 million for the Valley National Bank Plaza at 5220 Summerlin Commons Blvd. Berlin intends to completely renovate the property, though the exact plans aren’t yet in place.

Berlin is a founding partner at Berlin Patten Ebling in Sarasota and a major real estate investor in the area. Earlier this year, two LLCs with ties to the firm paid $9.4 million for the Six Mile Corporate Park in Fort Myers.

Valley National Bank Plaza is currently 73% leased. Tenants include the bank and Cushman Wakefield Commercial Property Southwest Florida, which will handle the leasing for the property.

“With interest rates rising, the returns advertised on properties with a strong in-place cash flow are not as appealing as they once were,” says Nick DeVito, partner at Ian Black Real Estate, which represented Berlin. “Buyers are finding more value in a property that has some vacancy and needs work to attract strong tenants, which this property offers.”

The five-story Class A office building is about five minutes from downtown Fort Myers.

 

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