NAPLES, FL—It's the largest office purchase inNaples, FL this year. The SunTrust Building in Naples just tradedhands in an off-market deal for $17.3 million.

|

Steelbridge Capital acquired the seven-story,68,593 square foot office building. The company plans to repositionthe asset by implementing a capital improvement plan to beef up itsclass A status.

|

“We viewed this as an opportunity to acquire a value-add, toptier class A office building within an in-fill location in Naples,FL, a high-growth and affluent city where there is a limited supplyof institutional quality office assets that are infrequentlyoffered for sale,” Gavin Campbell, managingprincipal, Steelbridge, tells GlobeSt.com. “As an example, thisproperty has been under the same ownership for nearly 30years.”

|

Located at Pine Ridge Road and Tamiami Trail—which is Naples'“Main and Main,”—the office building is 86% occupied. Class Avacancy in the market is at 10%. Campbell says the SunTrustBuilding fits into the firm's investment strategy, which includes astring of bets in Naples.

|

Here's why: The Naples office market is one of the most stablein Florida thanks to high supply constraints and consistent demandfrom financial and legal tenants catering to the area's affluentdemographics. The SunTrust Building, which offers flexibleoffice space requirements ranging from 1,000 to5,000 square feet, is home to SunTrust Bank, UBS, and Bank ofMontreal.

|

"This is the third office asset that Steelbridge principals haveowned in the Naples market,” Jay Caplin, managingprincipal at Steelbridge, tells GlobeSt.com. “We viewed theeconomic tumult of the past few years, followed by a rapid recoveryin Southwest Florida, as an opportune time to increase our presencein this key area. This is our first acquisition in 2014 with morein the pipeline.”

|

Centrally located in the Pelican Bay neighborhood, the mostaffluent part of Naples, SunTrust Building sits next to WatersideShops, Naples's high-end mall anchored by Saks Fifth Avenue,Nordstrom, Gucci, Apple, and Cartier. Nearby amenities include ahotels, dining options, beaches, parks and trails as well as theNaples Philharmonic cultural center, all part of the large andexclusive Pelican Bay community.

|

CRE Consultants will manage the property underthe direction of Michael Manno, head ofSteelbridge's property and asset management group. DougallMcCorkle of Premier Commercial willhandle the marketing and leasing. McCorkle also brokered the saleon behalf of the former owner, GulfshoreAssociates.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.