The Offices at Pelican Bay, a two-building office portfolio in Naples, Fla., has traded hands in what JLL says is the largest office transaction on Florida's Southwest coast this year.
The 177,557-square foot portfolio sold for $55.5 million.
The seller was a joint venture between funds managed by Apollo Global Management, Miami-based SQUARE2 Capital and Steelbridge Capital.
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The buyer was not disclosed.
The sellers purchased the property for $33.6 million in 2014. This deal is the partnership's second sale in Naples in recent years; it bought the SunTrust Building across the street in 2014 for $17.5 million and sold it a year later through JLL for $25.5 million.
The Offices at Pelican Bay comprise two, six-story buildings that sit on nearly 10 acres at the intersection of Pelican Bay Blvd. and Tamiami Trail North within the Pelican Bay community.
The JLL Capital Markets team representing the seller was led by Hermen Rodriguez and Chris Drew, Ike Ojala and Matthew McCormack. Patrick Fraley, CCIM of Investment Properties Corp. of Naples, procured the buyer.
"Florida's business friendly and tax-friendly environment continues to attract new companies and investors to the market," McCormack said in prepared remarks. "As a result, we are finding investor interest continues to grow for well-located office properties with value-add components such as The Offices at Pelican Bay."
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
