MIAMI—In a sale that industry watchers say signals a trend toward rising prices for office properties in Southwest Florida, 7800 University Point Drive in Fort Meyers has traded hands. The sale price on the 21,630-square-foot office building was $2 million. That puts the square foot price at $91.77.
Johnson Land Investments sold the office building to First Family Insurance. William Mankin of Colliers International Southwest Florida worked as the transactional broker.
“The property was an excellent fit for Family First Insurance because they utilize manufactured cubicle space to accommodate their employees,” says Mankin. “This building has approximately 7,000 square feet of open space on the second floor suitable for that use.”
First Family, multiline insurance agency, will occupy about 17,500 square feet of the class B-plus building. It will take up the first floor, which is designed for office use, for administrative purposes.
The agency is relocating to Fort Myers from the previous Lee County location it was renting. Amerivest Realty, the current tenant, will continue leasing Suite 400, which spans about 2,920 square feet.
“Southwest Florida has seen improvement first in the retail sector, followed by the industrial sector, and now we are seeing a general improvement in the office sector of the market,” says Mankin. “This transaction, with a higher price per square foot than we've seen for this kind of property in quite a while, is a good indication of that.”
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