Industrial Portfolio Sells for $31M

(Carl Cronan is editor of Real EstateFlorida.)

NAPLES, FL-The Adler Group Inc. has made its first local acquisition, taking an 11-building, 252,422-sf industrial portfolio for $31 million, or $123 per sf. The purchase encompasses the seven-building Collier Park of Commerce and the four-building Commerce Center, both near Naples Municipal Airport.

Collier Park of Commerce totals 189,523 sf, while Commerce Center has 62,899 sf, according to Cushman & Wakefield of Florida, which negotiated the sale on behalf of Lund Capital Group. The combined occupancy of the properties is 96%.

Adler Group, based in Miami, was one of seven bidders for the property package, says Mike Davis, executive director of C&W’s capital markets group in Tampa. Besides demonstrating strong confidence in the Southwest Florida commercial real estate market, he says, the new owner is moving into an area where few other major investors have yet to go.

“One of the nice things about Naples is that you don’t have a lot of institutional competition,” Davis tells GlobeSt.com. “They (Adler Group) view it in the longer term as a good place to be.”

Adler Group owns numerous commercial properties in the South Florida, Tampa Bay and Orlando markets, with some buildings carrying the FlexxSpace brand. The company specializes in multi-tenant industrial and office properties throughout the Southeast.

The Naples buildings are geared to small and mid-sized tenants and contain a mix of industrial, flex and garden office space, Davis says. He adds that Naples-based Lund Capital has owned the properties for several years and sold them to pursue other commercial investment opportunities.

Along with Davis, Rick Brugge, associate director with C&W’s Tampa office, assisted Lund Capital in the sale. Also involved in the deal were Gary Tasman, executive director, and Brandon Stoneburner, associate director, both with C&W’s Fort Myers office.