Collier Place office buildings on U.S. 41 in Naples sold

Collier Place I and Collier Place II along U.S. 41 in Naples have sold for $11.4 million.

Collier Place I and Collier Place II along U.S. 41 in Naples have sold for $11.4 million.

The buildings, south of Park Shore Drive and north of Coastland Center mall, have a combined 60,550 square feet of office space. The first one was built in 1973; the other in 1983. They're about 80 percent occupied. Tenants include Encore Bank, Comerica Bank and the Cummings and Lockwood law firm.

— Two office buildings that weren't even on the market along a prime commercial stretch of U.S. 41 in Naples have sold for $11.4 million.

The buildings — Collier Place I and Collier Place II — weren't listed for sale, said David Stevens, a principal in Investment Properties Corp., who represented the buyer. But the buyer made an enticing offer, seeing them as a good investment, he said.

"It's sort of back to the days of buying buildings with stable occupancy," Stevens said. "It's a good location and it's stable occupancy."

The buildings, south of Park Shore Drive and north of Coastland Center mall, have a combined 60,550 square feet of office space. The first one was built in 1973; the other in 1983. They're about 80 percent occupied. Tenants include Encore Bank, Comerica Bank and the Cummings and Lockwood law firm.

Negotiations are ongoing to fill 8,100 square feet on an empty third floor in Collier Place I, Stevens said.

Once that's leased, it will leave about 3,300 square feet of available space, nearly filling up that building.

The buyer was Gofsco LLC, a real estate holding company.

State records show the Connecticut company filed an application to do business in Florida on Dec. 20. The manager for the limited liability company is listed as Homer G. Scoville, who has a Naples address.

The seller's agent couldn't be reached for comment on the sale. The seller was a Massachusetts limited liability company, DMP Tamiami LLC, which shares a Boston address with Marcus Partners Inc. The company paid $19 million for the two buildings in October 2006, Collier County Clerk records show. That was at the height of the real estate market boom, Stevens pointed out.

DMP Tamiami LLC bought the buildings from a Collier family partnership, Stevens said.

Collier Enterprises, a Naples-based development company, built the two buildings and once was headquartered in one of them. The company was established in 1976 under the leadership of Miles C. Collier, grandson of the county's founder, Barron Collier.

After Collier Enterprises moved out and other leases expired, it took time to restabilize the buildings in a down market, Stevens said.

"Though they took a loss, they were able to restructure their debt without that much pain," he said of seller DMP Tamiami LLC.

Patrick Fraley, with Investment Properties Corp., has handled marketing and leasing for the buildings and helped Stevens with the sale. The buildings are at 3001 and 3003 U.S. 41 North.

The sale closed Dec. 28. The price paid was about $190 per square foot, which Stevens characterized as a fair price.

"It compares very normally to other recent trades," he said.

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