Business Observer – Naples Office Sets Record Sale. │ September 28, 2012
NAPLES — Minneapolis asset management firm Olympus Ventures LLC has purchased the Fifth Third Center office building for $49.9 million. The price equated to $310 per square foot.
According to property records, the seller was Naples-based FTC Naples LLC. Officers of FTC Naples’ parent, FTC Naples Manager Inc., include Richard Crawford of Naples; John Erb of Bloomfield, Mich.; Ira Jaffe of Southfield, Mich.; and Carl Craft of Birmingham, Mich.
The sale is the largest individual commercial sale in Collier County in at least the past three years, according to the Collier County Property Appraiser’s office. The second-largest sale during that period was The Blackstone Group’s purchase of the Carillon Place shopping center in June for $35.35 million.
The eight-story, 161,000-square-foot office building at 999 Vanderbilt Beach Road, Naples, was fully leased at the time of the sale. Fifth Third Bank and Brown & Brown Insurance are its two most prominent tenants. The sale also included parking deck with more than 500 spaces.
Craig Timmins and Clint Sherwood, both of Investment Properties Corp., represented the seller. Andrew DeSalvo, Dougall McCorkle and Matt Stepan, of Premier Commercial Inc.; Gary Jaarda, of Premier Sotheby’s International Realty; and GLJ Inc., of Michigan, represented the buyer.
None of the brokers would comment on the buyer or its investment return citing confidentially, but the Business Review was able to verify the buyer’s identity using public records.
The building is one of if not the largest office building in Collier County and at 10 years old, it is also one of the youngest Class A buildings in the market. The building was never listed.