Big Deals in Naples
Notable 2012 Commercial Sales and Leasing Transactions
The year 2012 saw several important commercial real estate transactions in Collier County (Naples), including the sale of the largest office building in the market, to several other important office and retail properties. See the list below of the top sales transactions in Collier County in 2012.
- Waterside Shops: $155,000,000 (sale of partial interest)
- Fifth Third Center: $49,923,000 *buyer represented by Premier Commercial team, including Dougall McCorkle, along with Gary Jaarda of Premier Sotheby’s
- The Village on Venetian Bay: $32,450,000 *developed and leased by Lutgert/Premier
- Collier Place I and II: $11,400,000
- The Esplanade: $9,525,000
- Regions Bank Building: $9,500,000
- Uptown Center: $7,700,000
- Walgreens: $7,300,000
- Walgreens (Marco): $5,700,000 * seller represented by Dougall McCorkle, Premier Commercial
It is interesting to note that with the exception of the Uptown Center transaction, none of the other sales were distressed and most others were “core”, yield driven acquisitions involving top properties in the marketplace. On the Class A office leasing front in Naples, the largest office leases negotiated for 2012 were:
- Regions Bank to Compass: 11,272 s.f. *tenant represented by Dougall McCorkle, Premier Commercial
- VIP Building to A La Mod 7,363 s.f. *tenant represented by Dougall McCorkle, Premier Commercial
- Mercato to US Bank 7,230 s.f. *landlord represented by Dougall McCorkle, Premier Commercial
- Mercato to Venture X 7,035 s.f. *landlord represented by Dougall McCorkle, Premier Commercial
It is interesting to note that half of these lease transactions were ‘new to market’ tenants. I suspect that 2013 will also be a similar split between expansions or relocations of existing tenants in the market place and new office users altogether. After a couple of very stagnant and declining years, the Class A office market in Naples has stabilized with rental rates coming off of a bottom. The inventory of spaces for tenants seeking large blocks of Class A space has dwindled to literally less than 4-5 options. The North Trail, particularly North of Pine Ridge Road to Vanderbilt Beach Road (the Mercato district), is perhaps the most sought after office corridor, with the central North Trail not too far behind.
For a more details on investment trends, current cap rate and building valuations, as well as leasing services please be sure to contact my office for prompt response. 2013 looks to be an exceptional year for commercial real estate, with genuine opportunities for both buyers and sellers.
Dougall McCorkle, MBA
Sales Associate and Commercial Specialist
Premier Commerical, Inc., Licensed Real Estate Brokers
Direct: 239.213.7234
Cell: 239.860.3368
dougall@premiermail.net
