Major Naples Office Building Sold
Naples’ Fifth Third Center
The Premier Commercial team of real estate experts including Dougall McCorkle, Andrew DeSalvo and Matt Stepan along with Gary Jaarda represented the Buyer in the recent purchase of the $50 million Fifth Third Center in Naples, Florida. The building is Naples’ largest office building and includes 161,000 square feet of Class A office space. The nine story building is located on Vanderbilt Beach Road and US 41 adjacent to the popular Mercato mixed use property. The building is anchored by the regional headquarters of Fifth Third Bank, a major financial institution with more than 1300 branches throughout the South and Midwest. The property includes an adjacent parking garage and sites on approximately 2.5 acres of land. The building is the tallest office building in the County and is considered one of the top buildings in the area. Occupancy stands at 100%.
With low yields in many competing asset classes such as corporate bonds, CD’s and corporate dividends, solid performing income properties provide superior performance to investors. The improving economy should bode well for quality real estate like the Fifth Third Center as companies continue to expand in the area. At the same time, it is probably several years before the development and banking sectors start building and financing additional speculative office buildings in the area, thus keeping a market driven ‘cap’ on the supply of office space. To learn more about investment strategies that makes sense for you, please contact me for a confidential conversation.
Dougall McCorkle, MBA
Sales Associate and Commercial Specialist
Premier Commercial, Inc., Licensed Real Estate Brokers
Direct: 239.213.7234
Cell: 239.860.3368
dougall@premiermail.net