Major Naples Class A Office Transaction

The SunTrust Building, a 70,000 square foot office tower in Naples, Florida was recently sold according to Dougall McCorkle of Premier Commercial Inc. who represented the seller in the transaction. The seven story Class A office building is located in Pelican Bay along US 41, adjacent to the affluent Waterside Shops and Artis Naples (formerly the Naples Philharmonic).

The building was sold for $17.5 million to Steelbridge Capital who was represented by Michael Lynch of MLPA Realty. The seller was Gulf Shore Associates, headed by Naples resident Al Kleban.

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Mr. Kleban had purchased the building in the mid-80’s, back in the days when much of Pelican Bay and North Naples was just starting to blossom.  According to McCorkle the building is nearly 90% and includes a strong roster of financial and professional tenants such as SunTrust Bank, Bank of Montreal (BMO), UBS, and more. The building underwent remodeling about a year ago which included upgrades to the lobbies, restrooms, common areas, and landscaping. The new owners plan some additional upgrades to the building so as to keep the building well-positioned in the marketplace as a top-tier property.

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The Naples office market is one of the most stable in Florida due to high supply constraints and consistent demand from financial and legal tenants catering to Naples and the surrounding communities’ affluent demographics. The SunTrust Building, which affords flexible space requirements ranging from 1,000 to 5,000 square feet.

McCorkle, who will continue handling the leasing for the building, says that “the combination of the timeless and elegant style of the building along with its high profile US 41 location has always made and will continue to make the building very desirable for prospective tenants.”

 

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