Office buildings in SW Florida sell for $102 per square foot

Office buildings in SW Florida sell for $102 per square foot

Sunday, November 19, 2017

Renaissance Center in Fort Myers (Credit: Yardi Matrix)

AIG Global Real Estate sold three office properties in Southwest Florida with a relatively low combined occupancy rate for about $102 per square foot.

The buyer, Beverly, Massachusetts-based Brookwood Financial Partners LLC, paid $43.2 million for the 421,300-square-foot office portfolio.

The portfolio occupancy rate is 83.8 percent, which Brookwood plans to increase by investing about $3 million to improve the portfolio properties.

The overall office occupancy rate in Southwest Florida is now 92.4 percent, up slightly from a year ago, according to a market survey by Valbridge Property Advisors.

The portfolio properties Brookwood bought include a four-story, 64,100-square-foot office building in Fort Myers called Renaissance Center.

The other two properties are both office complexes in Bonita Springs, one with five buildings and 52,400 square feet of space, the other with nine buildings and 305,000 square feet. [Commercial Property Executive] Mike Seemuth

Source: The Real Deal