JLL Capital Markets has closed the $55.5 million sale of The Offices at Pelican Bay, a two-building, Class A office portfolio totaling 177,557 square feet in Naples, Florida.
The sale marks the largest office transaction on Florida’s Southwest coast this year.
JLL represented the seller, a joint venture between funds managed by Apollo Global Management, Miami-based SQUARE2 Capital and Steelbridge Capital. The selling partnership purchased the property for $33.6 million in 2014.
The Offices at Pelican Bay comprise two, six-story buildings that are leased to a diverse, stable tenant roster. Located at 5801 and 5811 Pelican Bay Blvd., the properties sit on nearly 10 acres at the intersection of Pelican Bay Boulevard and Tamiami Trail North within the coveted Pelican Bay community. The properties are within close walking distance of the retail and dining options at Waterside Shops and Artis Naples Philharmonic Cultural Center and are surrounded by a thriving residential market and a variety of high-end and extended-stay hotel options. Additionally, Naples is only one-hour from Fort Myers International Airport and under three hours from both Miami and Tampa.
“Florida’s business friendly and tax-friendly environment continues to attract new companies and investors to the market,” JLL Capital Markets Director Matthew McCormack said. “As a result, we are finding investor interest continues to grow for well-located office properties with value-add components such as The Offices at Pelican Bay.”