LaBelle's Alico Inc. buys Colonial Bank headquarters

BUYER: Alico Inc. (principals: John Alexander, J.D. Alexander, Scott Whitney, Denise Plair and Ken Smith), LaBelle

SELLER: Federal Deposit Insurance Corp. as receiver of Colonial Bank NA

PROPERTY: 10070 Daniels Interstate Court, Fort Myers

PRICE: $2.32 million

PREVIOUS PRICE: $2.39 million, August 2006

LAW FIRM ON DEED: McCathern Mooty Hyde Grinke LLP, Dallas

PLANS, DESCRIPTION: LaBelle-based Alico Inc. purchased the 27,000-square-foot former Colonial Bank headquarters for $2.32 million.

The price equated to $86 per square foot.

The two-story building was completed in 2008 and occupies a 2.31-acre parcel. The property also includes 118 parking spaces.

Alico purchased the property as an investment and is evaluating its best use, says Ken Smith, Alico's chief operating officer. Alico has hired Dan O'Berski of CB Richard Ellis to market the property for lease.

“We felt it was a really good value buy in a good location,” Smith says.

Tim Keene and Jim Kinsey of Kinsey Associates Inc. handled the transaction.

The only negative facing the building, Kinsey says, was the expense needed to subdivide it for multiple tenants.

“It is one of maybe two or three true Class-A buildings we have in Lee County,” Kinsey says.

Alico is a land management company that pursues a variety of agricultural and real estate-related business on 135,500 acres of land in Collier, Glades, Hendry, Lee and Polk counties.