Former Gates McVey building sells for $2.03 million

BUYER: Tamiami 1 LLC (principals: Keith and Chad Ferrari), Franklin, Tenn.

SELLER: Fifth Third Bank

PROPERTY: 12810 Tamiami Trail N., Naples

PRICE: $2.03 million

PREVIOUS PRICE: $565,000, May 2000

LAW FIRM ON DEED: Zimmerman Kiser & Sutcliffe PA, Orlando

PLANS, DESCRIPTION: Franklin, Tenn.-based Ferrari Partners LP purchased the 12,500-square-foot former Gates McVey office building for $2.03 million.

The price equated to $162 per square foot.

The vacant two-story building was originally constructed in 2004. It was purchased as an investment, according to Chad Ferrari, a partner in Ferrari Partners. It is being marketed for lease.

“We're value buyers,” he says. “The class A office market in Naples appears to be picking up. We also liked its location on Tamiami [Trail].”

Ferrari Partners has hired Build LLC, a DeAngelis Diamond company, to do some minor improvements to the building, including painting and carpeting the interior.

Ferrari Partners is an owner and manager of commercial, multifamily, residential and developmental real estate properties, primarily in Tennessee and Illinois. The Tamiami Trail building is the Tennessee company's fourth property in Naples. It owns two buildings on Radio Road and a building on Willow Park Drive.

Dave Wallace of CRE Consultants handled the transaction.