Two national real estate firms buy Fort Myers Wells Fargo building

BUYER: NFR ECP I - 3339 South Fort Myers LLC (National Financial Realty Inc.), Torrance, Calif.
SELLER: First States Investors 3300 B LP
PROPERTY: 12751 S. Cleveland Ave., Fort Myers
PRICE: $909,933
PREVIOUS PRICE: $1.8 million, September 2004
LAW FIRM ON DEED: Greenberg Traurig LLP, New York City

PLANS, DESCRIPTION: An affiliate of Oaktree Capital Management L.P. and Torrance, Calif.-based National Financial Realty Inc. purchased a 25,370-square-foot office building for $909,933.

The price equated to $36 per square foot. That figure is lower than the two-year average price per square foot for office space ($120) in Southwest Florida, according to the CoStar Group.

The two-story building's primary tenant is Wells Fargo Bank. The property covers 2.72 acres at the southeast corner of U.S. 41 and College Parkway.

It was one of 40 office buildings National Financial Realty and Oaktree Capital Management purchased from First States Investors B LP for $240 million. The total portfolio covered 3.4 million square feet, of which 90% was leased to Wells Fargo Bank.

Oaktree Capital Management is a global investment management firm with $77.1 billion in assets under management as of Dec. 31. National Financial Realty is a real estate investment firm that owns or operates 142 properties with more than 8.1 million square feet of space nationwide.

The property was mortgaged along with other Florida properties to PB Capital Corp. for $7.78 million.