Hodges University buys Stock Development HQ building for $13 million

BUYER: Hodges University Inc. (principals: John Agnelli, Jeanette Brock, Erica Tillery, Dr. Joseph Pepe, Keith Arnold and Michael Prioletti) Naples
SELLER: Northbrooke Professional Village LLC
PROPERTY: 2647 Professional Circle, Naples
PRICE: $13 million
LAW FIRM ON DEED: Woodard Pires & Lombardo PA, Naples

PLANS, DESCRIPTION: Hodges University Inc. purchased a 49,100-square-foot office building for $13 million.

The price equated to $265 per square foot. That figure is higher than the two-year average price per square foot for retail space ($120) in Southwest Florida, according to the CoStar Group.

Hodges University currently leases three quarters of the two-story building. It contains the university's science department, the Fisher School of Technology and the School of Allied Health.

The building features 10 classrooms on the first floor and faculty offices, the John W. White Community Room and the administrative and finance departments on the second floor.

The university shares space in the building with the former owner, Stock Development, which uses a portion of the second floor for its corporate headquarters. Hodges University has an agreement with Stock Development allowing it to stay on as a tenant for the next 18 to 24 months.

The purchase gives the university 90,000 square feet of total space on its Naples campus, according to David Rice, vice president of facilities management and IT for Hodges University.

“We have a couple ideas about expanding the curriculum offered in the building, but we haven't made any firm decisions.” Rice says. “We're proud of our partnership with Stock Development. We've been friends and mutually supportive, and we were pleased we could bring this deal to a close.”