Manhattan Construction Group, subsidiary relocating to Westview building

BUYER: Rooney Real Estate LLC, Naples
SELLER: Zentac Productions Inc.
PROPERTY: 3705 Westview Drive, Naples
PRICE: $4.73 million
PREVIOUS PRICE: $4.18 million, August 2013 (Deed in lieu of foreclosure)
LAW FIRM ON DEED: Buchanan Ingersoll & Rooney PC, Aventura

PLANS, DESCRIPTION: Rooney Real Estate LLC purchased a 58,484-square-foot manufacturing building in Westview Commerce Park and 2.71 acres of vacant land for $4.73 million.

The price equated to $81 per square foot. That figure is higher than the two-year average price per square foot for industrial space ($50) in Southwest Florida, according to the CoStar Group.

The 7.04-acre property was unoccupied at the time of the sale and was most recently owned by Zentac Productions Inc., an affiliate of Bank of America. The tilt-up concrete building features 21,568 square feet of existing office space, 13 loading docks and two loading levelers and three-phase power.

Tulsa, Okla.-based Manhattan Construction Group plans to use the building as a replacement for its existing Naples headquarters and to house its subsidiary Spectrum Contracting Inc.

David Stevens and William Gonnering of Investment Properties Corp. handled the transaction.

“I've been chasing that deal for over a year,” Steven says. “We tried for a short sale but we could not reach an agreement among all the parties. We knew [Manhattan Kraft] had pretty substantial storage and vehicle needs. The location was a central in Naples and relatively close to I-75 just a couple minutes away. There was not another building in Naples of this size and quality and available for this situation [REO-owned].

The building should require very minor renovations, according to Kevin Moore, president of Manhattan Construction Group. The contractor hopes to be operational there by the first of the year.

“We see the marketing getting better and want to be prepared for that,” he says.