Sarasota's Gracen Associates buys U.S. 41 office building

BUYER: Gracen Associates LLC (principals: Jeffrey and Janice Berlin), Sarasota

SELLER: Jefferson-Pilot Investments Inc.

PROPERTY: 1250 Ninth St. N., Naples

PRICE: $3.5 million

PREVIOUS PRICE: $4.5 million, February 2004

LAW FIRM ON DEED: Womble Carlyle Sandridge & Rice, Atlanta

PLANS, DESCRIPTION: An investment firm led by Jeffrey and Janice Berlin of Sarasota purchased a 30,039-square-foot office building on U.S. 41 for $3.5 million.

The price equated to $117 per square foot.

The three- and four-story garden-style office building features no interior hallways. It was 65% occupied at the time of the sale.

William Mankin, managing director of office services for Colliers International Southwest Florida, represented the seller, Jefferson-Pilot Investments Inc., a subsidiary of Lincoln National Financial Group. Chip Olson of Colonial Square Realty in Naples represented the buyer and will be taking over leasing the building.

The property was described as distressed. The new owners plan to improve the landscaping, building exterior and common areas and work with new and existing tenants to stabilize the property. Current tenants include Ryder Orthopedics, Creative Images Hair Design, dental firm Wolf & Layton, Thomas W. Franchino P.A., Absolute Health Therapy, caterers Mathews & Gardner, yoga studio Bija Inc., Home Health Care Professionals, International Foundation of Professional Officers, Pilates Center of Naples, accountants Scullin & Sobelman PA and Buyers and Sellers Realty.