EFO Financial Group entity buys Bayside Corporate Center

BUYER: 999 Ninth LLC (principal: David Goduti), Naples
SELLER: Naples Bayside Office Center LLC
PROPERTY: 999 Ninth St. S., Naples
PRICE: $1.35 million
PREVIOUS PRICE: $1.85 million, August 1994
LAW FIRM ON DEED: Steven J. Bracci PA, Naples

PLANS, DESCRIPTION: An investment group led by David Goduti, managing partner of the EFO Financial Group LLC, purchased the 14,454-square-foot Bayside Corporate Center office building near Landings Park for $1.35 million.

The price equated to $93 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 office building, over a level of parking, was constructed in 1991. Located in Olde Naples, the property includes nine office suites ranging in size from 945 to 2,700 square feet.

Adam Palmer of LandQwest Commercial represented the seller.

“Only two suites were occupied,” Palmer says. “It needed somebody to actively manage and lease it ... and it needed some leasehold improvements in areas like the cosmetics.”

At the same time, Palmer says the property's location offered the opportunity for tenants to appeal to the upscale Fifth Avenue and Third Street clientele without paying Fifth Avenue and Third Street rents.

EFO Holdings and Goduti arrange commercial real estate investments for wealth investors.