FO Financial Group entity buys Professional Arts Building

BUYER: 848 First LLC (principal: David Goduti), Naples
SELLER: SpartaBucks LLC
PROPERTY: 848 First Ave. N., Naples
PRICE: $2 million
PREVIOUS PRICE: $2.83 million, September 2003
LAW FIRM ON DEED: Grant Fridkin Pearson PA, Naples

PLANS, DESCRIPTION: An investment group led by David Goduti managing partner of the EFO Financial Group LLC purchased the 16,875-square-foot Professional Arts Building for $2 million.

The price equated to $119 per square foot. That figure is in line with the two-year average price per square foot for office space ($120) in Southwest Florida, according to the CoStar Group.

The office building, which also features medical office space, was 80% occupied at the time of the sale.

David Stevens and Patrick Fraley of Investment Properties Corp. handled the transaction.

“It was an off-market deal,” Fraley says. “The buyer got a really good rate. There was a little bit of distress; the sellers had to bring money to the table. It needed quite a few improvements. It was an older building and there was some deferred maintenance.”

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

The purchase entity 848 First LLC mortgaged the property to First National Bank of the Gulf Coast for $914,913.