Sioux Falls, S.D., investors buy E.B. Simmonds Electrical headquarters

BUYER: Kiropa Island LLC, Sioux Falls, S.D.
SELLER: E.B. Simmonds Enterprises LLC
PROPERTY: 3750 Enterprise Ave., Naples
PRICE: $2.5 million
PREVIOUS PRICE: $599,900, March 2001
TITLE FIRM ON DEED: Lutgert Title LLC, Naples

PLANS, DESCRIPTION: Sioux Falls, S.D., real estate investors purchased a 30,462-square-foot office and warehouse development for $2.5 million.

The price equated to $82 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 1.84-acre property features a three-story, 15,716-square-foot office building and a two-story, 14,746-square-foot precast concrete warehouse. Built for E.B. Simmonds Electrical Inc. in 2009, the Architects Unlimited-designed development features a number of unique design and building systems. The office building features a glass elevator, three-story stone atrium and transparent walls. The roof of the warehouse was also built to accommodate a helipad.

E.B. Simmonds Electrical will relocate from the buildings over the next 60 days.

Dave Wallace and Tim Schneider of CRE Consultants represented the seller, E.B. Simmonds Enterprises LLC, and Dougall McCorkle of Premier Commercial Inc. represented the buyer.

“The buyer just found the building to be an exceptional value,” McCorkle says. “The investors are very opportunistic. The building quality is exceptional, and it was priced very competitively. It could be used by one big user or subdivided into one user per floor.”

Wallace says the building had no deferred maintenance.

Premier Commercial Inc. will handle leasing the buildings. The asking rate is $8 per square foot for the warehouse portion and $11 per square foot for the office space along with $3 per square foot for common area maintenance fees.