First Family Insurance moving to University Pointe building

BUYER: 7800 University Pointe Drive LLC (principal: Jason Marra), Lehigh Acres
SELLER: Johnson Land Investments Limited Partnership
PROPERTY: 7800 University Pointe Drive, Fort Myers
PRICE: $1.99 million
PREVIOUS PRICE: $4.4 million, August 2004
TITLE FIRM ON DEED: Old Florida Title

PLANS, DESCRIPTION:
A company led by Jason Marra of First Family Insurance Inc. purchased a 21,630-square-foot office building for $1.99 million.

The price equated to $92 per square foot. That figure is less than the two-year average price per square foot for office space ($120) in Southwest Florida, according to the CoStar Group.

The two-story multitenant building occupies a 1.57-acre parcel across from Edison State College. Family First Insurance Inc., a multiline insurance agency, will occupy 17,500 square feet in the building. It is relocating from a leased location in Lehigh Acres.

First Family Insurance will use the first floor, which is already designed for office use, for administrative purposes.

The current tenant, Amerivest Realty, will continue to lease 2,920 square feet in the building.

Bill Mankin of Colliers International Southwest Florida handled the transaction. He attributed the relatively higher than usual price tag for the region to the buyer being an end user and the architectural uniqueness of the building in the Fort Myers market. It features a brick façade and a covered portico.

The purchase entity, 7800 University Pointe Drive LLC, mortgaged the property to Wells Fargo Bank for two loans totaling $2.08 million.