Naples Redevelopment buys Summit Medical Building

BUYER: Markit LLC (principal: Adam Smith), Naples
SELLER: First Avenue Building LLC
PROPERTY: 990 First Ave. S., Naples
PRICE: $1.9 million
PREVIOUS PRICE: $200,000, June 1984
LAW FIRM ON DEED: Wilson & Johnson, Naples

PLANS, DESCRIPTION:
Naples Redevelopment Inc. purchased the 10,559-square-foot Summit Medical Building for $1.9 million.

The price equated to $180 per square foot. That figure is higher than the two-year average price per square foot for office space ($131) in the Southwest Florida, according to the CoStar Group.

Summit Medical Supplies Inc. leases the entire first floor and Cancer Alliance of Naples leases most of the second floor. The building has 1,600 square feet of vacant space on the second floor.

“We plan to lease it to them for the next two years,” says Adam Benigni, who handles land development, acquisitions, sales and marketing for Naples Redevelopment. “We have been having some discussions about redeveloping the property, and we know what we would like to do with it. But we also have some people that expressed interested in leasing the entire building. We might even occupy some of the space ourselves. [Having options] is a good problem to have.”

Naples Redevelopment also owns the vacant 7,500-square-foot Naples Millwork building on the other side of First Avenue South at 959 First Ave. S., Naples.

Pam Watson of Downing Frye Realty represented the seller and David Stevens of Investment Properties Corp. represented the buyer.

The purchase entity, Markit LLC, mortgaged the property to Branch Banking and Trust Co. for $1.1 million.