Arthrex buys Polaris Center, Royal Palm bank building

BUYER: RES Florida 1265 Holdings LLC (officers: Reinhold Schmieding, Daniel Hall, Zeida Orbea and Erika Schmieding), Naples
SELLER: Creekwood of Naples LLC
PROPERTY: 1265 Creekside Parkway, Naples
PRICE: $19.2 million
PREVIOUS PRICE: $633,300, December 2006

BUYER: RES Florida 1255 Holdings LLC (officers: Reinhold Schmieding, Daniel Hall, Zeida Orbea and Erika Schmieding), Naples
SELLER: Creekside West Inc.
PROPERTY: 1255 Creekside Parkway, Naples
PRICE: $1.9 million

BUYER: RES Florida 1265 Holdings LLC (officers: Reinhold Schmieding, Daniel Hall, Zeida Orbea and Erika Schmieding), Naples
SELLER: Creekside West Inc.
PROPERTY: 1275 Creekside Parkway, Naples
PRICE: $850,000
LAW FIRM ON DEED: Coleman Yovanovich & Koester PA, Naples

PLANS, DESCRIPTION:
Naples-based medical device manufacturer Arthrex Inc. purchased the 54,267-square-foot Polaris Center and a 8,853-square-foot vacant former Royal Palm Bank building for $21.95 million.

The price equated to $348 per square foot for both buildings. That figure is higher than the two-year average price per square foot for office space ($112) in Southwest Florida, according to the CoStar Group.

The nearly 7-year-old Polaris Center was 100% occupied at the time of the sale. Tenants include Arthrex, The Children's Hospital of Southwest Florida and Healthcare Network of Southwest Florida. The four-story medical office building is located on a 4.55-acre parcel at the southwest corner of Immokalee Road and Goodlette Road, less than a mile from U.S. 41.

Arthrex spokeswoman Lisa Gardiner says the purchase was part of a phased expansion throughout the Creekside campus. It expects to hire more than 1,000 employees for its Creekside campus over the next decade.

Barron Collier Cos. was the seller for all of the properties.