Naples office building sells for $16M

In one of the largest office building sales in Naples in the past three years, a group led by a Bonita Springs physician has acquired the Regions on Fifth Building for $16 million.

The 52,708-square-foot building, on 1.56 acres, has remained at an average of 90% occupied since 2002. The building, anchored by Regions Bank, was completed in 1981.

CRE Consultants Randal Mercer, Brandon Stoneburner and Scott Dunnuck negotiated the sale.

Berretta, of the Physicians Regional Medical Center, did not return a telephone call for comment on the purchase.

The Regions on Fifth deal marks one of the largest office sales in Naples since at least mid-2015, when American National Insurance Co. paid $23.6 million to buy the Sun Trust Bank Building, at 801 Laurel Oak Drive, from Steelbridge Capital.