Midwestern firms make Naples deals

A pair of Midwestern firms have acquired Naples properties for a combined $31.05 million, the latest signal that out-of-state investors remain attracted to Southwest Florida’s commercial real estate fundamentals.

In the larger of the two transactions, Bloomfield Hills, Michigan-based Agree Realty Corp. paid $18 million to buy NCH Healthcare System Inc.’s central business office, at 2157 Pine Ridge Road, at the end of April.

More recently, Oakbrook Terrace, Illinois-based Forefront Properties acquired a trio of “flex” office and industrial buildings at 1030-1040 Collier Center Way for $13.055 million.

Combined, the three building that Forefront purchased in the North Collier Industrial Center total 75,875 square feet.

“This is a product type we’re very familiar with, and one that we’re further expanding into in Florida,” says Dave LeCavalier, Forefront Properties’ managing broker and head of acquisitions.

“These buildings, in particular, are built to last,” he adds. “We’re looking at them as a long-term hold and a solid addition to our portfolio. We’re also excited to be in an area with such tremendous population growth.”

The trio of buildings, built between 2002 and 2005, are currently 94% occupied.

Brock Rasmussen of Lee & Associates Inc. represented Forefront, while Investment Properties Corp.’s David J. Stevens and WBDC Inc.’s Clay Winfield negotiated on behalf of the seller.

In the other transaction, NCH Healthcare’s 107,000-square-foot office was built on 12 acres in 1992, according to Collier County property records.

Investment Properties Corp.’s Clint Sherwood and AJS Realty Group Inc.’s Andrew Saluan negotiated that sale.

In all, Agree Realty owns roughly 70 properties in Florida, mostly triple-net leased assets. Along the gulf Coast, its holdings are located in Tampa, St. Petersburg, Clearwater, Pinellas Park, Lakeland, Venice, Sarasota, Punta Gorda and Cape Coral, according to its website.

Formed in 1971, the real estate investment trust today owns a portfolio of 24 million square feet nationwide valued at about $5 billion, its website states. Its 1.200 mostly retail properties — including WaWa, Tire Kingdom, Sherwin-Williams and O’Reilly Auto Parts stores — span 46 states.