The Cushman & Wakefield of Southwest Florida real estate brokerage company has been busy selling office properties, including the very building it leases.
The five-story, 53,893-square-foot building at 5220 Summerlin Commons Blvd. in Fort Myers sold for $10.25 million, with the Evan Berlin Revocable Trust buying it from Mick Vorbeck.
The building, which sold for $190 per square foot and previously sold for $9 million in 2003, has fiber optic cables, marble and hardwood floors, high ceilings and plenty of parking.
Cushman & Wakefield rents the fifth floor. “Another investor owned it,” said Gary Tasman, CEO of Cushman & Wakefield of Southwest Florida. He brokered the transaction along with colleague Shawn Stoneburner. “We sold it based on the income it was generating to another investor.
“It really wasn’t on the market. It was not aggressively marketed. The seller, he didn’t care if he sold it or not. It was an investor who made a 1031 tax exchange.”
In a 1031 tax exchange, the tax code allows investors to swap investments during a 45-day window while deferring tax payments.
Centennial Bank just purchased the 20,402-square-foot office building and bank at 12681 Creekside Lane in Fort Myers for $6.5 million from FineMark National Bank & Trust.
Tasman and Stoneburner negotiated this deal, which amounted to $318 per square foot, as well. Nick DeVito and Brie Tulp of Ian Black Real Estate represented the buyer.
The ground floor is outfitted for a bank with a vault and offices, and the second floor has office space.
There are signs of real estate activity slowing down, Tasman said, but there will still be some deals. And when they happen, he doesn’t expect the prices to fall.
“I think inflation is going to stay around for a while,” Tasman said. “Real estate is the hedge against inflation. I think the prices will stay up. But I think the velocity of the deals might come back down to more of a normal situation.
“Hedge is an off-setter. When inflation goes up, real estate goes up. So you invest in real estate to protect your capital. To protect it from inflation.”