Investor Robert Cheyney of Englewood, FL, bought the 30,537-sf plaza from Volute Enterprises Inc. of Fort Meyers, FL. for $3.3 million or $108 per sf, one of the highest per-sf prices this year for a small office property in southwest Florida. The cap rate was 9.7%.
North Point Office Plaza, built in 1984, is at 3434 Hancock Bridge Parkway. Average quoted rents are $11 per sf, triple net.
Seventy percent of the tenants in the 95%-occupied plaza represent federal, state and local government. They include the U.S. Department of Agriculture, Florida Public Risk Management and the Lee County purchasing department.
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