Search
 

North Point Office Plaza Goes Quickly at $108 per SF

MIAMI-The 30,537-sf, 95%-leased property in North Fort Myers, FL, was sold at a 9.7% cap rate, just 12 days after it was listed to Robert Cheyney of Englewood, FL, for $3.3 million or $108 per sf. Volute Enterprises Inc. was the seller.

By Melissa Bogdany | Updated on October 02, 2002

MIAMI-After a surprising reaction from potential buyers, the North Point Office Plaza in North Fort Myers, FL, was sold in just 12 days.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.