"The Southwest part of Florida has become a Mecca for people escaping high taxes and weather in the Midwest," he says. There's a strong demand for a limited supply of product, he adds.

The change is spurred by the population growth, according to Tasman. More than 20,000 people a year are moving into Lee County in Southwest Florida, he says. "For a population of 400,000, that's significant."

Tasman says buyers dealing with 10% capitalization rates a few years ago now are willing to accept between 7% and 8% cap rates.

Among the Southwest Florida properties purchased recently by out-of-state investors:
-Tom Piper purchased three buildings that total 7,200 sf at 10960-64 S. Cleveland Ave., Page Field Plaza, from DT Investments for $1.04 million. The buyer relocated assets from Wisconsin. The property sold at a capitalization rate of 8.05%.
-Libby Smith, Trustee, purchased a 12,000-sf building, known as the Interiors by Patricia Building, at 4524 SE 16th Place, Cape Coral, from James Carney Jr. for $800,000. This buyer exchanged an asset from Buffalo, NY. The cap rate was 7.9%.
-Dale Blow purchased a 3,114-sf building, known as the SouthTrust Bank Building, at 7040 Winkler Ave. from Suffield Investments LLP for $600,000. The buyer invested proceeds from an investment in Vermont. The cap rate was 8%.
-Another property, Coral Pointe Shopping Center, is currently on the market for $20.3 million with a 6.8% cap rate.