CRC Cos. Acquires Office Asset In Naples For $55.5M
5811 Pelican Bay Boulevard, Naples, FL 34108
$55,500,000
$312/SF
Building Size
177,600 SF
Asset Type
Office
Closing
Dec 29, 2021
About this deal
AI
The office property located at 5801 & 5811 Pelican Bay Blvd in Naples has been sold in a closed transaction. The property spans across 10 acres and is categorized as an office space. The transaction took place on 12/29/2021.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $55,500,000
- Square Footage: 177,600
- Price per Square Foot: $313
- Address: 5801 & 5811 Pelican Bay Blvd
- Market: Naples
CRC Cos. acquired the property from Steelbridge Capital, Square2 Capital, and Apollo Global Management. Patrick Fraley from Investment Properties Corp. represented the buyer in the transaction. On the other side, Chris Drew, Hermen Rodriguez, Ike Ojala, and Matthew McCormack from JLL represented the sellers.
On the Map
$55,500,000
$312/SF
Office
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Players
Naples Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.29%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93