Sarasota investor purchases Valley National Bank Plaza in Fort Myers for $10.25 million

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Sarasota attorney Evan N. Berlin and his revocable trust has purchased Valley National Bank Plaza, a 53,893-square-foot office building in Fort Myers, for $10.25 million. The property, located at 5220 Summerlin Commons Boulevard, is a five-story Class-A office building located 5 miles south of downtown Fort Myers.

Nick DeVito, SIOR, and Brie Tulp, RPA, of Ian Black Real Estate represented the buyer. Gary Tasman and Shawn Stoneburner of Cushman Wakefield Commercial Property Southwest Florida represented the seller, Mick Vorbeck.

“With interest rates rising, the returns advertised on properties with a strong in-place cash flow are not as appealing as they once were,” said DeVito, partner at Ian Black Real Estate. “Buyers are finding more value in a property that has some vacancy and needs work to attract strong tenants, which this property offers.”

At the time of sale, the property was 73% occupied. Berlin plans to complete renovations to the space over time, though specific plans have not been set. Currently, the Valley National Bank Plaza is a Class-A building with marble floors and hardwood finishes and other high-end amenities. The property has ample parking, private restrooms on each floor and two elevators.

Current tenants include Valley Bank and Cushman Wakefield Commercial Property Southwest Florida.

“The centralized location of this property makes it appealing for tenants,” said DeVito. “Cape Coral, Bonita Springs, Sanibel Island and Ft. Myers Beach are all within a short drive, which is ideal for companies looking to serve clients in those markets. It also provides a centralized location for employees. Filling the vacancies in this building will add value to the property, which makes this a great fit for the buyer.”

Cushman Wakefield Commercial Property Southwest Florida will handle leasing for the property.

About Ian Black Real Estate
Ian Black Real Estate (IBRE) is a boutique commercial real estate brokerage firm located in Sarasota, Fla. The firm is one of the largest commercial brokerage firms in Southwest Florida and boasts a deep knowledge of the commercial real estate market in Sarasota and Manatee counties and the surrounding area. For more information, visit ian-black.com.

About SIOR
SIOR is the leading global professional office and industrial real estate organization that certifies commercial real estate service providers with the exclusive SIOR designation, based on achievement, knowledge, accountability and ethical standards. Only the industry’s top professionals qualify for SIOR. Today, there are more than 3,200 members in 685 cities and 36 countries. For more information, visit www.sior.com