Colliers Arranges $26.5 Million Sale of Naples Small Bay Industrial Property to Midtown Capital Partners
Colliers has arranged the $26.5 million sale of Naples Small Bay, an 83,607-square-foot small-bay industrial property located at 4110–4120 Enterprise Ave. in Naples, Florida. Midtown Capital Partners acquired the asset from VentureOne Real Estate, with the transaction pricing at approximately $317 per square foot.
Property and Transaction Details
Naples Small Bay comprises two concrete masonry unit buildings totaling 48 suites on a 5-acre site in the East Naples submarket. The property offers drive-through circulation between Enterprise and Exchange avenues and 18-foot clear heights. At the time of sale, the asset was 82% leased to 30 tenants across professional services, contractor and distribution uses, with six move-in-ready vacant suites representing near-term leasing upside.
Recent capital improvements to the property included a TPO roof overlay, exterior enhancements and suite modernizations, positioning the asset as a turnkey investment with limited near-term capital requirements.
Jimmy Ullrich, Michael Macchia, Abby Cronin and Rebekah Crone of Colliers represented the seller in the transaction, working in partnership with Dan Miller and Dan Rockenstein of Colliers' Southwest Florida office.
Broker Commentary
"Small-bay industrial assets in markets like Naples have become some of the most sought-after investments because they are nearly impossible to replicate," said Ullrich, Executive Vice President at Colliers. "Naples Small Bay combined proven in-place cash flow with meaningful upside through future leasing and rent growth in one of Florida's most supply-constrained industrial markets. The property's demonstrated leasing performance, exceptional location and scarcity made it a true trophy acquisition."
Miller, executive vice president at Colliers, noted the competitive interest the asset generated. "It doesn't hurt having a best-in-class asset, but the competition for the asset was exciting," he said.
East Naples Submarket Context
Naples Small Bay is situated minutes from downtown Naples, Naples Airport and Interstate 75, serving affluent coastal communities including Port Royal and Old Naples. East Naples is characterized as one of Florida's most supply-constrained industrial markets, with virtually no comparable industrial space under construction in the submarket. Businesses serving the area's affluent residential communities continue to prioritize locations close to their customer base, sustaining tenant demand for well-located small-bay space.
The combination of constrained supply, resilient occupancy and long-term rental growth potential has continued to attract institutional investors to high-quality industrial assets in Southwest Florida.
About the Buyer and Seller
Midtown Capital Partners is a vertically integrated real estate investment, development and asset management firm headquartered in Miami, with additional offices in West Palm Beach, Florida, and Madrid, Spain. Founded in 2010, the firm is led by a management team with more than 80 years of combined real estate experience and manages a $1.2 billion portfolio of multifamily, industrial, office and retail assets across the Sunbelt. The firm manages more than 3 million square feet of assets across the United States and Spain, focusing on acquiring, developing and operating commercial real estate in high-growth, supply-constrained markets.
VentureOne Real Estate is a vertically integrated private equity fund manager, developer and operating company specializing in the industrial property sector. Headquartered in Chicago, the firm targets opportunities throughout the greater Chicago, Northeast and Florida markets. VentureOne manages a series of discretionary, value-add investment funds focused on acquiring existing, infill industrial properties and develops facilities from the ground up with select partners.
Sources
Related Articles
Greystar, Marcus Partners Open 304-Unit Belstead Apartments in North Attleboro, Massachusetts
