McGuire buys Fla. office park for $12M

December 4, 2013 Updated Dec 4, 2013 at 9:47 AM EDT

By James Fink, Buffalo Business First Reporter

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McGuire buys Fla. office park for $12M

December 4, 2013 Updated Dec 4, 2013 at 9:47 AM EDT

McGuire Development Co. has increased its real estate portfolio by acquiring a Naples, Fla. medical tenant-based office park.

The deal is McGuire's third in its Naples pipeline and comes as it is working on rezoning a 26-acre parcel for a planned mixed-use development.

The Buffalo-based company has purchased the Collier Health Park, a 10-acre parcel, located near the NCH North Naples health-care complex. The property includes three buildings - a multi-tenant physician's office building, medical plaza and surgical center. McGuire paid slightly more than $12 million for the property.

Constructed in the early 1990s, Collier Health Park is fully developed, said James Dentinger, McGuire president.

"It does expand our footprint in Naples," Dentinger said. "This matches exactly to our Western New York model in terms of health care-based development projects."

McGuire already owns another office park in the Naples area and is working its way through the municipal review process for a proposed 26-acre multi-tenant campus near the Ritz Carlton Hotel in Naples Dentinger said tentative plans call for the development of several elements including commercial office space, retail storefronts and restaurants and residential units.

With the Collier Health Park deal, McGuire Development's real estate portfolio now tops 3 million square feet.