Colliers facilitates $15.35 million sale of Walden Center in Bonita Springs, FL

Colliers has completed the $15.35 million sale of Walden Center, a Class A office property located at 24301 and 24311 Walden Center Drive in Southwest Florida’s Bonita Springs. Walden Center LLC sold the property, which consistes of two three-story office buildings totaling 95,000 square feet on a 6.5-acre lakefront campus, to Bluestone Terra Partners, a local family office.

Colliers Executive Vice President Brandon Stoneburner represented the seller in the transaction. Rob Carroll of Investment Properties Corporation of Naples (IPC) represented Bluestone Terra Partners, who acquired Walden Center for a local family office and will continue to represent ownership as the asset manager.

“This transaction demonstrates that investors continue to pursue high-quality office assets when they are supported by strong local market fundamentals,” said Stoneburner. “Southwest Florida’s population growth, business expansion and limited pipeline of new Class A office development have created a compelling investment environment. Walden Center offered the buyer immediate cash flow, along with meaningful upside through lease-up and rental rate growth.”

Walden Center was constructed in 1997 and underwent substantial renovations in 2018 and 2019, including a roof replacement, restroom renovations, LED lighting, new carpeting, and paint and upgraded signage. The property also has 362 parking spaces and monument signage along U.S. 41.

The property was approximately 83% occupied at the time of sale and features a diversified tenant roster. Walden Center is within 1 mile of Coconut Point – a large, open-air lifestyle and shopping center – and offers access to U.S. 41, Interstate 75 and Southwest Florida International Airport. The property’s location places it within the Estero-Bonita Springs office submarket and provides connectivity to both Lee and Collier counties.

“Walden Center’s sale reflects the continued distinction investors are making within the office sector,” said Stoneburner. “While investors remain selective nationally, well-maintained assets in high-growth Sun Belt markets can continue to attract interest, particularly when they offer diversified tenancy, below-market in-place rents and opportunities for additional leasing.”

Bluestone Terra Partners was founded in 2021 by Susan Prock and Ken Klimala to represent family offices. Bluestone specializes in commercial real estate investments, including acquisition, disposition and asset management.

The sale marks the first change in ownership for the property in nearly 30 years. The seller’s family constructed and owned the assets for almost three decades before completing the disposition.