Westport CT – Saugatuck Commercial Real Estate (SCRE) today announced the successful closing of the off-market sale of the Southbrooke Medical Campus in Naples, Florida for $20.4 million. The sale to MMRE Acquisitions LLC (Montecito Medical) represents the final chapter in a highly successful, six-year lifecycle development project brokered by Penny P. Wickey, Principal of SCRE.
The extensive project began in November 2020, when Wickey represented the Westport-based Gault Family Companies in acquiring the raw, undeveloped 5.2-acre land parcel on Immokalee Road. Following the land acquisition, Gault Family Companies developed the site into a premier, 40,000-square-foot medical destination consisting of two state-of-the-art buildings located at 6750 & 6770 Immokalee Road.
Transitioning the property from construction to operational success, Wickey partnered with Naples-based LQ Commercial Real Estate to manage agency leasing. Together, the brokerage teams achieved 100% occupancy across the class-A clinical office spaces by mid-June 2024, securing a roster of high-caliber healthcare tenants.
Capitalizing on peak asset value and strong tenant stabilization, Wickey subsequently represented Gault Family Companies in negotiating the off-market disposition of Southbrooke Medical Campus to Montecito Medical inQ1 2026, which recently finalized at the $20.4 million purchase price. The transaction underscores SCRE’s cross-regional capability to manage intricate commercial transactions from raw land acquisition through development stabilization and institutional disposition.