Saugatuck Commercial Real Estate closes $20.4 million medical campus sale

Naples, FL Saugatuck Commercial Real Estate (SCRE) has completed the successful closing of the off-market sale of the Southbrooke Medical Campus in Naples, FL for $20.4 million. The sale to MMRE Acquisitions LLC (Montecito Medical) represents the final chapter in a successful, six-year lifecycle development project brokered by Penny 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 Rd. Following the land acquisition, Gault Family Companies developed the site into a premier, 40,000 s/f medical destination consisting of two buildings located at 6750 & 6770 Immokalee Rd.

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 in Q1 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.