LA investor pays $81.5 million for Sarasota apartment complex

A $10 million downtown land deal, four groundbreakings in a week and a warehouse sale top the week's commercial real estate news.

By Louis Llovio
| 8:00 a.m. April 23, 2023
| 0 Free Articles Remaining!

The DeSota apartment building in downtown Sarasota has sold for $81.5 million.

Commercial Real Estate

Naples/Fort Myers

Action packed: Seagate Development Group had a busy week. The Fort Myers development and construction company broke ground on four projects in a five-day period the week of April 10. Seagate does work in residential, commercial and real estate investment and property management. The company also owns Earth Tech Enterprises and Theory Design interior design. The four projects it began work on are:

A 4,000-square-foot office facility at Alico ITEC Park in Fort Myers for Vantage Logistics. Work is expected to be complete in October.
A 40,000-square-foot industrial flex building to be named Casa Napoli. It is being built at Alico Road and Domestic Avenue in Fort Myers for Naples investors Jon and Lori Berlie and expected to be done in the fall.
A new location for Velocity Engineering Services of SWFL in Fort Myers’ Alico Trade Center business park. The 8,000-square-foot building is expected to be complete in December.
A 25,000-square-foot facility also in the business park for Trend Moving & Storage. Work is expected to be complete in August.

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Louis Llovio

Louis Llovio is the deputy managing editor at the Business Observer. Before going to work at the Observer, the longtime business writer worked at the Richmond Times-Dispatch, Maryland Daily Record and for the Baltimore Sun Media Group. He lives in Tampa.