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Business Observer Friday, Dec. 16, 2016 2 years ago

Continental buys land to add to Estero complex

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Wisconsin-based Continental Properties Co. appears to be adding to its Springs at Estero multifamily complex in Estero, off Everblades Parkway.
by: Kevin McQuaid Commercial Real Estate Editor

Wisconsin-based Continental Properties Co. appears to be adding to its Springs at Estero multifamily complex in Estero, off Everblades Parkway.

Continental 376 Fund LLC spent $6.77 million last month to buy a 14.2-acre tract in University Highland, a mixed-use project slated to contain up to 1,300 residences and more than 250,000 square feet of commercial space.

It's familiar territory for Continental: In 2014, the company bought nearly 18 acres in University Highland to develop a 260-unit community. There, Continental 305 Fund LLC spent $6.65 million.

Continental officials did not respond to telephone calls for comment.

The company hasn't limited its Gulf Coast developments to Southwest Florida, either. It also recently completed a 360-unit complex known as Springs at Bee Ridge on 51 acres in Sarasota County, at Cattlemen and Procter roads.

Continental's 335 Fund LLC spent $8.5 million to acquire that land, according to property records.

Springs at Bee Ridge studio to three-bedroom units are renting from $850 per month to $1,600 per month. Amenities at Springs communities include clubhouses, swimming pools, fitness centers, dog parks and attached garages.

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