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Business Observer Friday, Sep. 2, 2005 13 years ago

Real Estate Briefs (Lee/Collier)

CAPREIT Converts Naples ApartmentsPride Rock to build 288 homes in Lehigh AcresGeorgia-based developer plans new CVS storeLiving Word Family Church buys 18-acre Collier parcel
by: Adam Hughes Staff Writer

Real Estate Briefs (Lee/Collier)

CAPREIT Converts Naples Apartments

Buyer: Marcliff Reserve Development LLC

Seller: Reserve at Naples Multi Family LLC

Property: 1180 Reserve Way, Naples

Purchase price: $60.3 million

Previous price: $42.9 million, November 2004

Attorney on Deed: Stroock & Stroock & Lavan, Miami

Plans, Description: CAPREIT, a privately held Rockville, Md.-based apartment developer, purchased the 300-unit apartment complex at 1180 Reserve Way in Naples and plans to convert the apartments into condominiums. The condos will be offered to current apartment renters first, and the developer will start selling the remaining units to the public around Sept. 5.

The majority of the condos are two-bedroom units, with the rest one- and three-bedroom units. The one-bedroom condos will be priced in the $100,000 range; the two bedrooms in the $200,000s; and the three bedrooms will cost in the $300,000s. The company is improving the landscaping and the clubhouse, spending about $2 million on the improvements.

The conversion will occur in November, and the company hopes to sell out the units by the first quarter of next year, says Ernie Heymann, CAPREIT's senior vice president. Heymann said demand appears to be strong, and the clientele is evenly divided among year-round residents, investors and part-time residents who want a second home.

This is the company's first project in Naples. Heymann said the company has another project in the works in Southwest Florida, but he declined to say where. CAPREIT recently completed a conversion in Bonita Springs, converting the 196-unit Colonades Apartments to San Mirage condos.

CAPREIT is a developer, owner and manager of apartments with 40 properties totaling nearly 12,000 units in 13 states. About three years ago, the company started apartment-to-condo conversions. It now has seven such projects under way in places such as Cleveland, Minneapolis, Northern Virginia and Southwest Florida.

Marcliff Reserve Development mortgaged the property to LaSalle Bank for $47 million.

Pride Rock to build

288 homes in Lehigh Acres

Buyer: Whispering Lakes I LLC

Seller: Bethany Trace Estates

Property: 120 acres near Sunrise Boulevard and Richmond Ave., Lehigh Acres

Price: $12.1 million

Law firm on deed: Henderson, Franklin, Starnes & Holt, PA, Fort Myers

Plans, description: Pride Rock Development, a Miami Lakes-based residential developer, plans to build 288 single-family homes on 120 acres it recently purchased in Lehigh Acres. This is the company's first project in Lee County, but it is scouting four other undisclosed tracts in the Fort Myers area, says Jorge Feria, vice president of marketing and sales for Pride Rock. Eventually, the company plans to build 1,100 to 1,200 homes in Lee County over the next seven to eight years.

The property in Lehigh Acres will be called Whispering Lakes, and it will include a clubhouse with amenities, such as an exercise facility and children's' playgrounds. About 75 acres will be set aside for conservation areas and manmade lakes, and 187 lots will be waterfront. The homes will range from 2,200 to 3,300 square feet. Pride Rock has not set prices. The community will be gated. Land development will begin in September, including digging nine lakes. The company plans to start building homes five months later.

Whispering Lakes I mortgaged the property to Ocean Bank for $7.9 million.

Georgia-based developer

plans new CVS store

Buyer: G. H. & G. Crystal LLC

Seller: Three J's LLP

Property: 12255 S. Cleveland Ave., Fort Myers

Purchase price: $3.6 million

Law firm on deed: Fine and Block, Atlanta, Ga.

Plans, description: G.H. & G. Crystal LLC, a Decatur, Ga.-based company, has purchased a parcel of land at the corner of S. Cleveland Avenue and Crystal Drive in Fort Myers. The property owners could not be reached, but drugstore chain CVS said it will be lease a 13,000-square-foot building that will be built on the property, CVS spokesman Mike DeAngelis said. The building will include double-lane drive-through windows. DeAngelis said a completion date available. CVS currently has 659 stores in Florida.

G. H. & G. Crystal mortgaged the property to Compass Bank for $6.8 million.

Living Word Family Church

buys 18-acre Collier parcel

Buyer: Living Word Family Church

Seller: Linda Dorothy Neff

Property: 18 acres off Immokalee Road, near Rivers Road

Purchase price: $1.4 million

Law firm on deed: Thomas E. Moorey, Esq.

Plans, descriptions: Living Word Family Church plans to build a new church off Immokalee Road in Collier County on an 18-acre parcel. "We're busting at the seams," says Aaron Blair, assistant to pastor Paul Foslien. The church currently has 400 members in a building at the Pine Ridge Estates subdivision in Naples. The church hopes to start construction next year, but it has not yet drafted the plans. The land is currently zoned for agriculture, and the church must obtain rezoning.

Living Word Family Church mortgaged the property to TIB Bank of the Keys for $980,000.


• Strube Properties Limited bought a 19,508-square-foot industrial building at 6410 Arc Way and 11800 Metro Parkway in Fort Myers for $1.8 million from Southwest Florida Real Estate Co. Scott R. Dunnuck and George B. Atkinson, both of CB Richard Ellis, negotiated the transaction.

• JED/Witzel Alico Commercial Park, LLC, has sold a 1.26-acre commercial parcel within the Alico Commercial Park at 17000 Cam Court, Fort Myers, to TIB Bank for $660,444. TIB will develop this site as a new location for the bank. Paul Sands of VIP Commercial TCN Worldwide represented the seller, and Andrew DeSalvo of Premier Properties of Southwest Florida represented the buyer.

• Edward and Cheryl Blackburn bought a 12-unit apartment complex at 3750-3758 Lora St., Fort Myers, from Cathy Phillips for $750,000. Tim Colen of D'Alessandro & Woodyard negotiated the transaction.

• First Class Builders Inc. bought a 3,418-square-foot office building within Enterprise Design Center, at 3573 Enterprise Ave., Naples, for $393,990 from FOCD, LLC. Scott R. Dunnuck, George B. Atkinson and Ryan A. Baum, all of CB Richard Ellis, negotiated the sale.

• Cronin's Porch & Patio leased a 16,980-square-foot retail space in the Island Plaza Shopping Center at 15675 McGregor Blvd. in Fort Myers from Malon D. Mimms Revocable Trust. The space will house the company's new headquarters and showroom. Bill Mankin of VIP Commercial-TCN Worldwide represented the tenant, and Warren Wilkin of Mimms Corp. represented the landlord.

• Hendry Aluminum Inc. leased 7,500 square feet of office and warehouse space at 5571 Zip Drive, Fort Myers, from Sox Development Inc. Todd Holman of D'Alessandro & Woodyard negotiated the transaction.

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