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Charlotte-Lee-Collier
Business Observer Friday, Dec. 16, 2005 12 years ago

Real Estate Briefs (Lee/Collier)

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Prestige Builders converts Naples apartmentsBonita Springs developer buys land in AlvaFort Lauderdale builder plans Fort Myers homesMinnesota developer buys Naples parcelUS Home plansbuildings at Heritage Bay
by: Adam Hughes Staff Writer

Real Estate Briefs (Lee/Collier)

Prestige Builders converts Naples apartments

Buyer: Malibu Lakes 356 LLC

Seller: P.R. VI LLC

Property: 2115 Malibu Lake Circle, Naples

Price: $83 million

Attorney on deed: Michael J. Freeman, PA, Coral Gables

Plans, description: Prestige Builders Partners of Miami Lakes bought a 356-unit apartment complex in Naples and plans to convert it to condominiums. Conversion dates and prices were not available, but this is the second conversion the company is doing in Naples. The other is at 5301 Summerwind Drive, a 368-unit apartment complex.

The Malibu Lakes condos will feature one- to four-bedroom floor plans, two heated pools, tennis courts, a business center and a fitness facility.

Malibu Lakes 356 mortgaged the property to Ocean Bank for $73.5 million.

Bonita Springs developer

buys land in Alva

Buyer: Caloosa 80 LLP

Seller: Roy F. and Peggy M. Custer

Property: 18910 Palm Beach Blvd., Alva

Price: $11.8 million

Previous price: $700,000, January 2002

Attorney on deed: Don R. Livingstone, PA, South Miami

Buyer: Caloosa 80 LLP

Seller: Bonita Glade LC

Property: 19190 Palm Beach Blvd., Alva

Price: $3.4 million

Attorney on deed: Don R. Livingstone, PA, South Miami

Plans, description: Whitcomb Associates, a real estate and development company based in Bonita Springs, purchased two parcels on State Road 80 in Alva totaling 172 acres. The company is in the process of getting the land entitled for residential development, says Stanley Whitcomb, president of the company. That process could take up to 18 months, Whitcomb says. Once the permits are in place, Whitcomb will either sell the land or develop it.

Caloosa 80 mortgaged the property to Fifth Third Bank for $14.5 million.

Fort Lauderdale builder

plans Fort Myers homes

Buyer: Shelby Homes at Cobblestone Inc.

Seller: Truman J. Costello, Trustee

Property: 11780 Ben C. Pratt/Six Mile Cypress Parkway, Fort Myers

Price: $3 million

Previous price: $1.3 million, June 1994

Attorney on deed: Campbell and Karlik, PA, Palm Beach Gardens

Buyer: Shelby Homes at Cobblestone Inc.

Seller: Penzance Road Partnership

Property: 7401, 7431 and 7451 Penzance Blvd., Fort Myers

Price: $2.5 million

Attorney on deed: The Doragh Law Firm, PL, Fort Myers

Plans, description: Shelby Homes, a Fort Lauderdale-based luxury homebuilder, plans to build 200 coach homes on a about 50 acres near Six-Mile Cypress Parkway and Penzance Boulevard in Fort Myers. The homes will range in size from 2,011 square feet to 2,878 square feet, says David Colgrove, the company's vice president of sales. Although prices have not yet been set, Shelby will start selling the homes in January, with construction beginning within the next six months. This is the company's second project in Lee County; the first was The Meadows in Estero, a 252-home community.

Minnesota developer

buys Naples parcel

Buyer: Fifth Avenue Plaza LLC

Seller: J.K.C. Family Ltd. Partnership

Property: 1807 Tamiami Trail E.

Price: $2.9 million

Previous price: $1.2 million, September 2002

Attorney on deed: John Shea, Esq., Sarasota

Plans, description: Argosy Advisors, a real estate development company headquartered in Edina, Minn., bought a 1.6-acre parcel that has an empty restaurant building that used to house a Burger King. The property is located on U.S. 41 just across the Gordon River Bridge and south of Davis Boulevard in Naples. "We're looking at a combination of retail and offices," says Jeff Heverling, Argosy's director of finance and administration.

US Home plans

buildings at Heritage Bay

Buyer: US Home Corp.

Seller: Bayvest LLC

Property: Land at Heritage Bay in Collier County

Price: $2.3 million

Attorney on deed: North American Title Co., Fort Myers

Plans, description:

US Home bought land at the Heritage Bay development off Immokalee Road east of Interstate 75 in Collier County. Although US Home officials couldn't be reached, courthouse records show the land will be used for a two-story condominium building and coach homes. Prices and the number of units were not available on the company's Web site (www.myheritagebay.com).

Etc...

• Steel Truck Center bought a 28,766-square-foot industrial building at 2470 Rockfill Rd. in Fort Myers from Bruce Dewey for $2.25 million. Steel Truck Center, which specializes in auto and truck repairs, is expanding its business.

• Community Bank of Naples bought 27951 Bonita Grande Drive in Bonita Springs from A.P. DeSalvo, trustee, for $1.4 million. The bank also bought a 1.97-acre parcel in Lee County for $2.1 million.

•¬†Offshore Performance Specialty bought a 17,000-square-foot office and warehouse building at 15851 Chief Ct. from Southwest Florida Real Estate Co. LLC for $1.2 million.

• Bay Point Realty of Southwest Florida bought units 2 to 4 at 28380 Old U.S. 41 in Bonita Springs from Constitution Plaza LLC for $1.1 million.

• Castillo Properties bought a 13,090-square-foot office and warehouse building in Billy Creek Commerce Center at 5601 Division Drive in Fort Myers from Sox Development for $1.1 million.

• Southern Electric Supply leased 22,500 square feet of industrial space in United Commerce Park at 3120 Winkler Ave. Extension in Fort Myers from 4M Properties.

• Suncoast Contractors Supply leased 10,000 square feet of industrial space in the Metro Distribution Center at 3591 Warehouse Rd. in Fort Myers from Metro Distribution Center.

• The Heart Group leased 8,785 square feet of medical-office space at Healthpark Medical Plaza One at 9800 South Healthpark Drive, suites 300 and 320, in Fort Myers from Lee Memorial Hospital.

• Doctors Osteopathic Medical Center leased 5,270 square feet of office space at 14171 Metropolis Ave., Unit 101, in Fort Myers from Capricorn Realty Trust.

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