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Charlotte-Lee-Collier
Business Observer Tuesday, Sep. 13, 2005 13 years ago

Real Estate Briefs (Lee/Collier)

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Trustreet Buys Perkins RestaurantsCompany to develop luxury condos in Fort MyersNaples group plans luxury condominiumsShopping center planned for Arborwood
by: Adam Hughes Staff Writer

Real Estate Briefs (Lee/Collier)

Trustreet Buys

Perkins Restaurants

Buyer: CNL APF Partner LP

Seller: Restaurant Company

Property: 1401 S. Tamiami Trail, Fort Myers

Price: $3.4 million

Previous price: $1.2 million, May 2000

Title firm on deed: LandAmerican Commercial Services, Orlando

Plans, description: Trustreet Properties, an Orlando-based real estate investment trust that specializes in restaurants (stock symbol, TSY), purchased a Perkins Restaurant and Bakery on Tamiami Trail in Fort Myers for $3.4 million.

The purchase is part of a $139 million deal in which Trustreet agreed to acquire 67 Perkins restaurants and lease them back to Memphis-based Restaurant Company. Trustreet acquired three other Lee County-area Perkins restaurants, including one at 1502 Cape Coral Parkway East, in Cape Coral, for $2.5 million; another at 27940 Crown Lake Blvd. in Bonita Springs for $3 million; and one at 2700 Lee Blvd. in Lehigh Acres for $2.7 million.

Company to develop

luxury condos in Fort Myers

Buyer: Delmack Development LLC

Seller: Mark S. Freeman, Helen A. Rasmussen and Gertrude Freeman, Trustees

Property: 12197 and 12127 Plantation Road, Fort Myers

Price: $8.5 million

Law firm on deed: Pavese Law Firm, Fort Myers

Plans, description: Delmack Development purchased 38.75 acres of land on the east side of Plantation Road near the Crystal Drive extension in Fort Myers.

The company is in negotiations with builders to develop a luxury condominium community, according to Warren Barry, a broker with Realty Corner USA who handled the transaction. Delmack is a Florida limited-liability company with an Austin, Tex., address.

Barry said company officials would not comment further on the project. However, Barry said approvals to develop the property could take up to two years.

Delmack officials also are trying to get approval to develop a tract of land in the Buckingham area of Lee County for a single-family-home development. Barry declined to provide further details on that project.

Delmack Development mortgaged the property to Old Florida Bank for $6.4 million.

Naples group plans

luxury condominiums

Buyer: FL-5 Inc.

Seller: Maximum Construction

Property: 969 8th Ave. S., Naples

Price: $3.2 million

Previous price: $190,000, Aug. 1997

Law firm on deed: James Pilon, Esq.

Plans, description: Naples-based Real Estate Development Group has purchased about half an acre of land on Eighth Avenue South and plans to build six luxury condominiums.

The 3,000-square-foot condos will be three stories high over two-car garages and each will have its own entrance and private elevator.

Each unit will sell for about $2 million, says Spiros Zorbalas, the company's managing principal. Construction will start in 2006, with the units ready for residents in the summer of 2007.

The company has several projects under way in Naples, including converting the Hotel Escalante on Fifth Avenue into 16 townhomes. That project is scheduled to be completed in the fall of 2006.

FL-5 mortgaged the property Eighth Avenue to Wachovia Bank for $7.2 million.

Shopping center planned

for Arborwood

Buyer: Shoppes at Plantation Village

Seller: Worthington Holdings

Property: 30 acres at Arborwood development

Price: $3 million

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

Plans, description: Clearwater-based Boulder Venture South purchased 30 acres of land within the Arborwood community in Fort Myers near the intersection of Treeline Road and Plantation Parkway. The company plans to develop a grocery-anchored shopping center.

"We can probably put 150,000 square feet," says Robert Schmidt, president of Boulder Venture South. The company has not filed site plans yet and tenants have not yet been signed.

Elsewhere in Lee County, the company is developing a Publix shopping center at Verandah, a community off State Road 80 in the northeastern section of the county.

Shoppes at Plantation Village mortgaged the property to Wachovia Bank for $2.6 million.

Etc...

• Supreme Properties bought three industrial buildings totaling 23,134 square feet at 6200 Topaz Court, 6240 Metro Plantation and 6490 Metro Plantation, in Fort Myers, from Southwest Florida Real Estate Co. for $1.9 million.¬†Scott R. Dunnuck and George B. Atkinson, both of CB Richard Ellis, brokered the transaction.

• Maple Development of SW Florida bought 3.85 acres at 10320 Daniels Parkway in Fort Myers from McAlpine Ft. Myers Airport Inc. for $1.9 million. Frank D'Alessandro and Tom Woodyard of D'Alessandro & Woodyard represented the seller. Jim Boback of ReMax Realty Group represented the buyer.

• Florida Gulf Bank bought a 1.3-acre lot for a branch at the southeast corner of Colonial Boulevard and Ben C. Pratt/Six Mile Cypress Parkway from Cypress Commercial for $1.5 million. Gary Tasman and Shawn Stoneburner of VIP Commercial-TCN Worldwide represented the buyer.

• SunTrust Bank bought 1.2 acres of land located in the Pebblebrooke Center at Immokalee Road and Collier Boulevard in Naples from DAD Development Corp. for $1.1 million. Larry Foster of CB Richard Ellis represented the seller and Hal Arkin of D'Alessandro & Woodyard represented the buyer.

• Maurice and Sandra Gibson purchased a 10,500-square-foot office and warehouse building in Westgate Industrial Park at 5582 Lee Street in Lehigh Acres from Sox Properties Inc., for $892,500. Todd Holman of D'Alessandro & Woodyard negotiated the transaction.

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