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Charlotte-Lee-Collier
Business Observer Friday, Oct. 7, 2005 12 years ago

Real Estate Briefs (Lee/Collier)

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Starwood Capital Buys Assisted-Living FacilityBuilder plans homes over waterWisconsin developer buys riverfront land in Fort MyersLuxury homebuilder buys lots at Shadow Wood Preserve Buyer: Harbourside Custom Homes Inc.Minnesota developer plans Fort Myers condosLee Memorial Health System plans cancer center
by: Adam Hughes Staff Writer

Real Estate Briefs (Lee/Collier)

Starwood Capital Buys

Assisted-Living Facility

Buyer: Naples Club LLC

Seller: Carlisle at Naples Ltd.

Property: 6961 Carlisle Court, Naples

Price: $47.5 million

Law firm on deed: Broad & Cassel, Boca Raton

Plans, description: Starwood Capital, a private equity firm based in Greenwich, Conn., purchased the Carlisle assisted-living facility in Naples from Housing Trust Group of Coconut Grove.

Starwood has hired Senior Resource Group of Solana Beach, Cal., to continue to run the Carlisle as an assisted-living facility, says a Starwood spokeswoman who declined to be named.

Residents at the Carlisle sign a one-year lease and rent the one- and two-bedroom units. It is located in north Naples, south of Orange Blossom Drive.

Builder plans homes

over water

Buyer: Ravenna Partners LLC

Seller: Seasons at Fountain Lakes LLC

Property: 12 acres in Miromar Lakes, Fort Myers

Price: $12 million

Attorney on deed: Mark Geschwendt, Esq., Miromar Development Co., Estero

Plans, description: Bonita Springs-based luxury homebuilder Gulfshore Homes plans to build 60 condominiums on an island in the Miromar Lakes community in south Lee County. "We're going to cantilever these buildings over the lake with boat houses under the buildings," says Steven Watt, president of Gulfshore Homes.

Watt says he hopes to start building early next year. The development, which is called Ravenna, will feature ten three-story buildings with six condos per building. The island is located on a 450-acre lake and a bridge to the shore connects it. "We're going to start taking reservations on October 15," says Watt. Prices for the condos will range from $1 million to $1.5 million each. The condos range in size from 2,900 to 3,600 square feet.

Wisconsin developer buys

riverfront land in Fort Myers

Buyer: M.L.G. & Peppertree LLC

Seller: David Schneckenberg, Trustee

Property: Land at Peppertree Point in Fort Myers

Price: $9.5 million

Title firm on deed: Beta Title Co., Fort Myers

Plans, description: MLG, a Brookfield, Wisc.-based developer, has purchased 10.5 acres of vacant land at Peppertree Point along the Caloosahatchee River in Fort Myers. The site, which currently has no address, is located at the end of Laguna Drive.

"We don't have our development plans in place right now," says Brett Haney, MLG's project manager. He declined to say what the company plans to build, but it's likely to be a residential complex. The land is located near another condo complex called Harbour Place. MLG currently is developing a condo project in Jacksonville called The River Homes at Ortega Landings, which includes 74 condos with a 200-boatslip marina.

Luxury homebuilder buys lots at Shadow Wood Preserve

Buyer: Harbourside Custom Homes Inc.

Seller: Long Bay Partners LLC

Property: Lots at Shadow Wood Preserve in south Lee County

Price: $3.52 million

Law firm on deed: Tarpon Title Services, Bonita Springs

Plans, description: Harbourside Custom Homes bought 32 lots at Shadow Wood Preserve's Cypress Bend neighborhood in south Lee County.

The Bonita Bay Group is developing Shadow Wood, a 440-acre residential community in south Lee County.

Home prices will range from $635,000 to $729,000 and range in size from 2,415 to 2,904 square feet of living area. The company already has started building model homes on two of the 32 lots. The builder is based in Bonita Springs.

Wal-Mart store planned

for Cape Coral

Buyer: Cape Coral Land Development LLC

Seller: Biagio Cirrincione

Property: 11 acres of land on Pine Island Road, Cape Coral

Price: $3 million

Previous Price: $650,000 in June 1989

Law firm on deed: Warchol, Merchant, Rollings, Buckley & Pohl, LLP, Cape Coral

Plans, description: McGill Property Group of Solon, Ohio, purchased 11 acres of land on the northeast corner of Nicholas Parkway and Pine Island Road where it plans to develop a shopping center anchored by a Wal-Mart Neighborhood Market. The company also has another 25 acres under contract on either side of the 11 acres it recently bought. "We plan to open it by the fall of next year," says John McGill, president of the company.

Wal-Mart Neighborhood Markets are generally smaller Wal-Mart stores that sell groceries, pharmaceuticals and some general merchandise. McGill has other residential and commercial development projects underway in Florida in places such as Clermont and Ocala.

Cape Coral Land Development mortgaged the property to U.S. Bank National Association for $3 million.

Minnesota developer plans

Fort Myers condos

Heritage Development of St. Paul, Minn., plans to build 224 condominiums in eight buildings near the corner of Summerlin and Pine Ridge roads in Fort Myers. The development will be called Gulf Lakes.

The condos will range in size from 1,600 square feet to 2,100 square feet and prices will range from $330,000 to $500,000 says Michael Saunders, president and chief executive officer of Michael Saunders & Co., a Sarasota-based real estate brokerage firm. Saunders has leased space across Summerlin Road and will sell the condos for Heritage.

In addition to the residences, the development will feature a 4,400-square-foot clubhouse with amenities such as a pool, a spa, a fitness center and tennis courts. Groundbreaking is scheduled for this fall.

Heritage's other developments are located in Sarasota, Bradenton and Englewood. This is the company's first Fort Myers project.

Lee Memorial Health System plans cancer center

Marshall Erdman Development of Madison, Wisc., purchased a 12-acre parcel of land at Colonial Center Drive near Interstate-75 in Fort Myers for $7.8 million. Lee Memorial plans to lease the land and a building that will house a new cancer center.

The cancer center will measure 65,000 square feet in a four-story building. "We hope to break ground in early summer 2006," says Geurt Peet, system vice president of ambulatory services with Lee Memorial.

The hospital also plans to lease a second three-story building on the site that will serve as an adjoining medical-office building. Peet says he hopes construction on that building will start in late 2006.

Peet says the location near I-75 in the center of Lee County will help patients reach the facility more easily than its current hospital in downtown Fort Myers. Currently, the hospital's oncology services are scattered throughout the downtown building and the new center will consolidate all those services into one facility.

Etc...

• Royals Inc. bought 3.72 acres of land at 5700 Lee Boulevard in Lehigh Acres from R.Q. Richards III for $1.95 million. Hal Arkin of D'Alessandro & Woodyard represented the buyer. Dick Richards of Richards Realty represented the seller.

• Brittany Investment LLC bought a 1.55-acre parcel of land in Hammock Woods at the corner of County Road 951 and Rattlesnake Hammock Road, Lot 11, in Naples from Ronald L. Davis, Trustee, for $1.6 million. The buyer purchased the land for investment purposes. Gary Tasman of VIP Commercial-TCN Worldwide represented the seller and Clark Jensen of Commercial Properties of Naples represented the buyer.

• Four K LLC bought 11 acres of land at 536 Evergreen Road in Fort Myers from Kenneth and Cheryl Nagorsen, Trustees, for $1.8 million. John and David Pegg, of Coldwell Banker Commercial NRT represented the sellers.

• Todd Turner and Samir Cabrera bought a 7.52-acre commercial site at 4175 Fowler Street in Fort Myers from Bill Branch Chevrolet for $1.7 million. Cabrera, of D'Alessandro & Woodyard, represented the buyer and Dan Sinclair of Sinclair Inc. represented the seller.

• Zong Xing Tang & Cindy Zhang TIC bought an 11,848-square-foot industrial building at 11741 Metro Parkway in Fort Myers from Southwest Florida Real Estate for $1.55 million. Scott Dunnuck and George Atkinson, both of CB Richard Ellis, represented the seller. A.J. Jiang of Priceless Realty represented the buyer.

-STR & Associates bought 3.21 acres of land at 2351 and 2371 Crystal Drive in Fort Myers from Rosengator Properties for $1.2 million. Kevin Rosenthal and Samir Cabrera of D'Alessandro & Woodyard represented the buyer. Frank D'Alessandro and Tom Woodyard represented the seller.

-Tuscan Pointe Development LLC bought 19.6 acres of land at 1298 Barrett Road in North Fort Myers from Thomas Bennett, Jr., for $1 million. Cliff Wiersma of Coldwell Banker Commercial NRT represented the buyer and Mike Bennett of Sellstate represented the seller.

-Aim Engineering purchased three-quarters of one acre at Billy Creek Commerce Center at 5401 Division Drive, Lot 125, from Vandalay Building Corp. for $386,813. The company purchased the lot for business expansion.

-The U.S. Department of Transportation has awarded $4.1 million to Page Field General Aviation Airport for the extension of an existing taxiway and the construction of a new taxiway to connect the airport's runways to a new aircraft ramp.

-Ryland Homes will open seven model homes in October at Promenade at the Forum, a new community near Colonial Boulevard and I-75 in Fort Myers. Prices for the first series of homes will be in the $400,000 range. The community will eventually have 402 homes.

-Boston Coffee Inc. has awarded J.L. Wallace a contract to build a Dunkin Donuts at 17810 San Carlos Blvd. in Fort Myers Beach. The building will measure 2,480 square feet.

-HornerXpress Gulf Coast leased 13,280 square feet of office and warehouse space at 2128 Andrea Lane in Fort Myers from Thomas and Karen Sabella. The company supplies pool and spa equipment to pool-maintenance professionals and this is its first Fort Myers location. Connie Barbour and Bill Mankin of VIP Commercial-TCN Worldwide represented the tenant and John Kremski of D'Alessandro & Woodyard represented the landlord.

-First Merchant Payment Systems leased 8,316 square feet of office space in University Park at 12800 University Drive, Suite 410, in Fort Myers from Simplex Grinnell, LP. Tom Pepitone of D'Alessandro & Woodyard negotiated the transaction.

-First United Mortgage has leased 3,689 square feet of office space in the Metro Park Business Plaza at 4110 Center Point Drive in Fort Myers from Citec Florida LLC. Scott Miller of CB Richard Ellis negotiated the transaction.

-Family Health Centers of SW Florida leased 3,529 square feet of medical-office space in the Bonita Professional Park at 28321-28341 S. Tamiami Trail, Suite B-4, in Bonita Springs, from DNA Properties. Gary Tasman and Brandon Stoneburner of VIP Commercial-TCN Worldwide negotiated the transaction.

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