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Charlotte-Lee-Collier
Business Observer Friday, Mar. 31, 2006 12 years ago

Real Estate Briefs-Lee/Collier

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Chicago firm acquires Naples apartmentsNew York firm acquiresNaples commercial centerINDIANA DEVELOPER BUILDS CONDOS AT MALL
by: Adam Hughes Staff Writer

Real Estate Briefs-Lee/Collier

Chicago firm acquires Naples apartments

BUYER: Ibis Club International LLC

SELLER: JERJO Ltd.

PROPERTY: 8295 Davis Blvd., Naples

PRICE: $29.48 million

TITLE FIRM ON DEED: Noble Title & Trust, Naples

PLANS, DESCRIPTION: A Chicago-based company bought Ibis Club, a 134-unit apartment complex in Naples off Davis Boulevard near the intersection with Radio Road and Collier Boulevard. The company lists the same address as Chicago law firm McGuireWoods. Neither the company nor the law firm's officials could be reached for details.

Ibis Club International LLC mortgaged the property to Corus Bank for $21.7 million.

New York firm acquires

Naples commercial center

BUYERS: Rockport Naples LLC, West Investment Co. Inc., Dale Co. LLC, Naples Commercial Management LLC.

SELLER: Naples Towne Centre Associates Ltd.

PROPERTY: 3903 Tamiami Trail East, Naples

PRICE: $11.65 million

ATTORNEY ON DEED: Blalock, Walters, Held & Johnson, Bradenton

PLANS, DESCRIPTION: Mt. Kisco, N.Y.-based Buckingham Properties bought an 110,000-square-foot shopping center anchored by Bradenton-based department store chain Bealls. "The center is 97% full," says Richard Cohen, vice president with Buckingham. "We acquired the property because it's in a good growing area."

This is Buckingham's first acquisition in Southwest Florida, though the company also has real estate investments in Tampa, Lakeland and Orlando. The company is a privately held family business that invests in real estate for the long term, says Cohen.

INDIANA DEVELOPER BUILDS CONDOS AT MALL

BUYER: Residences at Coconut Point LLC

SELLER: Coconut Point Developers LLC

PROPERTY: Land at Coconut Point mall

PRICE: $7.28 million

TITLE FIRM ON DEED: Interstate Title Services, West Palm Beach

PLANS, DESCRIPTION: Indianapolis-based residential developer Kosene & Kosene has started construction on 290 residential condominiums at the Coconut Point Mall in Estero. Simon Property Group is building the mall, which will have 1.2 million square feet of shops equal to about 21 football fields. In addition, the Simon development will include 45,000 square feet of office condos.

Kosene started selling the first 207 residential condos in December at prices ranging from $395,000 to $725,000. So far, it has sold all but three units, says Greg Martin, Kosene's vice president of development. The condos range in size from 1,000 square feet to 2,200 square feet. The company plans to start selling the remaining condos in April. Prices for those will range from $400,000 to $900,000 each. The first residents are scheduled to move there in April 2007 and Martin expects to complete the $130 million project by December 2007.

Residences at Coconut Point LLC mortgaged the property to Fifth Third Bank for $65 million.

Etc...

• Fifth Third Bank leased 26,640 square feet of retail space at College Plaza Shopping Center, near the intersection of College Parkway and Winkler Avenue in Fort Myers, from DLC Management Corp. Larry Foster, John Blumer and Bill Young, all with CB Richard Ellis, negotiated the transaction.

• KB Homes Fort Myers LLC leased a 2,500-square-foot industrial building at 830 N.E. 24th Lane, unit 109, in Cape Coral from Chas. Mancuso & Sons. Gary Tasman of VIP Commercial-TCN Worldwide represented the landlord and Roger Benson of BR Brenner Realty represented the tenant.

• BAP/Newleaf has started building Cypress Club, a two-tower residential development along the Caloosahatchee River at 2601 First Street in Fort Myers. The development includes 306 condos and lofts; prices range from $450,000 to over $4 million.

• Florida Gulf Coast University selected Owen-Ames-Kimball Co. to be construction manager for the Sugden Resort and Hospitality Building on its campus in Fort Myers. The $7 million, 40,000-square-foot building will be located east of the student union building. Construction is scheduled to start this summer and the company expects to complete the project by the end of 2007.

• Stevens Construction has started building out the interior of a 7,692-square-foot building for Retina Health Center in Naples.

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