CAPREIT pays $66 million for 428-unit complexNew York developer to build townhomesMixed-use project planned in Cape CoralElias Brothers to build new corporate headquarters
Real Estate Briefs (Lee/Collier)
CAPREIT pays $66 million for 428-unit complex
BUYER: Marcliff Ashlar Development LLC
SELLER: Ashlar 1&2 Apartment Associates LLC
PROPERTY: 13001-350 Corbel Circle, Fort Myers
PRICE: $66 million
PREVIOUS PRICE: $39.6 million, April 2004
ATTORNEY ON DEED: Bruce Bershtein, Esq., Rockville, Md.
PLANS, DESCRIPTION: CAPREIT, a Rockville, Md.-based apartment developer, bought a 428-unit apartment complex called The Ashlar in Fort Myers. The complex is located near the intersection of Daniels Parkway and U.S. 41. Executives with the privately held company could not be reached. However, CAPREIT bought The Reserve apartments in Naples in 2005 to convert the complex to condominiums. The company is a developer, owner and manager of apartments with 40 properties totaling nearly 12,000 units in 13 states. It started doing condo-conversion projects about three years ago.
Marcliff Ashlar Development mortgaged the property to LaSalle Bank for $54 million.
New York developer
to build townhomes
BUYER: McCann Development Series II LLC
SELLER: Florida Direct Investments LLC
PROPERTY: 28.65 acres at the corner of Cypress Lake Drive and Lake McGregor Drive, Fort Myers
PRICE: $4.8 million
ATTORNEY ON DEED: Joseph Madden, Fort Myers
PLANS, DESCRIPTION: McCann Development, an Armonk, N.Y.-based developer, bought 28.65 acres on the corner of Cypress Lake Drive and Lake McGregor Drive in Fort Myers. Company officials couldn't be reached, but Bob Pekol, a broker with VIP Commercial in Fort Myers who represented McCann, says the company plans to build an undisclosed number of townhomes on the site.
Mixed-use project planned
in Cape Coral
BUYER: Pine Island Road Development LLC
SELLER: Greg Eagle, Trustee
PROPERTY: 10.2 acres near the intersection of Pine Island Road and Skyline Boulevard, Cape Coral
PRICE: $5.1 million
ATTORNEY ON DEED: Bolanos Truxton, PA, Fort Myers
PLANS, DESCRIPTION: Pine Island Road Development bought 10.2 acres in Cape Coral where it plans to build three buildings totaling 90,000 square feet for shops and offices. The plans are still preliminary and no tenants have yet been signed, says Robert Peterson, one of the company's managers.
Pine Island Road Development mortgaged the property to AmSouth Bank for $3.8 million.
Elias Brothers to build
new corporate headquarters
BUYER: Elias Brothers Communities Four Inc.
SELLER: Executive Development Corp.
PROPERTY: 11761-781 Bonita Beach Road SE, Bonita Springs
PRICE: $4 million
ATTORNEY ON DEED: Grimes Goebel Grimes Hawkins Gladfelter & Galvano, PL, Bradenton
PLANS, DESCRIPTION: Elias Brothers Communities, a residential developer based in Naples, bought about nine acres in Bonita Springs on which it plans to build a new corporate headquarters. Elias Brothers plans to build three buildings totaling 134,000 square feet and the company will occupy 50,000 square feet. Construction is scheduled to begin early this year.
Elias Brothers Communities Four mortgaged the property to Synovus Bank of Tampa Bay for $3 million.
• Treeline Preserve Developer bought 97 acres at 11251 State Road 82 in Fort Myers for $20.5 million. The property has been zoned for retail, office and multifamily buildings. Andrea Burson, an associate of D'Alessandro & Woodyard represented the buyer and David Farmer of Keystone Communities represented the seller.
• Tampa-based Arcis Investments bought Palisades Park at International Center from Virginia-based Coro Investments LLC for $8.1 million. Palisades Park consists of four single-story office buildings at 6801-6831 Palisades Park Court in Fort Myers. Arcis is a real estate investment company that owns more than 500,000 square feet of commercial space in Fort Myers, Sarasota, Clearwater and Tampa. Brad Luger and Larry Randolph of GVA Advantis represented the seller.
• Esthetique Group bought 2.35 acres at 13930 Metro Parkway in Fort Myers from D'Alessandro & Woodyard for $1.5 million. The company plans to build a medical facility. Frank D'Alessandro and Tom Woodyard of D'Alessandro & Woodyard negotiated the transaction.
• Southern Development bought 1.42 acres at City Gate Commerce Center, Phase One, at the northeast quadrant of County Road 951 and Interstate 75 in Naples for $1.3 million. The company plans to build a Burger King restaurant on the site. Hal Arkin of D'Alessandro & Woodyard represented the buyer and Ron Rice of Downing and Rice Realty represented the seller.
• Eagle Creek Corp. bought 1.2 acres at 1920-1936 Santa Barbara Blvd. in Cape Coral from Santa Barbara JMF 2004-1 LLC for $720,000. Hal Arkin of D'Alessandro & Woodyard negotiated the transaction.