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Charlotte-Lee-Collier
Business Observer Friday, Dec. 30, 2005 12 years ago

Real Estate Briefs (Lee/Collier)

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Stock Development plans residential communityNew York-based developer to convert apartmentsOntario company buys Cape Coral shopping centerSt. Louis developer planscenter in Fort Myers
by: Adam Hughes Staff Writer

Real Estate Briefs (Lee/Collier)

Stock Development plans residential community

BUYER: KCS Plantation LLC

SELLER: Centex Homes

PROPERTY: 250 acres off Daniels Parkway, Fort Myers

PRICE: $55 million

ATTORNEY ON DEED: Goodlette, Coleman & Johnson PA, Naples

PLANS, DESCRIPTION: Naples-based Stock Development bought 250 acres off Daniels Parkway east of Interstate 75 for $55 million to develop a new community called Mayfair Gardens. "It's going to be all multifamily residences," says Lindsey Owen, Stock's director of marketing. The community will have a clubhouse and spa much like Paseo, another Stock project nearby. The number of homes and prices will be available later in 2006.

KCS Plantation mortgaged the property to AmSouth Bank for $42 million.

New York-based developer

to convert apartments

BUYER: Omni Monterra LLC

SELLER: Watermen PROPERTY at Monterra LLC

PROPERTY: 28001-151 Dovewood Court, Bonita Springs

PRICE: $54.3 million

PREVIOUS PRICE: $22.8 million, December 2004

ATTORNEY ON DEED: Thomas H. Gunderson, Esq., Fort Myers

PLANS, DESCRIPTION: Tarragon Corp., a New York City-based residential developer, bought the 244-unit Monterra apartments in Bonita Springs and plans to convert them to condominiums. The condo sizes and prices were not available at press time.

Omni Monterra LLC mortgaged the property to Barclays Capital Real Estate Inc. for $42.1 million.

Ontario company buys

Cape Coral shopping center

BUYER: BJ Cape Coral Portfolio LP

SELLER: Nap Pine Island LLC

PROPERTY: 1929 N.E. Pine Island Road

PRICE: $17.7 million

ATTORNEY ON DEED: Roetzel & Andress, Naples

PLANS, DESCRIPTION: HR Development, an Ontario, Canada-based company, bought a 536,000-square-foot shopping center on Pine Island Road near the intersection of Pondella Road in Cape Coral. The center's anchor tenant is BJ's Wholesale Club. Company officials couldn't be reached for comment.

BJ Cape Coral Portfolio LP mortgaged the property to Lehman Bros. Bank for $14.3 million.

St. Louis developer plans

center in Fort Myers

BUYER: TDG Fort Myers LLC

SELLER: Greg W. Eagle, trustee

PROPERTY: 15750 and 15890 San Carlos Blvd., Fort Myers

PRICE: $9 million

ATTORNEY ON DEED: Bolanos Truxton, PA, Fort Myers

PLANS, DESCRIPTION: The Desco Group, St. Louis' largest manager of retail properties, plans to build a 290,000-square-foot shopping center on San Carlos Boulevard in Fort Myers. Desco spokesman Steve Houston says a construction timeline has not been established, and no tenants have been announced.

TDG Fort Myers LLC mortgaged the property to Wells Fargo Bank for $8 million.

Etc...

• TCL Realty Inc. bought 10 acres at 3550 Colonial Blvd. in Fort Myers from D'Alessandro Partners & Lee Mental Health LLC for $3.95 million. Frank D'Alessandro and Tom Woodyard of D'Alessandro and Woodyard negotiated the transaction.

• Alico Pennsylvania LLC bought 8.8 acres at the northwest corner of Alico Road and Pennsylvania Street from Joe and Lee Kass for $2.75 million. Fred Kermani of CB Richard Ellis negotiated the transaction.

• Richard Johnson bought 3.55 acres at 5781 Bayshore Road in North Fort Myers from Patricia Rosier Trust for $1.05 million. Don Turner of D'Alessandro and Woodyard represented the buyer. Marc Joseph of Marc Joseph Realty represented the seller.

• MWH Americas Inc. leased 9,249 square feet of office space at the Wachovia Building at 2403 Del Prado Blvd. in Cape Coral from Rapid Fire Development LLC. Gary Tasman of VIP Commercial-TCN Worldwide negotiated the transaction.

• Stevie Tomato Sports Page leased 6,572 square feet of restaurant space in Lee West Center at Lee and Sarah boulevards in Lehigh Acres. This is one of three new locations for Stevie Tomato Sports Page. Karen Johnson-Crowther with the Sands Commercial Group at VIP Commercial-TCN Worldwide negotiated the transaction for the landlord and Jim Simon of Simon Group represented the tenant.

• PNC Financial Services Group leased 4,393 square feet of retail space in the AmSouth Building at 401 Fifth Avenue South in Naples from Fifth Avenue Realty Trust. Scott Dunnuck and George Atkinson of CB Richard Ellis negotiated the transaction.

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