Loading
BUYER: Castlelake, Minneapolis
(operating as: CRE Burnt Store Marina LLC, CRE Cape Harbour Marina LLC, CRE Burnt Store Irrigation LLC, CRE Burnt Store Amenities LLC and CRE Cape Harbour Land LLC)
SELLER: Realmark Development LLC, Cape Coral (operating as: Realmark Burnt Store Marina LLC, Realmark Meta LLC, Realmark Cape Marina LLC, Realmark Retail Operations LLC, Burnt Store Irrigation Facilities LLC, Realmark Homes LLC and Burnt Store Amenities LLC)
PROPERTY: The Marina at Cape Harbour, Burnt Store Marina and additional parcels (3000 block of Matecumbe Key Road, Punta Gorda and the 5000 block of Shell Cove Drive and Cape Harbour Drive, Cape Coral)
PRICE: $31.86 million
PREVIOUS PRICE: $4.87 million, September 2002; $3.5 million, December 2005; $1.68 million, January 2000; $54,000, March 2001; and $7.87 million, March 1992 (several of the prior sales included additional land)
LAW FIRM ON DEEDS: Stanton Cronin Law Group PL, Tampa
PLANS, DESCRIPTION:
Affiliates of Minneapolis-based Castlelake acquired a large portion of the Lee County real estate holdings of Cape Coral-based Realmark Development LLC. County records indicate the 38 parcels traded in seven transactions for $31.86 million.
The sale included the real estate of the 800-slip Burnt Store Marina — one of the largest marinas in the state; an office building; the 76-slip The Marina at Cape Harbour; its associated shopping center and office building. Castlelake also acquired the 27-hole semi-private Burnt Store Golf & Activity Club, outdoor recreation facilities, vacant residential and commercial land and a 3-acre lake.
Realmark Development is the creation of Will Stout, a condominium developer and former owner of Atlanta's Buckhead Brokers. He told the Business Observer in a 2009 story that after selling Buckhead Brokers to Coldwell Banker, he came to Florida. He used the funds of the business sale to develop Cape Harbour and then acquired and expanded Burnt Store Marina.
Formed in 2005 as TPG Credit, Castlelake is an institutional alternative investment firm with $4.7 billion in assets under management. It buys both real estate and debt collateralized by real assets, which is how it first became involved in the Realmark Development properties.
On June 2, 2014, a Castlelake affiliate assumed six mortgages on the Realmark Development properties from Regions Bank.
The deeds selling the property make no mention of an exchange for mortgage debit.
Officials with Castlelake and Realmark Development could not be reached for comment. Ted Stout, managing broker of Realmark Realty declined to comment.
Your free article limit has been reached this month.
Subscribe now for unlimited digital access to our award-winning business news.
Join thousands of executives who rely on us for insights spanning Tampa Bay to Naples.
