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Business Observer Friday, Dec. 31, 2021 4 months ago

Year ends with a flurry of deals, including $85M hotel sale

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The last two weeks of 2021 brought several major closings across the region
by: Louis Llovio Commercial Real Estate Editor

A whirlwind of deals the past two weeks means the 2021 commercial real estate market ends much as it operated all year: on a hot streak.

These deals, which were announced from mid-December through Dec. 30, include sales of land for residential developments, multifamily communities and a huge hotel transaction in Tampa Bay.

The question now? Will that momentum carry over into 2022 and will the real estate market will remain as red hot as it has been the past few months. Time will tell. 

Here is a snapshot of some of transactions from the last two weeks of 2021:

  • The Caspers Co. purchased The Current Hotel, an Autograph Collection hotel by Marriott, for $85 million. The 180-room Current Hotel, at 2545 N Rocky Point Drive, was completed in 2019 and includes two restaurants. The Caspers Co. is owned by the Casper family, which owns 60 McDonald’s franchises as well as the Oxford Exchange in Tampa.
  • A 0.83-acre commercial property sold in Cape Coral for $800,000. The property, at 3141 Northeast Pine Island Rd., was bought by BW Pine Island 41 LLC. The company, according to state records, is registered at the same address as Tampa commercial real estate firm Brightwork Real Estate. Plans for the property were not disclosed.
  • A 23.43-acre residential property in Naples sold to Pulte Home Co. for $7.25 million. The property is 14295 and 14335 Collier Blvd. and was previously owned by We Have Arrived LLC.
  • Lennar bought a 16.2-acre parcel in Fort Myers for $790,000. The property, designated for a planned community, is located at 3600 Buckingham Road.
  • Fort Myers-based commercial real estate firm LSI Cos. brokered the sale of a four-building medical office portfolio totaling 97,756-square feet for $18.4 million. The properties included locations in Naples, Cape Coral, Bonita Springs and Lehigh Acres.
  • A seven property, 127-unit portfolio of apartments in St. Petersburg sold to a private New York investor. The sale price of the Sabal Palm Portfolio was not disclosed. The properties in the portfolio are: The Atlas, a 32-unit property at 2800 4th Street; The Astoria, a 23-unit property at 2026 4th Street South; The Avalon, a 20-unit property located at 2729 4th Street South; Park View, a 20-unit property at 674 22nd Avenue South; St. Pete Gardens, a 14-unit property at 2410 4th Street South; The Ruby, a 12-unit property at 1101 16th Street South; and The Rose, a 6-unit property at 2624 4th Street South
  • Taurus Investment Holdings, a Boston-based private equity real estate firm, sold Mezzo of Tampa Palms for $85.65 million. The company bought the 340-unit apartment complex, in the Tampa Palms neighborhood, for $59 million in 2019. The buyer was not disclosed.
  • The sale of Sarasota County’s administration building officially closed Dec. 30. The building, at 1660 Ringling Blvd. in downtown Sarasota and two adjacent properties, sold for $25 million to Manatee County-based Benderson Development. County commissioners unanimously approved the sale in October. The county will lease the building back for four years.

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