Real Estate Briefs (Lee/Collier)
Walgreen Acquires Shopping Center
Buyer: Walgreen Co.
Seller: Twin Oaks Inc.
Property: 2200 Ninth St. N., Naples
Purchase price: $6.7 million
Previous price: $3.3 million, April 1986
Law firm on deed: Quarles & Brady, Naples
Plans, description: Walgreen, the Deerfield, Ill.-based drugstore company, purchased a shopping center on Ninth Street in Naples, but it doesn't have immediate plans for a store there.
"It's somewhat unusual for us to buy property," says Carol Hively, a company spokeswoman. Generally, only 20% of Walgreen stores are located on company-owned property. The rest are leased, she says. However, sometimes an opportunity arises to buy property and the company will make that investment.
Walgreen has more drugstores in Florida than any other state because of the high elderly population and tourist business. The company currently has 647 stores in Florida.
Lags Ventures purchases
Omni Club building
Buyer: Lags Ventures Inc.
Seller: The Cadillac Partnership, Trustee
Property: 1755 Boy Scout Drive, Fort Myers
Purchase price: $5.7 million
Law firm on deed: Walsh & Keating, Wauwatosa, Wis.
Plans, description: David Lageschulte of Fort Myers purchased land and a building that houses the Omni Club, a 50,000-square-foot health club on Boy Scout Drive near Summerlin Road, according to company representative Richard Simeone.
Simeone said Lageschulte purchased the property for investment purposes and plans to continue leasing the building to the health club.
Before it was converted to a health club in February 2004, the building housed a Winn-Dixie supermarket.
Lags Ventures mortgaged the property to Colonial Bank for $4.8 million.
• PI Hibiscus Trust has purchased 12 acres of commercially zoned land located at N.E. Pine Island Road N., across from the new BJ's Wholesale Club in Fort Myers from Kerry Cameron Trust for $4.8 million. Fred Kermani of CB Richard Ellis represented the seller, and Michael Barlett of Douglass Reality represented the buyer.
• Vinod Rustgi has purchased 41 acres of land on Collier Boulevard, also known as ASGM Business Center of Naples PUD, just south of the Naples Prime Outlet shopping center, from Martin Adler, Richard Schwartz, Herbert Garil and Marvin L. Meyerson for $4.6 million. Fred Kermani of CB Richard Ellis represented the seller, and Desi Deswal of Prudential represented the buyer.
• Steven Adkins, trustee, purchased 24 acres of land at the southwest interchange of Interstate 75 and Bayshore Road in North Fort Myers from Bruce Osterink for $2. 1 million. Frank D'Alessandro and Tom Woodyard of D'Alessandro & Woodyard represented the Seller. Melissa Creasy represented the buyer.
• Moorestown LLC purchased a 4-acre lot in Plantation Corporate Park at 12150 Plantation Road, Lot 1, from Maples Company LLC, for $1.2 million. The buyers are going to develop a 40,000-square-foot commercial condo project to be built by Brooks and Freund Inc. The property was listed by Bob Pekol, VIP Commercial-TCN Worldwide, and sold by James B. McMenamy, RE/MAX Realty Group.
• M&I Bank has purchased 3,900 square feet of office space at 2375 Tamiami Trail in Naples from Fifth Third Bank for $1.5 million. Larry Foster and Bill Young, both of CB Richard Ellis, negotiated the transaction.
• K-T Property Development has purchased about 4 acres of land at 7350 Gladiolus Drive, near the intersection of Old Gladiolus Dr. in Fort Myers from Bushwood Entertainment LLC for $2. 5 million. Fred Kermani, Robert Johnston and Jerry Messonnier, all of CB Richard Ellis, negotiated the transaction. The buyer intends to develop a medical office building.
• Bank of America has purchased a 1.2-acre parcel at Pebblebrooke Center located at the southwest corner of Immokalee Road and Collier Boulevard in Naples from DAD Development Corp. for $1.3 million. Larry Foster of CB Richard Ellis represented the seller, and Paul Royak of Tramell Crow Company represented the buyer.
• YWT LLC has bought Key West Building G at 1342 Colonial Boulevard in Fort Myers from Shiva Management Inc. for $900,000. The building contains 7,900 square feet of office space. Paul Sands and Mike Doyle of VIP Commercial-TCN Worldwide represented the seller, and Steven Weisberg of RARCO Investment Properties represented the buyer.
• Larry R. Turbeville has purchased industrial space at 6411 Arc Way in Fort Myers from Southwest Florida Real Estate Co. for $650,000. John Kremski of D'Alessandro & Woodyard represented the buyer, and Scott Dunnuck and George Atkinson, both of CB Richard Ellis, represented the seller.
• ST Investments LLC purchased a 3,014-square-foot office condo in World Plaza, 12621 World Plaza Lane, Building 55, in Fort Myers from Cape Investments LLC, for $575,000. Frank D'Alessandro and Tom Woodyard of D'Alessandro & Woodyard negotiated the transaction.
• KGH LLC has purchased the former Exxon station with a 900-square-foot convenience store on one-third of an acre located at 3396 Tamiami Trail East, across form the courthouse in Naples for $680,000 from Shadow Court Fuels Inc. The gas station will soon carry the Chevron brand. Fred Kermani, CCIM of CB Richard Ellis negotiated the deal.
• D.R. Horton leased a 12,800-square-foot office at 12771 Westlinks Drive (units 7, 8 and 9) in Fort Myers from Cambridge Management Associates LP. Karen Johnson-Crowther of VIP Commercial-TCN Worldwide negotiated the transaction.
• HomeKO LLC leased 9,000-square-feet of retail space in Page Plaza at 5100 S. Cleveland Ave., Unit 301, from Sitt Asset Management LLC. HomeKO is based in Miami and offers home accessories, flooring and improvement products. Bob Pekol at VIP Commercial-TCN Worldwide negotiated this transaction.
• New Concepts Storage has signed a 10-year lease for 27,000 square feet of industrial space at 11901 Amedicus Lane in Fort Myers from Crystal Industrial Park LLC. Robert Johnston and Jerry Messonnier, both of CB Richard Ellis, represented the landlord and the tenant.
• M&I Bank purchased 3,600 square feet of office space at 9000 Bonita Beach Road from Fifth Third Bank in Bonita Springs for $3 million. Larry Foster and Bill Young, both of CB Richard Ellis, negotiated the transaction.
• Seminole Gulf Railway has leased 5,803 square feet of office space in the Metro Park Business Plaza at 4110 Centerpointe Drive in Punta Gorda from Citec Florida LLC. Scott Dunnuck of CB Richard Ellis negotiated the transaction.
• Laminate Kingdom LLC, which does business as Floors Today, has leased 6,400 square feet of retail space in the Wal-Mart Plaza located on Pine Island Road in North Fort Myers from Sandor Development/ Myers Sands Realty LLC. Larry Foster, Anthony Jablonski and Bill Young, all of CB Richard Ellis, represented the landlord, and Sandor Development/Myers Sands Realty LLC, represented the tenant.
• Progressive Casualty Insurance Company has leased 7,814 square feet of office space at 3073 South Horseshoe Drive, in Naples from Park of Commerce LLC. Scott Dunnuck and Tim Tillapaugh, both of CB Richard Ellis, represented the landlord and Clint Sherwood of IPC of Naples represented the tenant.