Real Estate Briefs (Lee/Collier)
Memphis company plans two Lee County hotels
Buyer: Cooper Realty Co.
Seller: Kleman Real Estate Investment LLC
Property: 38 acres
Price: $11.25 million
Attorney on deed: The Doragh Law Firm PL, Fort Myers
Plans, description: Cooper Cos., a Memphis-based hotel company, plans to build two hotels at the corner of Alico Road and Ben Hill Griffin Parkway in Lee County. The company bought 38 acres and plans to build a 170-room Hilton Garden Inn and a 130-room Homewood Suites on six acres.
"We hope to break ground by the end of 2006 and open them in the first quarter of 2008," says Pace Cooper, the company's president and chief executive officer.
Cooper plans to subdivide the remainder of the property and sell parcels to developers for banks, restaurants and offices. Cooper already owns and operates three hotels in Southwest Florida, including the Naples Hilton on U.S. 41 and Pine Ridge Road and the Bell Tower Holiday Inn Select and Homewood Suite Bell Tower in Fort Myers.
Cooper Realty mortgaged the property to Insouth Bank for $11.5 million.
plans luxury condos
Buyer: FL-6 Inc.
Seller: Richard How, Trustee
Property: 618 and 628 8th Street, Naples
Price: $10.8 million
Attorney on deed: Porter Wright Morris & Arthur LLP, Naples
Plans, description: Naples developer Spiros Zorbalas purchased two office buildings on Eighth Street in Naples and plans to convert them into condominiums in 2008. Each building will have 24 condos. Zorbalas has other residential projects under way in Naples, including converting the Hotel Escalante on Fifth Avenue into 16 luxury townhomes.
FL-6 mortgaged the property to Northern Trust Bank of Florida for $7.56 million.
Fort Myers developer
to build shops, offices
Buyer: Suriyah LLC
Seller: David Lucas
Property: 14140 Ben C. Pratt/Six Mile Cypress Parkway
Price: $5 million
Previous price: $1.6 million, May 2001
Title firm on deed: Tarpon Title Services, Bonita Springs
Plans, description: Fort Myers hotel developer Aashish Patel bought about 15 acres off Six Mile Cypress Parkway where he plans to build shops and offices. The front of the property will include 28,000 square feet of shops, and the remainder of the property will be home to 106,000 square feet of office condominiums spread throughout six buildings. Patel says he hopes to start construction in March.
The seller was David Lucas, chairman of The Bonita Bay Group, a residential developer based in Bonita Springs.
Patel and his family own five hotels in Fort Myers, including the Hampton Inn on Daniels Parkway and have another under construction in Pompano Beach.
Suriyah mortgaged the property to Old Florida Bank for $3.75 million.
Kraft Construction building
new headquarters in Naples
Buyer: Kraft Office Center LLC
Seller: Pine Ridge Investors of Naples LLC
Property: 3500 Corporate Plaza, Naples
Price: $3 million
Attorney on deed: Grant, Fridkin, Pearson, Athan & Crown PA, Naples
Plans, description: Kraft Construction plans to build three buildings on five acres at Pine Ridge Road in Naples and will move its headquarters into two of them. The company bought the land between Interstate 75 and Livingston Road and will build two three-story office buildings, each with 40,000 square feet of space. An elevated walkway on the second floor will connect the two buildings.
Kraft, which has a 450 employees, plans to occupy all of the first office building and take one floor of the second building. The company will also build a 20,000-square-foot warehouse building on the site
Kraft Office Center mortgaged the property to Huntington National Bank for $18 million.
Attorney on deed: John Shea, Esq., Sarasota
Plans, description: Argosy Advisors, a real estate development company headquartered in Edina, Minn., bought a 1.6-acre parcel that has an empty Burger King restaurant. The property is on U.S. 41 just across the Gordon River Bridge and south of Davis Boulevard in Naples. "We're looking at a combination of retail and offices," says Jeff Heverling, Argosy's director of finance and administration. Heverling says the company is not yet sure whether it will develop the site or sell it later.
Buyer: Palm River Development Co. of Naples LLC
Seller: Leslie and Maria Anderson
Property: 212 Palm River Blvd., Naples
Price: $2.8 million
Previous price: $665,000, March 1998
Attorney on deed: Porter Wright Morris & Arthur, Naples
Plans, description: Naples Realtor Clifford "Chip" Olson bought a 12-unit condominium complex in Naples. The condos currently are rented out as apartments with long-term leases. "We're kicking around a half dozen ideas," Olson says. "We'll decide in the next 60 days." Olson is president of Colonial Square Realty in Naples.
Palm River Development mortgaged the property to Encore Bank for $2.4 million.
• Steel Truck Center bought a 28,766-square-foot industrial building at 2470 Rockfill Rd. in Fort Myers from Bruce Dewey for $2.25 million. Steel Truck Center, which specializes in auto and truck repairs, is expanding its business. Gary Tasman of VIP Commercial-TCN Worldwide negotiated the transaction.
• Castillo Properties bought a 13,090-square-foot office and warehouse building in Billy Creek Commerce Center at 5601 Division Drive in Fort Myers from Sox Development for $1.1 million. Todd Holman and Kevin Rosenthal of D'Alessandro & Woodyard negotiated the transaction.
• Southern Electric Supply leased 22,500 square feet of industrial space in United Commerce Park at 3120 Winkler Ave. Extension in Fort Myers from 4M Properties. Robert Johnston and Jerry Messonnier, both of CB Richard Ellis, negotiated the transaction.
• Suncoast Contractors Supply leased 10,000 square feet of industrial space in the Metro Distribution Center at 3591 Warehouse Road in Fort Myers from Metro Distribution Center. Stan Stouder of CB Richard Ellis negotiated the transaction.
• The Heart Group leased 8,785 square feet of medical-office space at Healthpark Medical Plaza One at 9800 South Healthpark Drive, suites 300 and 320, in Fort Myers from Lee Memorial Hospital. Todd Holman of D'Alessandro & Woodyard represented the landlord, and Enn Luthringer of VIP Commercial represented the tenant.
• Doctors Osteopathic Medical Center leased 5,270 square feet of office space at 14171 Metropolis Ave., Unit 101, in Fort Myers from Capricorn Realty Trust. Todd Holman of D'Alessandro & Woodyard negotiated the transaction.
• Premier Electric leased 5,034 square feet of industrial space at 1440 Railhead Blvd., unit 5, in Naples from Byron W. Trerice Jr. Trust. Fred Kermani of CB Richard Ellis negotiated the transaction.