Real Estate Briefs (Lee/Collier)
Lennar pays $55 million
for land to build 782 homes
Buyer: Belle Meade Partners LLC
Sellers: Narita Land Investment and Green Acres Naples LLLP
Property: Land in Collier County
Price: Two transactions totaling $55.1 million
Law firm on deed: Salvatori & Wood, Naples
Plans, description: Miami-based Lennar Homes bought approximately 844 acres in Collier County, property records show. Lennar officials couldn't be reached, but records show the company plans to build 782 single-family homes. The company purchased parcels near 17th Street, S.W., and Keane Avenue as well as off Kam Luck Drive in Collier County.
Lennar mortgaged the properties to Residential Funding Corp. for $37.7 million.
D'Jamoos Group buys, sells
land in Bonita Springs
Buyer: Coconut 41 LLC
Seller: Coconut North Property
Property: 46 acres in Bonita Springs
Price: $18.5 million
Previous price: $10.5 million, June 1999
Law firm on deed: Wright & Shaw, Cape Coral
Buyer: H.G. Coconut LLC
Seller: Coconut 41 LLC
Property: 14 acres in Bonita Springs
Price: $9.2 million
Title company on deed: Emerald Title Co., Naples
Plans, description: The D'Jamoos Group, a Naples-based development company, purchased 46 acres at the northwest corner of Coconut Road and U.S. 41 in Bonita Springs. The company plans to develop 130,000 square feet of shops and sell some parcels to Orion Bank, Florida Community Bank and CVS, says Andrew D'Jamoos, the company's vice president of sales and marketing. The D'Jamoos Group plans to start clearing the site this month and will begin construction shortly thereafter.
D'Jamoos also sold 14 of the 46 acres to The Hine Group of Port Jefferson, N.Y. Hine officials couldn't be reached, but D'Jamoos says the company plans to build 142 residential units on the site. H.G. Coconut mortgaged the 14 acres to Mercantile Bank for $6.94 million.
Opus South plans
shopping center in Lee County
Buyer: Alico Land LLC
Seller: Alico Development Corp.
Property: 9401 Alico Road, Fort Myers
Price: $10.2 million
Previous price: $4.5 million, June 1999
Law firm on deed: Treiser, Collins & Vernon, Naples
Plans, description: Tampa-based developer Opus South Corp. bought 30 acres on Alico Road in Lee County. "We are in the very preliminary stages of putting a site plan together," says Dan Morris, director of real estate at Opus South. The site allows for 250,000 square feet of shops and Morris says one of the options under consideration is a grocery-anchored shopping center. Morris says construction probably won't start for another year.
Naples developer plans
housing off C.R. 951
Buyer: MDG Fountain Lakes LLC
Seller: First Assembly of God of Naples Inc.
Property: Land off C.R. 951 in Naples
Price: $10 million
Law firm on deed: Parks and Stewart, Naples
Plans, description: MDG Fountain Lakes, a subsidiary of Naples-based MDG Capital Corp., bought 23.6 acres off C.R. 951 and a half-mile north of Rattlesnake Hammock Road in Naples. The company plans a mix of 292 townhomes, coach homes and condominiums, says Bill Klohn, president of MDG Capital. Although prices have not yet been established, Klohn says he hopes to price them from the low $200,000 to $300,000 range. Due to rezoning issues, Klohn anticipates the start of construction is a year away.
The seller, First Assembly of God, intends to use the proceeds from the sale to expand the adjacent church campus.
MDG Fountain Lakes mortgaged the property to TIB Bank for $4.7 million.
School board buys
19 acres in Fort Myers
Buyer: School Board of Lee County Florida
Seller: Worthington Renaissance LLC
Property: 13151 Palomino Lane, Fort Myers
Price: $6.8 million
Law firm on deed: Henderson, Franklin, Starnes & Holt, P.A., Fort Myers
Plans, description: The School Board of Lee County bought 19 acres adjacent to the Renaissance residential community on Daniels Parkway near I-75. The site is located on the corner of Palomino Lane and Skyport Avenue and the board plans to build a 2,000-student middle school there. Construction is scheduled to start in 2007 and be completed by August 2008, says Tina Silcox, community development planner with the school board.
Boca Raton builder
plans townhomes in Fort Myers
Buyer: Prime Homes at Portofino Springs
Seller: Lee Health Ventures Inc.
Property: Land near Daniels Parkway in Fort Myers
Price: $6.1 million
Law firm on deed: Sheppard, Brett, Stewart, Hersch & Kinsey, P.A., Fort Myers
Plans, description: Prime Homebuilders, a Boca Raton-based residential developer, plans to build 192 townhomes near Daniels Parkway in Fort Myers in a community called Portofino Springs. In a September interview, Fred Abbo, president of Prime Homebuilders, said the homes would cost from $200,000 to $300,000 each. and that he hoped to break ground in the first quarter of 2006.
• Newco Investments Inc. bought a 30,000-square-foot industrial building at 11950 Amedicus Lane in Fort Myers from Crystal Prime Inc. for $2.55 million. Robert Johnston and Jerry Messonnier of CB Richard Ellis represented the seller and Jim Garinger of VIP Commercial represented the buyer.
• Conaught Place LLC bought a 25,000-square-foot office building called Kelly Carlos Executive Office Building, at 11595 Kelly Road, from Kelly Carlos Rentals LLC for $2.425 million. Conaught Place bought the building for investment purposes. Jim Tamblyn and Jim Garinger of VIP Commercial negotiated the transaction.
• Will Fund Ltd. bought a 50,505-square-foot industrial building at 3048 Metro Parkway in Fort Myers from Cronin Porch & Patio Inc. for $2.4 million. William Mankin of VIP Commercial represented the seller.
• Four K LLC bought 11 acres at 536 Evergreen Road in Fort Myers from Kenneth and Cheryl Nagorsen, trustees, for $1.8 million.