Real Estate Briefs (Lee/Collier)
Prestige Builders Plans
Naples Condo Conversion
Buyers: Summer Wind 368 Delaware LLC and Summer Wind 366 Delaware LLC
Sellers: Pine Ridge Associates 2 Ltd. and Pine Ridge Associates Ltd.
Property: 5301 Summerwind Drive, Naples
Price: $46 million
Law firm on deed: Thomas N. Silverman, PA, Palm Beach Gardens
plans, description: Prestige Builders Partners, a condo conversion developer based in Miami Lakes, bought Summerwind apartments in Naples. It plans to convert the 368-unit complex into one- and two-bedroom condos and rename it Lake Isles. The renovation's timeline or prices were not available. Prestige has acquired 12,000 apartments so far in 2005 and is seeking more properties, according to Eddie Garcia, a spokesman for the company. Summerwind 368 Delaware Inc. mortgaged the property to Corus Bank for $42.8 million.
Boston developer buys
land in Estero
Buyer: JTAD Estero LLC
Seller: Edward V. Lewandowski, Trustee
Property: 10500 Corkscrew Road, Estero
Price: $7.5 million
Law firm on deed: Knott, Consoer, Ebelini, Hart & Sweet P.A., Fort Myers
plans, description: The Wilder Cos. of Boston bought 43 acres on Corkscrew Road near Three Oaks Parkway and Interstate 75. The company plans to build a 300,000-square-foot shopping center on the site, says Shelley Lord, Wilder's marketing director.
Lord says the center will be a combination of retailers such as Bed Bath & Beyond and smaller "lifestyle" shops such as Kay Jewelers. No tenants have been announced.
The company hopes to start building the center in the second quarter of 2006 and complete it in 2007. Wilder is a 30-year-old retail development and leasing firm that has developed, managed and leased more than 20 million square feet of shops.
JTAD Estero mortgaged the property to Wachovia Bank for $7.6 million.
Sarasota investor banks
land for homebuilder
Buyer: Jordyn Holdings VI LLC
Seller: Commercial Property SW Inc.
Property: 15371 Old Olga Road, Alva
Price: $6.8 million
Previous price: $4.1 million, November 2003
Law firm on deed: Norton, Hammersley, Lopez & Skokos PA, Sarasota
plans, description: Steve Liebel bought 97 acres along the Caloosahatchee River in Alva to bank it for a national homebuilder whose name he declined to disclose. "I'll hold it one to three years, depending on the entitlement process," Liebel says. Liebel is president of Duncan Seawall Dock and Boatlift in Sarasota. Jordyn Holdings VI mortgaged the property to People's Community Bank of the West Coast for $4.8 million.
Naples office building
Buyer: Mercato Point LLC
Seller: Canopy Place LLC
Property: 8920 Tamiami Trail N., Naples
Price: $5.5 million
Law firm on deed: Parrish, White & Lawhon, PA, Naples
plans, description: Mercato Point of Vernon Hills, Ill., plans to build a 60,000-square-foot upscale office building on land it recently purchased in Naples. Mary Nelson, a spokeswoman for the company, declined to provide additional details except to say that the company in the process of establishing an office in Naples.
Naples developer plans
Buyer: Bucks Run Reserve LLC
Seller: Bucks Run Estates LLC
Property: Land in Collier County
Price: $5.5 million
Law firm on deed: Goodlette, Coleman & Johnson PA, Naples
plans, description: Naples developer William Hoover plans to develop about 24 acres near Collier Boulevard and Wolfe Road into a 40-lot residential subdivision called Bucks Run Reserve. The real estate transaction was between two related entities for tax purposes. The builders at Bucks Run Reserve will be DeAngelis Diamond Homes and Gulfstream Homes. Buck Run Reserve mortgaged the property to Orion Bank for $8.5 million.
• Todd Turner and Samir Cabrera bought a 7.52-acre commercial site at 4175 Fowler St. in Fort Myers from Bill Branch Chevrolet for $1.7 million. Cabrera, of D'Alessandro & Woodyard, represented the buyer and Dan Sinclair of Sinclair Inc. represented the seller.
• Zong Xing Tang & Cindy Zhang TIC bought an 11,848-square-foot industrial building at 11741 Metro Parkway in Fort Myers from Southwest Florida Real Estate for $1.55 million. Scott Dunnuck and George Atkinson, both of CB Richard Ellis, represented the seller. A.J. Jiang of Priceless Realty represented the buyer.
• STR & Associates bought 3.21 acres of land at 2351 and 2371 Crystal Drive in Fort Myers from Rosengator Properties for $1.2 million. Kevin Rosenthal and Samir Cabrera of D'Alessandro & Woodyard represented the buyer. Frank D'Alessandro and Tom Woodyard represented the seller.
• Bavar Properties Group LLC bought a Colonial Properties lot at 4220 Executive Circle in Fort Myers from KFI LLC for $1.3 million. Robert Johnston of CB Richard Ellis represented the buyer; Fred Kermani, Johnston and Jerry Messonnier, all of CB Richard Ellis, represented the seller.
• Tuscan Pointe Development LLC bought 19.6 acres of land at 1298 Barrett Road in North Fort Myers from Thomas Bennett Jr., for $1 million. Cliff Wiersma of Coldwell Banker Commercial NRT represented the buyer and Mike Bennett of Sellstate represented the seller.
• Chico's Retail Services Inc. leased 20,634 square feet of office space from Bullseye Properties at 1901 Brantley Road in Fort Myers. Debra Shuey, Cathleen Jacobson and Warren Barry of Coldwell Banker Commercial NRT represented the landlord and Drew Drake of Drew Drake & Co. represented the tenant.
• World Electric Supply leased 20,000 square feet of industrial space at Metro Distribution Center at 3571 Warehouse Road in Fort Myers. Stan Stouder of CB Richard Ellis negotiated the transaction.
• HornerXpress Gulf Coast leased 13,280 square feet of office and warehouse space at 2128 Andrea Lane in Fort Myers from Thomas and Karen Sabella. The company supplies pool and spa equipment to pool-maintenance professionals and this is its first Fort Myers location. Connie Barbour and Bill Mankin of VIP Commercial-TCN Worldwide represented the tenant and John Kremski of D'Alessandro & Woodyard represented the landlord.
• First Merchant Payment Systems leased 8,316 square feet of office space in University Park at 12800 University Drive, Suite 410, in Fort Myers from Simplex Grinnell, LP. Tom Pepitone of D'Alessandro & Woodyard negotiated the transaction.
• Naples Patio leased 8,000 square feet in the Prime Time Video Building at 5120 South Cleveland Ave. in Fort Myers from the Chartwell Group. Karen Johnson-Crowther and Paul Sands of VIP Commercial-TCN Worldwide negotiated the transaction.
• TK Machine Inc. leased 5,440 square feet at 5100 Tice Street in Fort Myers from IAD Capital Corp. Robert Johnson and Jerry Messonnier, both of CB Richard Ellis, negotiated the transaction.