Real Estate Briefs (Lee/Collier)
Developer Converts Estero Apartments into Condos
Buyer: The Greens Developer LLC
Seller: Seasons at Fountain Lakes LLC
Property: 3100-3180 Seasons Way, Estero
Price: $12.9 million
Previous price: $6.75 million, April 2004
Law firm on deed: Salvatori & Wood, Naples
Plans, description: OKA, a Coconut Grove-based development company, is converting an apartment complex in Estero into condominiums. "We went to market two weeks ago and sold out in one day," says Paul Kaplan, the company's project director. The 144 one- and two-bedroom condos sold from the high $100,000 range to the low $200,000s, depending on size and location.
OKA is an affiliate of Key Realty Advisors in Coconut Grove and has converted other apartments to condos in Southwest Florida, including The Tides at Pelican Landing in Bonita Springs and Napoli in Naples.
The Greens Developer mortgaged the property to Regions Bank for $13.2 million.
Ohio-based company buys
Sanibel shopping center
Buyer: RLR Investments LLC
Seller: Sally Martens, Trustee
Property: 1975 Periwinkle Way, Sanibel
Price: $7.5 million
Law firm on deed: Pavese Law Firm, Fort Myers
Plans, description: RLR Investments LLC, a privately held real estate investment company based in Wilmington, Ohio, acquired the Tahitian Gardens shopping center on Periwinkle Way in Sanibel. The company plans to renovate the exterior of the shopping center and recently signed the Cheeburger Cheeburger restaurant as a new tenant.
In addition, RLR is under contract to purchase the Olde Sanibel Shoppes at 630 Tarpon Bay Road and currently owns the majority of stores at Village Shops and two retail centers on Palm Ridge Road in Sanibel. The company's other Florida properties include Port Sanibel marina in Fort Myers and Golden Ocala Golf and Equestrian Club in Ocala.
Lennar buys Naples
land near I-75
Buyer: Lennar Homes Inc.
Seller: Mango Cay Community LC
Property: 5.3 acres at the corner of Strand Boulevard and Tavila Circle In Naples
Price: $5.78 million
Previous price: $1.9 million, April 2003
Law firm on deed: Salvatori & Wood, Naples
Plans, description: Miami-based homebuilder Lennar plans to build 29 single-family homes on 5.3 acres called Mango Cay, off Strand Boulevard in Naples.
The homes will be built by the U.S. Home division of Lennar and will range in size from 1,800 square feet for the one-story home to 2,200 square feet for a two-story home. The builder has not yet established prices, though construction will begin in late November, says Pat Cantwell, director of sales and marketing for U.S. Home in Estero.
Naples hotel to condos
Buyer: Halpjak LLC
Seller: Darlene Stoneburner Lofgren Trustee
Property: 2630 9th Street, N., Naples
Price: $5 million
Law firm on deed: Edward R. Bryant Jr., Esq., Naples
Plans, description: Ronald Freedman, a Naples real estate investor and mortgage financier, purchased Stoney's Courtyard Inn and plans to convert the 76-room property to a "condo-hotel." In a condo-hotel, individual investors own each room and earn rental income after management fees.
Freedman says his company is spending about $500,000 to refurbish the hotel and will have the first 15 rooms completed by January. Although he has not listed prices, Freedman says the rooms will likely be priced between $125,000 and $140,000 each. It will be called the Naples Courtyard Inn.
Freedman also owns the Lemon Tree Inn in Naples and plans to convert that property into a condo-hotel. The 35-room hotel is located at 250 9th Street.
Halpjak mortgaged the property to Partners Bank for $4 million.
TOUSA acquires Transeastern
and four developments
Buyer: E.H. Transeastern LLC
Sellers: Transeastern Jonathans Bay LLC, Transeastern Olympia Pointe LLC, Transeastern Laguna Lakes LLC, and North Cape Development Associates I LLC.
Property: Four residential developments in Lee County
Price: $27.8 million
Law firm on deed: Nason, Yeager, Gerson, White & Lioce, PA, West Palm Beach
Plans, description: Technical Olympic USA Inc., a Hollywood-based homebuilder also known as TOUSA, recently acquired Transeastern Homes of Coral Springs. Four Lee County developments were part of that deal. TOUSA formed a joint venture with The Falcone Group of Boca Raton called E.H. Transeastern LLC to acquire the assets of Transeastern. The four developments in Lee County are Jonathans Bay, Olympia Pointe, Laguna Lakes and Coral Lakes.
Franchisor plans Famous Dave's
Bar-B-Que in Fort Myers
Buyer: JP's Bar-B-Que LLC
Seller: Cleveland Holding Co.
Property: 12148 S. Cleveland Ave., Fort Myers
Price: $2.75 million
Previous price: $1.7 million, January 2003
Law firm on deed: Feldman & Roback, Bradenton
Plans, description: Famous Dave's of America, a Minneapolis-based barbecue restaurant franchisor, granted a franchise to JP's Bar-B-Que of Fort Myers, says Famous Dave's spokesman Pat Courtemanche.
JP's Bar-B-Que is owned by Fort Myers-based Gyamarthy & Associates. Jim Gyarmathy, president of the company, couldn't be reached. Gyarmathy currently owns 11 KFC franchises in Southwest Florida, according to Courtemanche. Famous Dave's currently owns 38 barbecue restaurants and franchises another 71 restaurants in 25 states. It has signed development agreements for an additional 171 locations.
McGarvey Development buys East Cape business park
McGarvey Development of Bonita Springs bought East Cape Coral Commerce Park at 222 N.E. Pine Island Road from DJ Realty Partners LLC of North Fort Myers for $12.8 million.
McGarvey plans to develop a combination of 400,000 square feet of offices and warehouses, says William Price Jr., McGarvey's senior vice president. The company plans to start construction in the second quarter of 2006. Rents will be about $9 per square foot for the combination office-warehouse space and $15 to $19 per square foot for office space.
Gary Tasman and Scott Robertson of VIP Commercial-TCN Worldwide negotiated the transaction.
Pompano Beach developer buys
Airport Exchange Park in Lee County
Premier Commercial Realty of Pompano Beach purchased a 231-acre industrial park, formerly known as Airport Exchange Park, near Southwest Florida International Airport in Lee County for $13.6 million. The company has renamed the property Premier Airport Park.
The company's preliminary plans call for developing about 2 million square feet of industrial buildings, says Peter Sheridan, president of Premier Commercial Realty. The current site plan consists of 12 buildings ranging in size from 80,000 square feet to 346,000 square feet. Construction of the buildings isn't expected for another two years because of the time needed to obtain the necessary development approvals, Sheridan says.
Premier Commercial purchased the property because of its close proximity to the airport and Interstate 75, and its confidence in the growth prospects for Southwest Florida. The park is located in Lee County just north of Alico Road and on the west side of Airport Haul Road. It fronts the airport runway.
Premier is currently one of South Florida's largest owners and developers of commercial real estate. The company owns approximately 5.2 million square feet of mostly industrial space in Broward and Palm Beach counties. Premier Airport Park is Premier's first acquisition on Florida's west coast.
Gary Tasman of VIP Commercial-TCN Worldwide negotiated the transaction on behalf of the seller, Airport Exchange Park LLC.
-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 Messonier of CB Richard Ellis represented the seller and Jim Garinger of VIP Commercial represented the buyer.
-Four K LLC bought 11 acres of land at 536 Evergreen Road in Fort Myers from Kenneth and Cheryl Nagorsen, Trustees, for $1.8 million. John and David Pegg, of Coldwell Banker Commercial NRT, represented the sellers.
-Todd Turner and Samir Cabrera bought a 7.52-acre commercial site at 4175 Fowler Street 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.
-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.
-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.