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Commercial Real Estate Lee-Collier

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  • | 3:51 p.m. July 13, 2009
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TIB Bank takes back three properties

BUYER IN LIEU OF FORECLOSURE: Special Acquisitions IV Inc.,
SELLER: Off Lease Inc.
PROPERTY: 12195 Metro Parkway, Fort Myers
PRICE: $3.14 million
PREVIOUS PRICE: $2.14 million, August 2006

PROPERTY: 501 Sunshine Blvd. N., Lehigh Acres
PRICE: $1.22 million
PREVIOUS PRICE: $560,800, January 2003

PROPERTY: 3322 Fowler St., Fort Myers
PRICE: $1.05 million
PREVIOUS PRICE: $1.2 million, April 2006
LAW FIRM ON DEED: GrayRobinson PA, Miami
PLANS, DESCRIPTION: Naples-based TIB Bank completed a take-back of three prominent Lee County properties from Off Lease Inc., a company owned by Key West automobile dealer Dwayne Day, Mariza Lazor Hood of Naples and Gregory Shedrow of Fort Myers.
TIB Bank took over control of the 22,116-square-foot TIB Bank Plaza at the intersection of Metro Parkway and Crystal Drive in Fort Myers. The three-year-old center, which occupies a 2.3-acre parcel, was valued at $3.14 million, according to the deed. That is a more than $1 million premium from Off Lease's purchase in 2006.
The bank also took back two properties housing Day's auto dealerships in Lehigh Acres and on Fowler Street in Fort Myers.
The Lehigh Acres property at the northwest corner of Lee and Sunshine boulevards featured a 4,169-square-foot sales and service center and was deeded in lieu of foreclosure for $1.22 million. The 15,300-square-foot Fowler Street dealership, which previously housed a Hyundai dealership, occupies a 1.11-acre parcel and was transferred for a value of $1.05 million.
A representative for Day's Key West dealership Key West Auto Web said Day sold some of his properties in the area and turned over others to the bank and currently has no real estate holdings along the Gulf Coast.

Sanibel developer Kronfeld buys 12 waterfront home lots

BUYER: J&K Waterfront Properties LLC (principal: Joel Kronfeld), Sanibel
SELLER: Pangola Development LLC
PROPERTY: 1600, 1606, 1610, 1616, 1620, 1626, 1630, 1636, 1640, 1646, 1650 and 1656 Pangola Drive, North Fort Myers
PRICE: $687,500
LAW FIRM ON DEED: Warchol Merchant & Rollings LLP, Cape Coral
PLANS, DESCRIPTION: Sanibel-based developer Joel Kronfeld's J&K Waterfront Properties LLC purchased 12 home lots in the Pangola Estates community east of Orange Grove Boulevard and north of Hancock Bridge Parkway for $687,500.
The purchase price equated to an average of $57,292 per lot.
The lots all back up to a canal that leads to the Caloosahatchee River and eventually to the gulf. Kronfeld declined to comment on the purchase.
Kronfeld is best known as the developer — along with partner Mel Wroten — of the Central Cape Business Park at 1480 and 1490 Pine Island Road N.E. in Cape Coral.
The park features 77,040 square feet of office space in eight buildings.
The purchase entity J&K Waterfront Properties LLC mortgaged the lots to Sanibel Captiva Community Bank for $435,400.

Zep Construction ownerbuys back Benchmark building

BUYER: Gator Industrial Properties LLC (principal: Jovan Zepcevski), Fort Myers
SELLER: MD Moody & Sons Inc.
PROPERTY: 1901 Benchmark Ave. and additional vacant land, Fort Myers
PRICE: $1.5 million
PREVIOUS PRICE: $1 million, November 2004
LAW FIRM ON DEED: Sheppard Brett Stewart Hersch Kinsey & Hill PA, Fort Myers
PLANS, DESCRIPTION: Gator Industrial Properties LLC, a limited liability company headed by Jovan Zepcevski, owner of Fort Myers-based Zep Construction, purchased a 10,848-square-foot auto sales and service building on 4.28 acres from construction-equipment distributor M.D. Moody & Sons Inc. for $1.5 million.
The purchase price equated to an average of $350,467 per acre of land.
Zepcevski sold the property in Benchmark Corporate Park to M.D. Moody & Sons on Dec. 27, 2004 for $1 million.
Calls to Zepcevski and his construction firm were not returned prior to publication.

ETC ...

• TMD Construction Co. purchased a 3,346-square-foot industrial building located at 2702 Crag St. in Fort Myers from LaPointe Associates Inc. for $180,000. Stan Stouder of CB Richard Ellis, Fort Myers/Naples handled the transaction.
• Abbey Carpet leased 5,000 square feet at 1109 Tamiami Trail in Port Charlotte from Trojan Electronic Supply Co. Inc. Ron Struthers of CB Richard Ellis, Fort Myers/Naples handled the transaction.
• Romarz Auto, LLC leased 2,500 square feet at 1198 Enterprise Drive in Port Charlotte from Katharina Bartlett. Ron Struthers of CB Richard Ellis, Fort Myers/Naples handled the transaction.

• The new Edison State College Childcare Center on the Naples campus obtained Gold LEED Certification from the U.S. Green Building Council. Kraft Construction Co. Inc. was the general contractor for the project.
• Plato's Closet leased 4,000 square feet of retail space in the Bed, Bath & Beyond Plaza at 5311-5461 Airport Road N., Naples from Ridgeport Limited. Plato's Closet is a clothing retail store. Gary Tasman and Brandon Stoneburner of Commercial Property Southwest Florida LLC, a Cushman & Wakefield affiliate office handled the transaction.

• Virginia L. Kendall and Janet L. Taper leased 2,175 square feet of warehouse space at 4344 Corporate Square, Unit 3., Naples from Islands & Highlands LLC. Christine Gonnering Martin of Investment Properties Corp. handled the transaction.

• Oppenheimer & Co. Inc. leased 4,948 square feet of office space at 6700 Daniels Parkway, Unit 1, Fort Myers from Billy Creek LLC. Steve Spinosa and Michael J. Frye of the Frye Commercial Group at Re/Max Realty Group represented the tenant. Karen Goncalves of Century 21 Sunbelt Realty represented the landlord.

• First Community Bank of Southwest Florida sold a 3,150 square-foot office/warehouse/industrial building at 616 N.E. 10th Ave. in Cape Coral to Road Runner Highway Signs Inc. for $250,000. James McMenamy of Re/Max Realty Group Commercial Division brokered the sale.


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