BUYER: Sanibel Sundial Partners LLC (Corestates Realty Group LLC), Newtown, Pa.
SELLER: BRE/Sundial Owner LLC
PROPERTY: 1451 Middle Gulf Drive and additional property on Middle Gulf Drive, Sanibel
PRICE: $2.3 million
PREVIOUS PRICE: $7 million, October 1998 (includes multiple parcels)
LAW FIRM ON DEED: Akin Grump Strauss Hauer & Felt LLP, Dallas
PLANS, DESCRIPTION: An affiliate of CoreStates Capital Advisors LLC purchased the 407-unit Sundial Beach & Golf Resort on Sanibel Island. The Lee County Clerk of Court reports that the CoreStates Capital Advisors affiliate, Sanibel Sundial Partners LLC, purchased 1451 Middle Gulf Drive and two additional lots on Middle Gulf Drive in Sanibel for $2.3 million.
CoreStates Capital Advisors has announced plans to refurbish the gulf-front resort condominium. The firm says it plans to upgrade the resort buildings' exterior, public space, food and beverage outlets, banquet facilities, pool, fitness center, lobby and front desk areas. The resort, which occupies an 8.5-acre site, will have its pool complex upgrade with a remodeled pool slide and kid-friendly water features.
“The opportunity to acquire the beautifully located resort and realize its potential is exciting,” William Spiropoulos, president and CEO of CoreStates, says in a press release. “We have assembled a strong team to lead the management and renovation and have confidence in the potential of a new Sundial Beach Resort.”
CAM Hospitality Advisors & Management has been hired to manage the property.
The property currently features five swimming pools, a fitness facility, game room, nature center, 12,000 square feet of event space, tennis courts and access to an 18-hole golf course.
According to property records, an affiliate of Blackstone Real Estate Acquisitions V LLC last purchased the resort for $7 million in October 1998. That sale included multiple parcels.
CoreStates provides wealth management, financial planning and private equity placement to institutions, endowments and foundations.