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BUYER: The Village Land Trust (principals: Jeffrey Tayon), Naples
SELLER: Scott F. Lutgert, as trustee
PROPERTY: 4050, 4200 and 4350 Gulf Shore Blvd. N., Naples
PRICE: $32.45 million
LAW FIRM ON DEED: Bond Schoeneck & King PLLC, Naples
PLANS, DESCRIPTION: A land trust led by Jeffrey Tayon of Naples purchased the 108,000-square-foot The Village of Venetian Bay retail/office development for $32.45 million.
The price equated to $300 per square foot.
The high-end waterfront center was 92% occupied at the time of the sale. The unanchored center contains a mixture of stores, offices and restaurants including: Chico's, M Waterfront Grille, Fabec Young & Co., Simply Natural, Bayside Seafood Bar & Grill, Mondo Uomo, Lux Boutique, The Village Pub Panache, The Lutgert Cos. and Premier Properties.
David Stevens of Investment Properties Corp. handled the transaction.
“This investor was looking for a high-profile property, not for ego, but for sustainability,” Stevens says. “We were originally looking at the seven buildings [Jack] Antaramian sold to BlackRock on Fifth Avenue. Eventually, we started to get the feeling that something was a bit off with that. So we approached the Lutgerts to see if they were interested in divesting this center.”
Stevens says the sellers extensively renovated the property a few years ago. The investment is described as a long-term hold.
The new ownership has retained The Lutgert Cos. to manage the property and Investment Properties Corp. has been retained to market the vacant tenant spaces.
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