Brightwork Real Estate buys Pine Ridge Checkers parcel

BUYER: BW 2259 Pine Ridge LLC (Brightwork Real Estate Inc.), Tampa
SELLER: Montalvo Inc.
PROPERTY: 2259 Pine Ridge Road, Naples
PRICE: $1.4 million
LAW FIRM ON DEED: Law Office of Conrad Willkomm PA, Naples

PLANS, DESCRIPTION:
Tampa-based developer Brightwork Real Estate Inc. purchased a 0.58-acre former Checkers drive-in restaurant commercial lot for $1.4 million.

The price equated to $55 per square foot for the land.

A Checkers restaurant on the site has been closed since an electrical fire damaged the building in December. The property is an outparcel to a Home Depot.

Brightwork Real Estate Partner Austin Simmons says the new owner plans to demolish the Checkers building and construct a new building. He declined to name the future tenant.

“I can say we've submitted plans to the city for a 4,000-square-foot single-tenant building,” Simmons says. “We expect to start construction in the first quarter of next year. That area is dynamic from a retail perspective.”

The new building is scheduled for completion in the summer.

Brightworks is well known as the developer for several prominent national brands, such as Starbucks, Panera Bread, Bank of America, Applebee's Neighborhood Grill and Wawa.

The purchase entity, W 2259 Pine Ridge LLC, mortgaged the property to USAmeriBank for $2.02 million.