Hospitality company executive buys two sections of island

BUYER: Grand Resort-Ft Myers Beach LLC (manager: Thomas Torgerson), Naples
SELLER: Huntingburg Partners Ltd.

PROPERTY: 1133 Estero Blvd. and 1150-1180 Fifth St., Fort Myers Beach
PRICE: $7.2 million
LAW FIRM ON DEED: Kevin F. Jursinski PA, Fort Myers

SELLER: Summer Daze LP
PROPERTY: 211, 221 and 231 Canal Road and 1188-1190 and 1172-1174 Estero Blvd., Fort Myers Beach
PRICE: $6.1 million
PREVIOUS PRICES: $800,000, December 2011; $700,700 and $515,000, July 2005; $500,000, October 2001; $350,000, March 1970; and $37,000, August 1968
LAW FIRM ON DEED: Charles Meador Jr., Fort Myers Beach

PLANS, DESCRIPTION:
A company led by Tom Torgerson, CEO of the Willmar, Minn.-based hotel company TPI Hospitality, purchased two large portions of Fort Myers Beach for a combined $13.3 million.

The purchase entity, Grand Resort-Ft Myers Beach LLC, acquired Helmerich Plaza and a commercial parking lot on 3 acres across Estero Boulevard from Crescent Beach Family Park for $7.2 million. It also purchased a block of parcels from Estero Boulevard to the beach, which included two mixed-used buildings with retail and restaurant space on the bottom level and apartments on the top, a two-story, six-unit hotel, a rental cottage and two houses. That portion of the land, known as the Summer Daze Beach Project, sold for $6.1 million.

Torgerson says that while the buildings and infrastructure offer the possibly for improvement, at this point the buyer plans to continue operations as they exist today.

TPI Hospitality develops, builds and manages hotels and restaurants throughout the Twin Cities metro area, greater Minnesota and Naples. It owns 31 hotel properties and nine
restaurants.