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Indiana investor pays $30.2 million for Naples apartments

In the week's top commercial real estate news, an Atlanta developer is building charter schools, a plot ripe for multifamily is on the market south of Sarasota and the symphony heads to the mall.

A 188-unit apartment complex in Naples has been sold to Pedcor Cos. out of Indiana according to Collier County property records.
A 188-unit apartment complex in Naples has been sold to Pedcor Cos. out of Indiana according to Collier County property records.
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Naples/Fort Myers

Confusing coincidence: A 188-unit apartment complex in Naples has been sold to an Indiana company by an Indiana company. The complex is Naples 701 at 3531 Plantation Way. According to Collier County property records, the buyer was Pedcor Cos. out of Carmel, Indiana, a suburb of Indianapolis. Records show it paid $30.2 million. The seller was an LLC named Naples SI which, according to Florida’s Division of Corporation’s database, is based in Newburgh, just outside of Evanston. Here’s where it gets interesting. A search of Naples SI on Indiana’s Secretary of State’s website shows that on Aug. 14, 2020 someone named Blake Jefferies applied to reserve the name Naples SI and listed Pedcor's address as its address. (There is a Blake Jefferies listed as a legal assistant on Pedcor’s website) The registration was canceled a few weeks later on Sept. 30, 2020, the same day articles of incorporation were filed by a different person using the Newburgh address. Naples SI, county property records show, paid $24 million for the complex in October 2020.

The Southwest Florida Symphony is moving its artistic and operations center to Coconut Point in Estero.
Courtesy photo

Symphonic pairing: The Southwest Florida Symphony is moving into the mall. The symphony announced last week its artistic and operations center will take 6,500 square feet at Coconut Point in Estero, moving from Bell Tower in Fort Myers. Amy Ginsburg, the symphony’s executive director, says in statement, that the new space, next to Five Guys and across from Trek Bicycle Store, is a “larger and better acoustically appointed location so the orchestra has access to a more optimal environment in which to rehearse and perform TinyConcerts.” The 70-member symphony, which was founded in 1961 and is the fourth oldest in Florida, will hold rehearsals, recitals and chamber concerts in the location as well as events. Coconut Point is an open-air mall just off Interstate 75 with about 110 shops and restaurants, including Target, Barnes & Noble, Apple Store and Ruth’s Chris Steakhouse. 

Tampa/St. Petersburg

AdventHealth officially opened its new Care Pavilion Central Pasco facility in Pasco County March 7.
Courtesy photo

To your health: AdventHealth officially opened a 24-bed facility in Pasco County last week. The health system held a ceremonial ribbon cutting at the Land O’ Lakes center at 435 Bexley Village Dr., next to the existing AdventHealth Central Pasco Emergency Department. The two-story center, the AdventHealth Care Pavilion Central Pasco, will include two procedure rooms and an imaging suite with MRI, CT, X-ray, mammography and bone density rooms. There will also be a lab and babysitting area. The pavilion was built by Robins & Morton, which also built the emergency center.

Back to school: As the big yellow busses take to the streets again, commercial real estate developer Ryan Cos. is adding to the congestion. In a good way. The company has completed work on three charter schools in the region and plans to begin work on another in Riverview in coming weeks. The local projects include an expansion of Innovation Prep Middle School in Wesley Chapel; a new build in Lakewood Ranch of the Lakewood Ranch Preparatory Academy; and a new build of College Prepatory Academy at Wellen Park in North Port. It also expanded a charter school in Alabama. Its next five projects, the company says, will be in three Southeast states and includes an expansion of Winthrop Charter School and Early Learning Center in Riverview. In all, the company built 203,000 square feet of charter school space thus far this year and is starting on about 250,000 square feet of new projects. By the end of the year, Atlanta-based Ryan will have completed more than 4 million square feet of charter school projects.

VSC Fire & Security has leased 14,292 square feet at the Waterside Business Center on 56th Court North in Clearwater.
Courtesy photo

Move on up: VSC Fire & Security has found a new space in Pinellas County. The Virginia company has leased 14,292 square feet at the Waterside Business Center on 56th Court North in Clearwater. The fire and security company currently has its local operations on Bryan Dairy Road in Pinellas Park, though it’s not clear yet when it will move or how many employees will transition to the new space. Ciminelli Real Estate Services of Florida, the Tampa firm that represented Waterside and announced the lease, says the new space give VSC “ample room” to expand its offerings and add employees. In addition to Pinellas, VSC has locations in about 28 cities including Orlando. Waterside is a 284,000-square-foot light industrial/flex park on more than 30 acres. 


Multifamily opportunity: A 7.5-acre lot already zoned for residences or an assisted living facility has hit the market in Englewood. The south Sarasota County property is at 370 N. Pine St. and listed for $1.3 million. According to SVN Commercial Advisory Group’s listing, the lot “is ideal” for the development of up to 67 units or up to a 270-bed assisted living facility. It also has the potential, thanks to the county’s half-unit calculations, to be rezoned for up to 97 multifamily units. A description of the property in a sales brochure says the lot, which is about nine miles from Wellen Park in North Port, is south of River Road.


Worth watching: Commercial real estate firm CBRE has designated Ocala an emerging industrial market. According to a brief from the commercial real estate firm, the city north of the booming Gulf Coast has 23.7 million square feet of existing industrial warehouse space, about 7.3 million of that in facilities more than 500,000 square feet. So far this year, construction has finished on four projects totaling 1.8 million square feet, including a 1 million-square-foot facility at Florida Crossroads Logistics West Center and a 457,217 square-foot building at Topline Logistics Center. Why is this important to those on the Gulf Coast? CBRE says given Ocala’s proximity to Tampa (and Orlando) and the number of people continuing to pour into the region, “companies are choosing to expand their footprint in the area to provide much-needed warehouse and distribution product to serve the vast regional growth.”

If you have news, notes or tips you want to pass along, contact LLLov[email protected]. Or you can text or call 727-371-6944.



Louis Llovio

Louis Llovio is the commercial real estate editor at the Business Observer. Before going to work at the Observer, the longtime business writer worked at the Richmond Times-Dispatch, Maryland Daily Record and for the Baltimore Sun Media Group. He lives in Tampa.

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