Lets lease: The Fort Myers real estate firm Mayhugh Commercial Advisors has started leasing space at a new 30,000-square-foot retail center in Cape Coral. The development will sit on Pine Island Road and SW 10th Place, near Skyline Boulevard. The center is to be called The Shops at Del Mar and will be made up of four one-story buildings, including drive-through units. Space in the development will range from 1,500 square feet to 19,000 square feet. Construction is underway and is expected to be complete by fall of 2024. The firm says the property's potential tenants have already started to show “significant” interest in the center.
Deal making: Call It Closed International Realty is getting into commercial real estate. The Naples cloud-based real estate brokerage has launched its new CRE division in Virginia and is looking for agents. The company chose the Commonwealth, it says in a statement, because its parent company has partnered with two brokers there. It is not clear when, or if, it will begin working with commercial agents in Florida. Call It Closed was launched in 2019 and bills itself as the “only national, cloud-based, 100% commission brokerage with a multi-tiered revenue sharing platform.” The company, on its website, says it charges agents fees in exchange for software tools, training and leads, among other benefits, and allows the agent to keep the full commission. According to a “Cost & Commitment” page on the site there is a one-time $199 startup fee; a $99 monthly fee; a $255 annual technology fee; and a $399 flat transaction fee.
Piece of Pasco: Birmingham, Alabama multifamily developer LIV Development is building a 234-unit apartment building in Pasco County. The development will be built on 20.19 acres at State Road 54 and Henley Road in Lutz. The four-story building will have one-, two- and three-bedroom units, along with amenities that include co-working space, a coffee shop and a 3,500-square-foot standalone pet center. Livano Sunlake, as the complex will be called, is expected to open mid-2025. LIV was founded in 2006 and has properties across the South as well as Texas and Arizona. It has or has sold 13 complexes in Florida including ones in Tampa, Fort Myers, Pinellas Park, Sarasota and Lakewood Ranch.
And a piece of Plant City: The Park Springs apartments in Plant City have sold. The income restricted property was bought by an LLC with a Camden, New Jersey address for $31.6 million. The LLC belongs to The Michaels Organization, a multifamily developer, management and investment company. The LLC shares and address with the company and its CEO John J. O’Donnell is listed as the LLC’s manager. The complex is at 300 Parks Springs Circle, just off James L. Redman Parkway. Hillsborough County property records show it is made up of 26 buildings totaling 204 units. Park Spring’s listing on Apartments.com shows the complex has two- and three-bedroom units ranging in size from 1,028 square feet to 1,140 square feet. Rents are not disclosed in the listing, but it does say in order to qualify two people may not earn more than $30,720 annually. The previous owner paid $13.1 million for the complex in 2016.
Doctors’ orders: Apyx Medical Corp. has sold its Clearwater headquarters, but the company is not going anywhere. The company made a deal to sell its property at 5115 Ulmerton Road for $7.65 million and to lease it back. The buyer — and now the landlord — is Venture One Real Estate, an investment firm based in a Chicago suburb. Apex makes Helium Plasma Technology, which is marketed and sold as Renuvion in the cosmetic surgery market and J-Plasma in the hospital surgical market. The lease for the property is for 10 years.
Storage wars: A 717-unit storage facility in Tampa has sold for $16.8 million. The buyer was a California investor who bought the property at 2119 W. Hillsborough Ave. as part of a 1031 exchange, according to a statement from Matthews Real Estate Investment Services of Nashville. The facility is now operating as a U.S. Storage Center, according to notices sent to renters and charges on accounts. California-based U.S. Storage owns and operates about 180 facilities in 17 states, including two in Tampa and one in Clearwater. The facility was built in 2021 and operated as Life Storage. The previous owner paid $1.75 million for the property in 2019.
Sky high: Construction is beginning on a new high rise in downtown Sarasota. Peninsula Sarasota is being built at Golden Gate Point, next to the Ringling Bridge. The development, according to a press release, will have 23 units with prices starting at $2.4 million. All the units are three bedrooms and between 2,400 square feet and 3,000 square feet. Peninsula will actually be two buildings with one or two residences on each floor. More than half the units are under contract. Demolition began in February and a ceremonial groundbreaking was held May 26.
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 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.