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Looking to shed stores nationwide, Walgreens sells Fort Myers location

In the week's top commercial real estate news, Manatee buys an office building, Tampa Bay condo towers surpass $200 million in sales, and a Naples medical building is getting new tenants.


  • By Louis Llovio
  • | 5:00 a.m. November 5, 2023
  • | 2 Free Articles Remaining!
  • Florida
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Naples/Fort Myers

Drug deal:  Walgreens has sold one of its stores in Fort Myers. The location that changed hands is at 6370 Bayshore Road. It was bought by a New York-based LLC created in August named Ommy North Fort Myers. Ommy, according to Lee County records, paid $3.7 million for the property, about $500,000 less than what the drugstore chain paid for it in 2007. According to a copy of the listing posted on Loopnet, the 14,707-square-foot store comes with a 15-year-lease guaranteed by the Illinois drug store chain and “zero landlord obligations.” The sale of the store comes after Walgreens announced in June that it would shutter about 150 U.S. locations by the end of next year. Earlier this year, the chain sold at least seven other locations along the Gulf Coast.

State of emergency: Construction is underway on a $28.7 million expansion of Lee County’s Emergency Operations Center. The work officially started Nov. 2 at a ceremonial groundbreaking. The expansion, in the works before Hurricane Ian hit last year, will allow the county to house personnel and departments whose focus is responding to emergencies. And when the need arises, it will be staffed with key employees from first-responder agencies, relief organizations, county departments and utility companies. The project will include bringing in technology along with restrooms, showers and sleeping accommodations. There will also be a training facility and the building will house a new emergency communications center. County commissioners approved the 36,873 square-foot, two-story expansion in September. The work is expected to be completed in 19 months and when done, the building on Ortiz Avenue in Fort Myers will be renamed the Lee County Public Safety Center.

Two new tenants are coming to Southbrooke Medical Center in Naples.
Courtesy image

Naples Med: Two new tenants are coming to a Naples health care facility. Continuum Surgery Center and Allegiance Health of Southwest Florida have taken space at the Southbrooke Medical Center at 6750 Immokalee Road. Continuum has leased 10,949 square feet in the center and will offer surgical services. Allegiance has taken 1,562 square feet. It specializes in primary care and occupational services and has wellness programs. LQ Commercial Real Estate Services says both tenants are currently in the permitting and construction phase and the expectation is they will open next summer. Fort Myers-based LQ announced the leases and helped broker the two transactions.


Tampa/St. Petersburg

Looking to innovate: Hillsborough County Commissioners OK'd a request for proposal for the redevelopment of land near the University of South Florida. The 67-acre site surrounds the Museum of Science and Industry on East Fowler Avenue just south of USF and is part of the Uptown Innovation District. The county says it is looking for “innovative and inclusive development plans with a mix of uses including hospitality, entertainment, retail and public spaces that embrace transit and sustainable mobility.” The plan calls for MOSI, as the museum is called, to stay on its current seven-acre site and for it to move ahead with plans for planetarium and learning labs in the future. Advertising for the RFP starts Nov. 7 and submissions are due by February. Commissioners are expected to announce their choice in the summer.

Twin peaks: Who says residential sales are slowing? Two major condominium developments in the Tampa Bay area have announced in the past week sales topping the $200 million mark. Leading the pack is The Residences at 400 Central in St. Petersburg. The 46-story building, set to be completed in early 2025, has more than $250 million in sales, including $50 million in the past six weeks, according to a statement. The building will have 301 condos, in addition to Class A office space, ground-level restaurants, shops and cafes. Across the bay in Tampa, Pendry Residences Tampa has hit $230 million in sales, another release states. The residences are part of a 39-story tower on the Hillsborough River in the city’s downtown that will include 220 hotel rooms and 207 condos. The official — ceremonial — groundbreaking on that property took place Nov. 1. It is scheduled to open in 2026.


Sarasota/Manatee

Blue grass: A Kentucky real estate investment firm has bought a Manatee County industrial property. Tally Ho, based in Lexington, paid $3.1 million for the space near the Sarasota-Bradenton International Airport. The property at 885 Tallevast Road, made up of four 5,000-square-foot air-conditioned units, was previously owned by a Sarasota LLC that paid $1.12 million for it in 2017. SVN Commercial Advisory Group, which represented both parties and announced the sale, says investment advisor Mike Migone secured tenants for available units in the space “delivering a fully leased property.”

Manatee County paid $3.25 million for a 20,806-square-foot office building in Bradenton.
Courtesy image

Government offices: Manatee County has bought a 20,806-square-foot office building in Bradenton. According to SVN Commercial Advisory, which worked on this deal, too, the county paid $3.25 million for the office space in the 12-building Wildewood Professional Park off of Cortez Road. The building sits on 3.7-acres and was previously leased to the data analytics firm Verisk. SVN says in a statement that while there was a long-term lease on the property, it was able to negotiate a termination with Verisk when the county became interested in buying it. The previous owner was a suburban Buffalo, New York LLC named Fullerton Bradenton Wildewood. According to county records, the building will be used as office space by the utilities department.


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.

 

author

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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