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News & Notes

1,300-home master-planned community coming to Punta Gorda

In the week's top commercial real estate news, a popular bike shop sells its Fort Myers building, a boat company buys a warehouse near St. Pete, and an office building is for sale in Sarasota County.


  • By Louis Llovio
  • | 5:00 a.m. October 15, 2023
  • | 2 Free Articles Remaining!
Toll Brothers will build a new community in Punta Gorda.
Toll Brothers will build a new community in Punta Gorda.
Image courtesy of Toll Brothers
  • Florida
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Naples/Fort Myers

New blood: Two new tenants are coming to Tri-County 75, the recently finished 72-acre industrial park in Fort Myers. Glenstar Logistics, the park’s developer, says the tenants are taking a total of 75,650 square feet. Construction on the park began last year. It is on Tri-County Commerce Way and is made up of four buildings totaling 816,866 square feet. Florida water bottle manufacturer Coldest is leasing 52,866 square feet of warehouse and office space in Building 4. Its moving from it current 15,000-square-foot warehouse in the city. The other new tenant is an unnamed transportation and logistics services company which leased 22,784 square feet in Building 4. It will use the space as a holding facility for packages waiting to be sent off for delivery.

What housing slump?: If you’re wondering why housing sales are down but average prices keep going up, here’s a clue. The Ritz-Carlton Residence, Estero Bay has sold 60% of its units with purchases topping $300 million, according to a statement. Construction on the 22-story tower began earlier this year. The property, when done, will include 224 two-, three- and four-bedroom units ranging in size from 2,628 square feet to 3,885 square feet. Each has an unobstructed of the bay, balcony and private elevator entry. Prices start at $3 million. The tower is being developed by London Bay Development. The Naples developer recently paid $38.2 million for the 10-acre Fort Myers Beach property where the Outrigger Beach Resort and Charley’s Boathouse Grill stood before Hurricane Ian.

Breakaway: A popular Fort Myers bicycle shop at 3630 Cleveland Ave. has sold its building. But shoppers need not worry, Fort Myers Cyclery isn’t going anywhere. The 4,448-square-foot retail space was bought by an LLC named 3630 Cleveland Ave. for $815,000. The shop, according to the listing from Fort Myers-based CRE Consultants, was offered as a sale/leaseback. The flyer for the property says the sale includes the building, two storage units on a 0.71-acre corner and a 0.32-acre lot zoned for the “potential for expansion, development or resale.” As for the rental terms, the flyer says the base rent is $13 per square foot and the initial lease is for five years with a five-year option. (It is not clear if those were the final terms, though.) The family-owned shop has been in business since 1996.

Taking its Toll: Toll Brothers' new 148 home development in Punta Gorda will be part of a larger planned community being developed by GreenPointe Developer off of Tuckers Grade Road near Tamiami Trail. The Pennsylvania luxury home builder announced its piece of the development Oct. 10. Two days later, Toll Brother’s division president Alex Martin said in an email sent through a spokesperson that what his company is building is part of a 344-home first phase of a community that, when complete, “will be a recreation-rich master-planned community of 1,300+ home sites.” Toll Brother’s portion will include two collections with 12 home designs that range from 1,917 square feet to over 3,516 square feet and an onsite design studio. Its has already begun building a model home and design studio. 


Tampa/St. Petersburg

Torpedo Design has bought the Gulfport warehouse it’s been leasing for the past two years.
Image courtesy of Bridgewater Commercial Real Estate

Marine life: Torpedo Design, a marine design and engineering firm, has bought the Gulfport warehouse it’s been leasing for the past two years. The warehouse is at 1509 49th St. S. and sold for $2.28 million. The buyer, according to Pinellas County property records, was a St. Petersburg LLC named 1509 Rutherford. State records show the LLC is registered to Justin Rutherford who, according to his LinkedIn profile and state records, owns Torpedo Design. The 22,172-square-foot building sits on 0.85 acres and has three grade-level doors for tractor-trailer distribution and delivery. About 15% of the building is office space, says Dee Maret with the St. Petersburg commercial real estate firm Bridgewater Commercial Real Estate. He represented the previous owner, Black Drum, in the deal. Maret says the building was built in 1972 and is one of the larger warehouses in Gulfport.

Keeps on growing: Just a few months after buying and absorbing a Tampa boutique commercial real estate firm, Dallas-based SRS Real Estate has moved its local office and is expanding its Florida presence. The firm, which bought the Meridian Retail Group earlier this year, has taken 6,073 square feet at 1501 W. Cleveland St. in the city and moved 15 employees into the new space. The new office is just shy of three times larger than its previous space. Meanwhile, SRS is expanding its industrial services in Florida by bringing on a three-person team to work in the sector. The team is based in Miami but will work on the Gulf Coast and throughout the state.


Sarasota/Manatee

An 11,030-square-foot building is on the market in Sarasota County.
Image courtesy of SVN Commercial Advisors

At the office: A freestanding office building in Nokomis has hit the market. The 11,030-square-foot building is at 2520 Tamiami Trail N. in Sarasota County. According to SVN Commercial Advisory Group’s listing, the property includes 28 private offices, 40 parking space, two conference rooms and four bathrooms. There’s a reception area and a couple of kitchens as well. The asking price is $2.49 million. SVN says because there are three entry points, the space could be leased to a single tenant, split in half or used by several businesses. 


If you have news, notes or tips you want to pass along, contact [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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