Fort Lauderdale firm starts work on Venice multifamily development

Naples/Fort Myers

Medical handoff:  A medical office building in Old Naples has sold. The single-story, single-tenant building is at 49 8th St. N. and brought $1.6 million. The buyer, according to Collier County property records, is an LLC out of Canton, Michigan, named Cappo Holdings. State corporation commission records tie the LLC to the Victory Automotive Group, a family owned Michigan dealership group. The previous owner paid $710,000 for the 2,012-square-foot building in 2007. Mike Rivera with the Naples commercial real estate firm Saggio Realty says a local pharmacy is expected to move into the space but must first win approvals from the city. Saggio represented both parties in the deal.