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News & Notes

Tampa apartment owner pays $134 million for waterfront complex

In the week's top commercial real estate news, a credit union moves into a former Venice insurance office, a restaurant chain looks for space in Tampa, and a luxury Naples car dealer gets a new store.

  • By Louis Llovio
  • | 5:00 a.m. May 12, 2024
  • | 2 Free Articles Remaining!
The Pointe on Westshore was bought by a Tampa company that specializes in apartment properties.
The Pointe on Westshore was bought by a Tampa company that specializes in apartment properties.
Courtesy image
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Naples/Fort Myers/Charlotte

The eating is good: Just about three months after opening, the eateries at the Sunseeker Resort Charlotte Harbor are the main draw. Maurice Gallagher Jr., chairman and CEO of Allegiant Travel Co., says in the company’s earnings statement released last week that the resort’s 20 restaurants and bars accounted for nearly half the Port Charlotte resort’s first quarter revenue. This, he says, “surpassed our initial expectations.” The 785-room Allegiant-owned resort opened in December after several lengthy — and expensive — delays. In the earnings statement, the company says the resort’s total operating revenue for the quarter was $23.9 million. Occupancy was about 40% with an average daily rate of $330 per night. Gallagher says in the statement that it will take some time to reach financial maturity. “We are still in the early stages, but our marketing efforts are now in full swing.” In addition to the bars and restaurants, the resort has two pools, a spa and salon, a 117,000-square-foot “ground-level experience,” an adults-only rooftop retreat, 60,000 square feet of meeting space, a harbor walk, and an 18-hole golf course.

Tim and Sheila Zellers at the current Genesis of Naples. Work on a new dealership in the city will start this summer.
Courtesy image

Drive my car: Genesis of Naples is planning to build a new $25 million dealership at the intersection of Pine Ridge Road and Interstate 75. Tim Zellers, who owns the dealership, says the new 30,000-square foot building will reflect “all the design aspects” that the automaker requires. That includes an open floor plan and floor-to-ceiling windows. Genesis is Hyundai’s luxury brand. The two-story building is being built on three-parcels totaling 10.5 acres that Zeller’s company bought in 2022 for $11.2 million. The plans is for the first floor to be dedicated to sales, with new and used vehicles on display. The second floor will be for administrative offices. The new store will also have an expanded service center and an EV charging stations. Construction is expected to begin this summer. Genesis of Naples is now at 6780 Airport-Pulling Rd. N. next to Zeller’s existing Hyundai dealership. The plan is for that dealership to be renovated and expanded once Genesis moves out.

Tampa/St. Petersburg/Pasco/Polk

Landmark buy: Tampa-based multifamily community owner American Landmark has bought a 444-unit apartment complex in the city. According to Hillsborough County property records, The Pointe on Westshore apartments sold for $134 million. The previous owner was an LLC belonging to Index Investment Group. Property records show the Jupiter-based real estate investment firm paid $5.2 million in 2018 for what was then vacant land and that the community was built in 2021. The Pointe, at 9450 Prescott St. next to the Westshore Marina District, is made up of 13 five-story apartment buildings and two-story town houses. It has one-, two- and three-bedroom units ranging in size from 689 square feet to 1,469 square feet. Its listing on shows monthly rents currently start at $2,045 for a one bedroom and top out at $3,370 for a three bedroom. American Landmark, which announced the deal in a statement, says it has approximately 32,000 apartment units in its portfolio. Christine DeFilippis, the company’s chief investment officer, says in the statement that the waterfront community in its own backyard “offered a compelling opportunity to invest” especially given that the “city’s growth trajectory, highlighted by its expanding job market and increasing population, underscores its appeal as a prime destination for residents and investors alike.”

Eggs Up Grill was founded in Pawleys Island South Carolina.
Courtesy image

Eggspectant: Eggs Up Grill is looking for space. SRS Real Estate Partners, a commercial real estate firm working with the South Carolina-based breakfast-brunch-lunch chain, sent out a marketing email announcing Eggs Up seeks sites in and around the Tampa Bay market. The email, from Mark Sneed with SRS, says the chain is looking for 2,800 square feet to 3,400 square spaces and prefers second generation restaurants. Inline or endcaps are OK. Outdoor seating is required, but it does not want drive through lanes. The email doesn’t specify how many locations the company is looking for. Eggs Up announced in April that it was opening its second location in the Tampa market this summer. The new restaurant will be in Clearwater in the Bayside Bridge Plaza at 1620 N. McMullen Booth Road. The restaurant will be 2,950 square feet and sit 134 people. There is also an existing one in Riverview. The chain also has locations opening in Orlando, Melbourne and Fort Myers this year. Eggs Up Grill currently has 73 restaurants in 10 states, with more than 100 more under development or committed to open this decade.


Hotel renamed: The Hotel Indigo in Sarasota has a new name. The 95-room property at 1223 Blvd. of the Arts has been rechristened voco Sarasota after undergoing a renovation by IHG Hotel & Resort's voco hotels brand. The property is in the city’s Rosemary District and, along with the new name, comes with a restaurant and bar concept called Offshore Tapas and Wine Bar. According to a statement announcing the new name, the restaurant’s menu is “inspired by American cuisine (and) features the flavors of Sarasota.” The hotel will be managed by Aimbridge Hospitality. The statement says the word voco comes from Latin and means “to invite” and "call together.” According to IHG, as of March 31 there are 64 voco branded hotels worldwide with 16,107 rooms. There are 80 more in the pipeline.

A 3,850-square-foot office building in Venice has sold to Suncoast Credit Union.
image courtesy of Loyd Robbins & Co.

Office sold: Suncoast Credit Union is opening a new branch in Venice. The company recently bought a 0.7-acre property with a 3,850-square-foot office building on it at 1729 S Tamiami Trail. It paid $2.05 million for the property. The deal — and its details — was announced was by the commercial real estate firm Loyd Robbins & Co. Loyd Robbins was the listing agent and has worked with the property owner Stanley Dean for two decades, the firm says. He previously helped divide the property and sold a 47,916-square foot pad for $1.02 million in 2020 to the fast food chain Culver’s. The remaining property, which is what just sold, was occupied by Stanley Dean State Farm since 1998. Dean has leased an office in downtown Venice while developing a new office building Jacaranda Boulevard and Interstate 75 says Robbins.

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



Louis Llovio

Louis Llovio is the deputy managing 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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