Palmetto parcels primed for commercial development up for sale

Naples, Fort Myers and Charlotte

While some industry insiders are talking about slowdowns in commercial real estate, Fort Myers’ LSI Cos. is on a roll. The firm announced three deals totaling $4.2 million last week. All were in Fort Myers.

The deals include:

• A commercial property totaling 24,299 square feet at 14508-14540 S. Tamiami Trail. The buyer is a local LLC tied to a revocable trust that paid $2.85 million. The seller, Lakes Park Plaza, bought the two-building property in 2018 for $2.77 million. LSI’s Alex Henderson, Max Molloy, and Sawyer Gregory represented the seller. Tim Schneider and Tony Mangione of Trinity Commercial Group represented the buyer.
• A 3,699-square-foot office building in downtown Fort Myers. The building is at 1529/31 Hendry St. and was bought for $1.1 million by a Fort Myers investor. The seller, a Troy, Michigan, LLC that shares an address with a coworking company, bought the building in 2022 for $1.15 million. LSI’s Alex Henderson, Max Molloy and Sawyer Gregory also represented the seller on this transaction. The buyer was represented by Jason Fiore of Zero in Real Estate.
• A 4,300-square-foot mechanics shop in Fort Myers. The building is at 8552 Crystal Court and was bought by a Fort Myers investor for $970,000. The previous owner was Continental Motors. It paid $360,000 for the property in 1988. The deal was brokered by LSI’s Eric Edwards and Justin Milcetich.

Tampa, St. Petersburg, Pasco and Polk

Tampa-based Sila Realty Trust has acquired an inpatient rehabilitation facility in Delaware. The real estate investment trust paid $23.5 million for the 34-bed property. Sila says in a note to investors that the 42,000-square-foot facility was built in 2019 and leased to a joint venture between Bayhealth Medical Center and a subsidiary of Post Acute Medical. It offers inpatient and outpatient treatment programs from physical and occupational therapies to speech and cognitive treatments. Terms of the lease were not disclosed. Sila is a “pure play” net lease health care REIT which, as of March 31, owns 136 real estate properties and two undeveloped parcels in 66 markets across the U.S. This is its first purchase in Delaware and the second announced deal since it secured a $600 million line of credit in February. According to its year-end earnings report released in February, Sila had $2 billion in total assets as of Dec. 31, down slightly from the $2.09 billion it reported the previous year.

Image via Barnes & Noble/Facebook

Barnes & Noble is opening its newest Tampa store, the chain’s second new location in the city in the past three years. The 35,931-square-foot store is at 13123 N. Dale Mabry Highway in the Palms of Carrollwood Shopping Center. It is set to open April 23. The space was previously occupied by Bed, Bath & Beyond. While the store, which carries the retailer’s latest design package, is considered new it actually replaces a previous Barnes & Noble about a mile south. That store closed in August after 28 years. The chain said at the time that it was unable to renew the lease. Not long after, it was announced that Clearwater-based BayCare Health System had paid $10.5 million for the 32,000-square-foot building and the five acres it sits on. The health care company plans to use the new space, which will open next year, to offer urgent care services as well as outpatient imaging, outpatient laboratory services and space for specialists. As for Barnes & Noble, it has opened several new stores across the region in the past couple of years — Estero, Brandon and Naples. And, in news that is sure to make book lovers happy, the retailer says it opened more stores in 2024 — 57 — than in the decade between 2009 and 2019 — about two per year. Its plan is to open 60 this year. 

Sarasota and Manatee

A pair of properties in Palmetto’s Riviera Dunes community are on the market. The two parcels, owned by a local investor, total 4.4 acres. They are on the Manatee River next to the Bradenton Area Convention Center and the Palmetto Marriott Resort & Spa. The parcels are listed for a combined $6.27 million. The first, according to Ian Black Real Estate, is on Riviera Dunes Way and has a deeded waterfront walkway. It is 3 acres, which includes an existing 1.3-acre retention facility. It’s listed for $3.77 million. The second property is at 150 Riviera Dunes Way. It includes hotel/condo pads and, the Sarasota commercial real estate firm says, was initially approved for a building of up to 15 stories. That parcel is 1.4 acres and listed for $2.5 million. According to Ian Black Real Estate the two properties “are surrounded by 2,000 waterfront homes and three private marinas.” Matt Kezar with Ian Black represents the Riviera Dunes Way property and, along with the firm’s Michele Fuller, the 150 Riviera Dunes Way property as well. 

Courtesy image

L.L. Bean has set an opening date for its first retail store in Florida and in the Southeast: May 9. The store is opening at the University Town Center in a space, like the Barnes & Noble in Tampa, previously occupied by Bed, Bath & Beyond. The outdoor lifestyle brand, probably better known for its catalog than stores, was founded in 1912 and has its headquarters in Maine. For many, the name L.L. Bean conjures up images of field coats, flannel shirts and its iconic Bean boots meant for cold New England hikes into the hills or across a college campus. And while those impressions may be accurate, Florida isn’t Vermont. The company says the Sarasota store’s inventory will include products like moisture-wicking shorts, sun-protection shirts, seersucker tops, swimwear, linen pants, sandals and water shoes. The store is at 111 N. Cattlemen Road. 

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