Two Sarasota properties sold for redevelopment see 600%, 700% price increases

Naples

Michigan firm acquires senior living facility

A real estate development and investment firm has bought a senior living facility in Naples. The buyer is Redico and it acquired Amira Choice’s center at 9015 Bellaire Bay Dr. The center was renamed American House Naples. Redico did not disclose a sale price. Collier County records, however, show the property was bought by Boston-based AEW Capital Management for $32.75 million. (Redico and AEW have worked as a joint venture on previous American House projects.) The new facility increases Redico’s portfolio in Florida to 10 and locally to four. The other three are American House Bonita Springs, American House Coconut Point and American House Fort Myers. The 128-unit American House Naples is made up of 96 assisted living and 32 memory care apartments. It has one- and two-bedroom units available. Michigan-based Redico operates 60 American House facilities in the Midwest, Southeast and New England.

Fort Myers

Vacant land sold for potential industrial development

A vacant 7.24-acre parcel in North Fort Myers has sold and the new owners are considering a light industrial development for the property. The buyer is R.B.E. Investments of Southwest Florida. It paid $550,000 for the property at 17501 N. Tamiami Trail. The seller, according to Lee County property records, is a Fort Myers trust that paid $655,000 for it in 2005. The parcel is between Del Prado Boulevard and where Business 41 and Cleveland Avenue connect. According to a LoopNet profile, the property has 300 feet of frontage on Tamiami Trail with about six acres zoned Ag-2 for agriculture and 1.24 acres zoned C-2 for commercial. Cushman and Wakefield | Commercial Property Southwest Florida announced the sale and the new owner’s intentions. The firm’s Gary Tasman and Shawn Stoneburner represented the seller.

Tampa

Starbucks on busy commercial strip sells for nearly $4 million

Image courtesy of Marcus & Millichap

A Starbucks-leased property in Tampa has sold. The property is at 1300 S. Dale Mabry Highway, about a half block south of the famed eatery Wright’s Gourmet House. The buyer is a Tampa investor using an LLC who paid $3.75 million. According to Hillsborough County property records, the previous owner is a Dunedin LLC that bought the property in May for $3.45 million. The 2,405-square-foot building sits on a 0.69-acre lot and was built in 2018. The corporate backed lease is set to expire February 29, 2028. Details on the renewal options, if there are any, were not immediately available. Marcus & Millichap’s Darpan Patel, Bobby Gross and Dan Yozwiak represented the buyer in the transaction. The firm announced the sale.

Pinellas County

Sarasota real estate firm continues Pinellas expansion 

Prominent Sarasota real estate brokerage Michael Saunders & Co. is expanding into the Tampa Bay market with an office in St. Petersburg and a well-known local broker. The firm’s new, temporary office is at 360 Central Ave. and is run by Jennifer Thayer, who moved from Keller Williams with five members of her team. Thayer, according to an MSC announcement, is “a $110 million per year producer…widely known for her market expertise and steadfast integrity.” She obtained her Florida real estate license in 2005 and as on-site agent at the Signature Place condominium tower in downtown St. Petersburg recorded $30 million in sales in her first six months. She later played a leading role in closing out pre-construction sales of the One St. Petersburg condo complex, the firm says. Michael Saunders & Co. brought her in to the fold to “grow its footprint in Pinellas County” where it already has a presence. MSC is the exclusive sales and marketing representative at the Residences at 400 Central, the 46-story tower under construction in the city. Thayer, in her previous role, had been the top referring agent during presales, MSC says. The new office is just the latest for the top Sarasota firm. It recently opened an office in Sanibel, its 18th. In all, Michael Saunders & Co. has more than 600 agents and 150 support employees across the region.

Sarasota

Medical office building sees value jump more than 600%

A 2,467-square-foot medical office building across from Marie Selby Botanical Gardens in Sarasota sold for $3.6 million — 634% more than the its previous owner paid for it 19 years ago. The building is at 1545 Mound St., between Orange and Palm Avenues, and is one of three parcels set to become a 66-unit mixed use condominium development. (The third parcel, at 786 S. Orange Ave. sold to the same buyer in May for $3.5 million, 753% more than the $410,000 the previous owner paid for it in 2005.) Sarasota County property records show the Mound Street property was bought by an LLC named Unilog Orlando 1031. The previous owner, Marked Holding, paid $490,400 for the property in 2006. The building, according to a profile on the commercial real estate website Crexi, was built in 1997 and sits on 0.235 acres. It is next door to the former Kodra Professional Office Center at 777 Palm Ave. that sold for $5.5 million a year ago. (The Mound Street and Orange Avenue properties are listed as part of the project in a development application.) According to the Sarasota Observer, a sister paper of the Business Observer, Unilog Group of Miami wants to develop an up-to seven story, 66-unit building with 17,946 square feet of commercial space and a five-story parking podium on the site.

Around the region

Firm starts work on several Gulf Coast projects

Bonita Spring-based Curran Young Construction is taking on four new projects valued at $28 million. The construction management and general contracting firm’s projects spanning the Gulf Coast are all set to break ground this month, according to a statement. The projects include:

• A 32,200-square-foot clubhouse for the Wild Blue community in Lakewood Ranch. The project will feature a clubhouse, fitness center, 9-hole putt-putt course and two pools.
• A 13,446-square-foot, three story beach club along Bonita Beach Road at The Commons Club.
• A 16,267-square-foot renovation at Windstar at Naples Bay Club. The project calls for transforming a cart barn into a new two-story fitness and golf operations facility.
• A new 2,583-square-foot branch in Cape Coral for IncredibleBank, a new-to-market financial institution.

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