983-square-foot Captiva building sold for $1.5 million

Naples, Fort Myers and Charlotte

Continental Properties, a Wisconsin multifamily developer and owner, has bought The Centro in Fort Myers. Lee County records show it paid $56.76 million. The 264-unit apartment complex sits on 14.15 acres at 16909 Vintage Commerce Blvd. just off of Alico Road and Interstate 75. It offers studio, one-, two-, and three-bedroom units with monthly rents starting at $1,735 for a 572-square-foot studio and topping out at $2,920 for a 1,391-square-foot three bedroom. The community was built by Geis Development out of Ohio and opened in 2023. Geis paid $4.54 million for the then-vacant land in 2021. Continental, which also develops hospitality and retail properties, was founded in 1979. It has developed more than 133 apartment complexes and currently owns 19 properties in Florida. Of those,12 are along the Gulf Coast between Pasco and Lee counties. 

A 983-square-foot commercial property on Captiva has sold for $1.56 million. The building is at 11526 Andy Rosse Lane off of Captiva Drive between the Gulf of Mexico and Pine Island Sound. It is currently occupied by American Realty of Captiva, according to online records. The buyer was EMK Properties, an LLC that, according to the Florida’s Division of Corporations database, is located in Oakwood, Ohio, a suburb of Dayton. The previous owner was a Virginia family trust which bought it in 1998 for $369,000. Justin Thibaut, CEO of LSI Cos. which represented the seller and announced the sale, says the new owners haven’t shared plans for the property “but the deal shows renewed investment interest in the island and, based on existing and re-opening attractions in the vicinity, I believe there will be quite a bit more activity soon for Captiva post-hurricane.” Chief among the happenings on the island is the redevelopment of the South Seas resort. The owners of the property are amid public hearings this month as residents challenge plans for the 330-acre property that sold in 2021 for $50.38 million. Thibaut and Laura Cari worked on the deal for LSI. Jeff Burns and Tiffany Burns of Premier Sotheby’s International Realty represented the buyer.