- February 14, 2025
Loading
LSI Cos. has been busy. The Fort Myers commercial real estate firm that closed out 2024 brokering the $100 million sale of 1,745 acres in Cape Coral to a Texas homebuilder in December and the $66.5 million sale of 143 acres in Fort Myers to Amazon in November, announced last week a trio of sales that it recently closed. The deals, totaling about $19.5 million, include:
Nordstrom Rack is opening a store in Estero. The Seattle-based retailer says the store will be in Coconut Point, an open-air mall in Lee County. It is set to open this fall and will be the second Nordstrom Rack in the county. The other opened less than year ago in Fort Myers at Bell Tower on Daniels Parkway. In all, there are 19 Nordstrom Rack stores in Florida, including one each in Bradenton, Brandon, Clearwater, Fort Myers and Naples and two in Tampa. You can add three others to the list with the opening later this year of locations in Coral Springs, Melbourne and Lakeland. Nordstrom Rack is the high-end department store chain’s “off price” division. The company says customers who shop at its stores get merchandise up to 70% off the MSRP while getting many of the brands at its traditional stores. Coconut Point has 110 shops and restaurants, including Target, Apple Store and Ruth’s Chris Steak House.
SVN Saunders Ralston Dantzler Real Estate, a well-known Florida and land and commercial firm, has changed its name after going independent. The firm is simply Saunders Real Estate now. The name change is sort of a return to its roots. Dean Saunders — whose name has taken the lead role — is a former state legislator who founded Saunders Real Estate in 1986 after four years in the Legislature. In 2010, he teamed up with Gary Ralston and R. Todd Dantzler to form a sister company, Saunders Ralston Dantzler and eventually merged the two companies. (Ralston and Dantzler remain with the company.) It went under the SVN umbrella in 2020. Whatever the name, the firm has long-been known for its work its work with conservation. Saunders Real Estate has more than 100 advisors working in offices in Alabama, Arkansas, Florida and Georgia. It is also expanding into North Carolina. It specializes in large-acreage land transactions, commercial property sales and leasing and property management.
Marina Pointe, a three-tower condominium development going up in Tampa, has sold out Tower 1. The milestone was hit Dec. 20 with the $3.1 million sale of a 3,330-square-foot penthouse. Marina Pointe is in the city’s Westshore Marina District, a 52-acre mixed use community just off the Gandy Bridge in Tampa. The project is being built by the Fort Lauderdale development and investment firm BTI Partners. It opened Tower 1 May 2023. Construction on the 151-unit, seven-story Tower 2 is expected to begin this year. The units will range from 1,200 square feet to 3,300 square feet. Prices will start at $700,000 and top out at more than $4 million. BTI did not say when construction would start on the 114-unit Tower 3. Its units will range from 1,600 square feet to 3,700 square feet, with prices starting at $900,000 and topping out at more than $6 million.
Construction has started on a boutique condo development on South Palm Avenue is in Sarasota. The development is named The Palm 625 Sarasota, and it is a far cry from larger towers and apartment blocks up — or going up — near the city’s core. This one will be made up of 12 two-to-three-bedroom units, aimed at luxury buyers. Each will come with Italian cabinetry, Wolf oven and Subzero refrigerator. The building will have hurricane windows and a generator as well as a saltwater pool and a rooftop lounge. LV7 Investment Group is the developer behind the project. The firm, which has offices in Sarasota and Littleton, Colorado, paid $3.55 million for the land in 2022 according to property records. Coldwell Banker says the building is expected to be completed next year. Ray Collins and Gina Mazzoni are the Coldwell agents charged with selling the units.
A pair of connected downtown Sarasota buildings have sold to a local buyer. The buildings, 1400 and 1410 Main St., were bought by local investor Eric Baird with Baird Inc. from Chris Brown, a Sarasota-area entrepreneur, real estate investor and co-founder of the Above the Bar Hospitality Group. The sale price was $13 million. Brown paid $2.65 million in 2013. Baird CFO Tyler Oakley writes in an email that 1400 Main is made up of two rentable stories with the third-floor housing the buildings’ mechanical components and is unrentable. It totals 12,646 square feet. The second building, 1410 Main, is two stories and 9,348 square feet. The two buildings are connected on the second floor. Sunburn Cannabis Dispensary will remain as a tenant at 1410 Main St. As for 1400 Main St., it is the future home of Warrens, a fine-dining, whiskey-infused restaurant that’s in the works on the second floor of the building. Warrens is a joint partnership with high-end Fort Lauderdale bar and restaurant company Damn Good Hospitality. The previous tenant in the 1400 Main space was sneaker and athletic gear store Fit2Run.
If you have news, notes or tips you want to pass along, contact [email protected]. Or you can text or call 727-371-6944.