- December 13, 2025
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Buyer acquires neighboring office buildings
A pair of adjoining office buildings have sold in Cape Coral. The properties are at 4202 Del Prado Blvd. and 4206 Del Prado Blvd. Combined the units total 4,449 square feet. LSI Cos., which brokered the deal, says the buyer is a Naples investor using an LLC that paid $1.43 million for the pair. The property at 4202 Del Prado is 2,182 square feet and sold for $781,000, according to Lee County property records. It was previously owned by Advanced Integrative Medicine which, records show, paid $118,275 in 2022. The property at 4206 Del Prado is 2,267 square feet and sold for $650,000. It was previously owned by Rodgers Real Estate Inc., which paid $250,000 in 2009. LSI’s Mike Trivett brokered the deal. The firm did not respond to questions about the new owner’s intentions for the property.
22-story residential tower tops $300M in sales
Another Naples luxury tower has hit a sales milestone. This time its Kalea Bay’s Tower 500, which surpassed $330 million in sales. Soave Real Estate, the developer, say it’s on track to sell out before construction finishes in September. The tower is the last of the five residential high rises that make up Kalea Bay in North Naples. The 22-story tower is made up of 120 units with Gulf views and floor-to-ceiling window and lanais. Prices start at $3.5 million and 66 have already sold. The sales figure at Kalea is another reminder that while the overall real estate market may be struggling, luxury real estate in Southwest Florida remains strong. Earlier this month the Ritz-Carlton Residences Estero Bay announced it topped $700 million in sales and a report from real estate research firm Redfin found that the second most expensive house listed in the country — $295 million — was at 100 Bay in Naples. And in mid-April a trio of residential waterfront properties in the city’s Port Royal neighborhood sold for $225 million.
Real estate firm expands into Tar Heel State
A division of Saunders Real Estate, a long-established real estate firm in Lakeland, is expanding. The company’s land division, Saunders Land, has moved into North Carolina with two new hires — industry veterans Kenneth Chesson and Bill Frisbie. Chesson is the lead broker and senior advisor and is based in Williamston. Frisbie is the regional managing director and senior advisor. He is based in Raleigh. Saunders, which already has operations in Alabama, Georgia and Arkansas, says the expansion “positions the company as the region's leading land brokerage.” Dean Saunders founded the firm as Saunders Real Estate in 1986, after four years in the legislature. In 2010, Saunders, known for his work on conservation easements, teamed up with Gary Ralston and R. Todd Dantzler to form a sister company, Saunders Ralston Dantzler. The two eventually merged. The company joined SVN International in 2017 and became independent again earlier this year. The firm specializes in commercial and land sales. Just last month it announced closing two land deals totaling $38 million and covering 6,400 acres — a 4,833-acre working ranch and timber property in Putnam County for $20.29 million and a 1,625-acre transitional property in Marion County for $17.92 million.
51-year-old apartment complex sold for just over $37 million
An Austin real estate investment firm has bought the 51-year-old Gateway on 4th Apartments in St. Petersburg. The buyer is ResProp Management and it paid $37.03 million, according to Pinellas County records. It was previously owned by a South Florida investor that paid $32.88 million in 2017. The 304-unit community on 501 116th Ave. N. was built in 1974 and is made up of 32 buildings on 15 acres. It has one-, two- and three-bedroom apartments units from 618 square feet to 1,498 square feet. ResProp plans to renovate the property, adding washers and dryers to units, installing new appliances and replacing floors and fixtures as needed. The sale was announced by Berkadia, which arranged a $33 million acquisition loan for ResProp. The five-year fixed-rate loan, with the first three years interest-only, is backed by Freddie Mac. ResProp was founded in 2010. According to its website, it owns and operates more than 20,000 units across more than 100 apartment communities. It has $2 billion in assets. Those properties are in Texas, Tennessee, Florida, North Carolina and South Carolina. In Florida, it owns 34 including several along the Gulf Coast — in Sarasota, Bradenton, St. Petersburg, Naples and Venice. Berkadia’s Brad Williamson, Wes Moczul, Mitch Sinberg, Scott Wadler and Matt Robbins arranged the financing.
Zoning for historic downtown building approved
The Sarasota City Commission approved a comprehensive plan amendment and rezoning last week that clears the way for developers to rehabilitate the historic Mira Mar building and redevelop the rest of the 1.2-acre downtown property. Both the amendment and rezoning were approved unanimously. Rezoning property from Downtown Core to Downtown Bayfront allows property owner and developer Seaward Development to build its planned twin 18-story condominium towers behind the Mira Mar. Seaward executives say that is necessary to provide the economic engine to generate the revenue needed to pay to preserve and restore one of downtown's most historic structures, which was completed in 1923, to its original form. Seaward has worked for more than two years to bring its plans to fruition after being denied by the Historic Preservation Board permission in 2022 to demolish the building to make way for a redevelopment. An engineer’s report at the time found that the wood frame was badly damaged, including corroded structural wood wall studs, extensive insect damage and wood rot. Rather than appeal that decision to the City Commission, Seaward Principal Patrick DiPinto and President Matthew Leake opted to devise a plan to both save the Mira Mar building, which is in danger of collapse, and develop a mixed-use project along the 400-foot span fronting South Palm Avenue to the west and Mira Mar Court to the east.
$12 million construction loan will help fund hotel project
The Chicago developer behind a StudioRes by Marriott Hotel coming to Lakewood Ranch has obtained a construction loan. The five-year financing is for $12.44 million and includes a 24-month interest only period with a floating rate. The financing for Bask Development was arranged by Sarasota-based Largo Capital, which says the loan proceeds will be used to fund the ground-up development. The hotel will be built right off University Parkway and Interstate 75 on the southernmost parcel. StudioRes is Marriott’s new extended stay hotel brand. It is made up of studios that have one or two beds, a lounging area, a kitchen with a stovetop, microwave and a full-sized refrigerator. There is also an outdoor patio and fitness center along with workspaces, self-service food offerings, weekly housekeeping and laundry facilities. The chain’s first StudioRes opened last month in Fort Myers. Largo Capital’s Matt Gasser arranged the financing.
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