Half-acre of waterfront land on Clearwater Beach listed for $2.99 million

Naples

Tennessee hotel owner adds to local portfolio

A Memphis development and management company has bought a Naples hotel, its second in the city. Cooper Hotels' latest purchase is the Hampton Inn & Suites by Hilton Naples-Central at 3210 Tamiami Trail N. A purchase price was not disclosed, and Collier County property records have not been updated. Cooper says it will spend more the $4 million on renovations to the 107- room property. The work will include updates to room designs, commercial area improvements and technological upgrades. The company’s other Naples hotel is the Hilton Naples at 5111 Tamiami Trail N. Cooper was founded in 1959 and currently owns and manages 17 Hilton branded hotels in four states. Of those, seven are in Florida including three in Fort Myers — Homewood Suites by Hilton Fort Myers Airport/FGCU; Homewood Suites by Hilton Fort Myers at Bell Tower Shops; and DoubleTree by Hilton Fort Myers at Bell Tower Shops. In all, the company’s portfolio includes three Hilton hotels, seven DoubleTree by Hilton hotels, two Homewood Suites by Hilton hotels, two Hilton Garden Inn hotels, two Hampton Inn & Suites by Hilton and one Embassy Suites by Hilton.

Apartment properties sold to New York investors

Sharp Key Capital, a New York real estate investment firm, has bought two Naples apartment communities in a pair of deals totaling $62.9 million. The communities are in the city’s Golden Gate community and total 351 units. Sharp Key Capital, in an email, says its plans are to make renovations to the two properties, one which is 25 years old and the other is 38 years old. The larger of the two is Coral Palms at 4539 Coral Palms Lane just off Sunshine Boulevard near Golden Gate Parkway. The 288-unit property sold for $50.4 million. Coral Palms was built in 1987 and sits on 18.05 acres. It’s made up of 36 residential buildings and a single-story clubhouse. Plans are for significant aesthetic exterior improvements, the firm says. Sharp Key Capital borrowed $44 million for the acquisition from Key Bank in a loan set to mature October 2028. The seller is Minnesota-based TE Miller Development which, according to Collier County property records, paid $25.05 million in 2006 for the community. The second property is the Residences on 16th at 5194 16th Place SW, which is west of South Boulevard and just south of Green Boulevard. The 63-unit property sold for $12.5 million. Residences on 16th was first built in 2000 and sits on 5.2 acres. It is made up of 16 buildings. Plans call for operational repairs to the exteriors and common areas of the community, the firm says. Sharp Key Capital borrowed $8.7 million for the property in a loan set to mature April 2027. Key Bank was also the lender in that deal. The seller is Orlando based Opus Reserve which property records show paid $15 million for it in 2022.

Cape Coral

Center listed months after new owner takes over

Image courtesy of Crownpoint Partners

Merchant Plaza is back on the market. The 15,098-square-foot shopping center on Hancock Bridge Parkway in Cape Coral has been listed for $5.4 million by Crownpoint Partners. This is the same firm that just helped a Cincinnati investor buy the Tire Plus-anchored shopping center in July. According to an offering memorandum from the firm, the center just east of Santa Barbara Boulevard is fully leased with a tenant roster that includes PI Pizza, Tobacco Shop, Lee Nails, Floral Designs, Palm Tree Massage and Cape Palace Arcade. It was renovated in 2023 with a new roof and parking lot. Tire Plus, the anchor, has a new nine-year lease extension and the remaining tenants have triple net leases in place, each with 3% to 5% annual rent increases. The center’s newest owner, an investor, paid $4.5 million for it in July. Before that Jeri-Lin Corp. bought it for $2.3 million for it in 2003 Shannon Bona, a managing partner and CrownPoint co-founder, says after the new owner “did a lot of value add work extending and cleaning up leases so he was able to achieve business plan quickly and now is selling.” Bona and Julius Swolsky, who represented the recent buyer, have the new listing.

St. Petersburg

Local company continues buying up land

Prometheus Partners, a Clearwater real estate firm, has bought a 3.4-acre development site on Salt Creek in downtown St. Petersburg. The property is at 333 16th Ave. S. and once housed Captain’s Fine Foods. According to Colliers, Prometheus paid $7.5 million for the property. The seller, which Colliers represented, is Tradition Properties of St. Pete which paid $900,000 for it in 2012. The purchase is just the latest investment Prometheus has made along Salt Creek in the recent past. In all, it has spent $59 million on 17 acres. While the company has not disclosed its plans, Colliers, which first listed the property three years ago and then took it off the market, says in a statement that the land is zoned as Institutional Center. Two sentences later, though, it points to the passage of the Live Local Act which lets developers bypass local zoning rules for multifamily projects that meet certain affordable housing criteria. Colliers’ executive vice president Casey Babb calls the purchase a strategic acquisition in the statement. “While we don’t know what this development will look like, it’s bound to be something unique, given its location to downtown St. Pete and access to the water.” Babb, Mark Eilers and John Ruscigno represented Tradition in the deal.

Clearwater Beach

Waterfront parcel next to luxury development up for sale

A piece of commercial waterfront land on Clearwater Beach is up for sale. The property is a 0.49-acre parcel right off of Causeway Boulevard facing Mandalay Channel and looking east toward Island Estates and downtown Clearwater beyond it. It is a few blocks from the actual beach and next door to the 91-room CW Resort under construction. According to the listing, the asking price for the parcel at 403 E. Shore Dr. is $2.99 million. It was originally marketed at $5.2 million. Pinellas County property records show the current owner is Beach Enterprises of Clearwater Inc., which paid $112.300 for it in 1994. The listing from a pair of local commercial real estate powerhouses — the Elliot Ross Group and the Eshenbaugh Land Co.— say a beach motel once sat on the property. The firms describe it in a flyer as holding “significant potential for redevelopment or as an opportunistic land play.”

Sarasota

Commercial property gets a price reduction

Image courtesy of SVN Commercial Advisory Group

The asking price for a Sarasota commercial building has been cut. SVN Commercial Advisory Group sent out a marketing email last week citing “a price improvement” for the property at 2030 Bee Ridge Road. It was originally listed at $3.97 million. The new price: $3.6 million. The email also includes a one-year sale lease back opportunity, an incentive not mentioned in a previous marketing blast. Another change: In the previous marketing email, a duplex on the south side of the parking lot facing Liberty Avenue was included in the sale. It is now being offered separately for $375,000. The building is a block east of Tamiami Trail and was fully renovated last year with a new roof, updated interiors and a freshly resurfaced parking lot. It has two units, one 7,150 square feet, and the other 2,292 square feet. The current owner, a local LLC, paid $1.1 million for the property in 2001. SVN’s Mike Migone and Ryan McDonald are listing the property.

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