Work is underway at Pasco County development with 2,100 residences

Fort Myers

Hospitality chain buys mall property

A Hampton Inn & Suites is coming to Fort Myers. Vision Hospitality Group, a Chattanooga, Tennessee hotel developer and manager, has bought a 2.51-acre parcel at the Gulf Coast Town Center. It paid $2.1 million for the property located between Connors Steak & Seafood and LA Fitness at 17100 Royal Queen Blvd. and 10066 Gulf Center Drive. Project details weren’t immediately available, but Vision has posted a rendering on its website that included the message “coming soon.” Vision, according to its website, has a market cap approaching $1 billion. It currently manages over 4,800 rooms across 43 hotels in 9 states. LQ Commercial, which represented the mall’s owners in the sale, says the property has been rezoned to all for hotel development. Gulf Coast is a 1.2 million-square-foot open air mall just off Interstate 75. LQ’s Brett Low brokered the sale.

Southwest Florida

14-property portfolio over two counties sold

A Naples investor named Remington Properties has bought 14 commercial buildings across Fort Myers and Naples totaling 143,387 square feet. The buildings, according to LQ Commercial, include a mix of medical, office and warehouse properties. The commercial real estate firm has been hired to manage the portfolio. As part of its duties, LQ says it will oversee capital improvements, property management and handle the leasing duties. Based on Lee and Collier County property records, Remington paid $12.08 million for the properties. The seller is a Naples LLC. (A spokesperson for LQ says the firm is not authorized to discuss the nature of the sale or the prices listed in public records.) The properties are:

• Greentree Professional Center, at 10621-10681 Airport-Pulling Road in Naples. The four-building, 38,000-square-foot property sold for $5.4 million.
• Concorde Business Park at 2420 Concorde Drive in Fort Myers. The two-building, 23,924-square-foot property sold for $642,400.
• Houchin Street Storage at 5830-5850 Houchin St. in Naples. The two-building, 12,064-square-foot property sold for $1.2 million.
• Corporate Court Office at 6313-6314 Corporate Court in Fort Myers. The two-building, 15,110-square-foot property sold for $1.45 million.
• Presidential Court 1 at 6213-6237 Presidential Court in Fort Myers. The three-building 46,049-square-foot property sold for $1.94 million.
• Presidential Court 2 at 6315 Presidential Court in Fort Myers. The single, 7,880-square-foot building sold for $1.45 million.

Tampa

Publix-anchored shopping center included in $260M financing

A Tampa shopping center is part of $260 million financing package for a 10-property portfolio acquired in August. The local property is the New Tampa Center on Bruce B. Downs Boulevard near Interstate 275. JLL Capital Markets arranged for the five-year acquisition loan for 11North Partners and Bain Capital Real Estate, the buyers of the grocery-anchored retail portfolio with nine centers in Florida and one in South Carolina. The pair of investors paid $395 million for the open-air centers, seven of which are anchored by Publix stores, earlier this year. The seller is PGIM Real Estate. The New Tampa Center is a 93,672-square-foot open air retail development anchored by a 56,146-square-foot Publix. It was built in 1996 and, according to JLL, is fully leased with a tenant roster that includes Coldwell Banker, Pizza Hut and H&R Block. While the joint venture did not disclose the sale price for the individual centers, Hillsborough County records show New Tampa Center sold for $57 million. As for the portfolio, JLL says it totals about 1.1 million square feet and is currently 93.6% occupied. JLL’s Chris Knight, Mike DiCosimo, Matt Maksymec and Alex Staikos worked on the financing package for the 11North and Bain. The firm has also been hired to handle the property management and leasing at the centers.

Pasco

Early work starts on 785-acre development

Primary infrastructure work has begun on a 785-acre mixed-use development in Pasco County. Hines, a Houston development firm, and Tampa based real estate holding company Krusen-Douglas are building Kinfield, as it’s known, at the northeast corner of Interstate 75 and State Road 52. When complete, the development will include three million square feet of industrial space; 190,000 square feet of commercial space; 500,000 square feet of office space; and a 250-room hotel. There will also be 1,550 apartments and townhouses and 600 single-family homes. Hines says the master infrastructure work is expected to be done by the second quarter of next year and that the “project team is actively marketing industrial and commercial parcels as well as planning for multiple types of complimentary residential.” The initial work on the project, rezoned as a master planned unit development in May 2024, will include roads, utilities and public amenities, including a key segment of the Orange Belt Trail, a 40-mile trailhead within Kinfield. (A Hines spokesperson declined to share the cost of the project or on a financing package to help fund the infrastructure work.)

Venice

Remaining lots sell for $3.1 million

image courtesy of Loyd Robbins & Co.

The last two parcels of the Myakka Crossings development in Venice have sold. Lot 2 at 8927 S. Tamiami Trail is 1.15 acres and sold for $1.37 million. Lot 4 at 8951 S. Tamiami Trail is 1.38 acres and sold for $1.75 million. The buyer, according to Loyd Robbins & Co., was a Nokomis medical group planning quick service restaurants for the properties. The group, operating under an LLC, also own a 2.6-acre parcel adjacent to the development. The lots are part of the Myakka Crossing Commercial Park, a 7.5-acre mixed-use development between Venice and North Port near Wellen Park. Robbins says local resident Brad Baker began assembling the property in 1984 and purchased the final portion in 2022. 

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