Continental Properties Co. developing Estero apartment

BUYER: Continental 305 Fund LLC (Continental Properties Co. Inc.), Menomonee Falls, Wis.
SELLER: University Highland Limited Partnership
PROPERTY: 11101-11221 Everblades Parkway, Estero
PRICE: $6.65 million
PREVIOUS PRICE: $6.5 million, February 1999
LAW FIRM ON DEED: Coleman Yovanovich & Koester PA, Naples

PLANS, DESCRIPTION:
Menomonee Falls, Wis.-based Continental Properties Co. Inc. purchased 17.9 acres adjacent to Germain Arena on Everblades Parkway for $6.65 million.

The price equated to $370,485 acre.

The property is part of the 208-acre University Highland development, which has entitlements and approvals for 1,300 residential units, 150,000 square feet of office space, 100,000 square feet of retail and 200 hotel rooms. The land is located less than two miles from the entrance to Florida Gulf Coast University.

Jacksonville-based Albertelli Construction recently started construction on the site to develop the Springs at Estero, a 260-unit apartment.

Randy Thibaut and William Rollins of Land Solutions Inc. represented the seller, University Highlands Limited Partnership. Gary Tasman and Shawn Stoneburner, of Cushman & Wakefield | Commercial Property Southwest Florida LLC represented the buyer.

John Debitetto, director of sales of Land Solutions, says a national homebuilder is expected to close soon on a parcel nearby for a future residential community.

Continental Properties had not responded to a request for comment prior to deadline. Founded in 1979, the firm develops, owns and manages multifamily and hospitality real estate nationwide.

The seller is an affiliate of Naples-based real estate development, investment and advisory firm NM Development Group LLC.

The purchase entity, Continental 305 Fund LLC, mortgaged the property to Fifth Third Bank for $28 million.