Niche SWFL real estate firm sold five months after founder’s death

Worthington Realty, a boutique real estate company specializing in residential sales, rentals and development, mostly within Lexington Country Club in Fort Myers and surrounding communities, has been sold. The acquisition follows the late November 2022 death of company founder and partner Jeff Darragh, according to a statement.

The new leaders of Worthington Realty include Michael Davis, a co-founder of Naples-based real estate investment company TerraCap Management. Davis will be president of the brokerage. Other new leaders at Worthington, according to the statement, include former TerraCap official Susana Davis and real estate sales and development executive Brian Rodgers.

Financial terms of the deal weren’t disclosed, and employees are expected to remain with the company, a spokeswoman says. The new owners bought Worthington from firm principal John Gnagey after Darragh died. According to his obituary, Darragh, who founded Worthington Realty in 1989, died Nov. 26, 2022, which was almost one year after being diagnosed with glioblastoma, a stage 4 cancerous brain tumor. He was 59.

“Worthington Realty has been recognized for real estate excellence in Southwest Florida, and we are honored to help carry forward this longstanding tradition of visionary leadership,” Michael Davis says in the release. “Brian, Susana and I are deeply rooted in this community with extensive expertise in Southwest Florida’s complex real estate market, and we are dedicated to being a worthy partner to our investors, homebuyers and renters as they seek trusted expertise in residential sales, rentals and development.”

The new leadership team, the release states, “envisions building upon Worthington Realty’s established market reputation and working alongside the company’s successful brokerage and sales teams to bring trusted expertise and a personalized, collaborative approach to the Southwest Florida region.”

Over the course of his career, Michael Davis has been a principal and facilitator in sourcing, evaluating and acquiring more than $1.3 billion in private real estate transactions and partnerships, the release states. A real estate professional and mortgage broker, he co-founded TerraCap Management in 2008 and was managing director for over 10 years.

Susana Davis, a CPA, was director of finance and investor relations for TerraCap for 10 years, according to the statement. She will be CFO of Worthington Realty. Rodgers, who will be COO, has experience managing new developments, real estate sales and property management, including with Southwest Florida communities Arborwood Preserve, Wild Blue, Vista Blue and Mirada. He also previously owned a luxury vacation rental company, Grand Welcome Southwest Florida.