$19.8 million price drop for 5,500-acre Collier property

Naples/Fort Myers

Something to sleep on: City Mattress is opening a 10,000-square-foot store in Cape Coral at 915 N.E. 15th Place. The store opens Sept. 1, about 15 months after the Bonita Springs retailer bought the 1.26-acre plot at Cape Coral Commons, the new shopping center development at Pine Island Road and Del Prado Boulevard. This is City Mattress’ eighth store in Southwest Florida. It has nine others in the state, all clustered on the east coast of Florida, between Jensen Beach and Pembroke Pines. The chain, which traces its roots to Buffalo, New York, has 10 stores in New York. The 13-acre Cape Coral Commons shopping center is being developed by Thomson Thrift out of Indiana. Among its current tenants are First Watch, Mission BBQ, Tire Kingdom and Vision Works. 

Deep discount: The price for a 5,509-acre piece of land in Collier County called Gopher Ridge has dropped by nearly $20 million. SVN Saunders Ralston Dantzler, the listing agent, said last week that the asking price for the property, which is just north of Immokalee, and immediately northwest of the Immokalee Airport, was reduced from $57.8 million to $38 million. Gopher Ridge first went on the market in the spring and is in the heart of the county’s fruit and vegetable farmland. According to the Lakeland firm, the property, which has historically produced high-yielding round oranges for juice production, is primed for “future residential development with 1,763 acres with a (future land use) of 4-8 units per acre and large acreage land banking.” 

Detail oriented: Marine Detail Supply Co. has sold a Fort Myers property and moved into a new space three times larger. First, the company sold its 3,400-square foot flex-condo at the Alico Enterprise Center for $1.05 million about a year after paying $699,900. The company then leased a 10,100-square-foot industrial flex space at 14231 Jetport Loop near Interstate 75 and Southwest Florida International Airport. The company signed a 10-year lease for the space. Marine Detail, as its name states, supplies materials to boaters and professional detailers including compounds, polishes, ceramic coatings, sealants, pads and buffers. According to its website, the company has locations in Clearwater, West Lake in Palm Beach County and Port Clinton, Ohio.

Tampa/St. Petersburg

Matter of truss: A Jacksonville building supply company has bought a Tampa warehouse. Gleckler and Sons Building Supplies paid $8.65 million for the 31,840-square-foot property at 5107 E. Diana St. The warehouse is on the east side of Tampa, about a mile off of Hillsborough Avenue and three miles from the Seminole Hard Rock Hotel & Casino. The company’s owner, Kip Gleckler, says in an email that the space will be used to manufacture residential roof trusses for builders in the greater Tampa market. He says work should begin later this year and that the expectation is that the company will employ more nearly 60 people, including 50 working in manufacturing, six class A drivers, one administrator and several managers. The company has similar facilities in Jacksonville, Palm Coast, Daytona Beach and two in the Orlando market. The space was previously owned by Gasparilla Trove, which bought it in 2021 for $4.72 million.

Good medicine: A medical office building in Tampa’s West Chase community has sold. The building at 10909 W. Linebaugh Ave. was bought by a Chicago investment firm for $8.62 million. According to Hillsborough County property records, the buyer was an LLC named Laramar Linebaugh MOB Investment Associates. The LLC’s Chicago address listed in the records matches that of the Lamar Group. The building, according to a LoopNet profile, was built in 2000 and is 28,102 square feet. Its current tenant roster, according to the profile, includes Tampa General Medical Group, Women's Care Florida Lifetime Obstetrics & Gynecology, Tampa Children's Surgery Center and Vallo Dentistry. Lamar’s website shows it owns two other properties in Florida, both apartment complexes in Orlando. The seller was an LLC named Equity Linebaugh which bought the building in 2015 for $3.3 million.

Team building: The Tampa commercial real estate firm Franklin Street Capital Markets has put together a team to focus on the build-to-rent sector nationally. The four-person team will “offer a comprehensive suite of services that span across capital, insurance, investment sales, off-market site selection and M&A advisory,” the firm says in a statement. Build-to-rent is one of the fastest growing segments in real estate as home prices have risen. According to a May study by RentCafe, the number of build-to-rent properties under construction tripled last year to 44,700. Locally, the Tampa metro market has 1,404 units under construction and Sarasota metro market has 770 units. (The study did not rank the other markets in the region.)

Sarasota/Manatee

Image via listing

Manatee medical: A 3,415-square-foot office building in Bradenton has sold to a Cincinnati LLC. Manatee County property records show the buyer, RH Phoenix Properties, paid $1.1 million for the building at 5415 87th St. E. It’s just off of State Road 70 and Interstate 75 near Lakewood Ranch. The Cincinnati address for the buyer matches that of the law firm Rolfes Henry, which has an office 5577 Broadcast Court in Sarasota and two others in Florida — Orlando and Fort Lauderdale. The seller was 4141 Inc. but county records don't reflect what it paid in 2018. According to the listing for the building, it sits at the front of the entrance of the Rosedale Golf and Country Club and was built in 1992. 

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