- September 9, 2024
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A deal and a prize: A nearly 3,000-square-foot office building in Fort Myers has sold. The two-unit property is at 12761 World Plaza Lane. The buyer was an LLC with a Sarasota address that paid $625,000. The previous owners, a Fort Myers couple, paid $400,000 for the building in 2005. The sale was brokered by the local commercial real estate firm LSI Cos., which represented the buyer. In other LSI news, CEO Justin Thibaut and Christi Pritchett were named Southwest Florida’s CoStar Power Broker Quarterly Deals winners for the second quarter. They were recognized for the $28.6 million sale of the former Hodges University property at 4501 Colonial Blvd. and 4445 Winkler Ave. in Fort Myers. Evangelical Christian School bought the buildings for a new high school.
Shopping center deals: A Walmart-anchored shopping center just outside of Tampa has been sold. The Lithia Square Shopping Center was bought by the New York real estate investment firm ShopOne Centers REIT in a joint venture with institutional investor Pantheon. According to LQ Commercial Real Estate Services, the sale price was $6.9 million. The 69,007-square-foot neighborhood shopping center is on Lithia Pinecrest Road in Brandon. ShopOne says the center was 79% occupied at the time of sale and that it is planning capital improvements to attract new tenants and increase traffic. The firm says the Walmart Neighborhood Market has already undergone extensive renovations, which underscores the company’s commitment. ShopOne, which has a regional office in St. Petersburg, has $65 billion in discretionary assets under management. Along with Lithia Square, the joint venture also bought the 218,400-square-foot Publix-anchored Midway Plaza in Tamarac. The purchase of the two centers increases the joint venture’s portfolio to 17 grocery anchored shopping centers totaling more than 1.8 million square feet.
Junkyard dealings: SVN Saunders Ralston Dantzler has listed a 1-acre automobile salvage yard in Lakeland. According to the listing, the yard at 4410 E. County Road 542 is fully fenced in and has a 3,000-square-foot pole barn and two 400-foot storage containers on it. There also is an office on the site that has been completely renovated with a new roof and drywall. The Lakeland commercial real estate firm is marketing the yard as a turnkey auto salvage operation and set the asking price, according to a flyer, at $399,900. Polk County property records show the current owner is Ark Automotive Recycling, which paid $120,000 for it in 2015. Along with the property, the listing shows that there is a 1991 John Deere loader on site available for sale.
Work begins: Construction has begun on a 211-unit apartment complex in Hillsborough County. Suburban Chicago-based Wingspan Development, which has been making moves in the market recently, has started work on the complex in Riverview, outside Tampa and near Manatee County. The community will be called The Whitt and is being built on Big Bend Road just off Interstate 75. Wingspan says the community will be made up of three four-story buildings with one-, two- and three-bedroom units averaging 989 square feet. The units will come with “high-end finishes and access to resort-style amenities,” the firm says. Among the amenities are the standards found in most modern apartment communities as well as horseshoe and cornhole courts and a 24-hour package concierge system. Wingspan recently opened a Tampa property, Niche, a six-story, 251-unit apartment community at 1116 W. Carmen St., and sold another, Jade at Hyde Park, a 192-unit community at 608 N. Willow Ave., for $50.81 million.
Open and sell: A little more than a year after opening an apartment community in North Port’s Wellen Park, the national developer that built the complex has sold it. Tropia Wellen Park was sold by Davis Development, which is based in Georgia. The buyer was Harbor Group International, according to JBM Institutional Multifamily Advisors, which brokered the sale. JBM declined to disclose the purchase price and Sarasota County property records have not been updated to reflect the recent sale as of Aug. 8. Davis Development purchased the land on Sunglow Boulevard for $4.18 million in 2021. The property, including its buildings, was appraised for $59.25 million this year, according to the Sarasota County Property Appraiser. Situated on 13.6 acres, Tropia Wellen Park features amenities like a two-story fitness center, pet spa, resort-style pool and covered outside pavilion with TVs. Built in 2023, the community has a clubhouse with more than 15,000 feet that contains a golf simulator, a movie theater, billiards, private offices and rentable guest suites, among other offerings. In total, Tropia Wellen Park contains 279 units. Apartments range from one to three bedrooms, averaging 1,070 square feet, according to a statement.
Twinning: A matching pair of Sarasota apartment buildings have sold. The Bimini and Grand Cayman apartments were bought by an investor named Cayman Property Group for $2.3 million. Dreznin Pappas Commercial Real Estate, the Sarasota firm that announced the sale, says the new owner plans to update the properties. The apartment buildings are across the street from one another at 2738 and 2739 Grand Cayman St. and each has eight units. According to Sarasota County property records, the previous owner was a pair of LLC’s with the same Osprey address — Cayman North and Cayman South. County property records show that the 2739 Grand Cayman property was bought in 2001 for $650,000 and the 2738 Grand Cayman Property was bought the same day for the same amount. (The records do not reflect if the individuals who bought the apartments in 2001 and manage the LLCs now paid $650,000 for each building or if that amount was for both properties.)
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