- September 11, 2024
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Moving on: A Fort Myers Beach property that was once the home of the Plaka restaurant has sold. The buyer, according to Lee County property records, was a Dania Beach LLC. It paid $3.65 million for the property at 1001 Estero Blvd. According to local real estate agent Joe Pavich Jr., who represented both parties and announced the sale, the new owner plans to redevelop the property, building a two-story restaurant and a parking garage next door. Plaka had been a staple on Fort Myers Beach for more than 40 years when Hurricane Ian hit in September 2022. But the destruction proved too much and, in a July 2023 Facebook post. the owners announced the restaurant would not reopen and the property would be put on the market. The post says, “we honestly thought it’d last forever.”
Service with a smile: Coconut Point Ford has finished a major addition to its service department. The dealership at 22400 Tamiami Trail in Estero added a 13,477-square-foot building. The building comes with 18 service bays and includes a parts counter and waiting room. It also includes a mezzanine with a freight elevator for the transport of parts. The dealership says it added the new building to support its growing commercial vehicle market and to reduce wait time on service appointments. Fort Myers-based Stevens Construction, which built the new space and announced the news, says the building’s stucco exterior, custom metal awnings and enhanced landscaping complements the dealership’s existing look. The firm says the dealership remained open throughout the 10-month build.
Lending spree: Sembler Investment Real Estate bought two local apartment communities last month with $82 million in financing. According to CRE Connect, PGIM Real Estate provided the firm the fixed-rate loan in order for it to buy Sage at Cypress Cay, a 324-unit community, and Lantana at Cypress Cay, a neighboring 252-unit community. Both are off Bruce B. Downs Boulevard in Lutz. PGIM, according to the industry publication, is an affiliate of Prudential. Sembler partnered with Tampa-based Argyle Real Estate Partners on the purchase, though CRE Connect does not mention the firm. Sage at Cypress Cay was built in 2022 and offers one-, two- and three-bedroom units. Lantana at Cypress Cay, built in 2023, has similar offerings and amenities. When it announced the sale late last month, Argyle said it planned to make improvements to the properties. Argyle focuses on markets in the Southeast and Texas and has a portfolio that includes properties in Tennessee, South Carolina and North Carolina. Sembler’s portfolio is made up of commercial real estate, with an emphasis of Publix-anchored shopping centers. The firms have had a strategic partnership since 2022, says Argyle.
So it begins: A Miami-based real estate investment firm has bought 14,000 square feet of retail space at a downtown St. Petersburg mixed-use development. Torose Equities paid $2.44 million for the ground floor space at Modera St. Petersburg, a recently completed 20-story, 383-unit apartment tower. The building is at 201 17th St. S. and near where the Historic Gas Plant District will be redeveloped, a project that will include a new stadium for the Tampa Bay Rays. The retail property, according to a statement announcing the sale, features two spaces that can be divided into as many as eight units, with 17- to 21-foot ceiling heights, 290 feet of frontage along the Pinellas Trail and 14 parking spaces. Torose, in the statement, says the buy further solidifies its long-term investment strategy in the St. Pete market, where it has been active for several years. Since 2017 it has bought 15 properties totaling approximately 300,000 square feet in the market.
Builder’s space: A Sarasota office and warehouse space near downtown has sold. The 4,634-square-foot building is at 2024 Princeton St., just off of Washington Boulevard. It was bought for $1.25 million. According to Loyd Robbins & Co., which was the selling agent, the buyer was Team Builders SRQ. The property was previously owned by Frieler Construction, which paid $270,000 for it in 2012. Team Builders SRQ was launched in 1990 as Sarasota Construction Inc., with an initial focus on carpentry and then general contracting. It specialized in remodels and home additions. Today, the renamed company’s work includes luxury home construction, condo remodels, mother-in-law suites and commercial tenant build-outs. Stan Rutstein of Re/Max Alliance Group was the listing agent.
Home away from home: Students at the University of South Florida’s Sarasota-Manatee campus will finally get a chance to live on campus. The university is opening its new residence hall and student center Monday Aug. 19 with a ceremonial ribbon cutting and students will begin moving in Friday Aug. 23. The six-story building is 100,000 square feet and sits on the south side of the 32-acre campus, between Seagate Drive and the campus courtyard. The residence hall will house about 200 students and the student center on the bottom two floors will include a 32,000-square-foot student center, a campus bookstore, ballroom and dining options as well as lounges and offices for USF World, student government and other student groups. The top four floors will be 68,000 square feet and be made up of 70 double-occupancy rooms and 60 single-occupancy rooms. Construction on the $43 million project began in February 2023.
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