- December 20, 2024
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Hotel happening: Baywood Hotels has bought 2.61 acres in Bonita Springs. The property is at 23400 Walden Center Dr. at the corner of Tamiami Trail and Coconut Road. It is across from Coconut Point mall. The Columbia, Maryland, company paid $3 million for the site. LQ Commercial Real Estate Services, which represented the seller and announced the deal, says Baywood plans to build a hotel on the site. The seller was a Sturtevant, Wisconsin-based LLC named HH Estero Investments. It paid $2 million for the property in 2018. As for the suburban Washington D.C. hotel company, it owns and operates over $800 million in assets, according to its website, and operates properties under the Marriott, Hilton and InterContinental Hotels Group flags. Baywood has not yet disclosed its concept for the Bonita Springs hotel but is expected to break ground next year. Bob Pekol, a senior associate at LQ, represented HH Estero.
That’s a lot of slurpees: A recently built 7-Eleven in Naples has sold. The convenience store is at 13677 Immokalee Road and was bought as part of a 1031 Exchange for $10.65 million. Marcus & Millichap, which represented the buyers and announced the deal, says the Irving, Texas, chain has a 15-year absolute triple-net lease on the property which, in addition to the store, has a gas station and car wash. Marcus & Millichap did not disclose who the buyer was other than to say it was a “family fund.” And, in an unusual twist, the Collier County property appraiser’s website did not disclose any sales information including this particular deal or any previous ones. A note on the website where sales are normally listed reads: “Not all sales are listed due to confidentiality.” A copy of the deed posted on the county’s website, however, shows the buyer is an LLC with an address matching the Palm Beach law firm Nelson, Mullins Riley & Scarborough and lists the LLC’s manager as Beverlee M. Raymond. While there is no Beverlee Raymond listed on the firm’s website, there are two attorneys who share the relatively common last name. Both, according to the firm’s website, do business in Naples. As for the seller, it was MHM Development from Naples. According to a profile of the project on its website, the new 7-Eleven is 4,650 square feet and the property is 2.02 acres. lan Lipsky, a senior vice president, investments, and Barry Wolfe, a senior managing director, investments, out of Marcus & Millichap’s Fort Lauderdale office, represented the buyer.
Stake in steak: The former Harold Seltzer’s Steakhouse space in Pasco County’s Port Richey remains for sale. According to a marketing email from Axxos Commercial Real Estate last week, the restaurant is being offered as a full-service, turnkey operation and the transaction is described as a business asset sale connected to an “extremely attractive” lease. The restaurant is on U.S. Highway 19 inside the Gulfview Square mall. The well-known chain, which operated in the Tampa Bay market under two names for nearly 30 years, shut down its final location in St. Petersburg Sept. 30 and subsequently sold the property. The Port Richey location closed in May, but it has been on the market since at least September 2023. At that time, the asking price was about $800,000. The sale price is now listed as “subject to offer.” According to the Axxos listing, the space is 10,000 square feet and has a 2,000-square-foot patio. The lease, which is transferable, is for $6,000 per month. (Axxos did not disclose the terms, but a previous listing by another firm said it was good until Jan. 31, 2026 and has a five-year option that can be extended until 2031.) As for what you get, included in the sale will be all the kitchenware, fixtures and equipment, including tables, chairs and electronics.
Apartment impact: An Atlanta developer has bought a 32.34-acre site in Tampa’s Temple Terrace and plans to build a 330-unit apartment community on the site. The buyer is Impact Development Management, which is developing the property with an unnamed institutional equity partner. The purchase was announced by Colliers, which represented the seller, a Manhattan LLC that paid $5.3 million for it last year. The firm did not disclose the sales price, but according to Hillsborough County records, Impact Development paid $8.25 million for the property at 6502 E. Sligh Ave. late last month. Public records also show the company took out a $45.2 million mortgage within a day of closing on the land and is using it as security. Online records show the lender is Trustmark National Bank, also out of Atlanta. The community, which is being called River Hill, will be made up of 11 three-story buildings with one-, two- and three-bedroom units ranging in size from 707 square feet to 1,248 square feet. Impact Development is set to break ground immediately with the first units becoming available in early 2026. Impact Development Management owns more than 5,200 units with $1 billion in total project value, according to its website. Most of its developments are in the southern U.S. though it also has properties in Texas, Missouri and Michigan.
A square deal: A 9.06-acre piece of the former Sarasota Square mall is on the market. The parcel at 8201 S Tamiami Trail was listed by CBRE and is set aside for the multifamily portion of the redevelopment. There is no sale price available and a confidentiality agreement needs to be signed for further details, according to the listing flyer. The property’s owner, developer Torburn Partners of Illinois and Fort Lauderdale, bought the mall structure in 2021 for $19 million and intends to demolish most of it to create a 94.3-acre mixed-use project. A big part of the project, which will include 690,000 square feet of commercial space, is a residential component with plans to build up to 1,200 units. While CBRE is not publicly sharing details, it is making a hard sale. It says in the marketing material that there is a “dearth of multifamily housing stock” in the area with the average age of properties being 33 years old and only 856 units added to the mix in the past 20 years. The firm then quotes industry analysts who “forecast 17.2% rent growth and 93.7% occupancy over the next five years.”
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