- December 25, 2024
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Loan papers: Fred Pezeshkan and Jerry Starkey, developers behind a 15-story tower coming to downtown Naples, have obtained $113.6 million in financing and will begin construction immediately. The developers are building the 56-unit building near the city’s upscale 5th Avenue shopping district. The building is part of Metropolitan Naples, being built on a 5.3-acre parcel at the intersection of Fifth Avenue South and Davis Boulevard. The financing is being provided by Palm Beach-based Forman Capital. The firm, a private direct real estate lender, announced the loan. Terms were not disclosed. The tower, Aura at Metropolitan, will include 6,431 square feet of ground floor retail and restaurant space along with the residential portion of the project. It is being built on a 0.7-acre parcel. Units will include two-, three- and four-bedroom residences, many with a den. Prices, according to the Metropolitan Naples website, start at $2.5 million. The building’s amenities include a rooftop infinity pool with views of downtown and Naples Bay and a sky lounge with a bar. Construction is expected to finish in late 2026. Forman specializes in commercial real estate debt and equity financing ranging from $5 million to $100 million. According to its website, its focus is on short-term construction financing, mezzanine debt and preferred equity across asset classes and geographies.
Hardware handoff: A recently completed Lowe’s Home Improvement store in Pasco County has sold to investors for $14.3 million. The store is in Odessa at 2317 Gunn Highway at the intersection of State Road 54. According to SRS Real Estate Partners, the buyer was a California trust that paid cash. The company did not provide a name and county records have not been updated. The previous owner was Tampa developer Dunphy Development, which paid $6.62 million for the property in 2021, according to county property records. The Lowe's is in the Trinity Lakes center Dunphy is building. SRS, which represented the buyer and announced the deal, says the store is 137,554 square feet and sits on just under 12 acres. Lowe’s has a corporate backed 20-year ground lease on the property. SRS says the Lowe’s is surrounded by a roster of strong national retailers including Publix, 7-Eleven and The Learning Experience. And, the company says, there is a new retail development coming to the area. This all makes for “encouraging strong tenant synergy and crossover customer traffic,” SRS says in the statement. Dallas-based SRS has closed $1.5 billion in deal volume this year made up of more than 250 sales in 45 states. It currently has 660 properties listed with a market value topping $3.2 billion. Matthew Mousavi and Patrick Luther represented the buyer for SRS. Patrick Wagor of Atlantic Capital Partners represented Dunphy.
Industrial dealings: Redfearn Capital, a Delray Beach private equity commercial real estate firm, has bought an industrial site in Tampa. The property is off Interstate 75 at 10301 Fisher Ave. on Tampa’s east side. The company paid $5.8 million for the property. The previous owner was a family trust that paid $199,700 for it in 1997. A Redfearn spokesperson says in an email that the building is 35,000 square feet with a clear height of 27 feet. It sits on a 4-acre parcel, with 2 acres of outdoor storage. Wesco International is the current tenant. Redfearn was founded in 2014 and currently owns 4.77 million square feet of space, according to its website. In all, it has $750 million in assets under management and more than 250 active tenants in three states. Among its other Florida holdings are three properties in Clearwater and one each in Lakeland, Palmetto and Naples.
Putting up the Ritz: With site work nearly complete, developer Kolter Urban has announced its selection of Fort Lauderdale-based Moss Construction as general contractor for The Ritz-Carlton Residents Sarasota Bay in The Quay. Previously identified as Ritz-Carlton Residences II, the 78-unit luxury condominium tower will be built on Blocks 7 and 8 in The Quay. Kolter Urban and Moss Construction worked on the first Ritz-Carlton Residences tower on Block 6 in 2021. Recent projects delivered by Moss include St. Regis Resort and Residences Longboat Key; Auberge Beach Residences & Spa in Fort Lauderdale; JW Marriott Clearwater Beach; and Wyndham Grand Resort Clearwater Beach. Designed by the architecture firm SB Architects of Coral Gables, units at the Ritz-Carlton Residences, Sarasota Bay will range from 3,500 square feet to just less than 6,000 square feet, according to a statement. Units will include 12- and 13-foot ceilings in main living areas and terraces with built-in outdoor grills. Work on the project is expected to be completed in late 2026. Kolter Urban is currently working through the city’s administrative review process to redevelop the adjacent Hyatt Regency Hotel into a mixed-use, two tower residential and commercial project.
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