- October 18, 2024
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Dock of the bay: Hickcox Brothers Marine has taken a 7,700-square-foot industrial space in Cape Coral. The property is at 847-905 SE Ninth Terrace just off Cultural Park Boulevard. Terms of the lease agreement were not disclosed. R & R Engineering Properties is the landlord. CRE Consultants, which announced the deal, says family owned Hickcox will use the space for manufacturing and assembly of items related to docks, lifts and awnings. The company has been in business for 35 year, specializing in building and repairing boat docks, custom canopies and boat lifts. CRE’s Stan Stouder and Phil Deems, of Phil Deems Realty, negotiated the deal.
Industrial happenings: A Broward County investor has bought an industrial building in Fort Myers. The property is at 6371 Arc Way between Plantation Road and Metro Parkway. The buyer, Cooper Crane Holdings, paid $800,000. LSI Cos., which represented the sellers, Estemed Properties, Tia Rosa Development and Parkway Printing, announced the sale. The firm says the 5,002-square-foot building was bought as an investment property. It is currently vacant. A LoopNet profile shows the one-story building sits on 0.82 acres and was built in 1990. Alex Henderson, Max Molloy and Sawyer Gregory of LSI represented the seller. Mary Veria of Veria & Associates Realty represented Cooper Crane.
Foundation funding: The Collier Community Foundation has lent a developer $1.3 million through its Collier Housing Impact Investment Fund. The money went to toward impact fees that allowed a Naples fixed-income apartment community for people 62 and older to open. The investment fund makes short-term, low-interest loans to nonprofit and for-profit developers building affordable housing units that are in need of gap funding. The fund says the revolving loans will “be reinvested into more community housing projects, creating a sustainable funding source.” McDowell Housing Partners is the developer of the160-unit community named Ekos Allegro at 8445 Rattlesnake Hammock Road. Along with many of the standard features available in apartment buildings, Ekos Allegro offers quarterly financial courses, an annual health fair, on-site screening services and a daily meal program. The first residents have begun to move in.
Borrow to build: The developers behind a new luxury condo complex in Tampa have nailed down $117 million in financing. Terms were not disclosed by JLL Capital Markets, which represented the developer the Westshore Group. The money is for the construction of the first phase of a project named Aqua at Westshore Yacht Club. The work will include the construction of 77 waterfront condominiums and nine villas. The development is being built on 6.1 acres off of South West Shore Boulevard near Gandy Boulevard and on Old Tampa Bay. When complete, the development will have 237 condominiums and 11 villas. JLL says the project will be built in three phases, each one featuring a 17-story condo tower with two-, three- and four-bedroom units.
Retail detail: The Bay Pines shopping center on U.S. Alternate 19 has been sold. The 9,110-square-foot strip mall was bought by an undisclosed publicly traded real estate investment trust for $4.65 million. The seller was developer Kitson & Partners. The shopping center sits on 1.01 acres across the street from the C. W. Bill Young Veterans Administration Medical Center. Plaza Advisors, which announced the deals, says the St. Petersburg center is an outparcel of a Walmart Supercenter. It was 85% occupied at the time of sale with a tenant roster that includes Starbucks, Supercuts and Jimmy John’s. The deal was the last piece of a three-property portfolio owned by Kitson & Partners. The other two, Texas Roadhouse and Village Inn restaurants next to the center, were sold to 1031 investors in separate deals in June. According to Pinellas County records, the Texas Roadhouse sold for $2.9 million to a Philadelphia investor and the Village Inn sold for $2.2 million to a St. Louis investor. Kitson is real estate developer best known for Babcock Ranch, the 18,000-acre solar-powered community on the border of Lee and Charlotte counties. Jeff Berkezchuk and Jim Michalak represented Kitson for the Tampa-based Plaza Advisors.
Helpful hardware: The Home Depot building on Gulf-to-Bay Boulevard in Clearwater has been sold. According to Pinellas property records an LLC with a New York address bought the 114,225-square-foot store for $23 million. The previous owner, also a New York company, paid $17.92 million for it in 2018. Property records show the store was built in 1995 and sits on 13.12 acres. Home Depot moved into the space in 2001, taking over from Builder’s Square, a K-Mart subsidiary that closed down in 1999. The Atlanta hardware chain made the move after closing a nearby store on U.S. 19 and Drew Street. As for the property’s new owner, the state’s Division of Corporations database shows the LLC, 258 Third Avenue, has its principal address in New York. That address matches a brokerage named Smart City Real Estate. Smart City did not respond to a question about whether it bought the property or why its address appears in Florida records. The Home Depot has about 30 stores along the Gulf Coast.
Show me the money: The developer behind Madison Bradenton, a new apartment project to be built on a portion of the former Desoto Square Mall site in Manatee County, is getting $60 million in construction financing. Berkadia, the commercial real estate financial company, says the money is going to North Carolina-based Madison Capital Group and is part of a two-community financing package worth nearly $111 million. The other property is Madison Midtown in Melbourne which is getting $50.7 million. The two garden-style multifamily developments will each have 240 units and are set to be completed in 2026. The financing for the Bradenton property comes in the form of a $47 million senior loan provided by Peachtree Group and a $13 million mezzanine loan from Hickory CRE. (Madison Capital had previously announced a portion of the loan for the Bradenton property but not the entire amount nor that it was part of a larger package.) Madison Bradenton will have one-, two-, and three-bedroom units. Associate Director Alec Fox of Berkadia Tampa secured the financing for Madison Capital.
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