- September 21, 2024
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Plaza purchase: A Bonita Springs retail and office center has been sold. The property is Vogue Plaza at 24520 Production Circle, just off of South Tamiami Trail and across from the Publix-anchored Shoppes at Pelican Landing. The sale was announced by CRE Consultants, which negotiated the deal. According to the Fort Myers firm, the buyer was a Naples LLC named Smithcorp Realty Bonita. It paid $3.45 million for the property. The previous owner was an individual. The 19,092-square-foot center was built in 1998 and, according to a listing on LoopNet, has two spaces totaling 5,714 square feet available for lease. One is a 2,339-square-foot office/retail space listed at $16 per square foot. It includes an open work area, three offices, conference and storage space as well as a kitchen/break room. The other is a 3,375-square-foot office space listed at $15 per square foot. It includes an open work area, 12 offices, two conference rooms and a kitchen/break room. CRE’s Stan Stouder worked on the deal for the firm and is listed as the broker to contact in the LoopNet listing.
The tractor story: A Tractor Supply Co. store under construction in Naples is up for sale. The property is at the corner of Wilson Boulevard and Golden Gate Boulevard and is listed for $11.56 million. The 23,279-square-foot building, expected to be completed this month, sits on 6.655 acres. According to the listing from Graystone Capital Advisors, the retailer has signed a 16.1-year lease which began Sep. 12, 2023 and is paying $487.29 per square foot. The lease includes 5% increases every five years and four five-year extensions. Graystone says in the listing that this location will include several new Tractor Supply store initiatives including a garden center, feed center and a 20,000 square foot fenced in outdoor display area. Tractor Supply is a national chain that sells farm supplies, pet and animal feed and supplies, clothing, tools and fencing. It currently operates about 2,200 stores nationwide. While construction should be done soon, the listing says the occupancy date is Nov. 1.
Suite sales: The Chase Suite Hotel, a waterfront hotel in Tampa, has been sold. The sale of the 160-room property was announced by Berkadia Real Estate Advisors. The firm did not disclose a buyer or sale price and a spokesperson for the firm did not respond to questions about both. Hillsborough County public records had not been updated as of late last week. The seller was San Diego-based Hardage Hospitality, which county property records show paid $5 million for it in 2011. The property, 3075 N. Rocky Point Dr. E., is at the foot of the Courtney Campbell Causeway, was built in 1986 and is made up of 12 two-story buildings as well as a clubhouse. It has 120 studio suites and 40 two-bedroom suites ranging from 515 square feet to 760 square feet. Each has a kitchen. That may not matter, however. According to Berkadia, the 4.58-acre property was marketed as a “potential redevelopment opportunity.” As of last week, the hotel was open and taking reservations online will into February of next year. A studio queen suite on Valentine’s Day weekend could be reserved at $229 per night. Berkadia’s Senior Managing Director Matt Mitchell, Director Chris Burtner and Associate Director Kyle Sahlsten represented Hardage.
Top of the town: Construction crews working on The Residences at 400 Central in St. Petersburg reached the top last week. The milestone made the luxury tower the tallest building in the city at 46 stories and 515 feet. It is expected to be the tallest along the Gulf Coast when complete. The 301-unit 400 Central is being built on an entire city block in downtown St. Pete, taking up a 2.3-acre lot on Central Avenue and Fourth Street South. That’s the site of the former “cheese grater” building. Along with the condominiums, the building will have 45,000 square feet of Class A office space and 60,000 square feet of ground floor retail. Developers are in talks with potential retail tenants to take space along the entirety of Central Avenue as well as Fifth Street and First Avenue South. While the topping out ceremony was held in mid-September, developers say 400 Central should be ready for tenants to move by middle of next year “pending construction schedules.”
Setting it aside: Sarasota County will spend $1.99 million for the conservation of more than 18.9 acres. Commissioners authorized the purchase of property in Venice that may be used for nature trails and it also approved buying a conservation easement at a site near Sarasota Square Mall to protect habitats, wildlife and native vegetation. Both sites are in areas that have been prioritized for environmental protection and are proximate to other nature preserves. In Venice, the county is paying $950,000 for five acres at 3955 E. Venice Ave. that may be turned into nature trails with a picnic area and parking lot. The site could also potentially be connected with Sleeping Turtles Preserve South and Snook Haven, both of which are nearby, as well as lands to the south. The county also approved a resolution authorizing the purchase of a conservation easement of over 13.9 acres at 8000 South Tamiami Trail. The property is within the Bayonne Protection Priority Site and is home to scrubby flatwoods, coastal hammock, mesic hammock and wetland habitats.
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