National developer buys 17 acres in Sarasota for 336 apartments

Naples, Fort Myers and Charlotte

A 412-unit Cape Coral apartment complex is nearly complete. Shoreham Capital, along with Bridge Investment Group and Wynkoop Financial, bought the 26-acre property at Tierra De Paz Loop in 2022 for $11.5 million. Construction started in 2023. So far, a two-story clubhouse and four apartment buildings are complete. The remaining five apartment buildings are scheduled to be ready by April. A Shoreham spokesperson says move-in dates haven’t been set but leasing has begun. The low-rise community near Pine Island Road will be named Siesta Lakes. It will include one-, two- and three-bedroom units. The amenities will be fairly standard with a gym, pool and business center. West Palm Beach-based Shoreham is real estate investment firm which, according to its website, specializes in ground-up rental developments, adaptive reuse and single-family rentals and build-to-rent communities. Its other local projects include Juniper Point, a townhouse community in Naples, and The Preserve at Poinciana, a single-family home rental community in Polk County.

Image via Graystone Capital Advisors

A Tractor Supply Co. store in Naples listed for sale in September is back on the market. The store is at Wilson and Golden Gate Boulevards and scheduled to open March 22. The sale price for the 23,279-square-foot building on 6.6-acres is $12.08 million. The property initially went on the market last year with Shannon Bona and Julius Swolsky as the listing agents for Graystone Capital Advisors. But a lot has changed in the meantime. Chief among those changes is Bona and Swolsky co-founded a new firm, Crown Point Partners, in February along with Don Bingham III. Another change was the store’s opening was pushed back. Bona, one of three managing partners at the new firm, says when the store was first on the market a portfolio buyer “was circling,” but a deal didn’t pan out so the decision was made to take the listing down and relist it closer to when the store would actually open. 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. There is a 15-year lease on the property that includes 5% increases every five years and four five-year extensions. 

Tampa, St. Petersburg, Pasco and Polk

Utah-based Bridge Investment Group has bought a 344-unit apartment complex in Brandon for $76.25 million. According to Hillsborough County records, the company took out a $51.95 million mortgage on the property at 9712 Bosque Creek Circle. County property records show the community was previously owned by Centennial Holding Co., which paid $58.3 million for it in 2015. The Bridges at Crosstown, formerly known as Century Crosstown, is made up of 14 four-story residential buildings and a clubhouse. It was built in 2013. The community includes one-, two- and three-bedroom units ranging in size from 780 square feet to 1,372 square feet. Rents start at $1,556 for a one-bedroom and top out at $2,738 for a three bedroom. Founded in 2009, Salt Lake City-based Bridge specializes in residential and industrial real estate and has about $50 billion of assets under management as of Dec. 31. It was announced in February that the alternative asset management company Apollo would buy Bridge in an all-stock transaction worth $1.5 billion. Bridge, once the deal closes, will operate as a standalone company.

Image courtesy of Saunders Commercial

A Lakeland office building is up for sale. The property is at 1820 E. Edgewood Drive, about 10 minutes from the city’s downtown. The asking price for the 6,832-square-foot building on 1.56 acres is $2.1 million. The current owner, J. Thompson Properties, paid $1.21 million for it in 2017, according to Polk County property records. Saunders Commercial, the Lakeland firm that listed the property, says it is primed for either an owner/user or an investor who can lease out three spaces. The first space is 3,158 square feet with a waiting and reception area, conference room, cubicle area, two private offices, a bathroom and staff kitchen. There is also a large storage room with an additional entrance to outside parking. The second space is currently combined with the first, but a doorway can separate it. It is 2,253 square feet with three offices, two bathrooms, a conference room and second story loft office area with a bathroom. The third and final space is 1,401 square feet and includes a foyer, three offices, a conference room, bathroom and staff kitchen. Among the building’s amenities is views of Lake Bentley. Saunders says in the listing that the building is ready for immediate occupancy.

Sarasota and Manatee

Greystar, a South Carolina-based investment, development and management firm, has bought 17 acres along University Parkway and U.S. Highway 301 in Sarasota and plans to build 336 apartments. The property, near the Sarasota-Bradenton International Airport, is in the SRQ Logistics Center. It paid $12.9 million for the property. Construction on the apartment community is expected to begin this month and to be finished in late 2026. The garden-style community will be named Marlowe Sarasota. It will have one-, two- and three-bedroom units with an amenities package that includes a clubhouse, coworking space and a dog park. The property will be built around a pond with a walking path, according to a statement. Greystar is an international real estate firm that manages and operates nearly $315 billion of real estate in approximately 250 markets globally. It currently owns or is developing about 50 properties along the Gulf Coast. As for the Marlowe brand, which the newest property will fall under, Greystar says on its website that it “pairs the classic feel of a suburban garden-style community with the upscale features of an urban property.” A spokesperson says that in the Sarasota market it operates two Marlowe branded properties: Marlowe Jacaranda in Venice and Marlowe Lake Manatee in Manatee County.

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