- June 13, 2026
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Minnesota buyer borrows $30.5M for industrial park
Capital Partners, a Minnesota-based commercial real estate firm, has bought a Fort Myers industrial park, using $30.5 million in acquisition financing for the deal. The park is the Meridian Business Center on Parallel Drive, just off on Interstate Commerce Drive and near Interstate 75. CBRE Capital Markets, which structured the financing package and announced the deal, says it is a 10-year fixed-rate loan at 5.5% with a partial interest-only period and 30-year amortization. The sale price was $48.35 million. The previous owner, Ohio-based Geis Development, bought the property for $6.6 million in 2021, according to Lee County property records. It built Meridian, which opened in 2024. The center is a 208,456-square- foot, four building complex. It is currently 96.6% leased with an eight-tenant mix in the healthcare, distribution and supply industries. The average lease term of the tenants is nearly six year, says CBRE. Billy Mork of CBRE’s Minneapolis finance team secured the financing for Capital Partners.
Shake Shack headed to Coconut Point
The popular burger chain Shake Shack is coming to Estero. The New York-founded chain is opening next year at Coconut Point, one of nearly half a dozen retailers moving into the open-air mall in the coming months. Shake Shack, which started in New York’s City Madison Square Park as a hot dog cart, has 29 locations in the state, including five along the Gulf coast. That includes two in Tampa and one each in Naples, Sarasota and Wesley Chapel. Other mall happenings include Starbucks Coffee reopening this month following renovations' Estero Bay Olive Oil and Tea relocating to a new and expanded spot this summer; and Toy World moving to a larger location in September 2026. Other merchants moving into the mall in June and July include jeweler Kendra Scott and clothing retailer Brooks Brothers.
Retail center sells for nearly $3M
A Save A Lot-anchored shopping center in Hillsborough County has sold to a local investor. The Seffner retail plaza, North Grove Center at 707 W. Dr. Martin Luther King Jr. Blvd., traded for $9.6 million, says Marcus & Millichap. The buyer, according to a copy of the deed in county records, is a Tampa-based LLC named Cygram Heritage. The center was previously owned by Isram Realty in Hallandale. It paid $2.7 million for North Grove in 2009. The center is 69,757 square feet and sits on 9 acres. Along with Save A Lot, its tenant roster includes Planet Fitness, Dollar Tree and Ace Hardware, along with several local shops and restaurants. The center recently got its roof replaced and its lighting upgraded. There is also room for growth. Excess parking could support future outparcel development, says Marcus & Millichap. The firm’s Drew Kristol and Kirk Olson represented the seller in the deal.
Industrial developer lands tenant
Stonemont, an Atlanta-based private real estate investment firm, has leased out a full industrial building in Tampa. The company declined to disclose the name of the tenant or lease terms. The 100,698-square-foot building is at the TIA Executive Center at 6111 Johns Road, off of the Veterans Expressway and north of Tampa International Airport. Stonemont, which specializes in industrial development, acquisitions and net lease investments, currently owns over 4.4 million square feet of development in markets spanning across Florida. That includes a second property in Tampa, the 361,00-square-foot Sunlake Business Center, and one in Lakeland, the 557,000-square-foot Lakeland Commerce Center. Stonemont’s David Kaplan, Kyle Massie and Winston Fox spearheaded the deal. JLL’s John Dunphy and Pete Cecora represented the company.
115-location coffee chain to add spot
The $800 million mixed-use development underway in St. Petersburg’s Skyway Marina District has announced another tenant: Foxtail Coffee Co. The Florida-born independent coffee roasting and retail chain has signed a long-term lease agreement at Sky Town, the retail and residential development at 3201 34th Street off U.S. Highway 19. Foxtail will open a 1,517-square-foot cafe in Suite 100, which is part of the first phase of the six-phase development project. Terms of the lease were not disclosed. Foxtail Coffee Co. got its start in Winter Park in 2016 and has expanded since then, with a mix of corporate and franchise partnered locations. The coffee chain currently operates more than 110 locations across Florida, Georgia, Nevada, Michigan, Arizona, Virginia and North Carolina.
Office property to be used for apartments
Two adjoining Sarasota properties totaling more than 108,000 square feet have sold. The properties at 5104 and 5110 N. Lockwood Ridge Road include a three-story, 16,278-square-foot office building. The sale price was $2.45 million. Loyd Robbins & Co., which represented the buyer, Lockwood Office, says the parcels were originally planned to be used for Phase II of the Northwood Business Park development. Instead, the new Sarasota owner, an LLC managed by Brad Baker, plans to modify “the previously approved office concept to accommodate 36 multifamily rental units, creating a mixed-use environment that combines professional office space with residential housing,” according to a statement. Loyd Robbins of Loyd Robbins & Co. represented Lockwood Office. Joe C. Hembree and Mike Hollander of Hembree & Associates represented the seller, a Sarasota investor.
Builder buys site for 1,000-home community
A national homebuilder has closed on nearly 500 acres in southeastern Lakewood Ranch, where it plans to construct 1,000 homes. EverCreek, which is what PulteGroup says it will call the community, will be developed by its subsidiary Pulte Homes. Terms of the 464-acre property sale were not immediately available. EverCreek will feature a blend of 850 single-family homes and 150 townhouses off Bourneside Boulevard, 1.5 miles north of Fruitville Road in Sarasota County. Homes will range from 1,500 to nearly 4,000 square feet. Floorplans will offer two to five bedrooms, two to 3.5 bathrooms and one- to three-car garages. Pricing and home designs are coming soon, according to the statement from Pulte Group.
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