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Despite 2020’s general theme of uncertainty, one thing was sure: It was a remarkable year for residential real estate in Southwest Florida.

Southwest Florida saw some 19,000 residential permits pulled by November, “which is the highest number we’ve had since 2006 in our three-county market,” says Justin Thibaut, president of LSI Companies Inc.

The Naples real estate market alone had its best September on record, with 20-year highs in several key areas, according to the September 2020 Market Report, released by the Naples Area Board of Realtors (NABOR), which tracks home listings and sales within Collier County, except Marco Island.

Towns such as Collier County’s Ave Maria also broke records, with more than 350 new home sales by October, the largest year-over-year since the master-planned community opened in 2007. Meanwhile, Babcock Ranch in Charlotte County hit the 1,000-homes-sold milestone in December and ranked 39th among the country’s top-selling master-planned communities, according to RCLCO Real Estate Advisor’s Top 50 list.

Continued residential growth this year could be the key to strengthening the commercial real estate market, which lagged behind a bit in 2020.

“We feel that in 2021, there will be a rebound in the commercial market stemming purely from the added rooftops and population in the area,” says Nelson Taylor, market research director at LSI Commercial Inc. Other experts agree. “There’s a strong demand for housing, whether it be affordable housing or luxury housing,” says Bruce Micciche, qualifying broker at LandQwest Commercial Real Estate.

Last year’s land sales reflected that. “Residential land—national homebuilder purchases, entitlement development, multifamily land—remains strong for all of our market,” says Michael Price, director of land division at LandQwest Commercial Real Estate, predicting that trend will continue. “On to 2021, we’re looking very strong for land, whether it be for master-planned communities or multifamily.”

The housing demand can be traced, in part, to the major headquarters expanding locally, including Arthrex in Naples and Scotlynn USA Division Inc. in Fort Myers.

“If there is really a trend playing out right now, it’s that more and more headquarters are expanding our job base,” Taylor says. “They attract younger folks for high-paying jobs.”

Others may have seen 2020 as a sign to leave their jobs and begin their next chapters in sunny Southwest Florida sooner than planned. “This pandemic may have escalated retirement,” Price says.

Whatever the reasons, commercial sales show a shift in response to the community’s changing needs.

“We’ve seen a surge in the commercial arena for medical activity,” Thibaut says. “We are starting to see a lot of both private practice and publicly traded health care companies buying land and entering the market where they haven’t been previously.” The projects, once expected for retail, “are now turning into medical offices and outpatient care.”

Both medical- and service-based businesses are leaning toward high-end strip centers rather than office settings, said Bob Pekol, senior associate at LandQwest Commercial Real Estate. “We’re replacing some of the tenants that used to be around that we lost to the internet, like the Radio Shacks of the world.”

Automotive and fast food restaurants are also doing deals, Pekol said, while many sit-down restaurants wait for COVID -19 outcomes.

As of November, Micciche suggests it’s a good time to enter the market in Southwest Florida.

“Valuations on the properties are high. It’s a good time to sell if you’re a seller, and if you’re a buyer and happy with the yield, it’s a good time to buy,” he says. “Interest rates are lower than they’ve ever been.”

Gulfshore Business compiled the top five commercial and residential transactions for specific categories in Lee and Collier counties to reflect on as we head into another year of growth in Southwest Florida.

 

OFFICE

 

Plaza at the Galleria (Office)

Price: $9.435 million
Square Feet: 30,142
Property/Address: Plaza at the Galleria, 9130 Galleria Court, North Naples
Buyer: Millice Group Ltd. Seller: Halstatt
Buyer’s representative: N/A
Seller’s representative: Todd Sabin, SVN | KOVA Naples

Price: $9 million
Square Feet: 48,000
Property/Address: The Alico Business Center, 9961 Interstate Commerce Drive, Fort Myers
Buyer: Friendly Village LLC Seller: PIP IV Alico LLC
Buyer’s representative: Eric Edwards, LandQwestCommercial
Seller’s representative: Bryan Flores, SVN/KOVA

Price: $7.9 million
Square Feet: 40,816
Property/Address: Brennan Medical Building, Commons Professional Park, Naples
Buyer: Lam Investments of SWFL LLC
Seller: Landgrove Associates LLC
Buyer’s representative: Chris Lynch, DJL Commercial
Seller’s representative: Chris Lynch, DJL Commercial

Price: $5.875 million
Square Feet: 25,794
Property/Address: Alico Center at 10070 Daniels Interstate Court, Fort Myers
Buyer: Kingdom Development Ft Myers LLC
Seller: N/A
Buyer’s representative: Adam Palmer, LandQwest Commercial
Seller’s representative: Chris DeVeso, TC Group

Price: $4.6 million
Square Feet: 8,000
Property/Address: Dagi Place, 375 12th Ave. S., Naples
Buyer: 375 12th Avenue South LLC
Seller: VHH, LLC
Buyer’s representative: David J. Stevens, CCIM, and Patrick Fraley, Investment Properties Corp.

 

RETAIL

 

Price: $10 million
Square feet: 134,707
Property/Address: Naples Town Centre, 3701-3755 Tamiami Trail E., East Naples
Buyer: Buckingham Properties
Seller: RCG Ventures
Buyer’s representative: Plaza Advisors
Seller’s representative: Plaza Advisors

Price: $8.325 million
Square feet: 57,840
Property/Address: Publix at Eagle Landing, North Fort Myers
Buyer: N/A
Seller: VAL Eagle Landing, LLC
Buyer’s representative: N/A
Seller’s representative: SRS Real Estate Partners

Price: $8.275 million (Part of $37.9 million portfolio transaction)
Square feet: 45,469
Property/Address: Colonial Square, 2160 Colonial Blvd., Fort Myers
Buyer: Community Healthcare Trust Inc.
Seller: N/A
Buyer’s representative: N/A
Seller’s representative: Cushman & Wakefield Healthcare Capital Markets team

Price: $6.35 million
Square feet: 29,901
Property/Address: 3645 Gateway Lane, Naples Buyer: Golden Paws Assistance Dogs Inc.
Seller: TMCFM Inc.
Buyer’s representative: Dave Wallace and David Wallace, CRE Consultants
Seller’s representative: Dave Wallace and David Wallace, CRE Consultants

Price: $5.48 million
Size: 0.34 acres
Property/Address: 531 Fifth Ave. S., Naples
Buyer: 512 Mass Ave Properties Corp.
Seller: 531 Building, LLC
Buyer’s representative: Amanda Van Slyke, Compass Florida LLC
Seller’s representative: David J. Stevens, Investment Properties Corp.

 

INDUSTRIAL

 

Naples Daily News Building (Industrial)

Price: $27.99 million
Square Feet: 186,000
Property/Address: 1100 Immokalee Road, North Naples
Buyer: NCH
Seller: Gannett
Buyer’s representative: Andrew Saluan, AJS Realty Group
Seller’s representative: BellCornerstone

Price: $8.6 million
Square Feet: 70,266
Property/Address: 4244 Corporate Square, East Naples
Buyer: Rocky Patel Premium Cigars Inc.
Seller: Whitehall Printing Co.
Buyer’s representative: Fil Mastrocola, Premier Property Management
Seller’s representative: Christine McManus, Investment Properties Corp.

Price: $7.65 million
Square Feet: 99,432
Property/Address: Ferguson Building, 9348-9350 Laredo Ave., Fort Myers
Buyer: Corsica Capital Partners
Seller: Dynamic Management Group Inc.
Buyer’s representative: Derek Bornhorst, Robert Johnston, Jerry Messonnier, Lee & Associates
Seller’s representative: Derek Bornhorst, Robert Johnston, Jerry Messonnier, Lee & Associates

Price: $4.65 million
Size: 4.51 acres
Property/Address: 4555 Radio Road, Naples
Buyer: 4555 Radio Rd LLC
Seller: Green Effex Property LLC
Buyer’s representative: David J. Stevens, Investment Properties Corp.
Seller’s representative: Felipe Arcila and Chad Commers, SVN Kova Naples

Price: $4 million
Square feet: 10,000 Property/Address: 680 Ninth St. N., Naples
Buyer: 680 Tamiami Trail N. LLC
Seller: 680 9th Street North LLC
Buyer’s representative: David J. Stevens, Investment Properties Corp.
Seller’s representative: Dannielle Robinson, Colliers International

 

LAND

 

Uline Inc., City Gate, Naples (Land)

 

Price: $45.37 million
Size: 102.68 acres
Property/Address: City Gate Commerce Park, Naples
Buyer: Uline Inc.
Seller: 850 NWN LLC and CG II LLC
Buyer’s representative: William Rollins and Justin Thibaut of LSI Companies Inc. and Dave Desper of CBRE Inc.
Seller’s representative: N/A

Price: $20.2 million
Size: 55.66 acres
Property/Address: 8810 Immokalee Road, North Naples
Buyer: BCHD PARTNERS II LLC
Seller: N/A
Buyer’s representative: Daniel O’Berski, Trinity Commercial Group
Seller’s representative: Warren Seagraves, John R. Wood Properties

Price: $13.4 million
Size: 26.04 acres
Property/Address: 14297 Laguna Springs Lane, Naples
Buyer: Stock Development
Seller: iStar Inc.
Buyer’s representative: N/A
Seller’s representative: N/A

Price: $9.25 million
Size: 654 acres
Property/Address: Winchester Lakes, 4697 Oil Well Road, Naples
Buyer: Neal Communities of Southwest Florida LLC
Seller: Winchester Land LLC
Buyer’s representative: Michael D. Rosen, Michael D. Rosen & Associates
Seller’s representative: Dan Guoan, CRE Consultants

Price: $7.375 million
Size: 12.37 acres
Property/Address: 322 SW Pine Island Road, Cape Coral
Buyer: Cape Crusader 1114 LLC
Seller: Velero Holdings LLC
Buyer’s representative: Florida Medical Space
Seller’s representative: Hal Arkin with Frye Commercial Group at RE/MAX Realty Group, Commercial Division, and Seabreeze Realty Co.

Price: $6.72 million
Size: 10.58 acres Property/Address: 14295 Collier Blvd., Naples
Buyer: Encompass Health Rehabilitation Hospital of Naples LLC
Seller: We Have Arrived LLC
Buyer’s representative: Tara Stokes and David J. Stevens, Investment Properties Corp.
Seller’s representative: Justin Thibaut of LSI Companies Inc.

 

MULTIFAMILY

 

Uptown at Liberty Park, Cape Coral (Multifamily)

Price: $96 million
Size: 640 units
Property/Address: The Retreat at Vista Lake, 3701 Winkler Ave., Fort Myers
Buyer: DAS Alliance Group
Seller: TruAmerica Multifamily Inc.
Buyer’s representative: N/A
Seller’s representative: JLL

Price: $82.25 million
Size: 304 units
Property/Address: Inspira, 7425 Inspira Circle, East Naples
Buyer: Equus Investment Partnership XI
Seller: Stock Development
Buyer’s representative: N/A
Seller’s representative: Robert Given, Brad Capas and Neal Victor of Cushman & Wakefield

Price: $73.9 million
Size: 327 units
Property/Address: The Edison Apartments, 5015 Mina Circle, Fort Myers
Buyer: Fogelman
Seller: LIV Development LLC
Seller’s representative: N/A Seller’s representative: N/A

Price: $64.65 million
Size: 410 units
Property/Address: Uptown at Liberty Park, 2505 Liberty Park Drive, Cape Coral
Buyer: Asia Capital Real Estate
Seller: Aileron Capital Management LLC
Buyer’s representative: N/A
Seller’s representative:Walker & Dunlop LLC

Price: $24 million
Size: 188-unit complex
Property/Address: Naples 701, 3531 Plantation Way, Naples Buyer: Naples SI LLC
Seller: JWC Naples 701 LLC
Buyer’s representative: Alex Henderson and Max Molloy, Fischler Property Company
Seller’s representative: Alex Henderson and Max Molloy, Fischler Property Company

 

TOP RESIDENTIAL SALES

 

1777 Galleon Drive Naples (Residential, Collier County)

COLLIER COUNTY SINGLE-FAMILY

Price: $19.8 million
Square Feet: 10,400
Address: 1777 Galleon Drive, Naples
Buyer’s representative: Mike McCumber and Shay Trask, Gulf Coast International Properties
Seller’s representative: Frank Sajtar, William Raveis Real Estate

Price: $19.5 million
Square Feet: 6,405
Address: 1978 Gulf Shore Blvd. S., Naples
Buyer’s representative: Karen Van Arsdale, Premier Sotheby’s International Realty
Seller’s representative: Karen Van Arsdale, Premier Sotheby’s International Realty

Price: $18.5 million
Square Feet: 7,640
Address: 700 Admiralty Parade, Naples
Buyer’s representative: Jane Darling, Premier Sotheby’s International Realty
Seller’s representative: Toby Cloutier, London Bay Realty Inc.

Price: $17.5 million
Square Feet: 9,253
Address: 1700 Galleon Drive, Naples
Buyer’s representative: Richard Prebish and Tom Campbell, William Raveis Real Estate
Seller’s representative: Richard Prebish and Tom Campbell, William Raveis Real Estate

Price: $17 million
Square Feet: 8,674
Address: 3300 Green Dolphin Lane, Naples
Buyer’s representative: Richard Prebish and Tom Campbell, William Raveis Real Estate
Seller’s representative: Tim Savage, Gulf Coast International Properties

 

LEE COUNTY SINGLE-FAMILY

Price: $9.7 million
Square Feet: 4,764
Address: 351 Gilchrist Ave., Boca Grande
Buyer’s representative: Brian Corcoran, The BRC Group LLC
Seller’s representative: Jeff Moore, Gulf to Bay Sotheby’s International Realty

Price: $9.3 million
Square Feet: 7,512
Address: 1744 Jose Gaspar Drive, Boca Grande
Buyer’s representative: Maryjo Shaffer Gulf to Bay Sotheby’s International Realty
Seller’s representative: David Hayden, Parsley Baldwin Real Estate

Price: $7.25 million
Square Feet: 5,560
Address: 26564 Hickory Blvd., Bonita Springs
Buyer’s representative: Doug Grant with Coldwell Banker Realty
Seller’s representative: Matt Maloney Premiere Plus Realty Co.

Price: $7 million
Square Feet: 5,760
Address: 26724 Hickory Blvd., Bonita Springs
Buyer’s representative: Maryjo Shaffer, Gulf to Bay Sotheby’s International Realty
Seller’s representative: David Hayden, Parsley Baldwin Real Estate

Price: $6.9 million
Square Feet: 3,060
Address: 1701 17th St. W., Boca Grande
Buyer’s representative: Jeff Moore, Gulf to Bay Sotheby’s International Realty
Seller’s representative: Jeff Moore, Gulf to Bay Sotheby’s International Realty

Price: $6.9 million
Square Feet: 2,000
Address: 15843 Captiva Drive, Captiva
Buyer’s representative: LeAne Taylor Suarez John R. Wood Properties
Seller’s representative: Mike McMurray, Royal Shell Real Estate – Viva

 

COLLIER COUNTY CONDOMINIUMS

Price: $14 million
Square Feet: 12,050
Address: 4101 Gulf Shore Blvd. N., PH-2, Naples
Buyer’s representative: Ryan Ehmen of White Sands Realty
Seller’s representative: Marion Bethea and Anne Killilea, Premier Sotheby’s International Realty

Price: $9.75 million
Square Feet: 8,600
Address: 4101 Gulf Shore Blvd N., Apt. 15S, Naples
Buyer’s representative: Barbi Lowe, Premier Sotheby’s International Realty
Seller’s representative: Rick Fioretti, Berkshire Hathaway HomeServices Florida Realty

Price: $8.95 million
Square Feet: 7,481
Address: 4101 Gulf Shore Blvd. N., Apt. 9N, Naples
Buyer’s representative: Paul Alford, Paragon Realty Inc.
Seller’s representative: Barbi Lowe, Premier Sotheby’s International Realty

Price: $7.6 million
Square Feet: 7,773
Address: 81 Seagate Drive, Apt. 1803, Naples
Buyer’s representative: William Mcgreevy, Premiere Plus Realty Co.
Seller’s representative: Barbi Lowe, Premier Sotheby’s International Realty

Price: $6.7 million
Square Feet: 6,604
Address: 4351 Gulf Shore Blvd. N., Apt 4N, Naples
Buyer’s representative: Michael Lawler, Premier Sotheby’s International Realty
Seller’s representative: Michael Lawler, Premier Sotheby’s International Realty

 

LEE COUNTY CONDOMINIUMS

Price: $3.6 million
Square Feet: 3,474
Address: 5228 Estero Blvd Unit 1, Fort Myers Beach
Buyer’s representative: Isabel Arias-Squires, Redfin
Seller’s representative: Loretta Young, Royal Shell Real Estate

Price: $2.73 million
Square Feet: 3,452
Address: 3532 Estero Blvd., Fort Myers Beach
Buyer’s representative: N/A
Seller’s representative: Doug Grant, Coldwell Banker Realty

Price: $2.68 million
Square Feet: 3,542
Address: 3534 Estero Blvd., Fort Myers Beach
Buyer’s representative: Jayme Bartling, Coldwell Banker Realty
Seller’s representative: Doug Grant, Coldwell Banker Realty

Price: $2.61 million
Square Feet: 2,700
Address: 835-2 Harborshore Drive, Boca Grande
Buyer’s representative: Randy Wojcik, Boca Grande Real Estate Inc.
Seller’s representative: Randy Wojcik, Boca Grande Real Estate Inc.

Price: $2.43 million
Square Feet: 2,837
Address: 3127 W Gulf Drive, Unit 102, Sanibel
Buyer’s representative: Eric Pfeifer Pfeifer Realty Group LLC
Seller’s representative: Mary Lou Bailey with VIP Realty Group Inc.

 

Photo Credit (in order of appearance): Courtesy SVN; Courtesy Lee & Associates; Courtesy LSI Companies; Courtesy Walker & Dunlop Addison Place; Courtesy Naples Kenny Photography
Published: February 2021

Copyright 2024 Gulfshore Life Media, LLC All rights reserved. This material may not be published, broadcast, rewritten or redistributed without prior written consent.

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