2020 Top Deals

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

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

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

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

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

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