This Week in Real Estate: July 15-21

Seagate breaks ground on final phase of EmCyte HQ. Photo Credit: Tim Gibbons Photography

 

RESIDENTIAL

 

REPORT: CAPE CORAL-FORT MYERS SPENT $1.9B ON NEW RESIDENTIAL CONSTRUCTION LAST YEAR

In 2020, the Cape Coral-Fort Myers metro area spent approximately $1.9 billion on new residential construction, according to a Construction Coverage report. That total amounted to $85,035 per construction worker, compared to the $51,738 the U.S. spent on new residential construction per construction worker at the national level, the report shows. To rank individual metropolitan areas on their annual new residential construction spending per construction worker, researchers at Construction Coverage divided the value of building permits authorized in 2020, taken from the U.S. Census Bureau’s Building Permits Survey, by the number of construction workers employed there, according to the Bureau of Labor Statistics. Researchers also included statistics on construction employment and wages in each location. For complete results, click here.

 

Video courtesy of WINK News

REPORT SHOWS HIGH RENT COSTS MAKING IT HARD TO LIVE IN MOST OF FLORIDA

High-rent costs are making it harder for many people to make ends meet in Florida, and that especially includes Southwest Florida – one of the most expensive areas to rent in the state. According to the Out of Reach 2021 report by the National Low Income Housing Coalition, an individual would have to make more than $26 an hour to afford housing in parts of Collier County. On average, someone would have to work nearly three full-time jobs at minimum wage to afford a two-bedroom rental home. According to the report, one of the top five most expensive areas to rent is the Naples-Immokalee-Marco Island area, where renters would need to make $55,000 annually on average to live comfortably. The salaries needed to live comfortably in Cape Coral and Fort Myers are almost $48,000 each year and more than $42,000 in Punta Gorda, WINK News reports.  
 

DOWNING-FRYE FOUNDER DIES IN NAPLES AT AGE 92

Earl Frye, co-founder of Downing-Frye & Associates real estate company in Naples, passed away July 10 at age 92. An Ohio native, Frye moved his family to Naples in 1962. He served as president of the Naples Area Board of Realtors in 1969 and was inducted into the NABOR hall of fame in 2009. Frye was instrumental in forming Royal Poinciana Golf Club of Naples and was involved in developing many local projects, including Meridian, Pebble Shores, Wilderness Country Club, Bonita Beach Club, Commodore Club and River Oaks. He was the founding president of the Collier County Appraisal Society, served as a former trustee of Naples Community Hospital, chairman of First National Bank of Collier County and chairman emeritus of Bank of Florida. The family requests that friends and family perform a random act of kindness in Frye’s memory. Memorials in his memory also may be sent to Wounded Warriors of Collier County, 4851 Tamiami Trail N., Suite 200, Naples, FL 34103.
 

AVE MARIA, BABCOCK RANCH AMONG TOP MASTER-PLANNED COMMUNITIES IN THE NATION

Ave Maria in Collier County and Babcock Ranch in Charlotte County are among the top-selling, master-planned communities in the United States, according to a mid-year report by national real estate consulting agency RCLCO Real Estate Advisors. Ave Maria, planned around a Catholic church and university, had a record-breaking 371 new home sales through the end of June, placing the development at No. 24 on the biannual list as the highest-ranking community in Southwest Florida. The solar-powered Babcock Ranch community had 370 home sales to place it in the No. 25 spot. “The master-planned community must have a number of features including a comprehensive plan by a master developer, a variety of housing types, sizes and prices with shared common space, amenities and a vital public realm,” RCLCO reports. 
 

DIAMOND CUSTOM HOMES COMPLETES TALIS PARK ESTATE

Diamond Custom Homes has completed a new estate home at 16615 Firenze Way in Talis Park in Naples. The 16,047-total-square-foot private residence features architecture by Thomas Jones of WDG Architecture, interior design by Lou Shafran and Mark Vanagas of Pacifica Interior Design, custom cabinetry by EDGE and landscape architecture by Christian Andrea of Architectural Land Design. The estate has a French country exterior with six bedrooms, six baths, three powder rooms and an in-home theater.

 

COMMERCIAL

 

FL STAR CONSTRUCTION PURCHASES 132 ACRES OF LAND IN NAPLES AREA

Fort Myers-based FL Star Construction LLC has purchased 132 acres of vacant land at 10540 Greenway Road, off U.S. 41 East, in the Naples area, for $6.55 million from Robert Bean. The transaction was handled by Gary Tasman, CEO and principal broker, and Shawn Stoneburner, senior director and broker, of Cushman & Wakefield | Commercial Property Southwest Florida LLC.
 

FORT MYERS BUILDING BOUGHT FOR $3.5 MILLION

DFA LLC purchased a 15,750-square-foot building on 2.81 acres in Billy Creek Commerce Center at 5626 Enterprise Parkway, Fort Myers, from Terrier Financial LLC, for $3.5 million. Derek Bornhorst, SIOR, CCIM, Bob Johnston, SIOR and Jerry Messonnier, SIOR of Lee & Associates | Naples-Ft. Myers negotiated the transaction.
 

PUNTA GORDA PROPERTY PURCHASED FOR $3.2 MILLION

JM Development II LLC purchased a 30-acre property just south of the Charlotte County Airport at 8307 and 8351 Holmes Blvd. and 28280 Woodlawn, Punta Gorda, from BLV Investment Co. LLC for $3.2 million. Bill Young and Biagio Bernardo of Lee & Associates | Naples-Ft. Myers negotiated the transaction.
 

NAPLES LAND SELLS FOR $1.416 MILLION

SDH Holdings LLC purchased 1.84 acres of vacant land from 4535 Tamiami Trail East LLC, located at 4535 Tamiami Trail E., Naples, for $1.416 million. David J. Stevens, CCIM of Investment Properties Corp. represented the seller and Tara Stokes of Investment Properties Corp. represented the buyer.
 

LEHIGH ACRES BUILDING ACQUIRED FOR $750,000

R & S Inc. purchased a 6,100-square-foot freestanding building on 1.2 acres at 1100 Lee Blvd., Lehigh Acres, from SCI Funeral Services of Florida LLC for $750,000. Bill Young and Biagio Bernardo of Lee & Associates | Naples-Ft. Myers represented the seller and Fuje Ara of SVN Commercial Partners, Boca Raton, represented the buyer in the transaction.
 

CAPE CORAL RETAIL BUILDING BOUGHT FOR $750,000

RSD&D Investment LLC purchased a 1,998-square-foot retail building on a 0.36-acre lot at 1414 Cape Coral Pkwy., E., Cape Coral, from First American Exchange Co. for $750,000. Alan Fields of Lee & Associates | Naples-Ft. Myers negotiated the transaction.
 

FORT MYERS ACREAGE ACQUIRED FOR $525,000

Southwest Waste Services LLC purchased 1.61 acres in Southside Gardens at 4292 Canal Street, Fort Myers, from Nija Global LLC for $525,000. Derek Bornhorst, SIOR, CCIM, Bob Johnston, SIOR and Jerry Messonnier, SIOR of Lee & Associates | Naples-Ft. Myers negotiated the transaction.
 

BONITA SPRINGS STORAGE SPACE SELLS FOR $299,900

Tim Mahoney purchased an 880-square-foot storage space in the Bonita Automotive Condominiums at 27901 Bonita Breeze Way, Suite 407, Bonita Springs, from Bonita Breeze Development LLC for $299,900. Bill Young, Biagio Bernardo and Michael Mahan of Lee & Associates | Naples-Ft. Myers negotiated the transaction.
 

CUSHMAN & WAKEFIELD BROKERS SALE OF COMMERCIAL PROPERTY IN FORT MYERS

William Forenski purchased 2.88 acres of vacant commercial land at 1381 Betmar Blvd., just west of U.S. 41, in North Fort Myers from Alger RE Investment Properties LLC for $199,000. Representing the buyer and the seller in negotiating the transaction were Gary Tasman, CEO and principal broker, and Shawn Stoneburner, senior director and broker, of Cushman and Wakefield | Commercial Property Southwest Florida LLC.
 

NEW OWNERS REBRAND RENOVATED ZOOMERS, REOPEN AS FASTTRAX

The former Zoomers amusement park in Fort Myers Beach reopened on July 16 as FastTrax under new ownership at 17455 Summerlin Road. The entertainment venue is now owned by Pat Ciniello, who also owns Bowling Management Associates, operator of the HeadPinz and Bowland entertainment centers in Charlotte, Lee and Collier counties. The change in ownership brings a go-kart focus and total renovation to the local attraction. In addition to resurfacing its two go-kart tracks and importing state-of-the-art electric karts from Italy, BMA installed new arcade games, built a full-service Brickyard Bistro, added seven lanes of duck-pin bowling and refurbished all of the midway rides. “After more than a year of renovations and $3.5 million spent, we’re thrilled to open the most unique amusement park in Southwest Florida,” Ciniello says. 
 

SEAGATE BREAKS GROUND ON FINAL PHASE OF EMCYTE HEADQUARTERS

Seagate Development Group recently broke ground on the final phase of EmCyte Corp.’s headquarters, 4331 Veronica S. Shoemaker Blvd. in Fort Myers. The $2.2 million project will add 13,000 square feet of warehouse space to a new building and a 2,000-square-foot office facility to EmCyte’s existing 30,000-square-foot headquarters. Crews will also renovate a 5,000-square-foot manufacturing space for the leading autologous regenerative biologics company. Seagate has poured the slab and is conducting site work. The next three months will be dedicated to foundational components, walls and roofing, exterior windows, irrigation, HVAC, plumbing, electrical, drywall, interiors and more. The final phase is slated for completion in the fourth quarter of 2021.

 

LEASES

 

Video courtesy of WINK News

WATERSIDE RESTAURANT LEAVING CAPE HARBOUR AT END OF YEAR 

Rumrunners restaurant is leaving its waterfront location along Cape Harbour at the end of the year. The owners of Cape Harbour are not renewing the restaurant’s lease, WINK News reports. A representative with Realmark Development, which owns Cape Harbour, said Rumrunners will remain open to the end of its lease, which is the end of the calendar year. Realmark said another restaurant will move into the space, but Rumrunners’ regulars say they will be sad to see the 18-year-old restaurant go. 
 

Fountain Life Management LLC leased 3,081 square feet of office space from PR Mercato LLC at 9132 Strada Place, No. 11200, Naples. Rob Carroll, CCIM, MAI of Investment Properties Corp. represented the tenant and Brandon Stoneburner of Colliers International Florida LLC represented the landlord.

 

EVENTS

 

CREW TO HOST LUNCH & LEARN FOCUSED ON 1031 EXCHANGES IN COMMERCIAL REAL ESTATE

The Naples Fort Myers Chapter of CREW will hold a CREW Power Hour from 11:45 a.m. to 1 p.m. on July 28, at The Capital Grille, 9005 Mercato Drive, North Naples. Janet Davis, CCIM, will discuss “1031 Exchanges in Commercial Real Estate.” Davis is a 1031 senior associate with Midland IRA & 1031 Exchanges. She has worked in the commercial real estate profession for more than 20 years. Her presentation will focus on the requirements and documentation needed to execute a standard or reverse/improvement 1031 exchange. She will share examples of properly executed 1031 exchanges and the potential for capital gains tax savings achieved through this type of transaction. This event is open to the public. Pre-registration is required by registering online. Cost is $25 for CREW members and $40 for non-members, which includes lunch at The Capital Grille. This event is sponsored by Suncoast Credit Union.

 

ON THE MOVE

 

Century 21 Sunbelt Realty, a local affiliate of the global legacy brand Century 21 Real Estate, opened a new location on Monday at 4910 Tamiami Trail N., Suite 216, Naples. The company held a ribbon-cutting ceremony in partnership with the Collier County Chamber of Commerce. In addition to the new Naples office, Century 21 Sunbelt Realty serves Southwest Florida with locations in Fort Myers, Cape Coral, Lehigh Acres, Punta Gorda, Matlacha, Port Charlotte and Saint James City.

 
NAI Thor Commercial Group, a full-service commercial real estate brokerage firm servicing the Gulf Coast and Southwest Florida, has revealed NAI Skyway National Partners as its new corporate name. The company’s recent alignment with NAI Skyway National and Hiffman National, a Chicago-headquartered property management and project services company, spurred the corporate renaming. Founded last year by Brad Berzins, a 20-year industrial and investment sales broker, and Andy Georgelakos, a former president of NAI KLNB based in the Baltimore-Washington, D.C. area, NAI Skyway National is headquartered in Tampa, with regional offices in Sarasota, Fort Myers and Naples.

 

Edwin Clawson

(O-A-K) has hired Edwin Clawson as project manager. Clawson started his career as an architectural draftsman of construction documents and assisted and configured codes and permitting processes for multiple projects. He moved into leading teams for new construction projects and coordination of mechanical, electrical, and plumbing, civil, and Americans with Disabilities Act requirements. Clawson is currently managing the Naples High School roof replacement and the Naples Airport Aircraft Rescue and Fire Fighting Station demolition and new 9,065-square-foot building. O-A-K also hired Robb Lux as a superintendent. Lux started his career as a laboratory and field technician testing construction materials before becoming a job site superintendent for commercial

construction projects. Lux is certified by Occupational Safety and Health Administration for workplace safety and health and in first aid and cardiopulmonary resuscitation. He is also boom lift, forklift and scissor lift certified, and his experience includes masonry and site work. Lux completed his studies at St. Paul Technical College in St. Paul, Minnesota. He worked on O-A-K’s construction of the new Lehigh Middle School and is currently overseeing projects for Collier County Schools. 

 
Frey & Son Homes has added Brenda Baldwin to its Southwest Florida home team, building in Lee and Collier counties for nearly 50 years. Joining the team as sales coordinator for Lee County, Baldwin is responsible for organizing all home sales, as well as working with various departments to ensure that sales and marketing efforts are presented effectively. She is also responsible for maintaining contact with current and prospective clients, in addition to helping to meet sales goals and projections.

 
Cushman & Wakefield | Commercial Property Southwest Florida has expanded its executive team by promoting Lane Boy, CCIM, to executive director-brokerage. A native Floridian, Boy has more than two decades of experience in real estate-related industries. Before joining Cushman & Wakefield in 2017, he served as the CEO of two real estate businesses. Boy, specializing in land brokerage, is an expert in commercial properties of all types and is a member of Cushman & Wakefield’s National Land Practice Group. He will serve on the firm’s four-person leadership team and oversee brokerage education, training and reporting. 

 

KUDOS

 

Stock Custom Homes, a division of Stock Development, is set to break company records as it approaches nearly $100 million in sales so far in 2021. “The sales momentum we’ve experienced has been exceptional,” says Matt Sellick, president of Stock Custom Homes. Stock’s footprint has widened to WildBlue in Estero, The Lake Club in Lakewood Ranch, and on the east coast, as well, with multiple luxury residences in the Wellington area. “Stock Custom Homes has truly developed the standard for what luxury living should be, and we’ve proven ourselves as one of the elite custom home builders in all of Florida,” Sellick says. 

The Grant Group surpassed $150 million in sales volume in the first five months of 2021 and is set to break its 2020 sales volume of $203 million, the real estate group reports. The Grant Group is led by Doug Grant, who has more than 30 years of real estate experience in Southwest Florida. The team specializes in luxury waterfront, beach and golf community properties throughout Naples, Bonita Springs and Fort Myers. The team consistently ranks among Coldwell Banker Realty’s Top 100 in Florida and has been recognized with the International Society of Excellence award. The Grant Group also ranked No. 36 in the 2021 REAL Trends ‘The Thousand’ list for its sales volume.

 
Royal Shell Real Estate has recognized its Top Producers for June. In the Sanibel/Captiva Office, the Top Listing Producers Team is McMurray & Members, Top Listing Producers Individual/Partners is Trevor Nette, Top Sales Producers Team McMurray & Members, and Top Sales Producers Individual/Partners is Cindy Sitton. In the Fort Myers Office, the Top Listing Producers Team is Team Stacey; Top Listing Producers Individual/Partners is Patti Testa; Top Sales Producers Team is Yergens, Miller, Welsh, Jackson; and Top Sales Producers Individual/Partners is Tina Tusack. In the Cape Coral Office, the Top Listing Producers Team is The Quarles Team, Top Listing Producers Individual/Partners is Joe Francis, Top Sales Producers Team is The Forneris Group, and Top Sales Producers Individual/Partners, Dalene Westhues. In the Bonita Springs Office, the Top Listing Producers Team is The Fagan Team; Top Listing Producers Individual/Partners is Tammy Workman, Top Sales Producers Team is The Mathers/Wells Team, and Top Sales Producer Individual/Partners is Tammy Workman. In the Naples – Park Shore Office, the  Top Listing Producers Team is The Smuk Residential Group; Top Listing Producer Individual/Partners is Gary Ryan, Top Sales Producers Team is The Roboci Team, and Top Sales Producers Individual/Partners is Pamela Olsen. In the Naples – Fifth Ave. Office, the Top Listing Producers Team is The Epifanio Team, Top Listing Producer Individual/Partners is Nancy Ehlen, Top Sales Producers Team is The Epifanio Team, and Top Sales Producers Individual/Partners is Anne Juliano and Tim Steeves.

 
Naples-based BCB HomesInnovative Construction Solutions and Dickson Roofing had their first beach cleanup on July 10 at Lowdermilk Park. Employees brought their families to assist. Breakfast was provided at the pavilion to thank those who came out to help clean the beach. Another beach cleanup is planned for next year.  

 

Jodi Kaplan

Gulf Coast International Properties has named Jodi Kaplan as Agent of the Month for June. Kaplan is a Kansas native and has experience in the Naples luxury market. Kaplan believes in a concierge approach to serving clients, Gulf Coast International Properties states.

 

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