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This Week in Real Estate: June 24-30

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Founder's Square at Babcock Ranch
Lead Photo: Begonia model, located at 858 Wintergreen Court on Marco Island, built by Frey & Son Homes

 

RESIDENTIAL

 

Video courtesy of WINK News

VACATION HOME SALES BOOM IN CAPE CORAL, OTHER PARTS OF LEE COUNTY

Vacation home sales rose 16.4% in 2020, according to the National Association of Realtors. People especially are picking Lee County to call their home away from home, propelling Fort Myers and Cape Coral to the number one spot in the country for vacation home sales. People who want to live in the region are buying homes at a record pace. Homes that used to sell in weeks are gone in days. People are buying permanent homes and vacation homes too. Inventory is moving faster than ever, creating hot competition in the Cape Coral housing market. There are fewer “for sale” signs, and those who want to sell don’t wait long, WINK News reports.

 

CRA APPROVES FINAL PILLAR IN AFFORDABLE HOUSING STRATEGY

The Fort Myers Community Redevelopment Agency (CRA) approved a Revolving Housing Loan Program, available in the Cleveland Avenue and Dr. Martin Luther King Jr. Blvd. redevelopment areas during the fiscal year 2020. The fund will be used exclusively to support developers who want to build housing targeting individuals that make 80% of the Area Median Income (AMI) or less. The loan incentive for affordable housing must be repaid within 24 months. Once repaid, the loans will continue to grow the trust fund in the project area.

 

Founder’s Square at Babcock Ranch

BABCOCK RANCH NEARS 1,400 HOMES SOLD, SURPASSES 1,000 CLOSINGS

Babcock Ranch has reached nearly 1,400 new homes sold and surpassed 1,000 closings, with home sales at 1,386 and closings at 1,027, Kitson & Partners, who created the community, announced. The fast-paced sales activity has been fueled by 342 home sales year-to-date in America’s first solar-powered town, located just northeast of Fort Myers on Babcock Ranch Road/State Road 31. Encompassing 18,000 acres, with 19,500 planned residences and 6,000,000 square feet of commercial space, Babcock Ranch ranked 34th on both RCLCO Real Estate Advisors’ and John Burns Real Estate Consulting’s 2020 list of the country’s 50 top-selling master-planned communities. Babcock Ranch began marketing new homes in 2017, with the first residents moving into the town in January 2018. Today, Babcock Ranch offers homes from seven homebuilders in seven neighborhoods. 

 

SEAGATE’S WINDWARD ISLE NOW SOLD OUT

Seagate Development Group has announced that Windward Isle – a gated enclave of 28 single-family residences on Airport-Pulling Road in Naples – is sold out. Windward Isle features eight one- and two-story floor plans that are fully customizable. They accommodate 2,583 to more than 4,000 square feet of living space. That includes three to five bedrooms, three to five-and-one-half baths, and a two- to three-car garage – all presented in an open-concept layout.

 

CONSTRUCTION STARTS ON MARCO ISLAND INVENTORY HOME

Frey & Son Homes recently began construction on a new inventory home on Marco Island. Located at 858 Wintergreen Court on Marco Island, the four-bedroom, four-bathroom Begonia model will feature 3,048 square feet under air and 3,955 square feet under roof. The team broke ground on the project earlier this year and plans to complete the home in spring 2022. The home is listed for $2.3 million. Frey & Son Homes has been building homes on Marco Island and throughout Lee and Collier counties for more than 49 years.

 

Gardenia II rendering

STOCK CUSTOM HOMES SELLS ESTATE IN BONITA BAY

Stock Custom Homes, the custom home-building division of Stock Development, has sold its nearly 4,000-square-foot under-air estate at 4701 Bonita Bay Blvd. The home was listed for $3.895 million. Inspired by the Gardenia II floorplan, the estate features four bedrooms, four and one-half baths, a bonus room, study, three-car garage and a 981-square-foot outdoor living space equipped with a fireplace and a summer kitchen with an island. Sheila Corasaniti-Cook of Boutique Interiors decorated the home, which has a modern coastal feel, with soft blues, whites and taupes, chrome accents and light wood tones.

 

COMMERCIAL

 

BAYFRONT INN HOTEL SELLS FOR $17 MILLION

Gordon River Hotel Association sold Bayfront Inn Hotel, an 84-hotel room property located at 1221 Fifth Ave. S, in Naples, for $17 million. Gary Tasman and Shawn Stoneburner of Cushman & Wakefield | Commercial Property Southwest Florida represented the buyer and the seller in negotiating the transaction.

 

FORT MYERS WAREHOUSE SPACE BOUGHT FOR $2.8 MILLION

Eleanor J Fox Revocable Trust sold a 26,801-square-foot warehouse space located at 5570 Enterprise Pkwy., Fort Myers, to Interface Collaborative Group LLC for $2.8 million. Gary Tasman and Shawn Stoneburner of Cushman & Wakefield | Commercial Property Southwest Florida represented the buyer and the seller in negotiating the transaction.

 

BONITA SPRINGS WAREHOUSE PURCHASED FOR $2.09 MILLION

10980 Enterprise Ave LLC purchased a 20,000-square-foot warehouse on 2.17 acres at 10980 Enterprise Ave., Bonita Springs, from Alcin Properties LLC for $2.09 million. Brock Rasmussen and James Walls of Lee & Associates | Naples-Ft. Myers negotiated the transaction.

 

FORT MYERS OFFICE SPACE ACQUIRED FOR $2 MILLION

THP LLC sold 20,401 square feet of office space located at 10061 Amberwood Road, Fort Myers, for $2 million. Gary Tasman and Shawn Stoneburner of Cushman & Wakefield | Commercial Property Southwest Florida represented the buyer and the seller in negotiating the transaction.

 

LEGACY CHURCH OF ESTERO PURCHASED FOR $1.78 MILLION

Chloe Maros, a real estate advisor with Select Real Estate, has sold the 9,238 square-foot Legacy Church of Estero, located at 21115 Design Parc Lane, to Estero Community Church for $1.78 million, which closed on June 23. Maros represented the buyer in this transaction, helping them find a new location in the Estero area. Don Droke of Berkshire Hathaway represented the seller, Legacy Church of Estero.

 

MATLACHA LAND SELLS FOR $1.2 MILLION

Echo Properties I LLC  sold 1.28 acres of commercial land located at 3946/3948/3954 Pine Island Road NW, Matlacha, to Seven Islands Hold LLC for $1.2 million. Gary Tasman and Shawn Stoneburner of Cushman & Wakefield | Commercial Property Southwest Florida represented the seller in negotiating the transaction.

 

NAPLES OFFICE SPACE SELLS FOR $1 MILLION

Tricircle Holdings Inc. bought 4,132 square feet of office space from Vincent Prestige Prop LLC located at 2805 S. Horseshoe Drive, Units 11 and 12, Naples, for $1 million. Rob Carroll, CCIM, MAI of Investment Properties Corp. represented the seller and Thomas E. Woodyard of Woodyard & Associates LLC represented the buyer.

 

FORT MYERS INDUSTRIAL PROPERTY PURCHASED FOR $860,000

LSI Companies Inc. brokered an approximately 4.77-acre industrial property at 8500 Alico Road, Fort Myers, for $860,000. JAAS II LLC acquired the property from Caloosa Group Inc. The seller was represented by Marc Joseph of Marc Joseph Realty Inc. The buyer was represented by Justin Thibaut, CCIM of LSI Companies Inc.

 

20 ACRES IN FORT MYERS ACQUIRED FOR $420,000

LSI Companies Inc. brokered an approximately 20-acre agricultural property at 6228 Briarwood, Fort Myers, for $420,000. James Farwell Jr. acquired the property from Crouch Properties LLC, et al. The deal was brokered by Justin Thibaut, CCIM, and Christi Pritchett of LSI Companies Inc. 

 

FORT MYERS INDUSTRIAL SPACES BOUGHT FOR $375,000

LSI Companies Inc. brokered an approximately 2.14-acre industrial property at 2330 Crystal Road Fort Myers, for $375,000 Atphil Holdings LLC acquired the property from SMA Technology Group Inc. Hunter Ward, CCIM of LSI Companies Inc. brokered the deal.

 

BONITA BREEZE AUTOMOTIVE CONDOMINIUM SPACES SELL

Bonita Breeze Development LLC sold several 880-square-foot properties in the Bonita Breeze Automotive Condominiums in Bonita Springs. Kevin Bergman purchased storage space at 27901 Bonita Breeze Way, Suite 401, for $350,000. Edward Lukasik purchased storage space at 27901 Bonita Breeze Way, Suite 403, for $289,000. Paul Faganal purchased storage space at 27912 Bonita Breeze Way, Suite 302, for $289,000. Mike Carbone purchased storage space at 27901 Bonita Breeze Way, Suite 408, for $289,000. Bill Young, Biagio Bernardo and Michael Mahan of Lee & Associates | Naples-Ft. Myers negotiated the transactions. 

 

NORTH FORT MYERS LAND PURCHASED FOR $199,000

Alger RE Investment Properties LLC sold 2.88 acres of commercial land located at 1381 Betmar Blvd., North Fort Myers, to William Forenski for $199,000. Gary Tasman and Shawn Stoneburner of Cushman & Wakefield | Commercial Property Southwest Florida represented the seller in negotiating the transaction.

 

COLLIER COMMISSIONERS APPROVE $15 MILLION IN INCENTIVES FOR GREAT WOLF LODGE

Collier County commissioners voted 4-1 on June 22 to approve a $15 million economic development agreement with Chicago-based Great Wolf Resorts Inc. for a proposed Great Wolf Lodge indoor waterpark and a 550-room hotel project at the City Gate Commerce Park adjacent to the Paradise Coast Sports Complex in the Naples area. Commissioner Rick LoCastro was the lone dissenter on the issue. “Lots of things could go on that footprint, on that property. You guys are the right thing but I have a real problem with the $15 million of taxpayers’ money,” LoCastro said. “You are a one-of-a-kind destination, but so are we.” The lodge, which has 17 other locations in the nation, will feature a 2-acre waterpark, an indoor adventure park, themed hotel rooms, a convention center, restaurants and other amenities. The 20-acre proposed property is between the new sports park and the future Uline distribution plant, east of Collier Boulevard and north of Interstate 75’s Alligator Alley. 

 

UPDATES COMING TO FORT MYERS DOWNTOWN REDEVELOPMENT AREA

Montage at Midtown will add 321 multifamily apartments to the Midtown section of Fort Myers’ downtown redevelopment area, the Fort Myers Community Redevelopment Agency reports. The $72 million complex is expected to be a catalyst spurring additional development in the area. Today, the vacant property generates less than $6,000 in taxes to the city, but the addition of Montage at Midtown is projected to increase the city’s tax base to $868,728 for that property alone, according to the Fort Myers CRA. Montage at Midtown was approved for a CRA tax increment rebate of $11.508 million. Phase one construction will begin in April 2022, with a planned opening in February 2024. Staybridge Suites, a 100-suite hotel project located at 2465 Second St., is also planned for the downtown redevelopment area. It will be a five-story, limited-service, extended-stay facility with studios and one-bedroom suites. The $18.5 million Staybridge Suites will be built on a location formerly proposed for a Holiday Inn. The developer is changing its hotel brand to better meet the travel needs of larger families. Staybridge Suites has been selected for a $3.3 million tax increment rebate.

 

STEVENS CONSTRUCTION BEGINS CITY OF FORT MYERS FIRE STATION 17

Stevens Construction has started construction of Fire Station 17 for the City of Fort Myers. Located on 2.76 acres at 11000 Ben C. Pratt Six Mile Cypress Parkway, Fire Station 17 is a 12,597-square-foot, two-story building with a 2,585-square-foot storage facility. The new station will house accommodations for on-duty firefighters, a physical fitness facility, community room and fire training facilities located interior of the apparatus bay with movable walls for various scenarios. Fire Station 17 will also include a kitchen, classrooms, decontamination room and on-site diesel and gasoline fuel distribution. Stevens Construction provided 12 months of preconstruction services, working closely with the City of Fort Myers and the design team to identify almost $500,000 in approved cost-savings suggestions. Fire Station 17 will be commemorated with the traditional uncoupling ceremony signifying the opening of the new facility in spring 2022. The Stevens Construction team includes project manager Alan Bennett, superintendent Jeff Hollis and project administrator Rebeccah Cabana. BSSW Architects is the architect of record.

 

SEAGATE NEARS COMPLETION OF SCOTLYNN’S CORPORATE HQ

Seagate Development Group is weeks away from completing the design-build of Scotlynn USA Division Inc.’s North American corporate headquarters. Passersby can already see the 60,000-square-foot, class-A facility, located at 9597 Gulf Research Lane in Fort Myers, from I-75. Crews have completed the exterior of the building, the installation of kitchen equipment, the on-site basketball court, and the floors and ceilings on the first and second floors. Landscaping and the ceiling on the third floor are also underway. Additionally, Scotlynn has installed its office furniture in the contemporary, industrial space in preparation for turnover. The eight-acre multinational transportation and logistics facility offers a gym, a cafeteria, a walking track, an indoor-outdoor recreational space and eating area, and private offices and collaboration centers. Seagate will finalize all components of the project next month.

 

LEASES

 

Advanced Hurricane Technology Inc. leased 44,414 square feet of commercial space from 351 Leonard Boulevard LLC located at 351 Leonard Blvd., Lehigh Acres. Christine McManus, CCIM, SIOR of Investment Properties Corp. represented the tenant and Stephen Luta represented the landlord.

Genesis Care USA of Florida LLC leased 13,822 square feet of medical office space at 7335 Gladiolus Drive from Michael Shabsels. Gary Tasman and Gretchen Smith of Cushman & Wakefield | Commercial Property Southwest Florida represented the tenant in negotiating the transaction.

Comprehensive Sleep Care of SWFL leased 2,524 square feet of office space at 5272 Summerlin Commons Way, No. 603, from Gulf Stream East LLC. Gary Tasman and Gretchen Smith of Cushman & Wakefield | Commercial Property Southwest Florida represented the landlord and the tenant in negotiating the transaction.

Sentry Insurance Advisors LLC leased 1,839 square feet of office space from Tamiami Newgate Ltd., located at 5150 Tamiami Trail N. Suite 403, Naples. Tara L. Stokes of Investment Properties Corp. negotiated this transaction.

Playa Bowls leased 1,750 square feet of retail space at 10041 University Plaza Drive, No. 160, from CH Retail Fund I. John Albion of Cushman & Wakefield | Commercial Property Southwest Florida represented the tenant in negotiating the transaction.

Seniors Helping Seniors leased 1,695 square feet of office space at 12995 S. Cleveland Ave., No. 258, from Pinebrook Pine LLC. Gary Tasman and Gretchen Smith of Cushman & Wakefield | Commercial Property Southwest Florida represented the landlord and the tenant in negotiating the transaction.

Frontline Auto Brokers leased 1,609 square feet of warehouse space at 5686 Youngquist Road, No. 206, from Gulfside Business Center LLC. Gary Tasman and Gretchen Smith of Cushman & Wakefield | Commercial Property Southwest Florida represented the landlord and the tenant in negotiating the transaction.

Dr. Maximus S. Zand DMD leased 1,363 square feet of office space from Giuseppe Guaitoli and Rose Marie Guaitoli located at 9776 Bonita Beach Road SE, Suite 202A, Bonita Springs. Christine McManus, CCIM, SIOR of Investment Properties Corp. negotiated this transaction.

 

KUDOS

Gulfstream Homes makes a donation to the Marco Island Yacht Club Sailing Center

Naples-based home builder Gulfstream Homes is making a donation to the Marco Island Yacht Club Sailing Center. The funds will be put toward three new Opti sailboats for the Children and Youth Sailing Summer program. The program, which partners with the Marco Island Yacht Club, provides sailing instruction to children of all ages to help children. Donations to the sailing program will allow the club to purchase necessary materials for the program, in addition to new sailboats for the participants.

 

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