Naples/Fort Myers/Charlotte
Meanwhile, Naples developers Ronto Group and Wheelock Street Capital received a $234 million loan. The funds will be used to build Rosewood Residences, a 42-unit luxury condominium development on Naples’ beach. The Residences are being built at 1601 Gulf Shore Boulevard N., the former site of the Naples Mansion House, which Ronto purchased in 2021. According to Collier County property records, Ronto paid $167.5 million for the land. The new development is expected to be completed in the third quarter of 2026, according to JLL Capital Markets, which arranged and announced the construction loan. When complete, it will feature two buildings with three- and four-bedroom units averaging 5,175 square feet. Penthouse units will range from 5,170 square feet to 9,601 square feet. Each unit will feature floor-to-ceiling windows, gourmet kitchens, luxury bathrooms, two terraces with outdoor kitchens and private elevators. JLL Senior Managing Director Steven Klein, Managing Director Brian Gasworth, Associate Paul Adams and Analyst Shane Ciacchi worked with Ront and Wheelock on the financing.
Another is that residents have moved into the first buildings in Immokalee’s new affordable housing community, just 44 miles east but in a whole other world. The complex is at the northwest corner of Lake Trafford Road and 19th Street in the Collier County city on the edge of the Everglades. Built to withstand a Category 5 hurricane, the building is the first part of a larger community built primarily with grant funding and the help of private philanthropy on a 9.5-acre parcel. When complete, the complex will feature 128 two- and three-bedroom apartments, as well as a community center with a computer lab and classrooms for early childhood and after-school programs. There will also be athletic facilities and health counseling. Rents will be capped at 30 percent of household income, according to the Immokalee Fair Housing Alliance. According to the U.S. Census Bureau, Immokalee’s poverty rate is 23.8 percent, and the median household income is $46,700. By comparison, the statewide poverty rate is 12.7 percent and the median household income is $67,916.
Tampa/St. Petersburg/Pasco/Polk
BIG BUY: Pinellas Business Center, an office park near St. Pete-Clearwater International Airport, has been sold. The 206,275-square-foot office park was purchased by Boca Raton-based Basis Industrial. CBRE Capital Markets, which announced the sale, did not disclose the purchase price, and Pinellas County real estate records had not been updated as of Aug. 30. The seller was Taurus Investment Holdings, which paid $19.92 million for the center in 2021. CBRE represented Taurus in the transaction. The center, located on Roosevelt Boulevard, consists of six buildings with flex and office space. The property is 93% leased, and the tenant roster includes public and private sector companies, leasing space ranging from 2,000 square feet to just over 41,000 square feet. It was constructed in 1985 and 1986 with a $3 million renovation due in 2022 and 2023. Basis is an investment firm specializing in self-storage and multi-tenant industrial warehouses. It has $5 billion in total invested capital and owns, develops and manages 15 million square feet of space. Dale Peterson, Joe Chick and Courtney Snell of CBRE represented Taurus in the transaction.
SWEEPING: A Pennsylvania real estate investment firm has purchased three local properties totaling 12.4 acres. Two are in Tampa and the third is in Lakeland. The buyer is Alterra IOS, a Bryn Mawr company that specializes in the industrial outside storage (IOS) sector. The company purchased the three properties for a combined total of $13.83 million. According to the company’s website, Alterra has raised $1.5 billion in capital over the past two years and currently owns 270 properties in more than 30 states across the United States, seven of which are in Florida.
The properties are:
6113 Causeway Blvd. in Tampa. It sits on 3.2 acres and has 9,600 square feet of warehouse space and a 3,030 square foot retail building. Alterra purchased it for $4.33 million, according to Hillsborough County records. The previous owner, Clearwater LLC, bought the property last year for $4 million. 9713 Palm River Road in Tampa. It sits on 2.6 acres and has 12,000 square feet of warehouse space. The property is leased to a national convenience store chain for truck storage. Alterra purchased the property for $3 million. The previous owner, Brightview Landscape Services, purchased it in 2017 for $755,000. 4434 Maine Ave. in Lakeland. It sits on 6.6 acres and has 46,865 square feet of warehouse space. Alterra purchased the property for $6.55 million, according to Polk County property records. The previous owner, a St. Petersburg limited liability company, purchased the property last year for $2.81 million.
Sarasota/Manatee
STORAGE: A Brooklyn investor bought and renamed an Osprey storage facility. The facility is at 626 S. Tamiami Trail. It was formerly CubeSmart, but the new owner changed it to Extra Space Storage. The buyer, an LLC, paid $9.15 million for the facility. The previous owner, Stonecrest Self Storage, paid $900,000 in 2020. Extra Space Storage is based in Salt Lake City. According to the company’s website, it owns the facility but is also a third-party management company.
PLAY BALL: Looking to take advantage of the latest in baseball performance technology, the Baltimore Orioles are planning an on-campus expansion of the team’s spring training facility at Ed Smith Stadium in Sarasota. According to the Sarasota Observer, a sister publication of the Business Observer, on Aug. 14, Philip DiMaria of planning consultant Kimley-Horn attended a pre-application meeting with the city’s Development Review Board. The Orioles are proposing to expand the existing clubhouse adjacent to the practice field and add four high-tech indoor batting cages, expanded classroom space and associated utility upgrades. The plan also includes adding 77 parking spaces for players and their families.
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