Two Sarasota Properties Sold for Redevelopment Experience Price Surges of 600% to 700%

Key Information

• Acquisition: Redico has acquired a senior living facility in Naples, now named American House Naples.
• Sale Price: The property has a recorded purchase price of $32.75 million by AEW Capital Management.
• Location: 9015 Bellaire Bay Dr, Naples, FL.
• Types of Facilities: 128 units, including 96 assisted living and 32 memory care apartments.
• New Office: Michael Saunders & Co. expands into Pinellas County with a new office in St. Petersburg, led by Jennifer Thayer.
• Recent Sale: A medical office building in Sarasota sold for $3.6 million, increasing its value by 634% since 2006.
• Construction Projects: Curran Young Construction is set to start four new projects worth $28 million along the Gulf Coast.

Naples

Michigan firm acquires senior living facility

A real estate development and investment firm, Redico, has successfully acquired a senior living facility in Naples, previously known as Amira Choice, at 9015 Bellaire Bay Dr. The facility has been renamed American House Naples. Although Redico did not disclose the sale price, Collier County records indicate that the property was purchased by AEW Capital Management for $32.75 million. Redico and AEW have previously partnered on American House projects. This acquisition brings Redico’s Florida portfolio to 10 facilities and increases their local presence to four, which include American House Bonita Springs, American House Coconut Point, and American House Fort Myers. The 128-unit American House Naples comprises 96 assisted living and 32 memory care apartments, offering both one- and two-bedroom units. As a Michigan-based company, Redico operates 60 American House facilities across the Midwest, Southeast, and New England.

Fort Myers

Vacant land sold for potential industrial development

A vacant 7.24-acre parcel located in North Fort Myers has been sold, with the new owners exploring options for light industrial development. The buyer, R.B.E. Investments of Southwest Florida, acquired the property at 17501 N. Tamiami Trail for $550,000. Lee County property records show that the parcel was previously bought by a Fort Myers trust for $655,000 in 2005. Strategically located between Del Prado Boulevard and the junction of Business 41 and Cleveland Avenue, the property has 300 feet of frontage on Tamiami Trail, with around six acres zoned Ag-2 for agriculture and 1.24 acres zoned C-2 for commercial purposes. The sale was announced by Cushman and Wakefield | Commercial Property Southwest Florida, with Gary Tasman and Shawn Stoneburner representing the seller.

Tampa

Starbucks on busy commercial strip sells for nearly $4 million

A property leased by Starbucks at 1300 S. Dale Mabry Highway has been sold for $3.75 million. The transaction involved a Tampa investor working through an LLC, and according to Hillsborough County property records, the previous owner, a Dunedin LLC, purchased the property just recently for $3.45 million. The 2,405-square-foot building sits on a 0.69-acre lot and was constructed in 2018. The corporate-backed lease is set to expire on February 29, 2028. However, details about any renewal options were not made available. Marcus & Millichap’s Darpan Patel, Bobby Gross, and Dan Yozwiak represented the buyer in this transaction.

Pinellas County

Sarasota real estate firm continues Pinellas expansion

The well-known Sarasota real estate brokerage Michael Saunders & Co. is expanding its operations into the Tampa Bay market with a new office in St. Petersburg, managed by Jennifer Thayer, who transitioned from Keller Williams with a five-member team. Thayer is recognized as a top producer, achieving $110 million annually, known for her market expertise and integrity. Having obtained her Florida real estate license in 2005, she quickly made a name for herself, achieving $30 million in sales during her initial six months. The firm aims to strengthen its presence in Pinellas County, where it currently operates. Michael Saunders & Co. also serves as the exclusive marketing representative for the Residences at 400 Central, a 46-story construction project in the city. The new St. Petersburg office is part of the firm’s continued growth; they recently opened their 18th office in Sanibel, contributing to a workforce of over 600 agents region-wide.

Sarasota

Medical office building sees value jump more than 600%

A medical office building located across from Marie Selby Botanical Gardens in Sarasota has fetched $3.6 million, which reflects a staggering 634% increase compared to the previous sale price 19 years prior. Situated at 1545 Mound St., the property is one of three parcels involved in a proposed 66-unit mixed-use condominium development. The buyer, an LLC named Unilog Orlando 1031, acquired this property from Marked Holding, who originally purchased it for $490,400 in 2006. It is worth noting that this 2,467-square-foot building, constructed in 1997, is adjacent to the former Kodra Professional Office Center at 777 Palm Avenue, which sold for $5.5 million a year ago. Plans for development involve a new seven-story structure featuring residential and commercial spaces, as outlined in an application submitted to the city.

Around the region

Firm starts work on several Gulf Coast projects

Curran Young Construction, based in Bonita Springs, is set to embark on four new projects valued at $28 million. These developments, spanning the Gulf Coast, are scheduled to break ground soon, according to their announcement. The projects include:

• A 32,200-square-foot clubhouse for the Wild Blue community in Lakewood Ranch, featuring a fitness center, putt-putt course, and two swimming pools.
• A 13,446-square-foot three-story beach club along Bonita Beach Road at The Commons Club.
• A 16,267-square-foot renovation of Windstar at Naples Bay Club, converting a cart barn into a two-story fitness and golf operations facility.
• A new 2,583-square-foot branch for IncredibleBank in Cape Coral.

If you have news, notes, or tips you want to pass along, contact [email protected]. Or you can text or call 727-371-6944.