Two Sarasota Properties Sold for Redevelopment Experience Price Hikes of 600% and 700%

Key Information

• Naples Acquisition: Redico acquires former Amira Choice center, now American House Naples, increasing Florida portfolio to 10 facilities.
• Fort Myers Sale: R.B.E. Investments buys 7.24 acres for potential industrial development for $550,000.
• Tampa Transaction: Starbucks property on S. Dale Mabry Highway sold for $3.75 million.
• Pinellas Expansion: Michael Saunders & Co. opens new office in St. Petersburg, expanding market presence with local expertise.
• Sarasota Medical Office Sale: Medical building sold for $3.6 million, marking a 634% increase from its previous sale.
• New Gulf Coast Projects: Curran Young Construction initiates $28 million worth of construction projects across the region.

Naples

Michigan firm acquires senior living facility

A real estate development and investment firm has bought a senior living facility in Naples. The buyer is Redico, acquiring Amira Choice’s center at 9015 Bellaire Bay Dr. Now renamed American House Naples, details on the sale price remain undisclosed. However, Collier County records indicate that Boston-based AEW Capital Management previously bought the property for $32.75 million. This marks an increase in Redico’s portfolio in Florida to 10 locations, with four facilities locally, including American House Bonita Springs, American House Coconut Point, and American House Fort Myers. The 128-unit American House Naples consists of 96 assisted living and 32 memory care apartments, offering both one- and two-bedroom options. Redico, based in Michigan, operates a total of 60 facilities across the Midwest, Southeast, and New England.

Fort Myers

Vacant land sold for potential industrial development

A 7.24-acre vacant parcel in North Fort Myers has been sold, with R.B.E. Investments considering a light industrial development. The property at 17501 N. Tamiami Trail was purchased for $550,000 from a local trust that acquired it for $655,000 back in 2005. The parcel features 300 feet of Tamiami Trail frontage, with three acres zoned Ag-2 for agriculture and 1.24 acres designated for commercial use. 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 Starbucks-leased property located at 1300 S. Dale Mabry Highway has sold for $3.75 million. The buyer, a Tampa investor using an LLC, purchased it from a Dunedin LLC that had acquired it just a few months earlier for $3.45 million. The 2,405-square-foot building, erected in 2018, occupies a 0.69-acre lot. The current corporate-backed lease is set to expire on February 29, 2028; renewal options remain unclear. Marcus & Millichap’s team represented the buyer in this transaction.

Pinellas County

Sarasota real estate firm continues Pinellas expansion

Michael Saunders & Co., a prominent Sarasota real estate brokerage, is expanding into the Tampa Bay market with a new office in St. Petersburg led by former Keller Williams agent Jennifer Thayer, who has brought five members of her team. This temporary office at 360 Central Ave. will support Thayer, known for producing $110 million per year and having significant market expertise. Since her entry into real estate in 2005, she has achieved remarkable sales, recently closing presales for the upscale Residences at 400 Central. This new location adds to MSC’s existing footprint in Pinellas County.

Sarasota

Medical office building sees value jump more than 600%

In Sarasota, a 2,467-square-foot medical office building sold for $3.6 million, marking a 634% increase from its previous purchase price 19 years ago. Situated at 1545 Mound St., this property is part of a 66-unit mixed-use condominium development project. Acquired by Unilog Orlando 1031, the building was previously owned by Marked Holding, which bought it for $490,400 in 2006. The new development intends to provide a modern living space with commercial elements.

Around the region

Firm starts work on several Gulf Coast projects

Curran Young Construction, based in Bonita Springs, is set to undertake four new projects valued at $28 million across the Gulf Coast. These projects include:

• A 32,200-square-foot clubhouse for the Wild Blue community in Lakewood Ranch featuring various amenities.
• A 13,446-square-foot beach club on Bonita Beach Road.
• A renovation of 16,267 square feet at Windstar at Naples Bay Club.
• A new 2,583-square-foot branch for IncredibleBank in Cape Coral.

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