SARASOTA – A flurry of deals over the past two weeks means the commercial real estate market of 2021 is ending pretty much the way it has run all year, on a hot streak.
The deals, which were announced in the past two weeks, include sales of land for residential developments, multi-family communities and a huge hotel transaction in Tampa Bay.
The question now is whether this momentum will continue into 2022 and whether the real estate market will remain as hot as it has been in recent months.
Time will tell us.
Here’s a look at some of the deals from the last two weeks of 2021:
- A 0.83 acre commercial property sold in Cape Coral for $ 800,000. The property, located at 3141 Northeast Pine Island Rd., Was purchased by BW Pine Island 41 LLC. The company, according to state records, is registered at the same address as Tampa’s commercial real estate company, Brightwork Real Estate. Plans for the property were not disclosed.
- A 23.43 acre residential property in Naples sold to Pulte Home Co. for $ 7.25. The property is 14295 and 14335 Collier Blvd. and previously owned by We Have Arrived LLC.
- Lennar bought a 16.2 acre parcel in Fort Myers for $ 790,000. The property, which is designated for a planned community, is located at 3600 Buckingham Rd.
- LSI Companies, a Fort Myers-based commercial real estate company, negotiated the sale of a portfolio of four medical offices totaling 97,756 square feet for $ 18.4 million. The properties included locations in Naples, Cape Coral, Bonita Springs and Lehigh Acres.
- An apartment portfolio of seven properties and 127 units in St. Petersburg has been sold to a private investor in New York. The selling price of the Sabal Palm wallet was not disclosed. The properties in the portfolio are: The Atlas, a 32 unit property located at 2800 4th Street; The Astoria, a 23 unit property located at 2026 4th Street South; The Avalon, a 20 unit property located at 2729 4th Street South; Park View, a 20 unit property located at 674 22nd Avenue South; St. Pete Gardens, a 14 unit property located at 2410 4th Street South; The Ruby, a 12-unit property located at 1101 16th Street South; and The Rose, a 6 unit property located at 2624 4th Street South
- Taurus Investment Holdings, a New York-based private equity real estate firm, sold Mezzo of Tampa Palms for $ 85.65 million. The company bought the 340-unit apartment complex, located in the Tampa Palms neighborhood, for $ 59 million in 2019. The buyer was not disclosed.
- The sale of the Sarasota County Administrative Building officially closed on December 30. The building, located at 1660 Ringling Blvd. in downtown Sarasota and two adjacent properties, sold for $ 25 million to Benderson Development, based in Manatee County. County commissioners unanimously approved the sale in October. The county will lease the building for four years.
- The Caspers Company bought The Current Hotel, an Autograph Collection hotel from Marriott, for $ 85 million. The 180-room Current Hotel, located at 2545 N Rocky Point Drive, was completed in 2019 and includes two restaurants. The Caspers Company is owned by the Casper family, which owns 60 McDonald’s franchises as well as the Oxford Exchange in Tampa.