Real Estate Roundup: Recent Transactions in Southwest Florida
Naples/Fort Myers/Charlotte
- Dinner and a Deal: A former Perkins site in Naples sold for $2.17 million.
Tampa/St. Petersburg/Pasco/Polk
- Hotel Pick Up: Blackstone Group acquires Hyatt Regency Clearwater Beach for $137 million.
- Off the Books: Nearly two-acre retail pad in St. Petersburg being marketed discreetly.
- For the Kids: O2B Kids sells Pasco County land for $5.79 million while remaining a tenant.
Sarasota/Manatee
- Pool Days: Keystone Pools & Patio expands into Sarasota with a new lease.
- Retail Therapy: Cortez Village Square in Bradenton sold for $6.15 million.
Naples Property Sold for $2.17 Million, Marks New Chapter for Former Perkins Location
Naples, FL – A notable property in Naples has changed hands, with a recent sale marking the end of an era for the site that once housed a Perkins Restaurant and Bakery. Located at 4335 Tamiami Trail, approximately three miles from the Naples Bay Resort & Marina, the 5,854-square-foot retail space was purchased for $2.17 million by an LLC linked to Nashville-based Grace Development.
The transaction was facilitated by LQ Commercial Real Estate Services, which represented the seller, LJ1, a Clay County LLC. County records reveal that the individual behind LJ1 acquired the property for $1.95 million in December 2007, transferring it to the LLC shortly after.
Grace Development is known for its extensive portfolio across the Southeast and New York, boasting $300 million in assets under management. The firm has a growing presence in Florida, with notable properties such as Sutton Place and the Boulevard Shoppes on Naples Boulevard.
Jessica McEvoy and Tom Strauss of LQ Commercial Real Estate Services played pivotal roles in the transaction, signaling a promising future for the newly acquired property.
Blackstone Group Acquires Hyatt Regency Clearwater Beach Resort for $137 Million
Clearwater Beach, FL – In a significant move within the hospitality sector, the Blackstone Group has acquired the Hyatt Regency Clearwater Beach Resort & Spa from Westmont Hospitality Group for a reported $137 million. The global investment firm confirmed the purchase via email but did not disclose specific details regarding the sale price.
The Hyatt Regency, located at 301 S. Gulfview Blvd., features 286 rooms and boasts amenities such as an outdoor pool on the eighth floor and the SHOR American Seafood Grill restaurant. Westmont had previously purchased the hotel for $110 million in 2016, enhancing its offerings with a renovation that added 36 rooms in 2018.
This acquisition marks the second significant Hyatt sale in Florida this year, following the $1.07 billion sale of the 1,641-room Hyatt Regency Orlando to RIDA Development Corp. and Ares Management in August.
St. Petersburg Retail Space Being Marketed Before Official Listing
St. Petersburg, FL – A nearly two-acre retail parcel in St. Petersburg is generating buzz among brokers and potential buyers ahead of its official listing. The property, located at 8305 Bay Pines Blvd., is strategically positioned near a Target and several popular dining options, including Steak-n-Shake and Cody’s Steakhouse.
According to a marketing email from AxxosCRE, the property is being offered to select colleagues and prospects before going public. The current owner, a South Carolina LLC, acquired the land for $2.7 million in 2007. The sale price is listed as “subject to offer,” indicating potential for negotiation.
O2B Kids Sells Pasco County Property for $5.79 Million
New Port Richey, FL – O2B Kids, a prominent daycare chain with approximately 40 locations in Florida, has sold the land of one of its schools in Pasco County for $5.79 million. The property, located at 8700 Trouble Creek Road, was sold to a family trust based in Long Beach, California.
Despite the sale, O2B Kids will continue to operate at the site under a triple net lease with 14 years remaining. The 12,272-square-foot facility is adjacent to the expansive New Port Corners residential and commercial development, further solidifying its strategic location.
Keystone Pools & Patio Expands into Sarasota
Sarasota, FL – Keystone Pools & Patio, a Pennsylvania-based company specializing in backyard living spaces, is expanding its operations into Sarasota. The company has signed a five-year lease for a 5,504-square-foot warehouse and office space at 203 Cattleman Road, with a base rate of $8,500 per month.
The property, owned by Jotterand Corp., has a rich history dating back to 1958 when it was used for manufacturing metalworking tools. Keystone’s new branch will offer custom pools, patios, and outdoor kitchens, catering to the growing demand for outdoor living spaces in Florida.
Cortez Village Square Shopping Center Sold for $6.15 Million
Bradenton, FL – The Cortez Village Square shopping center in Bradenton has been sold for $6.15 million to a private investor. The 41,892-square-foot center, which is 84% occupied, features the popular Anna Maria Oyster Bar among its tenants.
The previous owner, an Orlando LLC named Fay Magnolia, acquired the center for $4.3 million in 2017. The sale reflects the ongoing interest in retail properties in the region, as investors seek opportunities in thriving markets.
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