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Business Observer Friday, Nov. 4, 2005 16 years ago

Real Estate Briefs (Lee/Collier)

First Home Builders Pays $139.4 Million for AssetsPulte buys land in Collier CountyToll Brothers buys 74 parcels in CollierLee Memorial buys land in Bonita SpringsHealthcare REIT buys assisted living facility
by: Adam Hughes Staff Writer

Real Estate Briefs (Lee/Collier)

First Home Builders Pays $139.4 Million for Assets

BUYER: K. Hovnanian First Homes LLC

SELLER: First Home Builder Florida

PROPERTY: Scattered lots in Lee County

PRICE: $139.4 million

LAW FIRM ON DEED: Fowler White Boggs Banker PA, Fort Myers

PLANS, DESCRIPTION: Hovnanian Enterprises, the New Jersey-based homebuilder, paid $139.4 million for the real estate assets of Cape Coral-based First Home Builders in August, property records show. Hovnanian had previously declined to say what it paid for First Home Builders or exactly how much property was involved in the deal. Jeffrey O'Keefe, Hovnanian's director of investor relations, declined to disclose the price and it wasn't mentioned in Hovnanian's latest corporate filing with the Securities and Exchange Commission.

However, Hovnanian officials said when it sealed the deal in August that First Home Builders had about 4,350 homes in contract backlog with a sales value of $925 million. Based on permit activity, First Home Builders was the top-ranked builder in the Fort Myers-Cape Coral market based in 2004, Hovnanian said. Hovnanian trades under the stock symbol HOV.

Pulte buys land

in Collier County

Buyer: Pulte Home Corp.

Seller: Bryan W. Paul Family Limited Partnership

Property: 1950 Oil Well Road

Price: $15.9 million

Law firm on deed: Peterson & Myers, Winter Haven

Plans, description: Pulte Home bought seven tracts of land off Oil Well Road in Collier County from the Paul family of LaBelle. It's not clear how many acres are involved; company officials declined to talk about the purchase. "They won't talk about it until they're ready to discuss their plans," says Pulte representative Tim Owens.

Pulte is based in Bloomfield Hills, Mich., and its stock trades under the symbol PHM.

Toll Brothers buys

74 parcels in Collier

Buyer: Toll-Rattlesnake LLC

Seller: Vision & Faith Inc.

Property: Land on Collier Boulevard and Immokalee Road in Collier County

Price: $107 million

Law firm on deed: Goodlette, Coleman & Johnson PA, Naples

Plans, description: Luxury homebuilder Toll Brothers bought 75 tracts of land in Collier County, though the company declined to reveal its development plans or how many acres it purchased.

"We don't comment on property as it goes through approvals," says Kira McCarron, a spokeswoman for the Horsham, Pa.-based company.

The transaction was not noted in the company's most recent Securities and Exchange Commission filings. Michael Taylor, president of Naples-based Vision & Faith, could not be reached.

Toll builds upscale homes and already has a presence in Naples with the Aviano development on Pine Ridge Road. Toll Brothers trades under the stock symbol TOL.

Developer plans waterfront

condos and marina in Fort Myers

Buyer: Leeward Yacht Club LLC

Seller: Ernest Hansen, trustee

Property: 5601 Palm Beach Blvd., Fort Myers

Price: $4.5 million

Law firm on deed: Henderson, Franklin, Starnes & Holt PA, Fort Myers

Plans, description: Fort Myers real estate developer Richard Neslund plans to build 175 condominiums and a 128-slip marina along the Orange River in Fort Myers. The condo project will be called Steamboat Yacht Club because the site on Palm Beach Boulevard was the location of a steamboat yard in the early 1900s. The condos will be spread among five buildings, says Pat Riley, the company's general manager. Currently, the 21-acre site has two marinas: Manatee World and Hansen Marine Ways. Ecology tours of the area to view manatees will continue at Manatee World and there are also plans for shops and restaurants on the site, Riley says.

Lee Memorial buys

land in Bonita Springs

Buyer: Lee Memorial Health Systems

Seller: Edward McArdle, trustee

Property: Land in Bonita Springs

Price: $7.7 million

Law firm on deed: Cherry & Edgar PA, Palm Beach Gardens

Plans, description: Lee Memorial Health Systems bought about 22 acres in Bonita Springs near Coconut Road and U.S. 41, behind the Bonita Springs Community Health Center. C.B. Rebsamen, chief medical officer for strategic and ambulatory services at Lee Memorial, says there are no plans to develop the property. However, the land could one day be the site for a new hospital if residential growth in Bonita Springs continues as it has in recent years. "It's an investment in the future," says Rebsamen.

The Bonita Springs Community Health Center is an outpatient facility and medical-office building that Lee Memorial operates in a joint venture with Naples Community Health Systems.

Healthcare REIT buys

assisted living facility

Buyer: Ventas Realty Limited Partnership

Seller: S.A. Bonita Springs LLC

Property: 26850 South Bay Drive, Bonita Springs

Price: $12.3 million

Title firm on deed: First American Title Insurance Co., Clearwater

Plans, description: Ventas, a Louisville, Ky.-based healthcare real estate investment trust (REIT), bought an assisted-living facility in Bonita Springs that specializes in caring for patients who have Alzheimer's disease. No major changes are planned for the home, says Ventas spokeswoman Lisabeth Weiner.

The 140-unit residential facility, called Summerville at Bonita Springs, is owned by Ventas and leased to Summerville Senior Living, a privately held company based in Alexandria, Va. Ventas trades under the stock symbol VTR. In Florida, Ventas owns six hospitals, nine senior-housing facilities and four medical-office buildings.


• Newco Investments Inc. bought a 30,000-square-foot industrial building at 11950 Amedicus Lane, Fort Myers, from Crystal Prime Inc. for $2.55 million. Robert Johnston and Jerry Messonnier of CB Richard Ellis represented the seller and Jim Garinger of VIP Commercial represented the buyer.

• Conaught Place LLC bought a 25,000-square-foot office building called Kelly Carlos Executive Office Building at 11595 Kelly Road from Kelly Carlos Rentals LLC for $2.425 million. Conaught Place bought the building for investment purposes. Jim Tamblyn and Jim Garinger of VIP Commercial negotiated the transaction.

• Will Fund Ltd. bought a 50,505-square-foot industrial building at 3048 Metro Parkway, Fort Myers, from Cronin Porch & Patio Inc. for $2.4 million. William Mankin of VIP Commercial represented the seller and Stan Stouder of CB Richard Ellis represented the buyer.

• Four K LLC bought 11 acres at 536 Evergreen Road, Fort Myers, from Kenneth and Cheryl Nagorsen, trustees, for $1.8 million. John and David Pegg of Coldwell Banker Commercial NRT represented the sellers.

• Todd Turner and Samir Cabrera bought a 7.52-acre commercial site at 4175 Fowler St., Fort Myers, from Bill Branch Chevrolet for $1.7 million. Cabrera, of D'Alessandro & Woodyard, represented the buyer and Dan Sinclair of Sinclair Inc. represented the seller.

• Zong Xing Tang & Cindy Zhang TIC bought an 11,848-square-foot industrial building at 11741 Metro Parkway, Fort Myers, from Southwest Florida Real Estate for $1.55 million. Scott Dunnuck and George Atkinson, both of CB Richard Ellis, represented the seller. A.J. Jiang of Priceless Realty represented the buyer.

• STR & Associates bought 3.21 acres at 2351 and 2371 Crystal Drive in Fort Myers from Rosengator Properties for $1.2 million. Kevin Rosenthal and Samir Cabrera of D'Alessandro & Woodyard represented the buyer. Frank D'Alessandro and Tom Woodyard represented the seller.

• Bavar Properties Group LLC bought a Colonial Properties DRI lot at 4220 Executive Circle, Fort Myers, from KFI LLC for $1.3 million. Robert Johnston of CB Richard Ellis represented the buyer and Fred Kermani, Robert Johnston and Jerry Messonnier, all of CB Richard Ellis, represented the seller.

• Tuscan Pointe Development LLC bought 19.6 acres at 1298 Barrett Road in North Fort Myers from Thomas Bennett, Jr., for $1 million. Cliff Wiersma of Coldwell Banker Commercial NRT represented the buyer and Mike Bennett of Sellstate represented the seller.

• HornerXpress Gulf Coast leased 13,280 square feet of office and warehouse space at 2128 Andrea Lane, Fort Myers, from Thomas and Karen Sabella. The company supplies pool and spa equipment to pool-maintenance professionals and this is its first Fort Myers location. Connie Barbour and Bill Mankin of VIP Commercial-TCN Worldwide represented the tenant and John Kremski of D'Alessandro & Woodyard represented the landlord.

• First Merchant Payment Systems leased 8,316 square feet of office space in University Park at 12800 University Drive, Suite 410, Fort Myers, from Simplex Grinnell, LP. Tom Pepitone of D'Alessandro & Woodyard negotiated the transaction.

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