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Business Observer Friday, Apr. 7, 2006 16 years ago

Real Estate Briefs (Lee/Collier/Charlotte)

Developer plans Fort Myers condominium conversionBoston investor buys Naples medical-office complexDeveloper buys Naples apartment complex
by: Adam Hughes Staff Writer

Real Estate Briefs (Lee/Collier/Charlotte)

Developer plans Fort Myers condominium conversion

BUYER: BTS Monterrey Holdings LLC

SELLER: Benchmark Monterrey Associates LLC

PROPERTY: 15250 Sonoma Drive, Fort Myers

PRICE: $79.56 million

PREVIOUS PRICE: $36.85 million, July 2004

ATTORNEY ON DEED: McGee & Gelman, Buffalo, N.Y.

PLANS, DESCRIPTION: Fort Myers-based BTS Monterrey Holdings bought a 408-unit apartment complex on Sonoma Drive on the north side of Summerlin Road in Fort Myers. The new owner plans to convert the apartments to condominiums, according to a statement from the seller's representative, JBM Realty Advisors of Naples.

Officials with BTS Monterrey Holdings could not be reached. However, JBM Realty cited data from Real Capital Analytics saying this sale represented the highest price paid for an apartment complex and the third-highest price-per-unit condo conversion. BTS paid about $195,000 per apartment.

The complex consists of 17 three-story buildings on nearly 40 acres. It also includes 639 surface-parking spaces, 78 garage spaces and 60 carport spaces. In addition, the property includes a clubhouse with a kitchen, a fitness center, a racquetball court and a business center. Other amenities include two pools, a gazebo bar, a lighted tennis court, a putting green and a children's playground.

BTS Monterrey Holdings LLC mortgaged the property to Corus Bank for $69 million.

Boston investor buys Naples medical-office complex

BUYER: DIV Double Pea LLC and DIV Naples LLC

SELLER: Collier Health Park Ltd. and Collier Management Services Inc.

PROPERTY: 11181 Health Park Boulevard, Naples

PRICE: $19.48 million

ATTORNEY ON DEED: Edwards Angell Palmer & Dodge LLP, West Palm Beach

PLANS, DESCRIPTION: Boston-based developer The Davis Cos. bought a three-building medical office complex adjacent to North Collier Hospital in Naples. The company bought the buildings totaling 76,000 square feet for investment purposes, says Bill McAvoy, the company's chief investment officer. DIV Double Pea LLC and DIV Naples LLC mortgaged the property to Citigroup Global Markets Realty Corp. for $17.12 million.

Developer buys Naples apartment complex

BUYER: Sunnyland Developers Naples LLC


PROPERTY: 4331 22nd Ave. SW, Naples

PRICE: $7.3 million

PREVIOUS PRICE: $4.2 million, May 2004

ATTORNEY ON DEED: Porter Wright, Naples

PLANS, DESCRIPTION: A Naples-based company bought Sunnyland Garden apartments in Naples. Officials with the buyer, Sunnyland Developers, couldn't be reached. The 44-apartment complex is located near Golden Gate Parkway and Collier Boulevard.

Sunnyland Developers Naples LLC mortgaged the property to BRT Realty Trust for $6.5 million. BRT Realty Trust is a Great Neck, N.Y.-based real estate financing company.


• RSW Land Holdings LLC bought 80 acres on Treeline Avenue in Fort Myers from Matthews-Link Properties Ltd. for $7 million. Robert Shipley, agent for Arlington Commerce Park LLC, represented the buyer and Robert Johnston, Jerry Messonnier, Fred Kermani and Stan Stouder of CB Richard Ellis represented the seller.

• Darius L. Cochran, Exchanger, bought a 15,410-square-foot industrial building at 6220 Topaz, 6300 and 6320 Metro Plantation, in Fort Myers from Metro Holland LLC, for $1.2 million. Scott Dunnuck and George Atkinson of CB Richard Ellis represented the seller and Re-Max Realty Team represented the buyer.

• Florida Apple I, LLC bought 2.33 acres in Sandhill Crossings at 24451 Sandhill Blvd., Lots B and C, in Port Charlotte from Sandhill Investment LLC for $1.16 million. The buyer plans to build and operate an Applebees restaurant. Gary Tasman of VIP Commercial-TCN Worldwide represented the seller and Tiffany Luongo of Select Real Estate represented the buyer.

• Collier Enterprises says it plans to start construction of Hamilton Harbor Yacht Club in south Naples Bay on a portion of 175 acres adjacent to Bayview Park. The club will include 35 wet slips for boats up to 60 feet in length and 325 dry slips for boats up to 50 feet in length. It also will include a clubhouse, a fueling station, a ship's store, catering and maintenance.

*Fort Myers-based construction company J.L. Wallace Inc. recently completed the 18,000-square-foot Pier 1 Imports Shopping Center at 17901 Summerlin Road in Fort Myers.

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