- June 11, 2025
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First of its kind of hotel to open
Marriott International opened a new studio only extended stay hotel in Fort Myers June 5. And it’s not only new for the city. This is the chain’s first ever StudioRes branded hotel, a concept it announced about two years ago. The 124-room hotel is at 9251 Hilsman Lane just off of the Alico Road exit of Interstate 75. Marriott says the property is geared toward “the modern, long-term traveler” with studios that have one or two beds, a lounging area, a kitchen with a stovetop, microwave and a full-sized refrigerator. There is also an outdoor patio and fitness center along with workspaces, self-service food offerings, weekly housekeeping and laundry facilities. On its website June 4, room rates in June were $107 per night Sundays through Thursdays and $113 per night on Fridays and Saturdays. Marriott says it expects to have more than 40 StudioRes properties open in the U.S. and Canada by the end of 2027. Fueling the growth, the suburban Washington D.C. hotel company says in a statement, is “a pioneering, fast-to-market construction prototype.” That includes offering developers a bundled fee model, making it Marriott’s most affordable cost-per-key product to develop and build. Marriott calls the model a “turnkey opportunity.” The Fort Myers hotel was developed by North Carolina-based Concord Hospitality and the California real estate investment firm Whitman Peterson. Lee County records show the firms paid $1.7 million for the property in 2023.
Apartment complex sells for $21.25 million
A Massachusetts investor has bought a Naples apartment community and plans to turn about half the units into condominiums. Jade at Olde Naples at 1015 2nd Ave. N. was sold to Tidegate Capital, which is based on Cape Cod. Collier County property records show it paid $21.25 million for it. The previous owner, a Connecticut investor, paid $12.3 million for the 104-unit community in 2016. Tidegate says on its website it plans to implement a value-add program that includes converting 50 units into condominiums. These units, the company says, are meant to offer “potential buyers the most reasonably priced opportunity to be a homeowner” in Naples.
Local property part of $255.5 million portfolio refinance
The Arbors at Carrollwood, a Tampa apartment community, is one of four multifamily properties in Florida and Arizona included in a $255.5 million refinancing package. The properties are owned by Oaktree Capital Management and TruAmerica Multifamily, which took out the five-year floating rate note for the 1,324-unit portfolio. The loan was arranged — and announced — by JLL Capital Markets. The lender was not disclosed. In addition to the The Arbors, the portfolio includes a community in Scottsdale, Arizona and two in Orlando, all built between 2001 and 2017. The Arbors at Carrollwood is a 390-unit fractured condo community at 3939 Ehrlich Road. Oaktree and TruAmerica bought 325 of the units in 2022 for $99 million, with the help of a $64.1 million loan arranged by Berkadia. This is not the first time the Tampa community has been in the news. In 2016 a Fort Myers real estate broker was found guilty of four counts of bank fraud and one count of conspiracy to commit bank fraud. Prosecutors said at the time that he arranged for incentives and private loans for buyers of four condos in the community in 2007 and 2008 and then concealed the incentives from the mortgage. The Business Observer, in 2015, described the charges against the broker as “the latest salvo in what has been a long-running investigation for the FBI, the Federal Housing Finance Agency and the Office of Inspector General involving condo sales at The Arbors.”
Property with Bloomin’ Brands backed lease up for sales
A piece of property has hit the market in Polk County that, according to the listing agent, is leased by one of the top performing Carrabba’s Italian Grill restaurants in the country. The land is in Winter Haven at 910 3rd St. S.W. In a marketing flyer, Fort Lauderdale-based TD Commercial Group quotes a Placer.ai report showing the eatery is ranked in the top 80% of the chain’s restaurants with $4.5 million in annual sales. (Bloomin’ Brands did not respond to a request for verification and the Placer.ai report wasn’t available online.) The distinction aside, the property is priced at $4.125 million and Carrabba’s has 7 years remaining on its Bloomin’ backed lease and four 5-year options. The triple net lease includes 1% annual rent increases, according to the listing. The property is in a busy commercial district southeast of Interstate 4 and about 5 miles from Legoland Florida Resort. The current owner, South Carolina-based Green Lakes Properties, paid $3.6 million for the property in 2016.
Affordable housing community to be built in three states
Developer McDowell Housing Partners is building a three-phased master planned affordable housing community in Hudson. The development will be named Ekos at Bayonet Point and be built on Lakeshore Boulevard in the Pasco County community. When done, Ekos will be made up of 360 units. Phase 1, scheduled to be finished late next year, will be a four-story elevator-serviced building with 114 apartments for seniors whose income is at or below 60% of the Area Median Income. The units will be one bedroom and one bath and range in size from 650 square feet to 700 square feet. The community will include a standalone clubhouse with a pool, dog park, fitness center, arts and crafts area and computer lab. Phase 2 is currently in the final design phase and will have 120 units for seniors. Phase 3 is in the planning stages and will be made up of 126 units available to families and won’t be restricted by age requirements. Dallas-based McDowell says in a statement that it is financing the development with 9% housing tax credits issued by the Florida Housing Finance Corp. and purchased by Truist Community Capital, as well as a Truist Bank construction loan and Freddie Mac permanent loan originated by Grandbridge Real Estate. Pasco records show McDowell paid $2 million for the land.
Investors buy Starbucks property
A Sarasota property with a Starbucks on it has sold. The property is on 5901 Fruitville Road and was bought as a 1031 Exchange for $2.19 million by a group of three investors. The seller is Sarasota-based Furman Inc. which paid $500,000 for the property in 1999. According to an offering memorandum from Woodstone Associates, which represented both parties, the property is 1.04 acres and the 3,118-square-foot Starbucks has nine years remaining on its lease. The corporate backed lease has 10% rent escalations every 5 years and six 5-year renewal options. Doug Sullivan brokered the deal for Woodstone, the Sarasota business brokerage and commercial real estate firm.
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