- July 4, 2025
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South Florida investor buys fully-leased warehouse
A 15,428-square-foot warehouse in Naples’ Rail Head Industrial Park has sold. The buyer is the Delray Beach private equity real estate firm Redfearn Capital. which paid $2.5 million. The warehouse is at 1447 Rail Head Boulevard off of Old 41 Road. Redfearn, on its website, says the warehouse has 11 drive-in doors and 18 feet clear heights. It was built in 1999 and is fully leased by eight tenants. The warehouse’s previous owner was K & N Properties in Naples, which paid $192,400 in 1998. Redfearn was founded in 2014 and oversees $770 million in assets totaling 4.9 million square feet. The company says it has more than 250 active tenants in three states. Of its properties, eight are along the Gulf Coast, including another on Rail Head Boulevard, an 108,000-square-foot warehouse. The sale of the latest Naples warehouse was brokered by Marcus & Millichap. The firm’s Zach Levine and Douglas Mandel represented Redfearn.
Resort set to begin major renovation project
The Hyatt Regency Coconut Point Resort & Spa is kicking off a multimillion-dollar renovation in mid-July. The Bonita Springs resort’s plans are focused on the resort’s meeting and event spaces. According to a statement, the work “will elevate the resort's existing dynamic event capabilities, seamlessly blending sophisticated design with the serene beauty of its coastal surroundings.” In layman’s terms, the meeting space will get new carpeting, wall coverings and artwork. The lighting fixtures will be updated, including the addition of mesh chandelier “reminiscent of conch shell” in the Estero Ballroom and the Calusa Ballroom Terrace will be updated with new pavers, lighting upgrades and redesigned landscaping. The project will also see the registration desk area updated and meeting room restrooms updated. This is the latest renovation at the 462-room resort, which saw upgrades to rooms in 2022, to the Tarpon Bay restaurant and an enhanced water park in 2023 and to Tanglewood – A Southern Kitchen in 2024. This current project is expected to be complete by the fall. A spokesperson for the resort, at 5001 Coconut Road, would not say how the total cost of the renovation would be.
Suburban Nashville indoor golf concept leases Big Lots space
Nashville-based Sanctuary Golf & Social Club has signed a lease for a former Big Lots store in Bonita Springs, where it will open its first Florida location. The 28,000-square-foot space is in the Prado at Spring Creek shopping center at 25141 S. Tamiami Trail. Colliers, which represented Sanctuary and announced the lease, says renovations on the space will begin this summer and the club is expected to open later this year. Sanctuary is a members-only club with indoor golf and pickleball, along with an upscale bar and restaurant menu. The Bonita Springs club will have nine golf suites equipped with simulators that feature 400 courses, as well as four pickleball courts. Non-corporate memberships, according to the club’s Nashville website, start at $199 per month with a $1,497 initiation fee for people under 28 and top out at $399 per month with a $4,997 initiation fee for a family membership. It’s not clear if the prices will be the same for the club inside the former Big Lots. Prado at Spring Creek is a 152,072-square-foot shopping center. Colliers’ Dan Miller and Dan Rockenstein represented Sanctuary and Ryan Hayoun of Isram Realty the center. Term of the lease were not disclosed.
Apartment owners get $38 million
The owners of a 224-unit apartment complex in Tampa have refinanced the property and taken on an equity investor for a combined total of $38.35 million. The community is the Pointe at Carrollwood, just off of Gunn Highway and near Dale Mabry Highway in the city’s northern suburbs. Berkadia, which arranged the debt and equity recapitalization, says Miami-based Beacon Real Estate Group took out a five-year, $29.93 million loan on the community through Freddie Mac and obtained an equity investment from Atlantic Pacific Co. for $8.42 million. The $38.35 million will go toward paying off a previous acquisition loan and upgrades. Beacon paid $51.5 million for the property in 2022 and has since spent $3.6 million on capital improvements. The firm was founded in 1967 and has more than 7,000 apartment units in its portfolio and 1 million square feet of office and retail properties, all in the Southeast. The Pointe at Carrollwood is 95% occupied.
Homebuilder takes steps toward making plans a reality
Presales have started in a new 55-and-older community in Pasco County. The community is the Del Webb River Reserve, which PulteGroup is building in Spring Hill. Sales began June 28 and the homebuilder is planning to officially open its model home park July 12. The community is at 13899 Ranchbrook Court, a mile north of State Road 52 near the 146-acre Upper Cotee River Preserve. PulteGroup says homes in the community will range from 1,405 square feet to 2,809 square feet and be priced between the mid $300,000s to $700,000. The single-level floor plans will have open layouts and are designed for indoor/outdoor living. The community will have a 3.5-mile walking trail and access to a $12 million clubhouse under construction.
Industrial space with loading docks up for rent
The former Harmar building in Sarasota is up for lease. The 25,000-square-foot industrial facility is at 2075 47th St. According to the listing from Ian Black Real Estate, the property includes a 20,000-square-foot warehouse and 5,000 square feet of office space. There are two loading docks and 35 parking spaces. The Sarasota commercial real estate firm says the roof was replaced last month and the office space was recently renovated. The lease asking price is $13 per square foot, which is about $325,000 per year. Harmar, a Sarasota-based mobility device manufacturer, began moving out of the space in 2021 and into a new facility on Independence Boulevard. The property is currently owned by the New Jersey real estate investment firm B&D Holdings. It paid $4.5 million for it in 2021 according to Sarasota County property records. Before that, it had been owned by an LLC tied to Harmar’s founder Chad Williams. Designer's Resources of Florida is currently occupying the space but intends to move out and the firm is working with several replacement tenants says Nick DeVito II with Ian Black. He and Brie Pulp are representing the property owner.
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