SVN Commercial Partners (SVNCP) Senior Advisors Bryan J. Myers and Tiffany Luongo collaborated to close the acquisition of the 159 acres located at Interstate 75 and Ortiz in Fort Myers.
The sale price of $10,000,000 equated to $62,893 per acre and the pair represented the buyer, Alessio Holdings FL, LLC in the transaction. The Chicago-based buyer intends on a significantly different development plan which includes multifamily and industrial. In fact, Myers along with SVN team members Ashley Bloom, Ron Zeigler, and Rob Henry assisted in bringing end users to the project during the contract period. One multifamily parcel closed simultaneously for $7,000,000 on the same day as the acquisition.
The property had been previously planned and approved for a commercial sub-division, known as MLK 75 Subdivision which included a gas station and convenience store. As part of the planning, the property will provide 23 acres of conservation land which has an active ERP Permit under Buc-ee’s Ltd.
“The property was an ideal fit for this developer who is looking to enter the Southwest Florida Market,” stated Myers, who has a relationship of more than 30 years with the principal of the buying group. “Five Members of our team helped bring high quality end-users in a short period of time.”
The buy side representation opportunity stemmed from the vision and market knowledge of Tiffany Luongo who has extensive Fort Myers and Lee County experience.
“I felt the approved site represented an ideal site for a developer who could incorporate more than one use,” commented Luongo who then brought in her SVN colleagues. “We believe a very exciting project is coming to Fort Myers.”
SVN has also assisted the same buying group in contracting another significant project in Fort Myers that is scheduled to close this summer. The is part of the strategic plan of the Alessio Holdings FL, LLC.
“Providing the right team for the assignment is part of the culture at SVN Commercial Partners,” said Managing Director Ashley Barrett Bloom. “We are grateful for being able to collaborate on this transaction.”
