In this week's top commercial real estate updates, key transactions across Florida include a hardware store sale in Pasco, a Sarasota development securing a builder, and a Naples developer securing financing.

Naples/Fort Myers/Charlotte

Loan Agreement

‍Fred Pezeshkan and Jerry Starkey, the developers behind a 15-story tower set for downtown Naples, have secured $113.6 million in financing and are ready to begin construction. The 56-unit tower is planned for a prime location near Naples' upscale 5th Avenue shopping district. The project, known as Aura at Metropolitan, is part of the Metropolitan Naples development, situated on a 5.3-acre parcel at the intersection of Fifth Avenue South and Davis Boulevard. Palm Beach-based Forman Capital provided the financing, though the terms were not disclosed. The tower will feature 6,431 square feet of ground-floor retail and restaurant space, alongside residential units. According to the Metropolitan Naples website, the two-, three-, and four-bedroom units will start at $2.5 million. Amenities include a rooftop infinity pool, offering views of downtown Naples and Naples Bay, and a sky lounge with a bar. Construction is scheduled to complete in late 2026. Forman Capital, a private real estate lender, specializes in financing for commercial real estate projects ranging from $5 million to $100 million, focusing on short-term construction loans, mezzanine debt, and preferred equity.

Tampa/St. Petersburg/Pasco/Polk

Retail Property Transaction

‍

‍A Lowe’s Home Improvement store in Odessa, Pasco County, has changed hands for $14.3 million. The property, located at 2317 Gunn Highway near State Road 54, was sold to a California trust in an all-cash deal, according to SRS Real Estate Partners, who represented the buyer. The trust’s name was not disclosed, and county records have not been updated. The store, a 137,554-square-foot building sitting on just under 12 acres, was previously owned by Tampa-based Dunphy Development, which purchased it for $6.62 million in 2021. Lowe’s has a 20-year ground lease for the property. Surrounded by national retailers like Publix, 7-Eleven, and The Learning Experience, the site is part of a growing retail area, which SRS notes is “encouraging strong tenant synergy and crossover customer traffic.” SRS closed $1.5 billion in transactions this year, with more than 250 sales across 45 states. Matthew Mousavi and Patrick Luther represented the buyer for SRS, while Patrick Wagor of Atlantic Capital Partners represented Dunphy Development.

Industrial Real Estate Sale

‍Redfearn Capital, a Delray Beach-based private equity real estate firm, has acquired an industrial property in Tampa for $5.8 million. Located at 10301 Fisher Ave. off Interstate 75, the 35,000-square-foot building sits on a 4-acre site with an additional 2 acres for outdoor storage. Wesco International is the current tenant. The property was previously owned by a family trust, which bought it in 1997 for $199,700. A Redfearn spokesperson confirmed the purchase and detailed the building’s 27-foot clear height. Founded in 2014, Redfearn Capital now owns 4.77 million square feet of space and manages $750 million in assets across three states, with over 250 tenants.

Sarasota/Manatee

New Ritz-Carlton Development

‍

‍Kolter Urban has announced that it has selected Fort Lauderdale-based Moss Construction as the general contractor for The Ritz-Carlton Residences Sarasota Bay, a luxury condominium tower in The Quay. The 78-unit building, set on Blocks 7 and 8 of The Quay, follows the success of the first Ritz-Carlton Residences tower on Block 6 in 2021. Moss Construction has worked on several high-profile projects, including St. Regis Resort and Residences Longboat Key, Auberge Beach Residences & Spa in Fort Lauderdale, and JW Marriott Clearwater Beach. The Ritz-Carlton Residences will feature units ranging from 3,500 to 6,000 square feet, each with 12- and 13-foot ceilings and terraces equipped with built-in grills. The project is expected to be completed in late 2026. Additionally, Kolter Urban is working with the city to redevelop the adjacent Hyatt Regency Hotel into a mixed-use, two-tower residential and commercial complex.