 |
| Manny de Zaraga |
MIAMI, FL – HFF announced today that it has closed the sale
of a 19.15-acre landmark development site in downtown Naples, Florida.
HFF
marketed the site on behalf of the seller, who recently acquired title via a
foreclosure action. A joint venture
between Ronto Group, Inc. and Wheelock Street Capital purchased the site for
$21.5 million.
The
site is located one block off Fifth Avenue South between Tamiami Trial and
Goodlette-Frank Road in downtown Naples.
 |
| Jaret Turkell |
In 2005, the property was approved and slated for
development of a mixed-use project called Renaissance Village, with 300
residential units and 205,000 square feet of commercial space, including a
1.9-acre adjacent site owned by Florida Gulf Coast University.
Those plans were halted by the downturn in the real estate
market and in May 2012, the property, excluding the parcel owned by FGCU, was
foreclosed by the lenders.
The HFF team representing the seller was led by executive
managing director Manny de Zárraga and directors Jaret Turkell and Matt
Mitchell with support from real estate analysts Scott Wadler and Maurice
Habif.
 |
| Matt Mitchell |
HFF’s Florida multi-housing and land group has closed more
than $700 million of multi-housing transactions for the 12 months ending
December 31, 2012.
“This
is a trophy site within the Naples market and its ultimate development will
generate a significant positive impact for the 5th Avenue shopping corridor,”
said Turkell.
Since 1967, The Ronto Group, Inc. has acquired residential,
commercial and retail projects in both Canada and the United States. With its U.S. headquarters in Naples, The
Ronto Group is recognized as a premiere developer in Southwest Florida.
Wheelock has been an active investor in the residential and
hospitality sectors during the last 36 months. The firm has closed on land
approved for more than 19,000 residential units and is actively developing
“best in class” master-planned communities in the Sunbelt.
Wheelock purchased
the assets of Atlanta-based John Wieland Homes in joint venture with the
Wieland family in November 2012 and is now actively building homes in the
southeastern United States. Wheelock
has acquired 22 hotel properties containing 4,580 rooms across the country, and
owns 1,828 apartment and student housing units across five properties.
For a complete copy of the company’s news release, please
contact:
Kristen M. Murphy
Associate Director
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 | www.hfflp.com
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