HFF closes $21.5 million sale of a 19.15-acre development site in downtown Naples, FL

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

krmurphy@hfflp.com