Mayhugh Commercial Advisors has begun leasing space at a new retail center in Cape Coral, Florida. The Shops at Del Mar will consist of four one-story buildings and include drive-through units, with spaces ranging from 1,500 to 19,000 square feet. The development, located on Pine Island Road and SW 10th Place, is expected to be completed by fall 2024. Meanwhile, Call It Closed International Realty has launched its commercial real estate division in Virginia, but has not yet indicated when it will start working with commercial agents in Florida. Birmingham-based LIV Development is building a 234-unit apartment complex in Pasco County.
In the Naples and Fort Myers area, Mayhugh Commercial Advisors has announced the leasing of space at a new retail center in Cape Coral. The Shops at Del Mar will be a 30,000-square-foot development consisting of four one-story buildings, including drive-through units. The center, located on Pine Island Road and SW 10th Place near Skyline Boulevard, will offer spaces ranging from 1,500 to 19,000 square feet. Potential tenants have already shown significant interest in the center, which is expected to be completed by fall 2024.
Meanwhile, Call It Closed International Realty, a cloud-based real estate brokerage in Naples, has launched a new commercial real estate (CRE) division in Virginia. The company is currently seeking agents to work in the new division. However, it is not yet clear whether the division will expand to Florida. Call It Closed International Realty charges agents fees in exchange for software tools, training, and leads, among other benefits, and allows the agent to keep the full commission. The company’s website lists a one-time $199 startup fee, a $99 monthly fee, a $255 annual technology fee, and a $399 flat transaction fee.
In Tampa and St. Petersburg, LIV Development, a multifamily developer based in Birmingham, Alabama, is building a 234-unit apartment building on 20.19 acres at State Road 54 and Henley Road in Lutz. Livano Sunlake will have one-, two-, and three-bedroom units, along with amenities that include co-working space, a coffee shop, and a standalone pet center. The complex is expected to open in mid-2025. LIV Development has properties across the South, Texas, and Arizona, including 13 complexes in Florida, such as in Tampa, Fort Myers, Pinellas Park, Sarasota, and Lakewood Ranch.
Finally, in Plant City, the income-restricted Park Springs apartments have been sold for $32 million to a buyer from New Jersey, As per the analysis by the Business Observer. The complex, which was built in 2005, has 312 units and was 95% occupied at the time of sale. This marks the fourth multifamily sale in the Tampa Bay area in May, following the $60 million sale of a complex in Clearwater, the $49 million sale of a complex in St. Petersburg, and the $45 million sale of a complex in Tampa.
The real estate market in Florida remains active and competitive, with new developments and transactions taking place in various parts of the state. As companies like Mayhugh Commercial Advisors and Call It Closed International Realty continue to expand their offerings, and developers like LIV Development build new properties, the state’s real estate landscape will continue to evolve.
