June 27, 2016
Stratford Land Announces Sale in Fast Growing Lee County, Florida
South Florida City Biz List
Stratford Land announces that it has sold Bonita Exchange, an approximately 24-acre property located just west of I-75 on the south side of Bonita Beach Road, to Core Development.
Stratford Land acquired the property in 2012 and has since held it for sale as Lee County became one of the fastest growing counties in Florida. The property garnered interest from a number of potential buyers as the market heated up, but it was Core that had the right vision for the site.
In January 2016, the Bonita Springs City Council approved the property’s rezoning to a combination of commercial and multifamily. Current plans call for the construction of approximately 20,000 square feet of retail space along Bonita Beach Road and Quail’s Nest Lane. Additionally, 264 multifamily homes in four mid-rise buildings will be built on Quail’s Nest Lane off Bonita Beach Road.
“We are pleased to have the opportunity to complete this sale to Core Development, a high quality company that has already developed notable projects in the area, such as the Ritz Carlton in Sarasota and Concession Golf and Country Club in Bradenton,” said David Moore, senior investment manager of the southeastern U. S. for Stratford Land.
“Identifying this market as a place we wanted to be, Core Development was pleased to be able to buy this strategic property from Stratford Land,” said Keith Jennings, development partner for Core Development. “Regarding Bonita Exchange, we worked diligently and well together with Stratford Land to secure zoning which meets the current needs of this growing market.”
Land Solutions represented Stratford Land in the sale.
As further evidence of growing demand in the Lee County real estate market, Moore cited the increasing inquiries he is receiving about Stratford Land’s Alico Lakes Village project.
“Alico Lakes Village, located near the Fort Myers airport, has great visibility and access from I-75 in this very active area,” Moore added. “This property enjoys great retail neighbors including Holiday Inn, Ashley Furniture, Chick-Fil-A, and a 7-Eleven. Other retailers in the area poised to serve the expanding single family residential neighborhoods are located in Gulf Coast Landings and Gulf Coast Town Center.
For inquiries about Stratford Land’s properties, please contact David Moore at dmoore@stratfordland.com and/or 404-924-8400.
About Stratford Land
Stratford Land has more than 30 years of successful land investment history on behalf of institutional and private investors. Based in Dallas, Texas, the fund focuses on acquiring, entitling and selling properties in high-growth corridors in Texas, Arizona, Southern California and the eastern seaboard from North Carolina to Florida. Offices are currently located in Dallas, Austin and Atlanta. For more information, please visit www.stratfordland.com.