Clearwater firm accumulates property in downtown Naples

Clearwater firm accumulates property in downtown Naples

Sunday, September 3, 2017

A privately held real estate firm based in the Tampa area bought two properties in downtown Naples last week for a total of $15.3 million.

Clearwater-based Brookline Cos. closed Thursday on its acquisition of a former restaurant and a nearby property for $8.8 million.

Brookline closed Tuesday on its $6.5 million purchase of another downtown Naples property called Dockside Boardwalk and a building across the street.

The Clearwater-based firm is seeking approval to redevelop the former restaurant by building a three-story building with almost 50,000 square feet of commercial space and a parking garage on the site.

Brookline bought of the old St. George and the Dragon restaurant is near the intersection of Fifth Avenue South and 10th Street South in downtown Naples together with a former bank parking lot across the street.

But it is unclear what Brookline plans to do with Dockside Boardwalk at 1100 Sixth Avenue South and a nearby building at 590 11th Street South. Dockside is nearly vacant except for a few tenants including two restaurants.

David Stevens, an agent of Naples-based brokerage firm Investment Properties Corp., helped Brookline to purchase Dockside Boardwalk and the old bank parking lot. He told the Naples Daily News that Brookline “has no firm development plans” for the properties.

In addition to its recent acquisitions in downtown Naples, Brookline paid $7.2 million for two downtown buildings on upscale Fifth Avenue South at the end of 2016. [Naples Daily News] Mike Seemuth


Source: The Real Deal