NAPLES, Fla. (July 27, 2017) – Vanderbilt Naples Holdings, LLC an affiliate of Stock Development, LLC has purchased a 3.55-acre waterfront property in Naples for $19.7 million from Vanderbilt Real Estate Holdings, Ltd. The buyer purchased the property, which consists of vacant land, a marina, apartments, condos, and commercial property, with plans to develop a proposed 300-unit, 18-story luxury condo project.
Jim Garinger, CCIM, SIOR, Senior Managing Director, Fred Kolb, CCIM, MBA, Senior Associate, Land and Industrial Services, and Andrew Green, Associate with Colliers International Southwest Florida, brokered the transaction.
When the Colliers team brought the property to market, they created a competitive call-for-offers scenario that allowed the sellers to maximize the value of the sale.
"The amount of offers we received was significant, so providing a detailed comparison analysis was crucial for our seller’s decision-making process," said Colliers’ Green.
The buyer, Naples-based Stock Development, builds single-family luxury homes in residential communities throughout Southwest Florida, and recently began developing multifamily and retail properties. The seller, Vanderbilt Real Estate Holdings, Ltd., is an entity of the Cafesjian Family Foundation, a nonprofit organization based in Minnesota.
"The high-end luxury market in Naples remains very strong, and this assemblage of property offered a prime waterfront location," said Colliers’ Garinger. "This resulted in a high level of interest and competition from potential buyers and allowed the final sales price to maximize value."
Brian Stock, President of Stock Development, LLC, added, "This property was one of the very few remaining development projects of this type in the extremely active Naples market. We visualize the positive impact on the Vanderbilt Beach submarket to enhance overall property values as well as amenities for area residences."
"The Colliers International team exceeded our expectations not only by driving the contract negotiations, but also managing the entire sales process and securing a highly favorable result," said Kathleen Baradaran, President of Vanderbilt Real Estate Holdings, Ltd.
The property is situated on the northeast corner of Vanderbilt Beach Road and Gulf Shore Drive, adjacent to the Naples Ritz-Carlton in Naples.