The sale of an RV park in Fort Myers Beach, Florida, marks the area’s largest transaction and demonstrates continued opportunities in the region even after a natural disaster.
Florida beachfront property owners are well-justified in finding it hard to sell their property. Tourism to the area serves as a vital economic engine and helps fuel the livelihoods of locals and the businesses they run. In the aftermath of Hurricane Ian, however, some found the hassle of a hurricane too much trouble, giving LSI Cos., the rare opportunity to provide a level of certainty to residents with the sale of a 9.95-acre RV park to locally-based Seagate Development for $52 million – the largest transaction in Fort Myers Beach history.
The sale gave residents something to look forward to — the prior owners, longtime residents of the Myers family, had the forethought to entitle the site to a mixed-use project that allowed up to 15 units per acre alongside commercial and retail space to support the potential residences.
The transaction was brokered between Matt Simmons of Maxwell, Hendry & Simmons, who represented Red Coconut RV Park and the Myers family, and Justin Thibout, the CEO of LSI Cos., and Alexis North, a sales associate of LSI Cos.
Plans from Seagate Development, the multifaceted real estate firm, have yet to be announced, and while the sale closed without permits in hand, the proposed project marks the largest development site in Fort Myers Beach, with one judge calling the site the “key to the future of Fort Myers Beach.”
About the Deal: Red Coconut RV Park in Fort Myers Beach was sold for $52 million to Seagate Development Group, a real estate services and development company based in Fort Myers, Florida.
What the Judges Said: Claire Searls, director of research at Lee & Associates, said, “The Red Coconut sale set a record-high sales price for the Fort Myers Beach trade area, making it a historic transaction for the entire Southwest Florida community.” She added that the location had “been a landmark in the Fort Myers Beach area for years, so the transfer of ownership to a local developer that has a significant role in the expansion of the Southwest Florida landscape will have a positive effect on the whole community.”
They Made It Happen: Justin Thibaut, CEO of LSI Cos.; Alexis North, sales associate at LSI Cos.; and Matt Simmons, managing partner of Maxwell, Hendry & Simmons.