T
he commercial real estate industry experienced a mix of trends in 2024, marked by uncertainty due to the looming presidential election. While major retailers like Macy's and Big Lots shut down stores, multifamily property sales took a backseat compared to previous years. However, some notable deals did occur.
One surprise was the boom in Lee County, where Amazon paid $66.5 million for 143 acres in November, planning to build a 650,000-square-foot robotics fulfillment center that will bring over 1,000 jobs. In October and November, Martin Marietta paid $620 million for nearly 2,000 acres.
Some of the year's most interesting deals include:
* A 41-acre business park in Fort Myers sold for $92.5 million to a Pennsylvania real estate trust run by EQT Exeter.
* A New Jersey real estate investment firm acquired NetPark Tampa Bay, a nearly 1 million-square-foot office park, for $45 million.
* The Blackstone Group bought the Hyatt Regency Clearwater Beach Resort & Spa from Westmont Hospitality Group for $137 million.
* A condominium on Longboat Key sold for $21.24 million, setting a record for the highest price ever paid for a condo in Sarasota County.
Other notable deals include:
* Walton Capital bought Tri-County 75, an industrial park in Fort Myers, for $155 million.
* A Home Depot building in Clearwater was sold to a New York LLC for $23 million.
* A Lowe's Home Improvements store in Pasco County was acquired by investors for $14.3 million.
* Martin Marietta bought nearly 2,000 acres in Lee County for $620 million.
* Amazon paid $66.5 million for 143 acres in Fort Myers to build a robotics fulfillment center.
