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Southwest Florida BUSINESS TODAY ®
NOVEMBER 2020
COMMERCIAL REAL ESTATE MARKET A look at commercial real estate trends & topics in Southwest Florida
John R. Wood Properties and Vineyard Properties merge
Phillip Wood and Maria Procacci, principals of John R. Wood Properties and Vineyards Naples Properties respectively, announced the merger of the two firms. The official combination took place on Oct. 2. The Vineyards is one of the largest residential communities in Collier County, second only to Pelican Bay in the number of residents, with 2,719 residential units. Vineyards Naples Properties, established in 1993 by owner, president and broker Procacci, specializes in the resale of residences in the Vineyards community, which was developed by Vineyards Development Corporation. According to Wood, the arrangement will expand the presence of John R. Wood Properties in Naples and further strengthen its position as Southwest Florida’s oldest and leading real estate brokerage. The parcel that contains the Vineyards community comprises more than two sections of land, with 1,375 acres. The Procacci family purchased the land in 1961. At that time, the land was well “outside of town,” but their foresight let them see the Vineyards would one day be clearly the center of the Naples area. Originally, the land was used for tomato farming, but the Procacci family envisioned a development that would provide a variety of upper end lifestyles for many people. They began developing the community in 1986. The community has approximately $100 million a year in residential transactions, although that number is rising as the number of sales and the average sales prices increase. There is also a commercial section of the community that includes a shopping center, a four-story
office building, and the expansive Physicians Regional Medical Center, offering surrounding residents hospital facilities and an array of doctors. According to Procacci, the sale is a positive step for her company. The development has reached the buildout point, so the new home sales division of Vineyards Realty operation was closed. Vineyards Naples Properties was established 30 years ago to address the needs of the residents, as she found many of them loved living in the community but wanted to upgrade their lifestyle. “John R. Wood Properties was already doing a substantial business in the community and their culture was very much in line with ours,” said Procacci. “It became obvious that they were the logical partner.” Together, the firms have a dominant market share in the Vineyards. Wood said the Wood firm will take over the existing Vineyards Naples Properties space on Vineyards Boulevard and the merged entities will operate as a John R. Wood Properties office. All Vineyards Properties agents will be invited to join the Wood firm, plus additional agents will be brought aboard over time. Procacci will retain ownership of her other companies including Vineyards Rental Properties, Vineyards Services, concierge services for Vineyards residents, and Property Management Professionals of SWFL, an association management company. The community is a popular rental destination for winter visitors; many of the owners who only use their residence for a few weeks at a time during the winter months use the rental service to help generate income during periods when they are not in residence.
The Pointe at Founders Square is a dining, retail and services plaza located on the southeast corner of Immokalee Road and Collier Boulevard in Naples.
The Pointe at Founders Square announces restaurants, services Barron Collier Companies and Metro Commercial Development Group announced a collection of restaurants and services for The Pointe at Founders Square, a new 40,000-square-foot dining, retail and services plaza located on the southeast corner of Immokalee Road and Collier Boulevard in Naples. Initial tenants include Fuji Sushi, Luxury Nails & Spa, Palumbo’s Pizzeria, Skillets, and South Street Grill. “The Pointe at Founder’s Square will be the area’s premier destination for outdoor dining, shopping and entertainment, with its pedestrian-friendly design and artfully landscaped promenade and walkways,” said David Genson, senior vice president of land development for Barron Collier Companies. “The Pointe’s highly visible location, on the corner of Immokalee Road and Collier Boulevard, is the ideal backdrop for this vibrant social venue and will create maximum exposure for businesses within the enclave.” “This unveiling of signed restaurants at The Pointe at Founders Square illus-
trates our commitment to bringing the best dining experiences to The Pointe,” added Eric Mallory, executive vice president of Metro Commercial. “These restaurants are locally owned and operated, giving our patrons authentic culinary experiences befitting Southwest Florida.” The Pointe at Founders Square is currently over 50% leased, with several additional leases in advanced negotiations. There are still a few opportunities available ranging from 1,400 square feet to 6,000 square feet. Additional complementary businesses being sought by the developer include fitness, fashion, beauty, health, dessert and restaurants. Construction on The Pointe began in mid-September with anticipated completion in summer 2021. For leasing information, contact Doug Olson at Trinity Commercial. Founders Square will be home to an apartment community, a 35,000-squarefoot regional medical office building, a 110,000-square-foot self-storage facility and more businesses.
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