A newly constructed Tractor Supply Company in Naples has been sold by Southeast-based developer HSC Orangetree, LLC to Minter Homewood, LLC, a private 1031 exchange investor from the Midwest.
The $11.5M sale included a 15-year corporate-guaranteed lease with Tractor Supply Company, offering long-term income security and minimal landlord responsibilities.
Property: Tractor Supply Company in Naples, Fla.
Price: $11.5M
Seller: HSC Orangetree, LLC
Buyer: Minter Homewood, LLC
The 23,279-s.f. building sits on 6.67 acres at the intersection of Wilson Boulevard and Golden Gate Boulevard, within Golden Gate Estates — a luxury community in Southwest Florida —offering strong visibility and easy access in a high-traffic retail corridor.
Minter Homewood is a private family office based in the Midwest. The company is a well-capitalized and experienced multifamily owner, diversifying their portfolio to include a net lease. They were in a 1031 exchange and procured financing.
Managing partners Shannon Bona and Julius Swolsky of CrownPoint Partners represented the seller. The buyer was represented by David Weinberg, senior managing director investments at Marcus & Millichap.
“This sale demonstrates investors’ flight to quality and willingness to pay a premium when an asset is in a trophy location like Naples,” said Bona, a Florida resident who has witnessed the state’s evolution both personally and professionally. “Florida’s continued growth, particularly in the commercial sector, is not projected to slow down.”
“Through effective communication with all parties and a deep understanding of the development process, we worked together as a deal team to achieve a successful execution. Additionally, the buyer was in a 1031 exchange, so timing was critical as any delay could have triggered severe tax consequences. We coordinated closely with the buyer’s agent and debt team to ensure the deal closed with ample time to satisfy the exchange,” Bona added.
