Commercial site at University Highlands in Estero sells for $4.2 million

One of the last commercial sites at University Highlands in Estero has sold for $4.2 million.

University Highland Limited Partnership, through NM Development Group LLC, sold 6.4 acres to SREG University Highlands II LLC.

The property is between Interstate 75 and Ben Hill Griffin Parkway, near Miromar Outlets.

State records show SREG's managers are J. Thomas Conroy III and John Conroy IV of Naples. The company has the same address as the law firm Conroy, Conroy & Durant, where Thomas Conroy is a partner.

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The Conroys are also majority partners in South Real Estate Group, which owns other University Highlands property that it plans to develop with retail shops.

David Stevens and Rob Carroll of Naples-based Investment Properties Corp. represented the Conroys in their most recent purchase.

William Rollins, Doug Meschko and Randy Thibaut of Land Solutions Inc., which is based in Fort Myers, brokered the deal for the sellers. The sale closed July 10.

Richard Yager, a senior marketing manager for Land Solutions, said the future use of the vacant land is "unknown at this point."  

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But the new owners already are talking to a number of potential users, Carroll said.

"There's no specific timeline on that piece," he said. "They certainly don't plan to sit on it."

The land is just a sliver of the 208-acre property once owned by University Highland Limited Partnership. Only one commercial site, about 2 acres, is left to sell.