Harborview, Torose buy Fishermen's Village for $43 million

Harborview Capital Group and Torose Equities acquired Punta Gorda’s Fishermen’s Village for $43 million through a receivership sale. The deal gives the partners control of a waterfront retail, hotel and marina complex that needs major hurricane-related reconstruction.

Why it matters: - Fishermen's Village is a prominent waterfront asset in Punta Gorda with retail, hotel and marina uses. - The purchase puts two Florida real estate investors in charge of a multi-year restoration effort tied to hurricane damage. - The deal signals continued interest in Gulf Coast properties with redevelopment potential.

What happened: - Harborview Capital Group and Torose Equities jointly acquired Fishermen's Village in Punta Gorda, Florida, for $43 million. - The sale closed through a court-supervised receivership process. - Lake Michigan Credit Union provided senior debt financing.

The details: - Fishermen's Village sits on 22.8 waterfront acres. - The property includes about 97,000 square feet of retail space. - The site also includes a recently renovated 47-key waterfront hotel. - The marina has 142 slips. - The retail component is fully leased. - The marina needs substantial reconstruction after hurricane damage in 2024. - The marina is a major part of the partnership's redevelopment plan. - Harborview Capital Group is based in Punta Gorda and invests in hospitality, retail, industrial and mixed-use real estate. - Harborview co-founders Anthony Dubbaneh and Ankur Patel have longstanding ties to the Punta Gorda market. - Harborview's recent local investments include the former Muscle Car City property and the Military Heritage Museum complex. - Torose Equities is based in Miami and focuses on value-add retail, office and mixed-use acquisitions. - Torose has invested on Florida's Gulf Coast since 2017. - Torose holdings include properties in Tampa, St. Petersburg and Bonita Springs. - Torose is developing a 250,000-square-foot lifestyle center in Bonita Springs.

Between the lines: - The receivership structure and reconstruction needs likely narrowed the buyer pool to operators with local experience and enough capital to handle a long turnaround. - Scott Sherman, founder and principal of Torose Equities, said Harborview and Torose first pursued the deal separately before deciding they were stronger together. - Anthony Dubbaneh said the acquisition extends Harborview's long-term commitment to Punta Gorda. - The partnership plans to work with the City of Punta Gorda, existing merchants and marina tenants on restoration and repositioning. - Torose says it has acquired eleven properties totaling 1.24 million square feet across core Florida markets.

What's next: - Harborview and Torose will begin restoration and repositioning of the property. - The partnership will coordinate with city officials, merchants and marina tenants as the marina rebuild advances. - The timeline is likely to extend over multiple years because of the scale of reconstruction required.

The bottom line: - Fishermen's Village changes hands as a distressed but high-profile Gulf Coast asset, with local operating know-how and redevelopment capital now central to its future.