Celentano received numerous unsolicited offers over the pastfive years for the 12.6-acre resort, which contains nine buildingswith an aggregate of 151 hotel units, 10 restaurant/retailbuildings, a gas station and 57-slip deep-water marina. One of themore recent ones was for $70 million, Robert Taylor, SVP in theMiami office of CB Richard Ellis, tells GlobeSt.com. "OnceCelentano committed to sell, it retained our hotels, resorts andmultihousing group to secure a buyer.

"This is a famous resort for anglers from around the world, andthe sale attracted international attention," Taylor says, with morethan 240 development groups requesting offering memoranda and 23firm offers. "The company that bid $100 million was out of state,not experienced with condo hotels and distracted by otherdevelopments," he says. "Ceebraid met early with Celentano andpresented a compelling argument for its development plan based ondetailed information on pricing, redevelopment rights and marketconditions."

The CBRE team that handled marketing and negotiations for theseller consisted of Taylor; Robert Given, SVP; Jay Massirman, vicechairman; and Gerard Yetming, VP. Ceebraid was represented inhouse. "It was a complicated, multifaceted transaction," Taylorsays, "requiring multiple approvals and development agreementsbecause of the marina, retail and restaurant components in additionto the hotels.