MIAMI—A joint venture between Ronto Group, Inc. and Wheelock Street Capital purchased a landmark Downtown Naples site for $21.5 million. The seller had recently acquired title for the 19.15-acre tract via a foreclosure action.

The HFF team representing the seller was led by executive managing director Manny de Zárraga and directors Jaret Turkell and Matt Mitchell. Real estate analysts Scott Wadler and Maurice Habif supported the brokers.

In 2005, the property was approved and slated for development of a mixed-use project called Renaissance Village, with 300 residential units and 205,000 square feet of commercial space, including a 1.9-acre adjacent site owned by Florida Gulf Coast University (FGCU). Those plans were halted by the downturn in the real estate market and in May 2012, the property, excluding the parcel owned by FGCU, was foreclosed by the lenders.