Real Estate Briefs (Sara/Mana)

Real Estate Briefs (Sara/Mana)

LWR Communities

gears up for Lake Club

Buyer: Lake Club Investors LLC, Winter Park

Seller: Schroeder-Manatee Ranch Inc. and Schroeder-Manatee Inc.

Property: about 1,500 acres north of University Parkway and east of Lorraine Road, Bradenton

Price: $55.5 million

Law firm on deed: Daniel Perka, general counsel for SMR, Bradenton.

Plans, description: Schroeder-Manatee Ranch is moving forward with the next residential community in Lakewood Ranch and this one is going to be pricey. In fact, the community called Lake Club at Lakewood Ranch is slated to be the most expensive community in Lakewood Ranch. Similar to other new communities in the ranch, such as Mill Creek, SMR has sold the real estate property to an investment group called Lake Club Investors LLC. Little is known about the investment group, and SMR officials declined to comment on the identity or number of investors. Development is being performed by a subsidiary of SMR LWR Communities LLC.

"This is going to be a highly-amenitized community from a market position - higher even than the country club," says Tom Danahy, president of LWR Communities. "It will feature very large lots from an acre-and-a-half to the smallest at a third of an acre. We are planning 7,068 detached-homes and 322 multifamily luxury condominium and townhome units."

Although the development will feature a 14,000-square-foot clubhouse, the gated community will not be based around a community golf course.

"This community will be heavily landscaped," Danahy says. "It will be built to a very high standard with careful planning. It's going to be a very low-density development with lots of community park space."

Lots in the development will range from the high $100,000s up to about $750,000.

"We originally thought homes there would start in the $800,000 range, but with appreciation and construction prices it will likely be closer to more than a million," Danahy says. "We hope to start the development and the first models in August or September ...(so) we can have the models open for the tours of homes in 2006."

Ten home builders are committed to the community including: Lee Wetherington Homes Inc., John Cannon, Peregrine Homes, Pruett Builders Inc., Landmark Homes and Development Inc., Westwater Construction, Inc. and others. Lake Club Investors mortgaged the property to Schroeder-Manatee Ranch Inc. for $47.1 million and to Northern Trust Bank of Florida for $11.25 million.

Beach City Market, Grille

sold, available for lease

Buyer: Holmes Beach Properties LLC (principals Dr. Frank Lamar and Kenneth Vasile), Pittsford, N.Y.

Seller: VNS Industries Inc.

Property: 1701 N. Gulf Drive, Bradenton Beach

Price: $575,000

Previous Price: $400,000, October 2002

Law firm on deed: Barnes Walker Title Inc., Bradenton

Plans, description: Dr. Frank Lamar and Kenneth Vasile, both of Pittsford, N.Y., purchased the 1,200-square-foot former Beach City Market & Grille building, business and restaurant equipment from VNS Industries Inc. "It was just a great opportunity," says Lamar, who lives part of the year in a nearby condominium. "The location is great ... it has beach access across the street. It did wonderful business ... it was only personal circumstances that drove the (former owner) to sell."

The new owners are looking for a tenant to come in and run the restaurant. Lamar describes the successful business model for the new restaurant as one that would offer a small sit-down trade and an extremely significant demand for take-out food. The space is said to have room for about 10 tables and as many as nine parking spaces.

Lamar says the new ownership is open to redoing the parking lot and improving the landscaping. The agent for the restaurant lease is Al Galletto, of Island Realty.

The new owners mortgaged the property to First National Bank and Trust for $350,000.

Sarasota County

buys about 500 acres

Buyer: Sarasota County

Seller: Jordyn Holdings VI LLC

Property: 502 acres on Woodland Boulevard, Sarasota County

Price: $9.3 million

Law firm on deed: Fergeson Skipper Shaw Keyser Baron & Tirabassi PA, Sarasota

Plans, description: Sarasota County purchased about 502 acres in the Deer Prairie Creek as part of its environmentally sensitive lands program from Jordyn Holdings VI LLC. The purchase price equates to $18,600 an acre.

Belinda Perry, manager of natural resources, says land values are shooting up. "Whenever we have a chance to buy land from a willing seller we try to acquire it," she says. The property is adjacent to North Port and north of Interstate 75.

International developer

buys two trail restaurants

First purchase

Buyer: Advanced Developments LLC (principal James Heyward), Sarasota

Seller: Alain Taulere

Property: 5230 N. Tamiami Trail, Sarasota

Price: $1.55 million.

Previous Price: $440,000, August 1990

Law firm on deed: Dunlap & Moran PA, Sarasota

Second Purchase

Seller: Scott Wright and Bonnie Rosenow, individual and trusts

Property: 5100 N. Tamiami Trail, Sarasota

Price: $1.08 million

Previous Price: $100, May 2001 (Non-sale transfer)

Law firm on deed: Riddell Title & Escrow, Sarasota

Plans, description: British real estate entrepreneur and restaurateur James Heyward purchased The Cafe of the Arts, the Old Hickory restaurants and the vacant lot in between the two restaurants.

"My long term plan is to redevelop the area with shops and restaurants on the ground floor and offices above," says Heyward. "One of the restaurants may well take the form of an English Pub, and I would like to reproduce an actual building from London. There are many lovely architectural styles there and it would be fun to bring a bit of England to Sarasota."

Heyward has developed several commercial and residential projects in England, Portugal and Spain; he currently lives on Bird Key.

The sale was brokered by Jag Grewal and Michele Fuller, of Coldwell Banker Commercial, and Ron Basescu, of Restaurant Properties.

Heyward mortgaged the properties to United Bank Gulf Coast, for about $2.4million.

WCI buys land for

Bradenton development

Buyer: WCI Communities Inc., Bonita Springs

Seller: McClure Properties Ltd.

Property: 501 48th St. Court N.E, Bradenton

Price: $11.5 million

Previous Price: $218,700, December 1995 and $75,000, May 2002

Law firm on deed: Schofield and Spencer PA, Bradenton

Plans, description: WCI Communities has purchased about 374 acres south of Manatee River, which includes about 30 acres bisected by I-75.

In August, the local WCI management team said its planned to build 1,134 residential units on the site in a mixture of estate homes, two-story quad-plex condominium units, mid-rise and towers along with a 17,000-square-foot, two-story $5 million River Club. WCI officials declined further comment.

Etc...

• MSM-South Orange Ltd. purchased a 13,116-square-foot office building at 635 S. Orange Ave., Sarasota, from 635 South Orange Partnership for $2.75 million. The new owner mortgaged the property to Orion Bank for $2.16 million.

• Brookfield, Wis.-based MLG Development purchased a shopping center, at 4808 14th St. W., Bradenton, from Morris Realty Co. LLC for $5.4 million. The new owner mortgaged the property to New South Federal Savings Bank for $4.6 million.

• Steven Sanders' Sanders Realty LLC purchased a medical office at 401 Manatee Ave., Bradenton, from Benderson Development Co. Inc. for $1.025 million. Sanders mortgaged the property to Compass Bank for $1.73 million.

• Bill Gryboski and Dan Howe of Decatur, Ga.-based Gryboski and Howe purchased an office building at 503 Manatee Ave., Bradenton, from Inland Southeast Holmes Beach LLC for $835,000. The new owner mortgaged the property to Compass Bank for $1.73 million.

• Bozeman, Conn.-based VFL LLC purchased commercial land at 252 and 262 S. U.S. 41 Bypass, Venice, from Venice Auto Mall Inc. for $790,000. VFL LLC mortgaged the property to Intervest National Bank for $592,500.

• Thomas and Joel Sivertson and Jay Raja bought industrial land on South River Road from Danron LLC for $440,000.

• KWWO, Kingdom Worldwide Web Operations Inc., an e-commerce marketing company, leased a 10,000-square-foot office at 1549 State St., Sarasota. KWWO will relocate its corporate headquarters and 17 of its employees from Gainesville to the new office. Kim Nielsen, owner of KWWO and Nielsen Classic and Contemporary Furniture, plans to convert a portion of its first floor space to accommodate a retail operation of modern Danish furniture. Karen Cook of Michael Saunders & Co.'s Commercial Group represented the tenant.

• Hamilton Square Holdings LLC purchased a 1,024-square-foot commercial building, at 200 N Tamiami Trail, Venice, from Craig and Lisa Stern for $180,000. Jag Grewal and Michele Fuller, of Coldwell Banker Commercial, represented the sellers, and Thomas D. Ward, of Waterside Realty LLC, represented the buyer.

• Coldwell Banker Residential Real Estate Inc. recently completed renovation of its downtown Mediterranean-style office at 100 N. Tamiami Trail, Sarasota. Built in the 1960s, the original one-story building had 2,400 square feet of office space and was originally used by Hertz Rent-a-Car. In 1986, a second floor was added to the office of a former real estate firm. Coldwell Banker added about 2,000 square feet of new office space, including a new lobby, conference room and a mortgage and title closing office.

"I am so pleased with the results of the renovation. Aesthetically, it just does so much for the image of our downtown office," says Lynn Robbins, a sales associate with Coldwell Banker.

• Barbara Ackerman, a Previews International Sales Associate with Coldwell Banker Real Estate Inc.'s Longboat Key office, recently sold a custom-built waterfront home on 2400 N.W. 90th Street in Manatee County for $5.5 million. "To my knowledge this is the highest priced home ever to sell in Manatee County and has raised the benchmark for residential sales," Ackerman says.

The 8,500 square foot, 5-bedroom and 7-bath home features a gourmet kitchen with double appliances, a custom cherry wood entertainment center, a stone fireplace, pegged oak floors, a state-of-the-art security system and a heated swimming pool.

• FORTUNE magazine ranked Tampa-based Centex Corp. as the top of the magazine's annual list of "America's Most Admired Companies."

FORTUNE selects "America's Most Admired Companies" from among the largest U.S. Companies in 65 industry categories. In evaluating companies in their respective industries, FORTUNE asked more than 10,000 executives at these companies to rate candidates on innovation, use of assets, employee talent, management, social responsibility, financial soundness and products and services.

Locally, Centex Homes employs more than 100 people.

• Sarasota County government has dedicated the environmentally friendly Community Services Green Office Complex. The complex consists of two office buildings - a new building completed recently and a renovated building that was originally constructed in 1971 as part of a training complex for the Kansas City Royals baseball team.

The two buildings include administrative offices for Sarasota County Community Services (Libraries, Parks and Recreation, the History Center and the University of Florida/IFAS-Sarasota County Extension). The new building, which houses the extension offices, also includes an education center for public programs and meetings.

The Green Office Complex includes a sustainable site with Florida-friendly landscaping and erosion and sedimentation control; water efficiency in landscape design and interior water usage; energy-efficient heating, ventilation and air conditioning; the use of recyclable materials throughout the building; and low-emitting materials and natural lighting in the interior spaces.

• Wal-Mart Stores purchased about 32 acres on Fruitville Road, Sarasota, from the New York Times Co. (NYT Management Services Inc., NYTRNG Inc. and Sarasota Herald Tribune) for $13.7 million.

• Advanced Mortgage Professionals Inc. purchased the building it currently operates from at 4509 Bee Ridge Road, Sarasota, from APBR Inc. for $405,700. Advanced Mortgage mortgaged the property to Bank of Commerce for $243,390 and to APBR Inc. for $162,260.

• E. Chester Stokes, Jr., R. Scott Griffith, Thomas Bergmann and John Kinkel (Parrish Plantation LLC) sold orchard and grove land at 7319 Spencer Road and 13320 Circle Road 675, Parrish, from Larry and Deborah Parrish for about $1.1 million.

• East Ellenton Enterprises Inc. purchased Applebee's Neighborhood Bar & Grill, 5908 18th St. E., Ellenton, from Benderson Development Co. Inc. (Buffalo Greenbriar Associates LLC and WR-1 Associates Ltd.) for $800,000. East Ellenton Enterprises mortgaged the restaurant to Coast Bank of Florida for $800,000.

• Robert Martin's Professional Place LLC purchased a vacant tract of land in the Creekwood tract from Creekwood Investors Ltd. for $851,162. Professional Place LLC mortgaged the property to First State Bank for $1.9 million.

• Bradenton's SMG Property Management (SM 17th Avenue LLC) purchased an auto repair shop at 605 17th Ave. W., Bradenton, and a warehouse at 629 17th Ave. W., Bradenton, from Laser Works Inc. for $800,000. SM 17th Avenue LLC mortgaged the property to Wachovia Bank for $600,000.

• Comfort Bath Walk In Tubs of Florida LLC leased 1,350 square feet of office space at 3212-A Gulf Gate Drive, Sarasota, from VSK Enterprises LLC. Marcia Cuttler, of American Property Group, represented the landlord, and Matilda Bellanger, of Keller Williams Platinum Realty, represented the tenant.

• 300 Pineapple LLC purchased a small office building on 15,609 square feet of commercial land at 300 S. Pineapple Ave., Sarasota, from Anita Katzman for $1 million. John Harshman, of Harshman & Co. Inc., represented the seller.

• Jamieson Properties LP purchased a 8,000-square-foot warehouse, located at 4380 Independence Court, Sarasota, from M&A Enterprises LLC for $750,000. John Harshman, of Harshman & Co. Inc., represented the seller.

• Anna Frankowska's Anna's Oasis Grill LLC bought property at 205 S. Park Blvd., Sarasota, from Stanisla and Eugenia Szalbirak for $650,000. Anna's Oasis Grill mortgaged the property to Stainslaw and Eugenia Szalbirak for $500,000.

• Sarasota-based European Marble Co. bought a 5,300-square-foot industrial building at 1750 N. Lime Ave., Sarasota, from Brian and Murielle Wallace, individually and revocable trust, for $576,800. At the same time, European Marble purchased property at 1811 Seeds Ave., Sarasota, from Helen Abelt, individual and trust, for $335,000. European Marble currently operated from 1820 N Lime Ave.

• Fred Streck's Tampa-based Priority Developers Inc. acquired the Woodlands Golf Course, located at 5901 Erie Road, Ellenton, from Hole in One Sarasota Inc. for $3.2 million. In December, Priority Development bought several acres of vacant land on Upper Manatee River Road from Country Meadows LLC for $3.9 million. Streck is the former owner of Bearss Avenue in Tampa and developed property in Tampa Palms Professional Center and a 126-home subdivision near Suncoast Parkway and State Road 54.

• Claude and Lydia Melli's Brandon-based Florida Land Management Inc. purchased about 40 acres of orchard land in Duette from Ella Day for $360,000. In March, Florida Land Management Inc. purchased a 200-acre orange grove between Myakka City and Wachula from Arrowhead Management Inc. for $1.4 million.

• Mark and Elizabeth Thomason, of Thomason & Thomason LC, purchased office professional, 9030 58th Drive E., Bradenton from 9030 58th Drive E. LLC for $622,000. The Thomasons mortgaged the property First America Bank for $282,700.

• The first building of office/warehouse condominiums in Sarasota Business Center II has sold out. There were 13 units in the building with an total of 26,000 square feet. Four additional buildings are in the works. All of the units in the development feature 20% office build out, quality tilt-wall masonry construction, storefront entries, 22' clearance heights, roll up doors and load bearing mezzanines. Sarasota Business Center II is located on 12 acres near the Fruitville Road, I-75 area directly off of Porter Road.

• IMG Bollettieri Academies Country Club LLC bought property at 4400 El Conquistador Parkway, Bradenton, from Harvey and Marilynne Anderson, Douglas Lindsay and Petsi Corp. for $1.15 million.