Real Estate Briefs (Sara/Mana)

Real Estate Briefs (Sara/Mana)

Sarasota Pays Quay for Roundabout Land

Buyer: City of Sarasota

Seller: Roundabout Properties LLC

Property: 270 and 300 N. Tamiami Trail, Sarasota

Price: $4.88 million

Previous price: $2.88 million, February 2005/ $2 million October 2004

Law Firm on Deed: Ruden McClosky Smith Schuster & Russell PA, Sarasota

Plans, description: The City of Sarasota purchased the former Quay Side Inn property and land across the street located at corner of the intersection of Fruitville Road and U.S. 41, Sarasota. Irish American Properties, which owns the Sarasota Quay property, had acquired all of the corners of the intersection to encourage the city to put a roundabout there.

According to Sam Freija, the city of Sarasota's manager of traffic engineering, city officials are still not officially committed to the roundabout.

"It was predicated on our need for the space anyway for right of ways or additional laneage," Freija says. "It wasn't specifically tied to the roundabout. We just know we are going to need some improvements there at some point. That specific roundabout was designated for development in the later years anyway. The quay ownership had just hoped to expedite that by acquiring the property."

Freija says further approvals to the development plan appear to be on hold while awaiting additional submittals from the Quay ownership.

"(The Quay development) has, of course, been in process for a while," Freija says, "there just hasn't been much activity recently."

Freija explains that research has shown that a roundabout can increase road capacity by as much as 50% compared to a typical signalized intersection.

Bruce Williams Homes

unveils CrossCreek

Bradenton-based Bruce Williams Homes, the largest home builder in Manatee County, plans to breakground early next year on its largest community development ever: CrossCreek. The 694-acre development, located off Fort Hamer Road in Parrish, is envisioned as 1,050 new homes and a 100,000-square-foot commercial town center, which would be developed by Paradise Development Group Inc. of Safety Harbor. Town homes, villas, and single-family homes on 55-foot, 65-foot and 80-foot home sites are planned, but no pricing has been set. Williams Herold Development, affiliated with Bruce Williams Homes, is developing the entire CrossCreek community.

Bruce Williams Homes has made available a 22-acre site within the community for an elementary school.

"We anticipate the county will approve our final site plan and construction plans before the end of the year, and we hope to start site development work in January," says Wes Thompson, director of operations for Williams Communities.

Construction of model homes is slated to start next July.

Two medical practices

relocating to North Trail

Buyer: Cosmo Enterprises LLC, Sarasota

Seller: David Engelsberg

Property: 5055 N. Tamiami Trail, Sarasota

Price: $1.1 million

Previous price: $477,000, January 1998

Law Firm on Deed: Bradley W. Hogreve PA, Sarasota

Plans, description: Sarasota Dr. Brett Hirsch has purchased a building and is relocating his medical practices, Advanced Hair Restoration and Vein & Skin Institute, from 1970 Boyce St., Sarasota, to an office on the North Tamiami Trail.

"We are going to be in (the new office) the first of August," Hirsch says. "This is a much bigger facility. We are currently in about 1,400 square feet that we lease now. The totally space in the new building is about 4,000 square feet. We will probably take 2,000 of that."

But additional space was not the primary motivating factor in Hirsch's purchase; instead it was location and roadway traffic.

"I really feel the north trail is going to be the next place to boom," Hirsch says. "Visibility was the number one reason we bought out there. It's just a great location; I can't see how it's possible for something not to happen on what is really the gateway to Sarasota. We are definitely in a growth phase. This is going to give us great advertising."

Following his growth plans, Hirsch expects to hire additional personnel and expand his service offerings.

"We are going to look at adding things like human growth hormone," Hirsch says. "We are really planning to kick this (building) up as far as state-of-the-art technology. We are going to have flat screen TVs. It's going to have WIFI so our clients will be able to work on their laptops while they are getting hair transplants. It's going to have hardwood floors. We want to create an atmosphere were people don't necessary feel like it is a typical medical practice."

Hirsch plans to lease about half the space in the new building to David Engelsberg's Spa Dentistry.

Cosmo Enterprises LLC and Brett and Katherine Hirsch mortgaged the property to First Priority Bank for $1.1 million. Barry Seidel, of American Property Group of Sarasota Inc., represented both sides of the transaction.

Investor buys

Lake Osprey Village

Buyer: Lake Osprey Village LLC (principal Norman Ferber), Sarasota

Seller: Shoppes at Friendship LLC

Property: 6251 Lake Osprey Drive, Lakewood Ranch

Price: $7 million

Previous price: $1.14 million, March 2003

Law Firm on Deed: McDaniel and Ball PA, Sarasota

Plans, description: Lake Osprey Village LLC has purchased the 33,000-square-foot Lake Osprey Village retail shopping center in Lakewood Ranch. The development, as its name implies, overlooks Lake Osprey.

"The tenants out there have been opening the past three months," says Joe Hembree, broker for the deal and owner of Hembree & Associates Inc. "We're still working on a few; we expect those by October."

Only one 2,200-square-foot space remains available in the center, and Hembree has that listed for lease for $21 a square foot triple net.

Hembree, speaking on behalf of the new owner, says the retail center was desirable mainly because of the overall success and location of Lakewood Ranch.

"There is such a limited amount of viable product out there," Hembree says. "It is not unusual for individual owners to own centers of this size."

Shoppes at Friendship LLC, the former ownership was made up of a number of the officers in Dooley & Mack Constructors Inc., the construction company that built the center.

Lake Osprey Village LLC mortgaged the shopping center to Column Financial Inc. for $5.6 million.

Car care business

moving to 39th Avenue

Buyer: RTB Enterprises Inc., Bradenton

Seller: Centre Point Commons LLC

Property: 1310 39th Ave. W., Bradenton

Price: $1.2 million

Previous price:$12.4 million, December 2004

Law Firm on Deed: Arnall Golden Gregory LLP, Atlanta

Plans, description: RTB Enterprises Inc., which operates an automotive repair shop under the name of Sparks Computerized Car Care, purchased a larger location on 39th Avenue West.

"It's about twice the size (of our former location on 14th Street)," says Ron Brinker president of RTB Enterprises. "It has about eight bays. The former site had six bays, but they were significantly smaller. We already added two new people. We were trying to expand but the biggest reason (for the move) was that Lowe's bought the property we were leasing."

Benderson Development Co.

moves forward with Town Center

The Sarasota County Commission has approved the first phase of University Park-based Benderson Development Co. LLC's large-scale mixed-used development University Town Center planned for the southwest corner of University Parkway and Interstate 75.

The first phase calls for Benderson to develop about 600,000 square feet of new retail space, anchored by a SuperTarget.

"This is really designed to attract globally," says Linda Gross, of ADWORKS Communications Inc. the public relations firm for the retail developer. "This is definitely going to be a mall of regional impact because of its size."

The development was presented to the county commissioners with a proposal that 25% of the 750 residential units in the project would meet the county's affordable housing designation. The entire project is designed as 1.6 million square feet of retail, light industrial and office space. The development is also expected to include a hotel. A movie theater is also proposed for the project's later phases.

This past week, Benderson Development purchased 22.4 acres of land at the northwest corner of Stickney Point Road and U.S. 41, Siesta Key for $17.4 million. Benderson Development has announced a vague concept plan for the development of a mixed-use community of residential and retail users. Pine Shores Mobile Home Park currently occupies a significant portion of the property.

Westwater Construction

moving to Orange Avenue

Buyer: MCR Properties LLC (principal Mark Miller), Sarasota

Seller: Altojo Holdings LLC

Property: 1074 N. Orange Ave., Sarasota

Price: $2.9 million

Previous price: $275,000, June 2000

Law Firm on Deed: Levin Tannenbaum Band Gates & Pugh PL, Sarasota

Plans, description: Mark Miller's MCR Properties LLC purchased an office/warehouse building of more 30,000 square feet on Orange Avenue to relocate his three companies to a more central downtown location.

"This is going to be our new headquarters," says Mark Miller, owner and/or part-owner in the three companies: Westwater Construction, Sarasota Select Properties and Artisan Stone. "We bought a brand new shell building, and we're going to renovate it in an Italian-Spanish theme. We hope to be in there by the end of the year."

Miller says he expects to lease the company's current headquarters at 1225 Fruitville Road. "We are probably going to do some type of development out there in the future."

MCR Properties mortgaged the property to Freedom Bank, for $2.3 million.

Frank Menke Organization

buys more land for Sumter

Buyer: Sumter Square LLC, Sarasota

Seller: Dennis Fullenkamp, individually and as trustee

Property: Sumter Boulevard and Tamiami Trail, North Port

Price: $1.47 million

Law Firm on Deed: Gronek & Latham LLP, Orlando

Plans, description: Frank Menke has purchased more land for the 27-acre Sumter Square shopping center. The firm has accumulated a significant string of future businesses at the center, including a Wal-Mart Supercenter, Home Depot and Applebee's Neighborhood Grill and Bar. Menke, who used the corporate name of Sumter Square LLC for the transaction, mortgaged the property to the former owner for $1.2 million.

LEE/COLLER

Hotelier acquires

I-75 Hampton Inn

Buyer: CH Naples Hotel Partners

Seller: Michael G. Bou-Sliman and Hayley L. Bou-Sliman

Property: 2630 Northbrooke Plaza Drive, Naples

Price: $8.6 million

Previous price: $1.2 million

Law Firm on Deed: Roetzel & Andress, LPA, Naples

Plans, description: Chartwell Hospitality of Brentwood, Tenn., has purchased the 91-room Hampton Inn at Northbrooke Plaza near Interstate 75. The company, formed in 2003 by Robert Schaedle III, currently owns 12 hotels under the brands Hampton Inn, Comfort Inn, Fairfield Inn, Holiday Inn Express and Wingate Inn. Other than Naples, the company's only other Florida hotels are located in Destin. Schaedle couldn't be reached for comment.

Chartwell mortgaged the property to Greenwich Capital Financial Products for $11.6 million.

Lee School Board

acquires two sites

Buyer: The School Board of Lee County, Florida

Seller: Littleton 125 Associates

Property: 9650 Littleton Road, North Fort Myers

Price: $7.5 million

Law Firm on Deed: Joseph Madden Jr. LLC, Fort Myers

Buyer: The School Board of Lee County, Florida

SELLERS: Thieman Enterprises LLC

Property: 2817 NW First Street, in Cape Coral

Price: $1.4 million

Law Firm on Deed: Fifth Third Insurance Agency, Naples

Plans, description: The School Board of Lee County bought about 125 acres near the intersection of Littleton Road and U.S. 41 in North Fort Myers.

The land is currently zoned for agriculture. The school board has not yet announced its plans for the property, says Tina Silcox, a planner with the school board.

In the second transaction, the school board bought 13 acres of vacant land in Cape Coral located west of Chiquita Boulevard and north of Embers Parkway from Delaware-based Thieman Enterprises. The school board plans to build an elementary school, which is tentatively scheduled to open in August 2009. Construction has not yet started and the school does not yet have a name, says Kathy Babcock, planner with the school board.

Etc. ....

Fischer Florida Properties I LLC has bought 11 acres of land from D75 LLC. The property will be developed as a new campus for Harley Davidson of Fort Myers, West Coast Motorcycles and Riders Edge Training Facility. The purchase price was $4 million.

Paul Sands of VIP Commercial-TCN Worldwide represented the purchaser and Chris Bundschu of Bundschu Kraft represented the seller.

• Bonita Springs-based Heatherwood Construction Co. recently finished construction of Murdock Professional Center on Murdock Circle in Port Charlotte. Gevity HR is the first tenant to occupy one of the 10 buildings within the center. Nine buildings have 3,000 square feet of space and one building has 5,000 square feet.

• Ryland Homes of Calabasas, Calif., has started building seven model homes at Promenade at The Forum, located northeast of Colonial Boulevard near Interstate-75 in Fort Myers. The homes, which range in size from 2,300 to 4,000 square feet, will be open in August. The four- and five-bedroom homes cost about $350,000 to $400,000.

Ryland plans to build 400 homes at Promenade at The Forum.

• Southwest Florida Ventures LLC bought a four-acre parcel known as Beachwalk Tract D east of the northeast corner of Beach Walk and San Carlos boulevards in Fort Myers from Strategic Properties of Southwest Florida for $1.1 million. Bill Mankin of VIP Commercial-TCN Worldwide represented the seller; Susan Lutter of Gulf Waters Realty LLC represented the buyer.

Etc...

• MCR Properties LLC purchased a 31,190-square-foot showroom/office building, located at 1074 N. Orange Ave., Sarasota, from Altojo Holdings, LLC for $2.9 million. Ian Black and Steve Horn, of Ian Black Real Estate, and Gil Alvarez, from Sarasota Select Properties Inc., handled the transaction.

• Ironwoody LLC purchased a 1,250-square-foot industrial condo unit, located at 7353 International Place, Lakewood Ranch, from Global Systems LLC for $225,000. Jon Kleiber, of Richardson Kleiber Walter Kleiber Partnership Real Estate, handled the transaction.

• Lena Place LLC has purchased a 2.76-acre lot located at 5104 N. Lockwood Ridge Road in Sarasota from Mivan, Inc. for $600,000. Ian Black and Steve Horn, of Ian Black Real Estate, and Lloyd Robbins, of Harry E. Robbins & Associates Inc., handled the transaction.

• DAJO LLC purchased 3.64 acres of Open Use Estate-zoned (OUE-2) land with a 1,877-square-foot house, located at Debrecen Road, Sarasota, from Robert Cleo Corsi for $735,000. Jon Kleiber, of Richardson Kleiber Walter Kleiber Partnership Real Estate, handled the transaction.

• Crystal Shutters Inc. leased 5,280 square feet of space from Ian Black for two years at 1075 Central Ave., Sarasota. Ian Black, of Ian Black Real Estate, handled both sides of the transaction.

• Innovative Agent Services leased 1,092 square feet of space from John Proctor for three years at 2945 Bee Ridge Road, Sarasota. Marci Marsh, of Ian Black Real Estate, handled the transaction.

• MGM of West Florida LLC purchased 29 acres of vacant Light Manufacturing-zoned land, located at 7405 28th St. Court E., Bradenton, from Werner Co. for $2 million. Jon Kleiber, of Richardson Kleiber Walter Kleiber Partnership Real Estate, handled the transaction.

• University Title Services, which is now fully owned by Schroeder-Manatee Ranch, Inc., has opened an office in Lakewood Ranch. The office of six employees is located in the Taylor Woodrow Building at 8430 Enterprise Circle, Suite 120, just off University Parkway.

Heading up the operation is Cassandra Grassman, who joined University Title Services in May.

The company is relocating from an office on Bee Ridge Road.

In early 2006, University Title Services will relocate to Main Street in Lakewood Ranch, leasing 3,000 square feet of office space on the second floor above Chico's and across from Morton's.

• Construction will begin August 1 to replace the Calle Florida Bridge near the intersection of Canal Road and Calle Florida on Siesta Key. The bridge is one of eight short-span bridges on Siesta Key that are being replaced by Cone & Graham Inc. of Tampa, due to their age and deteriorating condition.

Work on the Calle Florida Bridge is expected to last about six months, but because it provides the only access to the adjacent neighborhood, one lane will remain open at all times.

Improvements planned for the Siesta Key bridges include aesthetic enhancements, replacement of bridge seawalls, installation of sidewalks on both sides, and replacement of connecting water and sewer lines. Two bridges have already been replaced: the Givens Street Bridge in May and the Azure Way Bridge in July. Three other bridges are currently under construction.

The entire $5 million construction project is being funded by the infrastructure surtax (penny sales tax), and is scheduled for completion in February 2006.

• Thang Wai and Yee Fung Chau purchased vacant commercial land, located at 901 and 911 14th St. W., Bradenton, from Garfair Inc. for $725,000. Thang Wai and Yee Fung Chau mortgaged the property to the former owner for $500,000.

• The Charles & Chase Group Inc. has completed construction of a 2,400-square-foot physical-therapy clinic, located at 3030 University Parkway, Sarasota, for Legacy Physical Therapy & Sports Training.

• Michael K. Walker & Associates Inc. received two Chrysalis Awards for Best Projects Overall at the Southern Building Conference in Atlanta. The two projects in Sarasota were selected from more than 500 entries nationwide for Best Whole House Renovations and Detached Residential Building categories. Zen Associates of Sudbury, Mass., and Smith Architects of Sarasota were the project architects for the whole house renovation and Toshiko Mori of New York, N.Y. was the project architect for the detached residential building.

• Center Lake Properties Ltd. purchased a warehouse at 2525 12th St., Sarasota, from Hughes Inc. for $2.45 million. The Florida Division of Corporations lists Center Lake Properties' officers as James and Phylis Caruso and Richard Gonzalez, all of Orlando. Center Lake Properties mortgaged the building property to Wachovia Bank for $2 million.

• WKM Properties LLC purchased an industrial property at 1535 Northgate Blvd., Sarasota from Rino Investments Inc. for $1.66 million. The Florida Division of Corporations lists WKM Properties' officers as Bruce McAllister and Charles Keller, of Winter Park, and James Wade Jr., of Apopka. Wade declined to comment on the company's future plans for the warehouse. WKM Properties LLC mortgaged the property to Bank of America NA, $1.33 million.

• The Board of Sarasota County Commissioners Tuesday awarded $434,247 to Ajax Paving Industries Inc. of Nokomis to resurface four lanes miles of McIntosh Road from Central Sarasota Parkway to U.S. 41, and just over two lane miles of Central Sarasota Parkway from McIntosh to U.S. 41. The streets were originally scheduled for resurfacing in 2006, but were moved up to coincide with work that is already scheduled to take place in Palmer Ranch.

According to Sarasota County Project Manager Robbin Levar, Ajax was awarded approximately $1.9 million in June to resurface a total of 45 lanes miles of roads in that area and in Country Meadows, Leisure Lakes, Siesta Key, Village Green, Bay Shores Estates, Jacaranda West and several streets in Englewood. The additional award Tuesday was the result of newly available funding through the infrastructure surtax (penny sales tax).

Ajax plans to weave the additional roadwork into its already planned resurfacing project in the Palmer Ranch area. Work is scheduled to begin late this summer, and be complete by mid-November.

• Great American Concessions Inc. bought an 8,520-square-foot building and a 3,260-square-foot building, located at 909-919 S. Tamiami Trail, Nokomis, from Nokomis Land Co. for $1.185 million. Barry Seidel, of American Property Group of Sarasota Inc., represented both sides of the transaction.

• The Dallas-based public company Tuesday Morning, a national discount retailer of home furnishings and gifts, has opened its first store in the Venice are. The new, 7,451-square-foot store is located in the Venice Shopping Center, at 519 Tamiami Trail S.

• Melbourne-based Mercedes Homes leased 3,804 square feet of office space for its new Sarasota division headquarters at Garden Office Park at Lakewood Ranch from Khalea LP of Sarasota. Diane Nichols of Wagner Realty represented the landlord, and Andy McCaw, vice president of Grubb & Ellis, Commercial Florida's Office Group, represented the home builder.