Real Estate Briefs (Sara/Mana)

Real Estate Briefs (Sara/Mana)

Zirkelbach Construction Plans $100 Million Buckeye Park

Palmetto-based Zirkelbach Construction has finalized plans to develop a light manufacturing industrial complex of up to 2 million square-feet in North Manatee on Buckeye Road and U.S. 41 (across from Port Manatee) to be known as Buckeye Industrial Park.

Buckeye Industrial Park is located on undeveloped land just two miles from another major Zirkelbach development, The Woods of Moccasin Wallow mixed-use development.

"With all of the housing being developed in this area, it only makes sense for commercial development to follow," says Alan Zirkelbach, owner of Zirkelbach Construction.

There will be 45 lots - 1 to 2 acres each - consisting of lots, buildings and build-to-suit leasebacks. Currently, the company has commitments for more than 40% of the lots.

The $100 million project is owned by Buckeye LLC, of which Alan Zirklbach is the managing member. Zirkelbach Construction is doing all civil engineering, site planning, infrastructure improvements, and horizontal construction. Zirkelbach said he expects to break ground in the next 12-18 months.

Tri-H Metal Products

buys building on 21st Street

BUYER: Tri-H Metal Products Inc., Bradenton

SELLER: James Holdings & Investments LLC

PROPERTY: 5815 21st St. E., Bradenton

Price: $735,000

Previous Price: $89,500, March 1999

Law firm on deed: Fidelity Title & Exchange Services Inc., Bradenton

PLANS, DESCRIPTION: The Bradenton-based metal fabrication company Tri-H Metal Products Inc. is moving from 2113 60th Drive E., Bradenton, to an about 11,300-square-foot warehouse/office building.

"This is about two-and-a-half times the size of our former building," says Rich Hinkle, president of Tri-H Metal Products. "We aren't going to add any employees immediately. We are planning to start with additional machinery. But I do expect to grow the company to about 25 people in the near future. This is why we made the move ... to prepare ourselves for the future." The company currently employs nine people.

Tri-H Metal Products mortgaged the property to First Priority Bank for $728,000 and to the building's former owner for $125,000.

Bennett, Kaplan complete

Linger Lodge purchase

BUYER: Linger Lodge RV LLC (principal Marvin Kaplan and Michael Bennett), Sarasota

SELLER: Linger Lodge Inc.

PROPERTY: 7205 85th St. Court E., Bradenton

Price: $2.7 million

Law firm on deed: Dorris Bunnell PA, Bradenton

PLANS, DESCRIPTION: State Sen. Mike Bennett and Sarasota developer Marvin Kaplan have closed on East Manatee County's historic Linger Lodge RV Resort and Restaurant. Speaking prior to the closing Kaplan told the Review's sister paper The East County Observer: "We really don't know what we're going to do with it yet, (but) we're certainly not looking to change it. It's great; we love it. We know we want to keep the restaurant but enhance it. Maybe build more decking out back."

Further, Bennett and Kaplan say they plan to purchase a 10-acre former hunting camp across the river for about $200,000. Currently, that property is accessible only by boat, but the partners are considering bridging the two parcels. The deal for the second parcel is scheduled to close in mid-August.

The new owners, who used the corporate name of Linger Lodge RV LLC for the transaction, mortgaged the property to First National Bank & Trust for $2.39 million.

Carla's Clay owner

buys Northgate unit

BUYER: Carla's Clay Inc., Sarasota

SELLER: NG LLC

PROPERTY: 1733 Northgate Blvd., unit 9 Sarasota

Price: $595,000

Law firm on deed: Law Offices of George H. Mazzarantani PA, Sarasota

PLANS, DESCRIPTION: Carla O'Brien, president and owner of Carla's Clay, bought a property on Northgate Boulevard to house her retail, gallery and art-instruction business. Carla's Clay Inc. mortgaged the building to Bank of America NA for $476,000.

de Morgan Homes

buys Palmetto land

BUYER: Decap Development 2 LLC (de Morgan Homes), Ellenton

SELLER: Theolla Cannon, unremarried spouse of H.H. Cannon

PROPERTY: 815 39th St. E., Palmetto

Price: $984,000

Law firm on deed: Porges Hamlin Knowles & Prouty PA, Bradenton

PLANS, DESCRIPTION: de Morgan Homes has purchased slightly less than 20 acres of former orchard land to build the 130-unit Caloosa Gardens community.

"It's probably going to be a mixture of townhomes and maybe some single-family detached (homes)," says Derrick Barwick, vice president for the de Morgan Cos. Inc. "A certain percentage of that is going to be affordable housing as designated by Manatee County. We are really at an early stage in the development. We hope to get before the commission in October or November."

Barwick says the company hopes to start construction in March and have about 30 homes built there next year. The development currently calls for a mix of six-plex and four-plex buildings.

"We are also looking at a couple of parks and a clubhouse (as amenities)," Barwick says.

Decap Development 2 LLC, the purchase entity for the venture, mortgaged the property to First National Bank & Trust for $738,000.

Developer buys out east

for new home community

BUYER: Capital Force Inc. (principals Neil Hussani and Carlos Graterol), Sarasota

SELLER: Cloverdale 4 LLC

Price: $15.61 million

BUYER: Lake Verna LLC, (principal Albert Myara) Lakewood Ranch

SELLER: Capital Force Inc.

PROPERTY: 28200 S.R. 70 E., Myakka City

Price: $19.8 million

Previous Price (to both transactions): $1.64 million, Jan. 2001

PLANS, DESCRIPTION: Albert Myara has purchased about 814 acres in Myakka City on State Road 70 behind the Concession Golf Club & Residences. The development is envisioned as about 300 five-acre home sites around a 100-acre lake. Lot prices are slated to start in the high $200,000.

Myara's Lake Verna LLC mortgaged the property to Regions Bank for $12.9 million.

Rosedale developer buys

land to expand

BUYER: Newton Developments Inc. as trustee (principals Robert Hunt and Patrick Hogan), Bradenton

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

PROPERTY: 237 acres of grazing land on Lakewood Ranch Boulevard in Lakewood Ranch

Price: $7.12 million

Law firm on deed: Grimes Goebel Grimes Hawkins Gladefelter & Galvano PL, Bradenton

PLANS, DESCRIPTION: Bradenton-based Rosedale Construction, developer of Rosedale Golf and Country Club, has purchased about 240 acres of grazing land next to the existing residential community in Bradenton. "This is going to be a single-family community that will really complement what we already have out there," says Patrick Hogan, Rosedale Construction's vice president. "We are going to add an additional nine-hole golf course and about 300 homes."

Hogan expected to start construction on the course, community infrastructure and homes construction early next year. Pre-sale pricing for the homes is slate to start in the mid-$500,000s.

"It's only natural that we wanted to keep it going especially when we were running out of product here, and there is vacant product so close by," Hogan says. "We were just lucky Schroeder-Manatee Ranch was nice enough to sell it to us."

New Jersey firm acquires

29 retail sites in Florida

BUYER: Sovereign TB LLC, Princeton, N.J.

SELLER: Tromble & Co. Inc., Port Charlotte

PROPERTY: 29 fast-food retail sites in 10 Florida counties, including Collier, Hillsborough, Lee, Manatee and Sarasota.

Price: Multiple sales in excess of $31 million.

PRIOR SALES: Not available

LAW FIRM ON DEEDS: Law Office of Thomas Garrard PA, Punta Gorda.

PLANS, DESCRIPTION: Over the past couple of years, Sovereign Investment Co. has negotiated at least $140 million in sale-leaseback agreements with companies such as Sunstate Equipment Co. and franchisees ranging from Jiffy Lube to Roadhouse Grill.

Just recently, the Princeton, N.J.-based subsidiary of Marcus & Millichap Co. negotiated the purchase of 29 Taco Bell fast-food retail sites in Charlotte, Collier, Hendry, Hillsborough, Lee, Manatee, Martin, Palm Beach, Sarasota and St. Lucie counties.

Neither officials for the buyer nor the seller, Port Charlotte's Tromble & Co. Inc., responded to requests for information about the transactions.

Current property records in eight of those counties reveal the Princeton company purchased 17 properties through Sovereign TB LLC for almost $31 million.

It financed the transactions with a $44.5 million mortgage through Wells Fargo Bank NA. The mortgage describes the financing as an encumbrance on all 29 properties in those 10 Florida counties.

Property records show the Princeton company paid $6.3 million for three sites in Hillsborough, $5.1 million for three sites in Sarasota, $4.73 million for two sites in Collier, $4.72 million for three sites in Charlotte and $3.2 million for two sites in Manatee. According to official deed records, Sovereign Investment bought 8405 Lockwood Ridge Road ($1.6 million) and 5410 Manatee Ave. W. ($1.56 million) in Manatee County and 430 N. U.S. 41 Bypass ($1.5 million), 2055 S. Tamiami Trail ($2.07 million) and 5557 Fruitville Road ($1.5 million) in Sarasota County.

Individual sales ranged as high as $2.5 million for one store in Collier and as low as $1 million for one in Charlotte.

Of the 17 properties GCBR documented, individual sales averaged about $1.82 million.

Developer announces

San Marco tenants

San Marco Development Co. of Sarasota Inc., which is developing the retail complex San Marco Plaza in Lakewood Ranch, has announced the merchant list for its new cultural center. With 75% of the space committed, developers are optimistic they will have full occupancy by the grand opening in the first quarter of 2006.

To date, the San Marco list of retailers and restaurants includes: Golden Apple Dinner Theatre, A Bun in the Oven, Barnie's Coffee and Tea Co., Chasen Reed, Che Bella, Country Pancake House and Restaurant, Decor de France, Divine Interiors, i tesori di Italia, Lakewood Design Jewelry, Queens' Wreath Jewels, ShortStacks Antiques & Gifts and The Shop Under the Clock.

Outparcels have also been purchased by RBC Centura Bank and Prudential Palms Realty.

"Almost all of our San Marco contracts have been buyers," says Karen Cook, partner and leasing agent for the project.

The San Marco Plaza will provide 55,000 square feet of retail/restaurant space and 10,000 square feet of office space. The architectural theme is European in nature, reminiscent of St. Marks Square in Venice, Italy. A seven-story Venetian-style clock tower is planned as a focal point.

The original design was conceived by Stanley Appel and Richard Allen, and the final plans were completed by Sarasota architect Don Lawson, president of Lawson Group. Halfacre Construction Co. is the general contractor for the project.

Fort Myers psychologist

buys Bradenton office

BUYER: BHMC Partners LLC (principal Michael Spellman), Fort Myers

SELLER: Samuel Smith

PROPERTY: 4843 27th St. W., Bradenton

Price: $565,000

Previous Price: $304,000, November 2001

Law firm on deed: Blalock Walters Held & Johnson PA, Bradenton

PLANS, DESCRIPTION: Dr. Michael Spellman is expanding his psychological medical practice from Fort Myers into Manatee County. One of Spellman's specialties will be working with children and their parents during divorce.

"The main reason is I'm working with Manatee Memorial Hospital to open a partial psychological hospitalization program for older patients," Spellman says. "This provides the inpatient level of intensity for people while still allowing them to stay home in their own beds. It tends to be far less expensive and every bit as effective."

Spellman purchased a building totaling nearly 7,400 square feet in the Parkwood Professional Center.

"I'm only going to be leasing half of it, and I'll be leasing out the remainder," Spellman says. "Part of my plan is to eventually update the building and give it a total facelift." The expected rental rate for the space is $15 a square foot.

BHMC mortgaged the property to First National Bank & Trust for $480,000.

Title company to relocate

to Lakewood Main Street

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.

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, 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 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 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.

• Thang Wai and Yee Fung Chau purchased vacant commercial land 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. 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.

• 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.

• On Target Inc. leased 2,500 square feet of office/warehouse space at 7626 15th St. E., Sarasota, from the Airport Commerce Center. The transaction was handled by the Airport Commerce Center.

• Kinetronise Corp. leased 2,500-square-feet of office/warehouse space at 1459 Tallevast Road from the Airport Commerce Center. The transaction was handled by the Airport Commerce Center.

• US Home, a division of Lennar Corp., has announced plans to build its first development exclusively using E-Walls, a patented system which consists of large custom-made panels that are installed on site and poured full of concrete.

• Florida Power & Light Co. purchased about four acres of vacant commercial land on Cortez Road West from Metropolitan Land Associates LLC for $1.7 million.

• 301 Seventh Street LLC purchased a 5,472-square-foot warehouse space at 301 Seventh Street East in Bradenton from Nazmul Chowdhury for $475,000. Tony Veldkamp, of Michael Saunders & Co.'s The Commercial Group, represented both sides of the transaction.

LEE/COLLER

Tampa's EcoGroup acquires

marina in Naples

BUYER: Ecoventure Wiggins Pass Ltd.

SELLER: Wiggins Pass Marina Co. Inc.

PROPERTY: 13635 Vanderbilt Drive, Naples

Price: $24.2 million

Law firm on deed: Cohen & Grigsby, Bonita Springs

PLANS, DESCRIPTION: Tampa-based EcoGroup has purchased the Wiggins Pass Marina on the Cocohatchee River in Naples. The company recently received residential rezoning approval for the property and now plans to build two 10-story condominium towers. The development will include a total of 80 condos and a 29-slip marina, says EcoGroup President Ed Oelschlaeger. It will be called Aqua at Pelican Isle Yacht Club. The marina is adjacent to the Pelican Isle Yacht Club, another EcoGroup development.

Demolition of the dry-storage facility has started and construction will begin in the second quarter of 2006. Sales will begin at the end of this year, though Oelschlaeger said prices are not yet available. The average size of the condos will be about 3,700 square feet. The general contractor is Boran Craig Barber Engel Construction of Naples.

Ecoventure Wiggins Pass mortgaged the property to AmSouth Bank for $30 million.

Wellington firm purchases

37 acres on Colonial

BUYER: Colonial Fort Myers Apartments LLC

SELLER: John E. States, Trustee

PROPERTY: 4440 Colonial Blvd., Fort Myers

Purchase Price: $12.5 million

Law firm on deed: Stewart & Keyes, Fort Myers

PLANS, DESCRIPTION: The Bainbridge Cos., a Wellington-based commercial and residential real estate company, purchased 37 acres of land on Colonial Boulevard near the intersection with Winkler Avenue. A Bainbridge official said the company has not decided what to do with the property but will likely develop a combination of apartments and retail. The land is currently used for an eggplant farm.

Bainbridge currently owns and manages five other apartment complexes, including three in Jacksonville, one in Vero Beach and one in Maitland. This is its first project in the Fort Myers area.

Colonial Fort Myers Apartments mortgaged the property to Regions Bank for $7.5 million.

Marina sells for $4.5 million

Devpro Inc. purchased a 17.5-acre marina located at 5415 Palm Beach Blvd. in Fort Myers from Ernest and Frances Hansen for $4.5 million. Frank D'Alessandro and Tom Woodyard of D'Alessandro & Woodyard represented the seller. Dave Sims of Cape Coral Waterfront Realty represented the buyer.

Etc....

• First Home Builders purchased 81 residential lots in Lehigh Acres for $3.6 million. Andrea Burson and Frank D'Alessandro of D'Alessandro & Woodyard negotiated the transactions.

• Undisclosed investors bought 13 leased homes in Cape Coral and Lehigh Acres from First Home Builders for $3 million. Samir Cabrera and Frank D'Alessandro of D'Alessandro & Woodyard negotiated the transactions.

• Robbie Lee of Island Development LLC purchased a 10-acre commercial site at 1925 SW Pine Island Road, just west of Chiquita Boulevard in Cape Coral from Marshall Peeples, Trustee, for $1.6 million. The newly acquired land will be combined with another two-acre parcel to develop a 114,000-square-foot self-storage facility called Neighborhood Self Storage and a 44,000-square-foot shopping center called Mirabella Plaza.

Hal Arkin of D'Alessandro & Woodyard represented the buyer. Dave Morton of John R. Wood Realtors represented the seller.

• Advanced Seamless Gutters bought a 5,000-square-foot building at 2151 Andrea Lane in Fort Myers from Joseph Evans Jr., for $662,500. Tim Colen of D'Alessandro & Woodyard negotiated the transaction.

• Frank Potucek bought a 1.45-acre commercial site at 906 N. State Road 29 in LaBelle (Hendry County) from Torris Snow. The purchase price was not disclosed. Don Turner and Kevin Rosenthal of D'Alessandro & Woodyard negotiated the transaction.

• Closets by Design leased 8,600 square feet of office and warehouse space at 5577 Sixth Street W. in Lehigh Acres from Gerard and Marjorie Pizzuti. Todd Holman of D'Alessandro & Woodyard negotiated the transaction.

• Majestic Home Concepts leased 6,283 square feet of office and warehouse space in Billy Creek Commerce Center at 5750 Zip Drive, Unit 1, in Fort Myers from Kathleen Olson. Todd Holman of D'Alessandro & Woodyard negotiated the transaction.

• Shred-It USA leased 1,100 square feet of office space at 2126 Andrea Lane, Unit 3, in Fort Myers from Garry Pflug. Tim Colen and Todd Holman of D'Alessandro & Woodyard negotiated the transaction.

• Alternative Buyer & Seller Mortgage Co. leased 2,500 square feet of office space at 12220 Town Lake Drive, Units 25 and 30, in Fort Myers from Robert Rapp. Tim Colen of D'Alessandro & Woodyard negotiated the transaction.

• Beverly Tope and Melinda Hiles leased 1,589 square feet of retail space for a Dollar Store in the 9299 Center at 9299 College Parkway, Unit 9, in Fort Myers from 9299 College Parkway LLP. Todd Holman of D'Alessandro & Woodyard negotiated the transaction.

• Loan Star leased 800 square feet of office space in the Riverview Grande Professional Office Building at 2240 W. First Street, Suite 102, in downtown Fort Myers from Riverview LLC. Honora Kreitner of D'Alessandro & Woodyard negotiated the transaction.