Real Estate Briefs

Real Estate BriefsSARASOTA/MANATEEBenderson completes Towne Center purchaseBUYER: STC LLC, University ParkSELLER: Moorings of Manatee Inc.PROPERTY: 5440 and 5400 Fruitville Road, SarasotaPRICE: $14.45 millionPREVIOUS PRICE: $11.98 million, May 1999LAW FIRM ON DEED: The Talon Group, OrlandoPLANS, DESCRIPTION: University Park-based developer Benderson Development Co. Inc. purchased the 102,553-square-foot retail complex Sarasota Towne Center in eastern Sarasota. The center, which houses a Blockbuster Video, Winn-Dixie and Chick-fil-A restaurant, is anchored by Target, although that store is owned by the big box retailer separately. No significant changes are planned for the property.Zuckerman Group, JEGbuy land for office buildingBUYER: University Parkway Offices LLC (principals: Ryan Zuckerman and JEG Properties Longterm Investments LLC), Coconut CreekSELLER: Tropic Land Partners LLCPROPERTY: 2970 University Parkway, SarasotaPRICE: $1.64 millionPREVIOUS PRICE: $1.2 million, June 2005TITLE FIRM ON DEED: Florida Title LLC, Boca RatonPLANS, DESCRIPTION: Coconut Creek-based Zuckerman Group and JEG Properties acquired about 2 acres of land on University Parkway to develop a 23,000-square-foot, two-story office building."We haven't decided yet whether it will be office condominiums or for lease," says Ryan Zuckerman, vice president for Zuckerman Group. "Obviously, we were attracted to it because of the excellent real estate location. It's 4 miles west of I-75, near the airport. It also has great traffic counts."Construction on the office is set to start in summer or fall. It will likely take a year to build.The Zuckerman Group, operating under the name of Zuckerman Homes, has built more than 5,000 homes throughout Broward, Palm Beach, Martin, Lee and Collier counties.The new owners mortgaged the property to BankAtlantic for $1.66 million.Grand Oaks Propertiesplans office parkBUYER: Grand Oaks Properties LLC (principals: Kim Walker and BDH Developments LLC), SarasotaSELLER: Grand Oaks Development LLCPROPERTY: 1711, 1719, 1801, 1809, 1815 and 1901 53rd Ave. W., BradentonPRICE: $2.15 millionPREVIOUS PRICE: $1 million, July 2005LAW FIRM ON DEED: Christopher K. Caswell PA, SarasotaPLANS, DESCRIPTION: The investment group Grand Oaks Properties LLC purchased slightly more than 5 acres on 53rd Avenue West. The new owners plan to develop the property as Grand Oaks Office Park, consisting of 11 3,000-square-foot office buildings. The development, which is scheduled to start in about a year, will be sold as office condominiums in either whole or half buildings.Wedebrock Real Estate will develop the property and will represent the office condominiums and a few limited leases.Grand Oaks Properties mortgaged the property to First National Bank & Trust for $1.6 million.Sarasota Conservation Foundation group buys waterfront propertyThe Sarasota Conservation Foundation paid $6.6 million for a 4.3-acre parcel of waterfront property on Palmetto Avenue in Osprey that will be used as a gateway to an adjacent Sarasota County nature preserve.The property, which will be known as Bay Preserve at Osprey, was purchased from owners Cornelia and Richard Matson in order to give the public better access to a nature preserve across from the property, according to Albert Joerger, president of the Sarasota Conservation Foundation."I think it's a great thing for Sarasota and the state of Florida," he said. "It's waterfront land adjacent to 273 acres that didn't have any public access."The foundation received the funds to purchase the property from Florida Communities Trust in the largest award ever received by a non-profit organization in the history of the state program, according to Joerger. The foundation also received a donation of $600,000 from the Matsons, which will be used to establish an endowment for future park maintenance. Property renovations will include compliance with the Americans with Disabilities Act, the installation of nature trails and the removal of invasive, exotic plants. Bay Preserve at Osprey is the second property acquired by the foundation for parks. -Michelle Payne Etc...• Freedom Bank purchased a site in the San Marco Plaza in Lakewood Ranch from San Marco Development Co. of Sarasota, Inc. The bank's parcel already has been cleared and vertical construction of the 3,200-square-foot building should begin soon. An anticipated opening is scheduled for November, about the same time as the other San Marco shops, restaurants and Golden Apple Theatre. • Florida Southern Roofing was awarded a contract to install energy efficient and hurricane-resistant metal roofing on the Ringling Professional Center. The new roof has been engineer verified to withstand 130-mph winds. It will be manufactured on-site at the six-building complex on Ringling Boulevard near Tuttle Avenue in Sarasota, using metal coil from Drexel Metals and Florida Southern Roofing's portable roll formers.• 1250 Medical Property LLC purchased a 5,903-square-foot medical office located at 1250 South Tamiami Trail, Unit 101, in Sarasota from 1250 Holdings Ltd. for $2.18 million. Ian Black and Steve Horn of Ian Black Real Estate handled the transaction.• Hennessy Construction Services was awarded a contract to build the 19-unit Siesta Pointe Townhomes, a total of 45,000 square feet, for Bayside Breeze, LLC, for $5.5 million.TAMPANeviot Realty buys The Preserve at Temple TerraceBUYER: Neviot Realty Holdings LLC (principal Mordechai Boaziz), Miami BeachSELLER: MacIntosh Land Co. Ltd. PartnershipPROPERTY: 7855 E Fletcher Ave., Temple TerracePRICE: $46 millionPLANS, DESCRIPTION: Miami Beach-based investment group Neviot Realty Holdings LLC purchased The Preserve at Temple Terrace Apartments, a 392-unit complex in Temple Terrace, for $46 million. The purchase price breaks down to about $117,347 per unit. The complex, which has 162 one-bedroom units, 206 two-bedroom units and 24 three-bedroom units, is on 35 acres in Northeast Tampa.Jay Crotty, Robert Goldfinger and Timothy Johnson of Marcus & Millichap in Tampa represented the seller. "The plans were to convert the property to condominiums," Crotty says, "at least at the time of the sale." The new owners could not be reached to comment on their plans for the property. Neviot Realty Holdings mortgaged the property to BRT Realty Trust for $48.5 million. Wood Partners buys land for 610 FranklinBUYER: 610 Franklin Condominiums LLC (principal WP South Corp. Inc.), Marietta, GA.SELLER: 610 Franklin LLCPROPERTY: 610 Franklin St., TampaPRICE: $11 millionPLANS, DESCRIPTION: Wood Partners Inc. has purchased the former Maas Brothers department store in downtown Tampa for its planned Six Ten Franklin condominiums. The development, which is scheduled to go up sometime in November, will feature 474 condominium units in a 33-story building. The units are slated to have an average price range of $300,000 and will range from about 500 to 1,165 square feet.Wood Partners mortgaged the property to LaSalle Bank for $8.13 million. Etc...• Atlanta-based general contractor Hardin Construction Co. renewed its lease of 6,692 square feet at Tampa Commons. Tampa Commons is a 13-story, 255,000-square-foot office building at the intersection of Dale Mabry Highway and Kennedy Boulevard in the Westshore area of Tampa. Cushman & Wakefield negotiated the transaction on behalf of the landlord, Wells REIT II – Tampa Commons LLC, headquartered in Norcross, Ga.• Wakely & Associates Inc., a third-party administrator for life and health insurers and reinsurance firms, has leased an additional 7,617 square feet in Building G in Spectrum Technology Park on Ulmerton Road between Belcher and Starkey roads in Largo. It now occupies a total of 65,778 square feet. Plano, Texas-based EDS Information Services LLC renewed its lease of 14,453 square feet in Building H as well. Advantis Real Estate Services Co., a partner in GVA Worldwide, negotiated both transactions on behalf of the sublandlord, Paradyne Corp. Wakely & Associates was represented by Colliers Arnold, and EDS Information Services was represented by Trammell Crow Co..• New Port Holdings LLC, an affiliate of EcoGroup Inc., Tampa, has started construction on New Port Tampa Bay, a project promoted as the largest single residential community in the history of Tampa. The 52-acre site, located at the foot of the Gandy Bridge west of Gandy Boulevard and Westshore Boulevard, is planned as a waterfront village that will offer more than 1,200 residential units, waterfront parks, a 300-slip deep-water marina and adjoining restaurants, retail shops, office buildings and trails. • Creative Recycling Systems Inc., an electronic recycling company, has leased 55,000 square feet in Tampa East Industrial Park, 8108 Krauss Blvd. in Tampa. Air Rescue Air Conditioning Inc. leased 18,500 square feet in the center as well. Cushman & Wakefield Senior Director Mike Davis and Associate Director Rian Smith negotiated the lease on behalf of the owner of the space, Weingarten Realty Investors.LEE/COLLIERMarissa Collections buys location on Third StreetBUYER: Dyer LLC (principals: Maria and Burt Hartington), NaplesSELLER: Northern Trust Bank FL NA, TrusteePROPERTY: 1167 Third St. S., NaplesPRICE: $7 million PLANS, DESCRIPTION: Marissa and Burt Hartington purchased a 17,000-square-foot building that currently houses their luxury clothing retailer, Marissa Collections, in Naples. "We've been trying to buy that building for the longest time," says Burt Hartington. "We wanted to expand, and it just made sense to actually buy the building." The Hartingtons plan to open an in-store boutique selling wares from the men's clothing line Bruno Cucinelli. The Hartington's store has been at the Third Street location since 1982 and during that time it has gone through four major renovations and expansions. The sale is not expected to impact the building's other tenants, most of whom are on the second floor. The Hartington family mortgaged the property to TIB Bank for $6.16 million.Manheim acquires Southwest Florida Auto AuctionBUYER: Florida Auto Auction of Orlando Inc.(principals: Dean Eisner, Michael Langhorne, Richard Jacobson, Andrew Merdek, Jamie Porter and Michael Broe), AtlantaSELLER: Greater Southwest Florida Auto Auction Inc.PROPERTY: 2100 and 2020 Rockfill Road, Fort MyersPRICE: $2.55 millionLAW FIRM ON DEED: Stewart Title Guaranty Co., TampaPLANS, DESCRIPTION: Atlanta-based Manheim, a subsidiary of Cox Enterprises Inc., has purchased the 17-acre property and business of the Greater Southwest Florida Auto Auction in Fort Myers. It's Manheim's 89th North American auction location.The 20-year-old auction began operating under Manheim earlier this month. Warren Young Jr., former general manager of St. Pete Auto Auction in Clearwater has been named general manager of Manheim's Southwest Florida Auto Auction.Manheim employees 32,000 people in a total of 126 U.S. and worldwide auction locations. Naples group buys land,plans mixed-use projectBUYER: WR Development II LLC (principal Rainer Filthaut), NaplesSELLER: Crown Management Services LLCPROPERTY: 300 8th St. S., Naples PRICE: $2 millionLAW FIRM ON DEED: Goodlette Coleman & Johnson PA, NaplesPLANS, DESCRIPTION: WR Development II LLC, an investment group headed by Rainer Filthaut, purchased vacant land at Eighth Street South and Third Avenue South in Naples to develop a 24,000-square-foot, mixed-use building. The three-story building will have five residential units on the top level, 10,000 square feet of office space on the second floor and retail or a bank on the ground floor. The condominium units and office space are being offered for sale. Filthaut expects to start construction in about a year.Filthaut is president of the Engel & Völkers Naples, Real Estate LLC, a real estate agency that specializes in assisting Germans with real estate deals.WR Development II LLC mortgaged the property to Northern Trust Bank for $1.4 million.Etc...• Construction has started on the Ships Lantern Resort Condominiums, located at 8251 Esther St., Cape Haze, just north of Boca Grande on the Intercoastal Waterway. • Fort Myers-based Stevens Construction started construction on the Orthopedic Specialists of Southwest Florida Sports Medicine Center. Stevens Construction will manage the interior renovation and build-out of about 17,000 square feet to include radiology suites, exam rooms and administrative offices. Designed by Gora McGahey Associates in Architecture Inc., the Fort Myers orthopedic office is located on Cleveland Avenue, just north of Lee Memorial Hospital. Stevens Construction also completed the renovation of the 11,000-square-foot Florida Hospital medical office building in Sebring. The building now houses the outpatient diagnostic center and medical offices for Florida Hospital.• Miami-based residential developer The Related Group of Florida started construction of Tower II at Oasis, a condominium development in downtown Fort Myers.