Real Estate Briefs

Real Estate Briefs

Sarasota/Manatee

Crossgate, EndVision buy into mixed-use project

BUYER: Bay Street Partners LLC, Sarasota

SELLER: Bay Street Village & Town Center LLC, Henry Rodriguez and SDC Communities Inc.

PROPERTY: Bay Street and U.S. 41, Osprey

PRICE: $12.5 million

PREVIOUS PRICE: $13.3 million

LAW FIRM ON DEED: Kirk Pinkerton PA, Sarasota

PLANS, DESCRIPTION: Crossgate Partners and Sarasota-based EndVision Development Group acquired an 11-acre lot in Osprey designated for the new-urbanist mixed-use $65-million Bay Street Village & Town Center.

Plans for the project include 69 residential villas, 60,000 square feet of retail and restaurant space, 56,000 square feet of commercial space and a "village green" community area for public gatherings, small festivals and other outdoor events. A 25,00-square-foot public library will also be developed adjacent to the village green.

Bay Street Village & Town Center is bordered by a 500-unit residential condominium project, known as Waterford at Bay Street Village, being developed by Waterford Companies, a Venice-based developer.

Bay Street Village & Town Center is scheduled to break ground April 2.

Bay Street Partners mortgaged the property to Whitney National Bank for $11 million.

Vengroff, partners

buy Gardenwood Apartments

BUYER: IIYF LLC, IIYF LLC and BT Partners (Harvey, Mark and Joel Vengroff and Robert Williams), Sarasota

SELLER: S.E. Residential West LLC

PROPERTY: 3223 W. Third St, Bradenton

PRICE: $2.1 million

PREVIOUS PRICE: $969,200, July 2001

ATTORNEY ON DEED: Michael Gasdick, Orlando

PLANS, DESCRIPTION: An investment group headed by Harvey Vengroff, CEO of Vengroff, Williams & Associates, purchased the 55-unit Gardenwood Apartments in Bradenton. Vengroff says he plans to fix up the units and continue to rent them starting at about $600 a month. Vengroff now owns and operates a total of 150 rental units in Manatee County.

The new owners have mortgaged the property to Freedom Bank for $2.4 million.

Investor buys farm land,

expects to flip

BUYER: Watergrove LLP, Howard Sadwin and Grady Hartzog, Sarasota

SELLER: Robinson Farms Inc.

PROPERTY: Land near Erie, Mendoza and Moccasin Wallow roads, in Ellenton in northern Manatee County,

PRICE: $1.25 million

PREVIOUS PRICE: $2 million, December 1988

LAW FIRM ON DEED: Properties Title LLC, Sarasota

PLANS, DESCRIPTION: Real estate agent Howard Sadwin, accountant Grady Hartzog and a group of investors purchased 56 acres of agricultural land in Ellenton fronting Interstate 75.

"We actually already have that under contract to a third party to develop," Sadwin says, adding that the buyers originally planned to develop the property as a single-family community, but another group stepped in to buy it from them.

Etc...

• Appliance Depot & More, also known as DEP Marketing, LLC, leased 10,000 square feet of retail space at Palm Plaza, 1951 South McCall Road, Englewood, from Palm Plaza Partners LLC. Paul Schouten of Michael Saunders & Co., and Robert Friedman of GK Development, Inc. negotiated the transaction.

• Linda Lane LLC purchased a 7-unit apartment complex at 3355 Central Ave., Sarasota, from Frances Richey and Margaret Jonikian, for $1 million. The apartment has three 4-bedroom units, three 3-bedroom units one 2-bedroom unit.

Lee/Collier

Boca Raton homebuilder buys land for 900 homes in Estero

Buyer: Prime Homes at Portofino Vineyards Ltd.

Seller: Villages of Cypress Island LLLP

Property: 71 acres in Lee County

Price: $15.7 million

Previous price: $5 million, December 2004

Attorney on deed: Ackerman Senterfitt, Miami

Plans, description: Boca Raton-based home builder Prime Homebuilders bought 71 acres in the San Carlos area of Lee County near Interstate 75 and Three Oaks Parkway, where it plans to build 900 homes.

The gated community, to be called Portofino Vineyards, will have a mix of single-family homes, town homes, garden homes and apartments. About 300 of the 900 units will be apartments. Fred Abbo, the company's president and owner, says he expects construction to begin in about six months. Prices for the homes and apartment rental rates have not yet been set.

Prime Homebuilders already has several projects planned or under construction in southwest Florida, including the Falls of Portofino in Naples, and Portofino Cove and Portofino Springs in Fort Myers.

Family trust invests

in Fort Myers warehouses

Buyer: Kelly Peel, Trustee

Seller: 4-M Properties

Property: 11803 Metro Parkway, SE, Fort Myers

Price: $6.5 million

Title company on deed: Watermark Title, Naples

Plans, description: The Liddell Family Trust bought 129,000 square feet of warehouse buildings in Fort Myers. Trustee Kelly Peel says the acquisition is for investment purposes; she declined to elaborate.

Kelly Peel, Trustee, mortgaged the property to Genworth Life Insurance Co. for $2.5 million.

Naples company

buys Fort Myers motel

Buyer: L&M GBC Mar LLC

Seller: Teranga Management Inc.

Property: 17990 San Carlos Blvd., Fort Myers

Price: $6.1 million

Previous price: $2 million, February 1999

Attorney on deed: Pavese Law Firm, Fort Myers

Plans, description: Naples-based construction company L&M Building and Development bought the Mariner's Lodge and Marina on San Carlos Boulevard in Fort Myers.

"We are going to operate the motel on an indefinite basis until we get approved for a little residential community," says Steve Loveless, owner and managing member of L&M.

When it receives approval, L&M plans to build 14 to 15 luxury townhouses, each with its own boat dock. The property is located on a canal that leads to San Carlos Bay and the Gulf of Mexico.

L&M GBC Mar mortgaged the property to Cypress Lending Group Ltd. for $4.5 million.

Etc...

• Homestead Road LLC bought 136 acres on Homestead Road in Lehigh Acres from Flint Family LLLP for $8.4 million. Frank D'Alessandro and Tom Woodyard of D'Alessandro & Woodyard negotiated the transaction.

• William Cousins bought a 9,424-square-foot building on 1.03 acres at 5720 Zip Drive in Billy Creek Commerce Center in Fort Myers from TK Investments for $1 million. Todd Homan of D'Alessandro & Woodyard represented the seller and Ron Bauer represented the buyer.

-All American Shutters leased a 13,090-square-foot office and warehouse building at 5601 Division Drive in Fort Myers from Castillo Properties LLC. Kevin Rosenthal and Todd Holman of D'Alessandro & Woodyard negotiated the transaction.

-Efficiency Enterprises of Tampa LLC leased a 9,000-square-foot office and warehouse building in Billy Creek Commerce Center at 5580 Zip Drive, unit 5, in Fort Myers from Little Leasing Inc. Bill Shuba of D'Alessandro & Woodyard negotiated the transaction.