Real Estate Briefs

Real Estate Briefs

Sarasota/Manatee

Sarasota Investment Co. buys

Sunshine Sarasota Industrial

BUYER: Sarasota Investment Co. (principals: J. Russell Klosner, Stephen Allen, Doug Connours and John Klosner), Sarasota

SELLER: John Cavanaugh, Trustee and Sunshine Sarasota Industrial Park LLC

PROPERTY: 6121 and 6203 Porter Road, Sarasota

PRICE: $5.9 million

LAW FIRM ON DEED: Lawyers Title Insurance Corp., Sarasota

PLANS, DESCRIPTION: The investment, development and management firm Sarasota Investment Co. acquired the three-building Sunshine Sarasota Industrial Park and surrounding land. The company plans to rename it Porter Industrial Park, says President Steve Allen. The three buildings total about 49,000 square feet.

Allen says his first priority is to lease about 12,500 square feet of vacant space. The rental rate for the space is $11 a square foot gross and Allen says he's open to breaking it up into spaces as small as 2,500 square feet.

While the company is leasing the space, permitting has already started for a fourth building, which would range from 15,000 to 20,000 square feet.

Founded in 1968, Sarasota Investment Co. owns a number of business and industrial parks, including the 77,000-square-foot Sawyer Business Park.

Mapp, others, buy building,

expand businesses

BUYER: Paschal Properties Inc. (principals Timothy Mapp, Larry Bunch and Don Higginbotham), Sarasota

SELLER: Francis Eldridge, Trustee

PROPERTY: 6400 Manatee Ave. W., L, Bradenton

PRICE: $1 million

TITLE FIRM ON DEED: Florida Paradise Title LLC, Sarasota

PLANS, DESCRIPTION: An investment company owned by Timothy Mapp, Larry Bunch and Don Higginbotham bought an about 6,500 square-foot executive office building. The building will house three of Mapp's companies: Mapp Realty and Investment Co., New Millennium Mortgage and Florida Paradise Title. Additional space in the building has already been leased out to other tenants.

Paschal Properties mortgaged the property to the former owner for $900,000.

Investors purchase

Sarasota fast-food building

BUYER: Sarasota Real Estate LLC, Sarasota

SELLER: Sovereign TB LLC

PROPERTY: 2055 S. Tamiami Trail, Sarasota

PRICE: $2.4 million

PREVIOUS PRICE: $2.7 million

TITLE FIRM ON DEED: Fidelity National Title Insurance Co. of New York, Maitland

PLANS, DESCRIPTION: An investment group acquired a 2,560-square-foot fast-food building in Sarasota. Port Charlotte–based Tromble and Co. has a more than 20-year lease on the space for its KFC and Long John Silver's restaurants. Coldwell Banker Realtor Joseph Boguszewski represented the buyers and Marcus & Millichap represented the sellers.

Etc...

•Dick and Tom Hubbard of Hubbard Entertainment LLC are moving ahead with plans for a 50,000-square-foot bowling and recreational center on the northeast corner of Center Ice Parkway and Lakewood Ranch Boulevard in Lakewood Ranch. The center will offer 40 lanes and was designed by architect Steve Scheirman, of Scheirman Associates Architects in Dallas. The bowling center will also feature a restaurant with an outdoor patio and seating area. Patrons will be able to reserve the bowling center for private parties and the center will also offer special theme nights, similar to Sarasota Lanes, which is also owned by Hubbard Entertainment, ,

Construction on the new bowling and recreational center is slated to start in late 2006 with an anticipated opening during the fourth quarter of 2007.

Lee/Collier

Toll Brothers plans 1,000 more Florida homes

Buyer: Toll Ft. Myers

Seller: Charles Huether, Trustee

Property: Sixty acres on Challenger Parkway, Fort Myers

Price: $17 million

Attorney on deed: Pavese Law Firm

Buyer: Toll FL V Ltd. Partnership

Seller: Royal Wellington Holdings LLC

Property: 11160 Valewoood Drive, Collier County

Price: $19.2 million

Previous price: $16.3 million

Attorney on deed: Frank, Weinberg & Black, P.L., Plantation

Plans, description: Pennsylvania-based luxury homebuilder Toll Brothers bought land in Naples and Fort Myers where it plans to build about 1,000 homes.

In Fort Myers, Toll bought 60 acres on Challenger Parkway between Colonial Boulevard and Winkler Avenue Extension where it plans to build 845 coach homes, carriage homes and condos in a development called Colonial Lakes. The coach homes contain four residential units and the carriage homes have eight. Units range in size from 1,441 to 2,563 square feet. "Hopefully, we'll be breaking ground next week," says Ken Thirtyacre, Toll's division vice president in Bonita Springs. Sales are scheduled to start in May and the first residents will move during 2007. Prices are not yet available.

Toll also bought 22 acres at Quail Creek in Collier County, where it plans to build over 100 coach and carriage homes. "It's probably going to be close to the end of the year before we break ground," Thirtyacre says. The development will be called Palazzo Village at Quail Creek and it is located east of Interstate 75 and north of Immokalee Road. Toll has been building in Southwest Florida for nine years and has built over 1,000 homes in developments such as Aviano in Naples, Belle Lago and the Reserve in Estero and Villa d'Este and Bella Vita in Bonita Springs.

Hotelier buys Quality Inn in Fort Myers

Buyer: DOC Ft. Myers LLC and Nicktyblake1 LLC

Seller: Lee County Lodging Joint Venture

Property: 2431 Cleveland Ave., Fort Myers

Price: $6.4 million

Previous price: $3 million, June 1991

Title firm on deed: First American Title Insurance Co., Clearwater

Plans, description: Fort Myers-based Development Opportunity Corp. bought the 124-room Quality Inn hotel on Cleveland Avenue near downtown Fort Myers and plans a $3.5 million renovation. Once the renovation is complete in late summer, the company plans to reflag the hotel as a Holiday Inn, says Phillip Hugh, the company's managing member.

The renovation of the hotel will include new furnishings and fixtures in the rooms as well as an exterior renovation that will include a French-style carriage porch. DOC Fort Myers and Nicktyblake1 LLC mortgaged the property to First Southern Bank for $6.9 million.

The company also plans to build a boutique hotel called Hotel Indigo in downtown Fort Myers. Indigo will be an $11 million project that will include 62 rooms and suites in a seven-story tower near the intersection of Broadway and Main streets.

Etc...

• Investor groups bought 32 homes from First Home Builders in Fort Myers for $9.1 million. Samir Cabrera and Frank D'Alessandro of D'Alessandro & Woodyard negotiated the transactions.

• TDJ Holdings Inc. bought 3.37 acres in Alico Commercial Park at 17025 Cam Court, Lot 3, in Fort Myers from JED/Allen Commercial Park for $2.2 million. Paul Sands of VIP Commercial-TCN Worldwide represented the seller and Phil Deems of Phil Deems Realty represented the buyer.

• Khosrow Moaveni bought 3.59 acres in Crystal Commerce Park at 12300 Crystal Commerce Loop in Fort Myers from Evans Financial Services for $1.2 million. Paul Sands of VIP Commercial-TCN Worldwide represented the seller and Pamela Van Vleck, also with VIP Commercial, represented the buyer.

• John E. Stamps bought 1.86 acres at the corner of John Morris Road and McGregor Boulevard in Fort Myers from Dwight S. Baird Jr., Trustee, for $548,114. Karl Lippek of Colliers Arnold represented the seller and Cliff Wiersma of Market America Realty represented the buyer.

• R.H. Donnelley, a publisher of telephone directories, leased 20,000 square feet at Orion Centre Professional Building at 6700 Daniels Parkway in Fort Myers from The D'Jamoos Group of Naples.

•Sentry Management leased 8,100 square feet of office space in units 1 and 2 at Daniels Metro Park of Commerce, 6330 Techster Blvd., Fort Myers, from Dantro Partnership. Karen Johnson-Crowther and Paul Sands of VIP Commercial-TCN Worldwide negotiated the transaction.

Tampa

Group buys Bloomingdale Woods for condo conversion

BUYER: H.A. Bloomingdale Woods LLC, Miami

SELLER: B.W. P. Inc., Tampa

PROPERTY: 3453 Timber Run Drive, Valrico

PRICE: $16 million

LAW FIRM ON DEED: Hill, Ward & Henderson PA, Tampa

PLANS, DESCRIPTION: Miami-based H.A. Bloomingdale Woods LLC bought the 224-unit Bloomingdale Woods Apartments in Valrico; it plans to convert the units to condominiums. The group paid $16 million, about $71,400 per unit.

Orlando Horta Jr., managing member of the buyer's group, could not be reached for comment.

Bloomingdale Woods obtained a $12.8 million mortgage from TotalBank, Miami. The details of the sale include a long escrow period due to the seller wanting to close the transaction in 2006, and a 6.04% cap rate based on the amount of income at the time of sale, according to CoStar Group Inc. Bill Renje and Casey Babb of Prudential CRES in Tampa represented the seller.

Philadelphia group pays

$39 million for complex

BUYER: Windsor Group LP, Philadelphia

SELLER: Windsor Club Seven Oaks LLC, Flournoy Development Co. LLC

PROPERTY: 2300 Guards St., Wesley Chapel

PRICE: $39 million

PREVIOUS PRICE: $2,040,000, December 2003 (unimproved)

LAW FIRM ON DEED: Bricklemyer, Smolker & Bolves PA, Tampa

PLANS, DESCRIPTION: The Windsor Club Group LP, Philadelphia, bought the 14.75-acre Wesley Chapel apartment complex at 2300 Guards St. for $39 million with plans to convert it to condominiums.

The 240-unit complex, near State Road 56 and 581 at the Seven Oaks subdivision, sold for about $162,500 per unit. The complex is about a year old.

The group obtained a $31.2 million mortgage from PNC Bank. Byron Morger, a senior director with Cushman & Wakefield, brokered the deal.

Mobile home residents buy

Largo park for $60 million

BUYER: Paradise Island Co-Op Inc., Largo

SELLER: Brown Associates Ltd II, Roberts Associates Ltd. II and Kennedy Associates Ltd.

PROPERTY: 1001 Starkey Road

PRICE: $60 million

PREVIOUS PRICE: June 1983, $2.1 million

LAW FIRM ON DEED: Ruden, McClosky, Smith, Schuster & Russell PA, St. Petersburg

PLANS, DESCRIPTION: Residents of Island in the Sun, a Largo mobile home park, bought the 107 acres their homes sit on at 1001 Starkey Road for $60 million. The residents obtained a $45 million mortgage from the prior owners.

ETC.

• The Sembler Co. recently broke ground on a new 14,820-square-foot Walgreens drug store at McMullen Booth Road and State Road 590 in Safety Harbor. The general contractor is Malcolmson Construction Co. Inc., St. Petersburg. The store is projected to open in September.

St. Petersburg-based Sembler has developed 150 free standing drug stores in Florida, Georgia, Alabama, Mississippi, New York and Puerto Rico over the past decade.