Commercial RE Briefs

Commercial RE Briefs

by Sean Roth | Real Estate Editor

SARASOTA/MANATEE/CHARLOTTE

Thomas Ranch owner buys Venice lot

BUYER: Fourth Quarter Properties 103 LLC (principal Stanley Thomas), Newnan, Ga.

SELLER: Bulk Landscape Supply Inc.

PROPERTY: 9068 S. Tamiami Trail, Venice

PRICE: $4.8 million

PREVIOUS PRICE: $325,000 (multi-parcel sale), March 1995

LAW FIRM ON DEED: Boone Boone Boone Koda & Frook PA, Venice

PLANS, DESCRIPTION: Fourth Quarter Properties, which owns the 7,800-acre Thomas Ranch in North Port, purchased a seven-acre corner parcel on Tamiami Trail for $4.8 million. Christine Walter of Richardson Kleiber Walter Walter Ptr. handled the transaction.

"It has a building on it but it's really just a teardown," Walter says. "It's really insignificant. The land is zoned commercial intensive."

Walter says that the developer has not made any firm decision as to the future development plan for the site. Much of that delay likely stems from annexation uncertainties. Being annexed into the city offers the developer easier access to utilities, but the trade off is the political attention and time delays, which have often followed.

The Review was unable to contact representatives for Fourth Quarter Properties prior to deadline.

Fourth Quarter Properties mortgaged the property to Southern Commerce Bank NA for $3.68 million.

Investor George Perreault buys Pen West buildings

BUYER: George C. Perreault LT 4 LLC, Sarasota

SELLER: Pen West Associates LLP

PROPERTY: 2801 Fruitville Road, Sarasota

PRICE: $19.1 million

PREVIOUS PRICE: $6.5 million, February 2000

BUYER: George C. Perreault LT 3 LLC, Sarasota

SELLER: Pen West North LLP

PROPERTY: residential, a portion of north Allendale Avenue and north Dodge Avenue, Sarasota

PRICE: $1.75 million

PREVIOUS PRICE: $150,000, July 2005

LAW FIRM ON DEED: Abel, Band, Russell, Collier, Pitchford & Gordon Chartered, Sarasota

PLANS, DESCRIPTION: Sarasota real estate investor George Perreault purchased the three-building, 108,081-square-foot Penn West office park in Sarasota from a group headed by Sarasota attorney David Band for about $21 million. Perreault called the acquisition a good long-term investment, particularly because of the office complex's 100% occupancy.

The purchase also included an adjacent parcel, which has the potential for a 33,000-square-foot fourth office building. Perreault has retained Robert Lurie, chairman of Clearwater-based Florida Growth Realty, to market the lot for purchase to a potential developer or buyer.

Lurie, who represented the sellers in the Pen West sale to Perreault, says that barring any unexpected delays, construction of the fourth building on the vacant site will start in the early part of the year.

Built in 1986, Pen West currently houses among others, the Dattoli Cancer Center, Protocol and Bankers Life & Casualty Co.

Perreault also owns the 20,120-square-foot Boatyard Village Stickney Point Road. In 2005, he made news when he sold the Summerhouse Restaurant on Siesta Key to Ohio-based Snavely Construction for $10 million. The developer eventually went on to develop the 45-unit Summer Cove.

Palmetto Bay investor buys Phoenix Professional Center

BUYER: Phoenix Center LLC (principal: Devin Benjamin), Palmetto Bay

SELLER: Steven and Elizabeth Winalis

PROPERTY: 12497 S. Tamiami Trail, North Port

PRICE: $1.1 million

PREVIOUS PRICE: $620,000, October 2003

LAW FIRM ON DEED: Goldstein Buckley Chechman Rice & Purtz PA, Fort Myers

PLANS, DESCRIPTION: Entrepreneur and real estate investor Devin Benjamin purchased the 12,213-square-foot Phoenix Professional Center in North Port for $1.1 million. The building, which has 10 tenant spaces, is fully leased.

Steve Winalis of Sellstate Priority Realty Network represented the former owners, and Adam Palmer of Coldwell Banker Commercial NRT represented the new owner

"Our philosophy was that just about anything on U.S. 41 that is below replacement costs is a pretty conservative investment," Palmer says. "It turns out that the income stream there made sense as well. It was priced at about an eight cap [rate] and at the same time the rents are severely below the market. So here we have a property in a great location with the potential of a 14 or 15 cap."

The property, situated on 1.128 acres, houses several healthcare providers, a physical rehab center, a home builder, a nursing school and an investment group.

Etc...

• James Harn and Julia Nerneth-Harn purchased office/warehouse condo units at 779 Commerce Drive, units 11 and 12, Venice, from Sarasota Commerce Park LLC for $590,000. Jim Walter and Christine Walter of Richardson Kleiber Walter Walter Ptr. represented the buyer, and Kevin Robbins with Harry E. Robbins Associates Inc. represented the seller.

• Dr. Tashawna Duncan Ph.D., a local child psychologist, purchased a 2,000-square-foot professional/medical office condominium at Peridia Office Park on State Road 70 in Bradenton from Gates Creek Developers LLC for $580,000. Bob Brillon of Thomas Brillon Interest - Countree Wide Realty Inc. handled the transaction.

• Charles and Michael Lofino purchased a 9,000-square-foot commercial building at 5011 Ocean Blvd., Siesta Key from RM Dear Real Estate LLC for $2.45 million. Anthony Homer of Hembree & Associates, Inc. handled the transaction.

• Dr. Anit Ford purchased a 2,458-square-foot medical office unit at 3920 Bee Ridge Rd. Unit H, Building E, Sarasota from Joseph DeGregorio for $573,000. Anthony Homer of Hembree & Associates, Inc. handled the transaction.

• Developer Michael Sporer's Creekwood East Corporate Park has received approval from the Manatee County Council to begin construction on Creekwood East Corporate Park along the I-75 corridor just north of State Road 70 on Lena Road. The development will consist of 32 industrial lots ranging from one to 10 acres in size. The development is expected to house more than 500,000 square feet of new commercial flex space

Some of the companies already planning to locate in the new park include Actuary Plans Office, Cahill & Chlebina, Fred B LaDue & Associates, Hurricane Medical, Interstate Commercial Brokers, Kennedy General Contractors, and Mark E Cahill Homes. Interstate Commercial Brokers has been awarded the listings for several of the major projects including Creekwood Commons East and Creekwood Exchange. Gulfside Management will be responsible for the property management functions of the corporate park.

• Sea Spray Resort has just opened its sales center for 16 one- or two- bedroom vacation units, for a planned "condotel" at 558-574 Canal Street, Siesta Key. Sea Spray Resort is being developed by RBS Companies and being sold through Prudential Palms Realty and the Wellman/Moffatt Team. Buyers can purchase a turnkey condominium, which can be rented out when not in use by the primary owner. A management company, Mango Bay Beach Resorts, will rent and maintain the unit while the owner is away.

Units at Sea Spray range in size from 470 to 750 square feet. Prices are being listed from $392,700 to $653,900. Each unit includes a full kitchen with Frigidaire Gallery appliances, all-tile flooring, new plumbing and electric, window coverings, fans, and Tommy Bahama-style furnishings. Keyless security lock systems are provided, along with unlimited local and long distance phone service, Internet and Wi-Fi access, on-site laundry facilities, heated pool, and park-like common areas.

• The Ringling School of Art and Design has completed its purchase of a Shell gas station near its campus on U.S. from Motiva Enterprises LLC for $1.9 million. Larry Thompson, president of the Ringling School of Art and Design, says no decision has been made yet on the future use for the site.

"At this point we are demolishing the structure," Thompson says. "We will probably do this sometime later this month. Then basically we will landscape it to make it a more attractive entrance for the campus. We are sure getting a lot of suggestions. Almost every academic department thinks they need that spot for a new building."

Ringling has hired Abbotts' Back-Hoe Service Inc. to demolish the gas station.

• Steve and Carolyn Rawlings purchased the former Candle-Lite Motel from Douglas Smith for $1.65 million. The motel has been renamed the Gulf Breeze Inn. The Rawlings mortgaged the property to Community Bank of Manatee for $1.2 million.

LEE/COLLIER

Florida Gulf Bank develops Coconut Point branch

BUYER: Florida Gulf Bank (principals: Jay Brett, James Dwyer, John Fritts, May Gravina, Stephen Machiz and Michael Mitchell), Fort Myers

SELLER: Coconut Point Developers LLC

PROPERTY: On Coconut Point Road, Estero

PRICE: $1.29 million

PREVIOUS PRICE: $37.25 million (included additional property), June 2004

PLANS, DESCRIPTION: Florida Gulf Bank purchased a parcel at the entrance to the new Coconut Point shopping mall for $1.29 million.

"That will mark our first entrance into south Lee County," says Steve Stewart, Cape Coral area president for Florida Gulf Bank. "We've really been a more metropolitan bank until now. This is just a natural transition for us to grow where the market is growing. Estero and north Bonita is an excellent fit for our business plan."

The bank, which opened its first office in downtown Fort Myers in 2001, now operates four branches in Fort Myers and two in Cape Coral.

The Coconut Point site is planned as an eighth branch office for the bank and construction is scheduled to start sometime in the first quarter. Stewart expects the new 4,000-square-foot office to open in the third or fourth quarter of 2007.

The Coconut Point branch is not the only new branch the bank has in process. In October, the bank purchased the Suncoast Rehabilitation building at1513 S.E. 8th Terrace in Cape Coral next to Cape Coral Hospital for $2.1 million. Florida Gulf Bank is refurbishing/renovating the building to replace a leased location it's maintaining in Coral Pointe Shopping Center.

"The time frame for that is really the same," Stewart says. "We're hoping to move in towards the end of the third quarter.

Pulte home-builders buys land for Ave Maria

BUYER: Pulte Home Corp. (principals: Vincent Frees, Richard Dugas Jr., Steven Cook, Bruce Robinson, Jan Klym and Gregory Nelson), Bloomfield Hills, Mich.

SELLER: Barron Collier Investments Ltd., Amult LLC and Ave Maria Development LLLP

PROPERTY: SEC 33-47S-29E and SEC 7, 8, 17 and 18 and -48S-29E, Collier County (in two deeds from Sept. to December)

PRICE: $3.84 million (in two deeds)

BUYER: Divosta Homes LP, Bloomfield Hills, Mich.

SELLER: Barron Collier Corp. Partnership, Amult LLC and Ave Maria Development LLLP

PROPERTY: SEC 32, 33-47-29 and SEC 4, 5, 8 and 9-48S-29E. , Collier County (in three deeds)

PRICE: $4.63 million (in three deeds from June to December)

PLANS, DESCRIPTION: Pulte Homes and sister home-builders DiVosta Homes and Del Webb have started buying property in Ave Maria for the residential component of the master-planned 5,000-acre town centered around a new Catholic university, Ave Maria University.

The three companies, all owned by Pulte Homes, have announced plans to develop 70% of the residences at Ave Maria or about 8,000 residential units.

"We just see it as a great opportunity," says Greg Wolpert, Fort Myers division president for Pulte Homes. "We expect that much of the future growth in Collier County will happen there."

Pulte Homes will handle Hampton Village - a single-family community south of La Piazza - and Emerson Park, which will be situated near the North Community Center. DiVosta Homes will build the lake-oriented single-family home/villa development of BelleraWalk at Ave Maria and Del Webb will build the golf-course/private Club Campus Del Webb at Ave Maria community.

Sales for the first residential development in Ave Maria, the 70-condominium La Piazza, started in March.

Prudential Insurance buys two Naples shopping centers

BUYER: Pru Naples LLC, Parsippany, N.J.

SELLER: III T Naples LLC

PROPERTY: 8599 and 8619 Collier Blvd., in Naples Lake Shopping Center, Naples

PRICE: $11.8 million

BUYER: Pru Hammock Cove LLC, Parsippany, N.J.

SELLER: III T Hammock Cove LLC

PROPERTY: 4910 Tamiami Trail E. in Sabal Bay Commercial Plat

PRICE: $15.1 million

LAW FIRM ON DEED for both: Murai Wald Biondo Moreno & Bichin PA, Coral Gables

PLANS, DESCRIPTION: Prudential Insurance Co. of America purchased two Publix-anchored retail shopping centers in Naples from DBR Asset Management One in Fort Lauderdale for about $27 million. Prudential's acquisition included the 72,197-square-foot Hammock Cove and the 59,863-square-foot Naples Lakes Village.

Officials for Prudential Insurance did not return phone calls prior to deadline.

Etc...

• Cushman & Wakefield Inc. has opened an office in Fort Myers and appointed Gary Tasman as its executive director. Larry Richey, senior managing director for Cushman & Wakefield's Florida offices, says the new office is targeted at a high-growth area for commercial real estate.

Cushman & Wakefield is the largest privately held real estate services firm, employing more than 11,000 people in 196 offices worldwide. In addition to the new Fort Myers location, the firm has offices throughout Florida including Tampa, Miami, Orlando, Fort Lauderdale, Palm Beach and Jacksonville. Cushman & Wakefield is the second global firm to establish a presence in the Fort Myers market. The other, CB Richard Ellis, Ft. Myers – Naples, opened its first office in the area in 1998.

• Rego Park, N.Y.-based Provident Operating Corp purchased the 106-room Best Western Airport Inn at 8955 Daniels Parkway in Fort Myers from Cha Ft. Myers LLC for $13 million.

• The Building Owners and Managers Association is opening a local chapter in Southwest Florida, targeting commercial real estate professionals and vendors in Sarasota, Charlotte, Lee, and Colliers counties. The new group will be called the Building Owners and Managers Association of South West Florida.

It will be the 91st local association within the federation structure of the (BOMA) International, a Washington, D.C.-based organization that has 16,000-plus members in the U.S. and 10 international affiliates. BOMA International, which serves as the association for commercial real estate professionals, provides member services related to advocacy, issue communications, professional development, and standards and research. Individuals becoming members of BOMA/Southwest Florida automatically become members of BOMA International and receive the benefits from both affiliations.

In the Southern Region, BOMA has 2,260 members in 16 local chapters. The association already has 800 members in Florida.

• Seeeanar LLC purchased a 3,488-square-foot office condo in Central Park Professional Center at 13710 Cypress Terrace, Suite 200 in Fort Myers from GSB Property LLC for $1 million. Nathan Sheppard of Gates D'Alessandro & Woodyard LLC, Realtors represented the seller, and Kelly Cooley of Sellstate Landmark Properties represented the buyer.

• Falling Star Inc. purchased a 4,000-square-foot showroom/warehouse at 921 SE 13th Ave., Cape Coral, from RFR Investments LLC for $550,000. Hal Arkin of Gates D'Alessandro & Woodyard LLC Realtors represented the seller. Jim Agles of Re/Max Realty Team represented the buyer.

Tampa Bay

Wishnatzki Farms buys 100-acre Plant City farm

BUYER: Trapnell Road Holdings LLC (principal: Gary Wishnatzki), Plant City

SELLER: Thomas G. and Sue C. Brock

PROPERTY: a portion of U.S. Highway 39, Plant City

PRICE: $2.69 million

PLANS, DESCRIPTION: Plant City-based produce marketer/distributor and farm-operator Wishnatzki Farms purchased about 100 acres of agricultural land bordering U.S. Highway 39 and bounded by Trapnell and Colson roads in Plant City for about $2.7 million. About 80 acres of the property is devoted to farming strawberries and the remainder is leased out to another farmer.

"The former owner was marketing his own produce," says Gary Wishnatzki, owner of Wishnatzki Farms and various other associated entities. "So really it breaks down to us buying out a competitor. It was a well-run farm and had good management in place. We also added to our existing acreage to serve the growing needs of our customers, primarily chain stores."

Wishnatzki's companies market, sell and distribute strawberries from about 1,000 acres of farms, including two large growers in Manatee County. The company owns and operates about a third of that acreage.

The limited liability entity for the purchase, Trapnell Road Holdings LLC, mortgaged the property to Farm Credit of Central Florida for $10 million.

Novare Group, intowngroup kick off Element construction

Novare-intown Tampa Development LLC, a joint venture of Tampa-based intowngroup and the Atlanta-based Novare Group Inc., has started construction on Element, a 34-story high-rise condominium development in Downtown Tampa at 808 North Franklin Street.

The development will house 395 residences along with about 15,500 square feet of street-level retail space. The land for the development was acquired from TECO Energy. The developers expect the project to add about 500 new residents to the Arts District.

Chicago's Corus Bank and ArCap Finance Corp. of Irving, Texas are providing the construction financing for the project.

Element is the second development for the joint venture. The partners are currently building SkyPoint, a 380-unit high-rise condo tower at the corner of Ashley and Polk streets, southwest of the site designated for Element. The developers report that 99% of SkyPoint is currently under contract, and the first move-ins are schedule for April.

Element will feature elevated terraces with swimming pools, clubrooms and a fitness center. The condo tower's lobby will serve as a virtual art gallery based around flat-panel monitors for displaying artwork. The development was designed by the architectural firm Rule, Joy, Trammell + Rubio, and the general contractor is Manhattan Construction Co.

Units are expected to start in the low $200s. The development's sales center, at 507 North Franklin, will open in March, and sales will be conducted by Smith & Associates Realtors Inc.

Intowngroup is also developing a 37-unit boutique condominium development in Tampa's Channelside District in a joint venture with Channelside Developers LLC.

Novare Group has more than 5,000 condominium units under development in Atlanta, Austin, Charlotte, Nashville and Tampa.

Odessa developer planning Suncoast Meadows center

BUYER: Suncoast Meadows Professional Center LLC (principal: Kevin Howell), Odessa

SELLER: Lennar Homes Inc.

PROPERTY: on Meadowbrook Drive near State Road 54, Land O'Lakes

PRICE: $1.9 million

PLANS, DESCRIPTION: Odessa-based Kevin Howell Construction purchased several acres on Meadowbrook Drive from Lennar Homes for $1.9 million. The developer is working through the site approval process to a build a 15-building office/retail complex on the site called Suncoast Meadows Professional Center.

A spokesperson for Kevin Howell Construction says the development will feature 2,500 to 3,000-square-foot units and a total of about 40,500 square feet of space. Construction on the project is scheduled for the summer of 2007.

The developer is marketing the space as professional office condos similar to other projects it is currently developing in that same area. Pre-construction, the units are being listed for $195 a square foot.

Kevin Howell Construction's purchase entity Suncoast Meadows Professional Center LLC mortgaged the property to Peninsula Bank for $1.55 million.

Etc...

• Regions Bank purchased 1.1 acres in the area of Connerton Retail Services from Tampa Pub Ltd. for $1.85 million. Pat Martin, director of public relations for Regions Bank, says that for now the purchase is being held in reserve for a possible future branch, but that at the moment the bank has no immediate plans.

• First Industrial Realty Trust, Inc., a provider of diversified industrial real estate, has signed a new 28,880-square-foot lease with Biological Research Associates LLC (BRA) in the First Park at Brandon II Industrial Park at 3903 Crescent Park Drive and US Highway 301 in Riverview. BRA will be using the facility for its corporate offices, research, and mitigation services.

• R.H. Wruz Inc. purchased 1.26 acres of redevelopment land at 90 20th Terrace, Largo from Cartherine G. Bryant for $375,000. Ruth Whitney Duncan, Bruce Veghte and Bette Hayes of Coldwell Banker Commercial NRT Inc. handled the transaction.

• PricewaterhouseCoopers LLP agreed to lease 30,006 square feet of Class-A office space in Corporate Center Three at International Plaza at 4221 W. Boy Scout Blvd. in Tampa from Corporate Center Three Owner LLC. Sharon Bragg with Crescent Resources in the Tampa region represented the landlord, and David Harris of CLW Real Estate Services Group, represented the tenant. Corporate Center Three at International Plaza is a 290,101-square-foot office building anchored by Carlton Fields, Gerdau Ameristeel US Inc. and Progressive American Insurance Co.

• Ashley Furniture of Arcadia, Wis., purchased 14.7 acres of industrial land at Broadway Center, east of I-75 and south of Broadway Avenue in Brandon from Tampa-based Broadway Joint Venture for $3 million. Ed Miller and Dolores Seymour, of Collier's Arnold's Tampa office negotiated the transaction on behalf of the buyer.