Commercial Real Estate Briefs

Commercial Real Estate Briefs

by Sean Roth | Real Estate Editor

SARASOTA-MANATEE

Kaplan buys Bradenton store for MRT Lawn

BUYER: SR 64 LLC (principal: Marvin Kaplan), Sarasota

SELLER: Success Unlimited LLC

PROPERTY: 5904 E. State Road 64, Bradenton

PRICE: $3.5 million

PREVIOUS PRICE: $3.85 million, March 2005

LAW FIRM ON DEED: Dunlap & Moran PA, Sarasota

PLANS, DESCRIPTION: Sarasota real estate investor Marvin Kaplan purchased a former feed store, a 14,000-square-foot building, on seven acres near a Wal-Mart Supercenter on State Road 64 in Bradenton for $3.5 million. Kaplan bought it to lease to Elizabeth and David Taylor for a second MRT Lawn and Garden Center store location. The Taylors have operated the landscaping and garden retail store at 5175 State Road 776 in Venice for four years.

MRT plans to open by Nov. 15," David Taylor says. "The building is in practically new condition for us. The former tenant there was only open a few months. There's a lot of growth in that corridor."

Taylor says he and his wife were looking at expansion sites, particularly in Sarasota, for several months but had found virtually nothing else available. The Taylors plan to also offer livestock feed at the new location.

Kaplan's purchase entity SR 64 LLC mortgaged the property to Landmark Bank of Florida for $2.25 million.

Benderson plans retail

on State Road 681 parcel

BUYER: Vott-A LLC (7.892%), Vott-B LLC(1.014%), Vott-C LLC (45.276%) and Vott-D LLC (45.818%) (principal: David Baldauf), University Park

SELLER: SDC Communities Inc.

PROPERTY: a portion of State Road 681 near U.S. 41, Nokomis

PRICE: $10.45 million

PREVIOUS PRICE: $13.3 million, August 2005

LAW FIRM ON DEED: Kirk Pinkerton, Sarasota

PLANS, DESCRIPTION: Sarasota-based developer Benderson Development Co. purchased 39.38 acres of vacant land on State Road 681. 

"We're still working on a plan right now," says Mark Chait, director of Florida leasing. "We expect it to be a retail center, but we have no specific plans right now."

Methodfactory owners

buys Waterworks building

BUYER: Methodfactory Properties LLC, Sarasota

SELLER: Historic Waterworks LLC

PROPERTY: 1003 N. Orange Av. Sarasota,

PRICE: $1.17 million

PREVIOUS PRICE: $279,000, October 2003

LAW FIRM ON DEED: Abel Band Chartered, Sarasota

PLANS, DESCRIPTION: The owners of Sarasota-based software development firm MethodFactory Inc. - Scott Auer, Michael Brady, Steve Walters and James Williamson - purchased the 4,265-square-foot historic former Waterworks building in Sarasota for $1.17 million.

"This is the original 1926 brick building," says Williamson, one of the partners in MethodFactory. "It was renovated in 2005. For the most part it is ready for us to move in. Most of our buildout will be focused on the connectivity side...phone, Internet circuits etc."

MethodFactory currently leases space at U.S. 301 and Fruitville Road. The company, which employs 18, expects to move by mid-November.

Ian Black, Lori Conable and Steve Horn with Ian Black Real Estate represented the seller, and Cathy Meldahl of Wagner Realty represented the buyer. MethodFactory on 301 and Fruitville.

Methodfactory Properties LLC mortgaged the property to Northern Trust NA for $994,500.

Sarasota's Unique Air

moves to Manasota

BUYER: Quattro Ventures LLC (principal: Michael Montgomery), Sarasota

SELLER: Beall's Inc.

PROPERTY: 4453, 4511 and 4551 E. 19th St. Court, warehousing or distribution, 4515 E. 19th St. Court, Bradenton

PRICE: $1.93 million

PREVIOUS PRICE: $165,000, August 1999, $625,000, October 1996 and $13,100, May 2007

LAW FIRM ON DEED: Blalock Walters Held & Johnson PA, Bradenton

PLANS, DESCRIPTION: A holding company made up of the oawners of Unique Air purchased a 23,000-square-foot flex building in Manasota Industrial Park from Beall's Inc. for $1.93 million. Unique Air, which services air conditioners, plumbing, appliances and pools and does electrical work, will lease the building as its new headquarters. As currently configured, the building is divided 50/50 into office and warehouse space.

"Unless our growth really takes off this should take care of us for multiple years," says Cleve Hogarth, vice president of corporate services. "We could nearly double our headcount [currently 165 people companywide] in the office portion."

The headquarters relocation is the final part of a reinvestment in the company by its owners designed to modernize Unique's infrastructure, systems, communications, vehicle fleet, and business processes over the past 18 months. In one case through software efficiencies, the company will be reducing its warehousing needs and working with suppliers for just in time delivery of many parts and equipment, Hogarth says. His best guess is that through that move alone the company can save more than $100,000 a year. The company's current ownership, made up of Michael Montgomery, Robert Holsbeke and Ed Marchiselli, acquired Unique Air in March of 2006. The company's present headquarters, 750 Bell Road in Sarasota, is owned by the former ownership of Unique Air and was leased by the company.

William Blalock of Wyman, Green & Blalock Real Estate, listed the property, and Chuck Keels and Carl Wise of Preferred Commercial Inc. represented the buyer.

Quattro Ventures mortgaged the building to M&I Marshall & Ilsley Bank for $1.58 million.

Etc...

• The American Red Cross has completed its $1.2-million hurricane hardening of its three building complex on Cantu Court in Sarasota.

• Manatee Community College has opened a new $5.5-million, two-story Art and Design Building. The new, 25,793-square-foot building features a mix of offices, studios, classrooms, lecture rooms and labs designed to accommodate the arts, including facilities for photography, ceramics, film and more.

• Ed Hoshaw, president of Manatee Mattress, leased the former Naples Patio building at 5115 53rd Ave. E. in Bradenton from Ruth Carter Trust. Manatee Mattress will create a new sales center for Manatee Mattress at the 6,200-square-foot location. Carl Wise of Preferred Commercial Inc. handled this transaction.

• In a marketing move designed to bring residential buyers off the sideline, Sam Hamad's Enterprise Associates of Sarasota LLC has introduced value guarantees for his condominium project Marquee on the Bay and townhome project Marquee en Ville.

Buyers of units in Marquee en Ville can choose to have three independent appraisals performed in either one year or two years, and the developer has committed to paying any negative equity between the sale price and the appraised value. Hamad is also offering to pay buyers of Marquee on the Bay for any negative equity based on three independent appraisals within 30 days of the closing. Marquee en Ville is located at the corner of Fruitville and Cocoanut and has five units left of its original 29.

• The Eye Associates is scheduled to open its new expanded office at 7915 U.S. 301 N., Suite 101 in Ellenton. The facilities will offer expanded services for retina and oculo-plastics. The location will also host seminars on various eyecare topics, such as glaucoma, macular degeneration, cataract treatment and cosmetic surgery. The Eye Associates, founded by Dr. Harris Silverman in 1980, has five locations.

• Englewood Bank purchased a 1.5-acre outparcel at Crown Plaza, Englewood from Crown Gateway LLC for $1.5 million. Jason Sepanski of Florida Commercial Source represented the seller, and Paul Schouten of Michael Saunders & Co. Commercial represented the buyer.

• The Braemar Pub Inc. purchased a restaurant property at 2440 S. McCall Road, Englewood from Richard Fey for $1.7 million. Paul Schouten of Michael Saunders & Co. Commercial represented the seller, and Chris and Kim Tritschler from Re/Max Effort Realty represented the buyer.

• George C. Oldja purchased a multi-family property at 120 Palm Grove Ave., Englewood from Marjan and Donna Kmiec for $320,000. John Weiss and Paul Schouten of Michael Saunders & Co. Commercial handled the transaction.

• 2Quick LLC leased 2,531 square feet of convenience store/retail space at 3155 Clark Road, Sarasota. Eric Massey of Michael Saunders & Co. Commercial represented the lessor. John Weiss of Michael Saunders & Co. Commercial represented the lessee.

• Foundation Church leased 5,025 square feet of space in the Rubber Tree Center, 3385 South McCall Road in Englewood. Paul Schouten and John Weiss of Michael Saunders & Co. Commercial handled the transaction.

• Kenneth and Kathleen Lewis of Bradenton purchased 2,520 square feet of office space office in units B-3 and B-4, in the Clark Station Development at 5248-5254 Station Way from Rosin Way Office Park LLC for $528,600. Bob Brillon of Thomason/Brillon Interests represented the buyer, and Bary D. Edwards & Associates Inc. represented the seller.

• Leslie Wells Realty Group has launched a new real estate office at 1720 Manatee Ave. W. in Bradenton.

TAMPA BAY

Praedium Group buys

Capital Realty portfolio

BUYER: Palm Lake Owner LLC (Tampiter Associates LLC), New York City

SELLER: CRI Palm Lake LLC

PROPERTY: 15310 Amberly Drive, Tampa

PRICE: $14.4 million

PREVIOUS PRICE: $8.5 million, March 2004

BUYER: Airport Corporate Owner LLC (Tampiter Associates LLC), New York City

SELLER: CRI Corporate Center LLC

PROPERTY: 6702 Benjamin Road, Tampa

PRICE: $9.7 million

PREVIOUS PRICE: $6.35 million, September 2003

BUYER: Marketplace Owner LLC (Tampiter Associates LLC), New York City

SELLER: CRI Marketplace Cypress Creek

PROPERTY: 717 Cortaro Drive, Ruskin

PRICE: $8.6 million

PREVIOUS PRICE: $4.83 million, May 2002

LAW FIRM ON DEED: DLA Piper US LLP, Tampa

PLANS, DESCRIPTION: New York City-based real estate investment firm The Praedium Group LLC purchased three Tampa area properties for $32.7 million as a part of four-property portfolio acquisition from Capital Realty Investors LLC. Praedium acquired the 75,100-square-foot Sweetbay Supermarket-anchored The Marketplace at Cypress Creek shopping center, the 86,000-square-foot Palm Lake at Tampa Palms three-story office building and the six-building, 107,540 square-foot industrial flex building Airport Corporate Center. The fourth property was the 35,000-square-foot Riverwalk Center at Jupiter Yacht Club and the total cost for all four properties was $44.1 million.

"We're just planning to lease and manage them better," says Mark Lippmann, acquisitions director in the southern U.S. for Praedium. "The properties are well situated in each of their individual markets and are relatively decent performers.

Along with Sweetbay, The Marketplace at Cypress Creek houses the organic food store Nature's Place, AAA, an animal hospital, florist and other retailers.

The V-shaped Palm Lake at Tampa Palms features the Jaeb Health Research Center, Johnny B. Byrd Alzheimer's Research Institute, UBS Paine-Weber, The Tampa Tribune, HS Dent Publishing LLC, Luttrell Capital Management, executive office company Intellispace Solutions and Mutual of Omaha.

A mile from Tampa International Airport, Airport Corporate Center complex includes flex space used by Pepperidge Farms, the St. Petersburg Times, INTI-International Network Training Inc., Servern Trent Laboratories and more.

The new owner mortgaged Airport Corporate Center to Wachovia Bank NA for $7.95 million.

Advanced C4 Solutions

relocating to Drew Park

BUYER: HND Enterprise Corp. (principals: Hugh Campbell, Norman Abdallah and Dwight Stephens), Tampa

SELLER: JLKZ Real Estate LLC

PROPERTY: 4017 W. Martin Luther King Jr. Blvd., Tampa

PRICE: $4.2 million

LAW FIRM ON DEED: Ronald H. Kauffman Esq., Miami

PLANS, DESCRIPTION: The owners of Tampa-based Advanced C4 Solutions Inc. purchased a 22,500-square-foot office building in the Drew Park Community Redevelopment Area for $4.2 million to double the size of the company's headquarters.

"We're currently in two units in an office complex ... taking a total of about 6,000 square feet," says Dwight Stephens, managing partner of Advanced C4 Solutions, a government-focused telecommunications and information firm. "We're going to occupy 13,000 square feet in this new building and will probably lease out the rest of the space."

Stephens says the company, which employs nearly 120 people, is busting at the seams in its current office and that the space constraints caused it to constrain some of its hiring plans. The company's move to its new headquarters is being coordinated to coincide with a significant upgrade to the company's technology infrastructure. The company is scheduled to move to the new office in October and will have a grand opening November 30.

"We're very excited about moving and very intent on being a good corporate citizen," says Hugh Campbell, president. 'This is a neighborhood that has had its challenges...but we are excited to be part of the community redevelopment efforts. We want to be part of turning the neighborhood around."

Company officials have blocked out a 5,000-square-foot tenant space and a separate, 2,500-square-foot space for lease.

Advanced C4 Solutions' HND Enterprise Corp. mortgaged the building to SunTrust Bank for $2.15 million.

Land Capital Group

buys Bloomingdale site

BUYER: LCG Riverview LLC (principal: Land Capital Holdings LP), Park City, Utah

SELLER: SunTrust Bank

PROPERTY: a portion of Bloomingdale Avenue in the north Riverview area northeast of 301 and Alafia River, Tampa

PRICE: $1.35 million

PREVIOUS PRICE: $750,000, April 2005

LAW FIRM ON DEED: Cathy Homa Arther Esq., Orlando

PLANS, DESCRIPTION: Park City, Utah-based Land Capital Group Inc. purchased a 1.5-acre outparcel in front of a Home Depot-anchored shopping center for $1.35 million. The commercial real estate firm says it is still evaluating the site and considering the best possible fit for tenants.

"We're looking for its highest best use," says Tim Cribb, senior director of land acquisitions for Land Capital Group. "It's probably 1.3 usable acres. We have a number of tenants that are interested in the site, it just depends on how we all decide to structure the deal. We're flexible."

The developer operates a local development office in Winter Park. The company's closest development is a two-building retail complex at U.S. 19 and Ridge Road in Port Richey in front of a Wal-Mart Supercenter.

Etc...

• Tyler & Morgan LLC leased 2,569 square feet of flex space in Thompson Center at 6306 Benjamin Road, Tampa from First Industrial Realty Trust Inc. Mary Clare Codd of Colliers Arnold represented the landlord.

American Residential Services of Florida Inc. leased 14,860 square feet of flex space in Meridian Gateway Center at 3340 Scherer Drive, St. Petersburg, from Meridian Cos. John Dunphy of Colliers Arnold represented the landlord. Josh Tarkow and Jeff Bardin of Advantis represented the tenant.

LEE-COLLIER

Hotel developer buys Fifth Avenue buildings

BUYER: 465 Building LLC,

SELLER: David Dawson, successor co-trustee of the Eloise F. Marlowe Trust, Christopher Marlowe, co-trustee of the Eloise F. Marlowe Trust, Gloria Marie Marlowe, representative for the estate of the David Marlowe deceased, Jonathan Scott Marlowe, Shawn Marlowe and Virginia Lynn Marlowe Burns as personal representative of the estate of Kristi Marlowe Miller deceased

PROPERTY: 465 Fifth Ave. S., Naples

PRICE: $4.7 million

BUYER: 531 Building LLC,

SELLER: David Dawson Christopher Marlowe, co-trustee of the Eloise F. Marlowe Trust,

PROPERTY: 531 Fifth Ave. S., Naples

PRICE: $3.4 million

LAW FIRM ON DEED: Bond Schoeneck & King PA, Naples

PLANS, DESCRIPTION: Naples developer Phil McCabe purchased two retail buildings, totaling 16,000 square feet, on Naples' famed retail corridor Fifth Avenue for $8.1 million. McCabe plans to manage the properties as an investment for the near future, but may consider redeveloping them later on.

The single-story buildings are made up of a total of 13 tenant spaces that include Downing-Frye Realty, the Marlene Graham Team; Contessa Collection Jewelry; Giana; Provident Jewelry, Maison Auclair Antiques; Renaissance Imports and Bella Maria Cafe Restaurant & Tapas.

Scott Cameron of Cameron Real Estate Services handled the transaction.

McCabe owns a number of hotel and restaurants in Collier County including McCabe's Irish Pub, The Inn on Fifth, the Inn of Naples, and the Inn at Pelican Bay. He also developed the 218-unit Botanical Place condominium.

Phil McCabe's two limited liability companies mortgaged the properties to Regions Bank for $3.4 million.

Prince-Bush brings

Village Tavern to Fort Myers

BUYER: Gulf Coast Investors LLC (principals: Prince Holdings II LLP and Bush Family Partnership LLP), Winter Park

SELLER: GCTC Peripheral III LLC

PROPERTY: Gulf Center Drive and Alico Drive, Fort Myers

PRICE: $1.5 million

LAW FIRM ON DEED: Husch & Eppenberger LLC, Chattanooga, Tenn.

PLANS, DESCRIPTION: Winter Park-based hotelier Prince-Bush Hotels purchased land across from a planned Belk department store in the Gulf Coast Town Center shopping center on Alico Road near Interstate 75 for $1.5 million.

Prince-Bush Hotels will develop the site as a 9,000-square-foot restaurant building for Village Tavern. The Winston-Salem, N.C., restaurant chain is in the midst of an expansion designed to grow it from seven locations to more than double that by 2009. Prince-Bush is part owner in the Village Tavern concept and in certain locations, such as Fort Myers, also acts as the developer of the restaurant building.

"We're planning a couple in the state, but this will be the first on the west coast," says Patrick Olson, a Prince-Bush partner. "It's American fare like a J. Alexander's."

The developer still needs building permits to begin construction, but once work starts, Olson expects the building will require five months to build.

The company is planning a Naples location, but nothing has been finalized.

Fort Myers' ESPO Capital

buys Plymouth Center

BUYER: ESPO Capital Inc. (principal: Ralph Esposito), Fort Myers

SELLER: Porterfield Family Limited Partnership (2/3 interest) and Henry and Ellen Porterfield

PROPERTY: 15200 and 15248 S. Tamiami Trail, Fort Myers

PRICE: $8.8 million

PREVIOUS PRICE: $3.85 million, August 2003

TITLE FIRM ON DEED: Ticor Title Insurance Co., Casselberry

PLANS, DESCRIPTION: Ralph Esposito's ESPO Capital purchased the 44,737-square-foot office and retail Plymouth Center shopping center on U.S. 41 in South Fort Myers. The shopping center houses 20 tenants and is south of a Wal-Mart Supercenter, Home Depot and a Lowe's Home Improvement store.

According to the real estate research firm CoStar Group, the shopping center's tenants include an Allstate office, Deans Dive Center, Deli International, Dental and Denture, Hertz, A.J. Barnes Bicycles, State Rep. Carole Green's office, Charlie's Bar & Grill, Chez Pooch and Fort Myers Ceramic Stone.

The Review was unable to contact Esposito for more information on the sale.

ESPO Capital mortgaged the property to Mortgage Electronic Registration Systems Inc. for $7.245 million.

Developers gearing up

for Charlotte Regional Center

Asa Candler and Steve Ostermann's Punta Gorda I-75 LLC is preparing to develop the 96-acre Charlotte Regional Trade Center at the northeast corner of Interstate 75 and Jones Loop Road in Punta Gorda. The property is expected to feature a total of 520,000 square feet of industrial, 60,000 square feet of commercial, 160,000 square feet of office, and 168 hotel rooms. As designed the first phase of the development will be a 20-acre flex complex with four spec buildings and five sellable lots. Construction is scheduled to start in January.

LandQwest Commercial LLC's Stephen A. Cunningham, John Mounce and Mary Beth Cangiano have been tapped to market the project.

Etc...

• Fort Myers-based Stevens Construction Inc. has begun construction on the pharmacy at Florida Hospital Heartland Medical Center. The construction company will convert the hospital's existing medical records area into a full-service pharmacy. The new second-floor space will include a pharmacist's office, educational library, records control room, intravenous and chemical mix area and storage space. HuntonBrady Architects provided the design. Construction is scheduled for completion this winter. In the past three years Stevens Construction has partnered with the hospital on seven projects, including a 36-bed, 50,000-square-foot expansion and renovation of a freestanding medical office.

• Just G 224, Inc. leased 7,500 square feet at 11901-11905 N. Tamiami Trail, Naples from Bernardo Naples Properties for three years. Tom Woodyard of Gates D'Alessandro & Woodyard LLC handled the transaction.

• Land People LLC purchased a 3,000-square-foot warehouse/office building at 923 N.E. 24th Lane, Cape Coral from Bridge City Excavators Inc. for $675,000. John Kremski and Doug Steele of Gates D'Alessandro & Woodyard LLC negotiated the transaction.