Commercial Real Estate Briefs

Commercial Real Estate Briefs

COMMERCIAL REAL ESTATE SARASOTA-MANATEE by Sean Roth | Real Estate Editor

MCC to build medical tech center

Manatee Community College is planning further development of its Lakewood Ranch campus, after Lakewood Ranch developer Schroeder-Manatee Ranch Inc. donated another five acres of land to the college. The school currently operates from its 36,422-square-foot Center for Innovation & Technology building at 7131 Professional Parkway E., Sarasota.

The school is now floating a master plan to develop three buildings and a parking garage on the 10-acre site, starting with a two-story, 40,000-square-foot Medical Technology and Simulation Center.

The school has applied for a site plan from Manatee County government to develop the new building, and because of the Florida Department of Business and Professional Regulation's Accelerate Florida initiative, the school has moved up its schedule for the project.

"We plan to start the site and closing before the end of the year rather than next year," says Katherine Walker, Director of public affairs & marketing for MCC. "This was a chance to build it from the ground up to be a true medical simulation center. So this wasn't just additional classrooms or just duplicating what we're already doing. This is something brand new."

The LEED-certified building will house science, nursing and business programs and is scheduled for completion by the spring of 2010.

Fawley Bryant Architects Inc. of Bradenton designed the building, and Tandem Construction Inc. of Sarasota will be the general contractor. MCC will finance the project through $9 million from the state and $404,052 from the Foundation for MCC Inc.

InterShow suggests Palm deal

for parking, center, hotel

After four previous business-government partnerships failed to develop on a Sarasota-City owned parcel on Palm Avenue abutting the Sarasota Opera and the Golden Apple Dinner Theater, the city was getting to ready to pay to develop the site itself as a $14 million parking garage.

But a fifth proposal has emerged. Charles Githler of Sarasota-based InterShow is proposing a three-way partnership with the city and the county to build the garage with a 65,000- to 85,000-square-foot conference facility on top and a separate 280-room hotel. At the helm of much of the panning is Andy Dorr, project manager with InterShow, who was also project manager for the failed third Palm Avenue development attempt, Houston-based Ersa Grae Corp.'s proposed million square-foot Plaza Verdi.

"Maybe in the past we tried to go too big," Dorr says. "Even in the current economic environment this [conference center] is a little undersized for what people say we need. This is also a simpler project than any of the other previously proposed projects. It doesn't need to have some of the wish-list items, such as affordable housing or developer contributions. This also isn't dependent on residential housing."

As conceived, the project calls for the city to supply the land for the project and some parking; the county is responsible for a portion of the conference center and additional parking; and the developer would supply the entire hotel and portions of the parking and conference center.

Dorr says the developer is also proposing a management company for the conference center that would provide a shortfall guarantee to protect the two municipalities.

We're still working to put together this integrated design." Dorr says. "It's an interesting time period because of the economics; no one knows where we are headed. That's why we asked for 90 days. We feel the scale is right that [the city and county] could afford to do both this and [attract a major league baseball team for spring training.]"

Starwood buys 2,500

home sites in three states

Starwood Land Venture LLC, a Bradenton-based residential real estate investment firm, has acquired more than 2,500 home sites in Arizona, California and Florida.

"We are confident that our latest asset addition provides the opportunity for solid long-term investment," Starwood Land Ventures West Region President Mike Forsum said in a press release. "These properties are in our select markets in attractive locations of sought-after regions that have experienced high housing demand and are poised for lasting growth."

All of the residential land in the three-state purchase is located in high-growth areas and the majority of the home sites are substantially complete.

Recently, Starwood Land Ventures formed CoStar Land LLC, a joint venture partnership with Cold River Development, a holding company whose subsidiaries specialize in land development in Georgia and the Carolinas. The new venture expects to channel $75 million toward homes sites, zoned land and single-family home properties in the 23-county Atlanta metro area.

Starwood Land Ventures has been pursuing joint venture relationships aggressively lately and so far has established partnerships with firms in Houston, Raleigh, northern and southern California, and northern Virginia.

Starwood Land Ventures currently has operations in Arizona, California, Georgia, Florida, Maryland, North Carolina, South Carolina, Texas and Virginia. Founded in 1991, Starwood specializes in the creation and acquisition of real estate-related investments.

Wendemen Construction

hired to build condo lobby

Sarasota based Wendemen Construction Inc., a division of the Wendemen Group Inc., has been awarded the contract to renovate the lobby and main entrances of the 888 Boulevard of the Arts Condominium Tower in Sarasota.

"This construction renovation project, designed by the Parker-Walter Group, is scheduled to be completed in the spring of 2009 for The Condominium on the Bay Tower 1 Association," Mark Card, president of Wendemen Construction, said in a press release. "We have already begun the demolition phase and we have worked closely with JKL Design Group, Inc. to help create a modern and fresh new look for one of Sarasota's landmark buildings. The centerpiece will be a three-story glass atrium visible from Sarasota Bay."

ETC ...

• Florida Extruders leased 22,000 square feet at 902 Sarasota Center Blvd., Sarasota from Lucy Woods. Jon Kleiber of Kleiber DeVito Real Estate Group represented the tenant.

• The New Frontier Site Development Inc. leased 12,450 square feet of office/warehouse space at 2226 Eighth St., Sarasota from RRR Properties Inc. Marcia Cuttler and Marc Insalaco of American Property Group handled the transaction.

• Island Real Estate of Anna Maria Island Inc is expanding into the city of Anna Maria and is opening it's Pine Avenue Restoration sales & leasing office at 401 Pine Avenue. Frank Davis owns island Real Estate.

• Automated Vacuum Systems Inc. leased 7,479 square feet at 2049 Porter Lake Road, Sarasota in Interstate Lake Industrial Park from Charles M. Keels for $6,000 a month. Carl Wise of Preferred Commercial Inc. handled the transaction.

• SchenkelShultz Architecture, Sarasota designed three projects to achieve LEED certification at Stetson University in DeLand. The projects include: the $1.6 million, 5,500-square-foot Homer and Dolly Hand Art Center; the $1.55 million, 8,000-square-foot Mary B. McMahan Hall; and the $507,000, 1,850-square-foot Rinker Environmental Learning Center. All three projects are currently under construction and slated for completion in April.

• Ed and Susan Gocher purchased a 2,600-square-foot industrial building at 6992 Iris Avenue in Sarasota for $195,000. The seller was Loyal Loan and Mortgage of Miami. Anthony V. Migliore PA of Coldwell Banker Commercial NRT handled both sides of the transaction.

Quincy Investments suggests

new Payne Park Village for site

Quincy Investments LLC, a Sarasota-based limited liability firm headed by Ron Burks, has submitted a new site plan and rezone for Payne Park Village on School Avenue in downtown Sarasota. The new proposal comes more than two years after the company purchased the 9.5-acre site next to Payne Park for $4.54 million with plans to develop 478 condominium units.

As conceived, phase one of the development calls for 100 to 115 residential units in four three-story and five four-story buildings. Future phases include an 85-unit, five-story building on the south side of the development with 17,400 square feet of office space 6,600 square feet of retail; and a 53-unit project on the north side of the site with 53,500-square feet of office space; and 12,700 square feet of retail. The third future phase of the project suggests either a 100-room hotel or 49,100 square feet of office space based on economic conditions.

As scheduled, the project will go before the city's design review committee in January, followed by the planning commission in February and the city commission in March.

"This was all based on a charette we did last February," Burks says. "What we're doing right now is providing additional detail. Our goal is to break ground next fall."

Burks plans to stage the start of the development to include the project's infrastructure, clubhouse and two buildings - a three-story and a four-story.

"I think we're in a unique position; the maximum number of units we have sell as 27," Burks says

COMMERCIAL REAL ESTATE TAMPA BAY by Sean Roth | Real Estate Editor

B of A buys Countrywide Tampa office

SELLER: Countrywide Home Loans Inc.

PROPERTY: 4909 Savarese Circle, Tampa

PRICE: $38.26 million

PREVIOUS PRICE: $15.93 million, September 2005

PLANS, DESCRIPTION: One of the nation's largest banks Charlotte, N.C.-based Bank of America purchased two office buildings and a parking garage in Tampa West Industrial Park from Countrywide Home Loans Inc. for $38.26 million.

The three-year-old, three-story office buildings feature a total of 233,910 square feet of office space and a two-year-old 216,292-square-foot parking garage, according to the Hillsborough County Property Appraiser.

Bank of America Corp. purchased Countrywide Financial Corp. earlier this year creating the nation's largest mortgage lender and loan servicer. The purchase was an all-stock transaction valued at $4 billion.

Calls to Bank of America's media department were not returned prior to publication.

As of Nov. 17, Bank of America had more than 6,100 retail banking offices and relationship with 99% of the U.S. Fortune 500 companies and 83% of the Fortune Global 500.

B.E.T.-ER Mix owner

buys Gibsonton land

BUYER: White's Investments of Hudson Inc. (principal: John White), Hudson

SELLER: Apollo Beach Investments Limited Partnership

PROPERTY: a portion of land north of Big Bend Road west of U.S. 41 and east of Wyandotte Road, Gibsonton

PRICE: $1.63 million

PREVIOUS PRICE: $3.85 million, March 2004

LAW FIRM ON DEED: GrayRobinson PA, Tampa

PLANS, DESCRIPTION: White's Investments of Hudson, a company managed by John White president of the Hudson concrete company B.E.T.-ER Mix Inc., purchased 35.01 acres of crop-zoned land on a portion of Big Bend Road in Gibsonton for $1.63 million, equal to $46,658 per acre. The company currently maintains ready-mix/block plants in Hudson and Zephyrhills. White did not return calls for comment.

White's Investments of Hudson mortgaged the property to the former owner Apollo Beach Investments Limited Partnership for $1 million.

Wade Trim, Renker Eich Parks

design school renovation

Civil engineering and planning firm Wade Trim worked with Renker Eich Parks Architects to prepare survey, civil/site/electrical engineering and landscape architecture construction documents for permitting, bidding and construction work to renovate Jordan School, a historic school in St. Petersburg. Construction is scheduled for completion in July.

The $3 million renovation included a cistern system for reusing gray water, treatment of storm water runoff, dark sky lighting, low-volume drip irrigation systems. Asbestos and lead remediation is also being done.

Opened in 1925, Jordan Park Elementary was the city's second school for African American children. The school was named for Elder Jordan Sr., a pioneer in the black community in the early 1900s. The two-story brick school's 12 classrooms served more than 1,000 children.

Fulton, Tenn., couple buys

Carrolwood Window warehouse

BUYER: Ronald and Teresa Johns, Fulton, Tenn.

SELLER: RK Real Properties Inc.

PROPERTY: 5210 E. Hanna St., Tampa

PRICE: $1.95 million

PREVIOUS PRICE: $905,000, September 2004

LAW FIRM ON DEED: Farmer Price Hornsby & Weatherford LLP, Dothan, Ala.

PLANS, DESCRIPTION: Ronald and Teresa Johns of Fulton, Tenn., purchased a warehouse on 2 acre on Hanna Street between North 53rd Street and North 54th Street in Tampa for $1.95 million, equal to an average of $952,195 per acre. The real estate research firm CoStar Group says the 32,000-square-foot industrial distribution building, built in 1968, features 29,120 square feet of industrial space and a 2,880-square-foot office. The building serves as the headquarters of Carrollwood Window & Door Inc., a window and door retailer/installer.

The Johns mortgaged the property to Wachovia Bank for $1.85 million.

COMMERCIAL REAL ESTATE LEE_COLLIER by Sean Roth | Real Estate Editor

Fulton, Tenn., couple buys

Carrolwood Window warehouse

BUYER: Creighton Commercial Development LLC (principal: Dan Creighton), Fort Myers

SELLER: Inter-Medic Health Center of Charlotte Inc.

PROPERTY: 2885 Tamiami Trail, Port Charlotte

PRICE: $1.71 million

LAW FIRM ON DEED: Farr Farr Emerich Hackett & Carr PA, Punta Gorda

PLANS, DESCRIPTION: Fort Myers-based Creighton Commercial Development, a commercial development and construction firm, purchased 2.09 acres on Tamiami Trail, between Orange Drive Northwest and Port Charlotte Boulevard for $1.71 million, equal to $820,187 per acre.

The property previously housed the three-story Inter-Medic Health Center medical office building.

The new ownership plans to build a 30,000-square-foot retail/office center called Piazza Del Mar. The bottom floor of the planned development will house the retail space along with office space on a 7,000-square-foot second level. Tenants that have already signed contracts to lease space in the center include Uno Chicago Grill, Little Caesars Pizza and Carvel Ice Cream.

"We're in for permitting and entitlements as we speak," says Dan Creighton, president of Creighton Commercial Development. "We're not going to break ground for another six weeks."

Creighton Commercial Development's sister company, Creighton Construction & Management, will be the general contractor for the center and will also build a neighboring Walgreens drug store on an adjacent 2.03 acres (See: Walgreens buys land in Port Charlotte).

Completion of the Walgreens is expected by June with rest of the center following in August or September. Banks Engineering Inc. is the engineering firm for the project, and Sheeley Architects is the architecture firm.

Creighton Realty LLC will market the center.

"I think the market is getting back to way things used to be," Creighton says. "You need to look at places like Port Charlotte where there's demand leakage. In regular markets, 25% all land mass is devoted to commercial. Port Charlotte has far less, so it is still a very viable market."

Creighton is planning new developments in Bradenton, Citrus Park, Gainesville and Spring Hill. The company specializes in retail and mixed-use developments but also builds office, industrial-flex and multi-family projects.

Walgreens buys land

in Port Charlotte

BUYER: Walgreen Co., Deerfield, Ill.

SELLER: Inter-Medic Health Center of Charlotte Inc.

PROPERTY: 2885 Tamiami Trail, Port Charlotte

PRICE: $2.9 million

LAW FIRM ON DEED: Farr Farr Emerich Hackett & Carr PA, Punta Gorda

PLANS, DESCRIPTION: The Deerfield, Ill.-based Walgreen Co. purchased 2.03 acres near Tamiami Trail between Orange Drive Northwest and Port Charlotte Boulevard next to the planned retail/office development Piazza Del Mar for $2.9 million, equal to an average of $1.43 million per acre. The property formerly contained a 62,132-square-foot medical-office building; it has since been demolished.

A spokesperson for Walgreens says the drug-store chain has not set a start date for construction of the new store. Creighton Construction & Management, which is also building the mixed-use center next door, has been hired to build the new Walgreens. The typical Walgreens prototype is 14,000 to 15,000 square feet.

Walgreens currently operates three stores in Port Charlotte at 22449 Edgewater Drive, 1930 Kings Highway and 1800 Tamiami Trail and also owns a single location in Punta Gorda at 3795 Tamiami Trail.

ETC ...

• Gulfcoast Consulting Group completed the build-out of Slice of Chicago Pizza at 13750 Fiddlesticks Blvd., unit 302 in Fort Myers. GCG was contracted to fast track the project and completed it on schedule in 45 days.

The restaurant is scheduled to open this fall.

• Gulfcoast Consulting Group finished the 3,700-square-foot build-out for the headquarters of Impact Education Inc. at 9681 Gladiolus Dr., suite 201 in Fort Myers.

• David Wong's Pan-Asian & Sushi leased 2,596 square feet of restaurant space from Wharton Realty Group in the Prado at Spring Creek, at 24141 – 191 Chamber of Commerce Drive in Bonita Springs. Doug Olson, sales and leasing specialist for LandQwest Commercial handled the transaction. The Prado at Spring Creek is a 152,000-squar- foot lifestyle center anchored by Regal 12 Cinemas, SteinMart and Congress Jewelers, among others.

• Don Matthews & Associates PA leased 2,150 square feet of space at 12590 Whitehall Drive, Unit 1 in Fort Myers from DAG Ventures I LLP. Mary Beth Cangiano of LandQwest Commercial represented the tenant, and Tiffany Martin of VIP Commercial represented the landlord.

• Bonita Springs-based Gilkey Organization LLC has added development management services to the company's list of development products. Gilkey Organization's development services include the management of site analysis, due diligence, land purchase, conceptual planning and programming, project business plan preparation, master permitting and approvals, community and amenity ownership structure, design and construction permitting, construction and development, marketing and sales, and turnover and disposition of improvements. It specializes in communities and projects that are environmentally sound and based on sustainable principles.

Gilkey Organization provides services to the real estate industry in Southwest, North Central and Northeast Florida.

• Taylor-Pansing Inc. has been awarded a contract for the QJR Eye Health Center of Lehigh Acres. Avalon Engineering Inc designed the project, located on Lee Boulevard. The project will be used as an additional location for the Eye Health Center.

• Avalon Engineering leased 9,328 square feet office at 2503 Del Prado Blvd., suite 200 from Rapid Fire Development. Avalon Engineering provides civil engineering, architecture, and planning services. Gary Tasman of Cushman & Wakefield in Fort Myers negotiated the lease transaction.

• Gulfcoast Consulting Group Inc. has started construction on the 7,500-square-foot tenant space for Dr. John Ritrosky in the new 30,000-square-foot McGregor Center at 13981 McGregor Blvd. in Fort Myers. The unit will house the plastic surgeon's office along with an AHCA-approved surgical center.

• Gulfcoast Consulting Group finished the 3,700-square-foot build-out for the headquarters of Impact Education Inc. at 9681 Gladiolus Drive, suite 201 in Fort Myers.

• Turbine Generator Maintenance will be the first office tenant in Mid Cape, an office and industrial business park on Pine Island Road in Cape Coral. TGM performs turnkey inspections and repairs on steam turbines, combustion turbines, generators and associated equipment. TGM signed the five-year lease to move to Mid Cape from its previous Pine Island Road site to consolidate operations in a higher profile location. McGarvey Development is the landlord and marketed the property.

W.J. Bachman Mechanical Sheet Metal Co. of Florida Inc. signed a five-year lease in East Cape to relocate its headquarters from Lehigh Acres. McGarvey Development is the landlord and marketed the property.

• Spinners Arcade Too leased 3,850 square feet of retail space at 10351 Bonita Beach Road, suites 111 and 112 in Bonita Springs from Quality State Investments LLC. Paige Eber of Investment Properties Corp. handled the transaction.

Millenium Partners 2 buys

Murdock Family Medical Center

BUYER: Millennium Partners Building 2 LLC (principal: Daniel Dosoretz), Fort Myers

SELLER: Arbor Oaks I LLC and Arbor Oaks II LLC

PROPERTY: 19521, 19531, 19541, 19561, 19571 and 19581 Cochran Blvd. also known as 19521 Toledo Blade Blvd., Port Charlotte

PRICE: $5.5 million

PREVIOUS PRICE: $3.53 million, September 2000

LAW FIRM ON DEED: Rossway Moore & Taylor PLC, Vero Beach

PLANS, DESCRIPTION: Millennium Partners Building 2 LLC, a limited liability firm headed by Dr. Daniel Dosoretz, the former president and CEO of Fort Myers-based Radiation Therapy Services, purchased the three-building, 24,960-square-foot Murdock Family Medical Center on Toledo Blade Boulevard near the intersection of Quesada Boulevard for $5.5 million.

The single-story buildings, which were constructed from 2000 to 2001, sit on a three-acre site.

Radiation Therapy Services was sold to a private equity firm for $1.1 billion earlier this year.

Based on marketing material for the property, the purchase is projected to yield a capitalization rate of 8%.

Millennium Partners Building 2 LLC mortgaged the property to Florida Community Bank for $4.4 million.