Commercial Real Estate Briefs

Commercial Real Estate Briefs

COMMERCIAL REAL ESTATE sarasota-manatee by Sean Roth | Real Estate Editor

Technical high school construction complete

SchenkelShultz Architecture, Sarasota completed the $16.5-million, 73,370-square-foot Suncoast Polytechnical High School in Sarasota. The school is the first phase of the 72-acre Sarasota Technical Center campus designed by SchenkelShultz. The school features 16 classrooms and four science laboratories, fine-arts laboratories, a 10,000-square-foot outdoor gymnasium and a grand central commons area. The design also includes a number of sustainable/energy-saving systems including daylight sensors and an energy-efficient mechanical systems and was built with eco-friendly materials.

Landmark Residential buys Colony At El Conquistador

BUYER: El Conquistador Partners LLC, Jupiter

SELLER: AIMCO Colony LP

PROPERTY: 6050 34th St. W., Bradenton

PRICE: $8.5 million

PREVIOUS PRICE: $7.41 million, August 1998

LAW FIRM ON DEED: Greenberg Traurig PA, Miami

PLANS, DESCRIPTION: Tampa-based real estate firm Landmark Residential purchased The Colony At El Conquistador on 34th Street West in Bradenton for $8.5 million, equal to an average of $51,829 a unit. The 164-unit complex has since been renamed Lofton Meadows. The complex features a pool, laundry facilities and a clubhouse. The apartment was previously owned and managed by the large multi-family REIT Apartment Investment and Management Co. (AIMCO).

Officials with Landmark Residential did not return calls for comment prior to publication.

Landmark Residential owns Avondale by the Lakes in St. Petersburg, Courtyards on the River and Milana Reserve in Tampa and the Siesta Key Apartments in Fort Myers.

Landmark Residential purchase entity El Conquistador Partners LLC mortgaged the property to BB&T Real Estate Funding LLC for $7.71 million

U.S. Postal Services

buys land for McIntosh annex

BUYER: United States Postal Service, Lawrenceville, Ga.

SELLER: Cheshire Hunt Inc.

PROPERTY: on Sawyer Loop Road near McIntosh Road, Sarasota

PRICE: $1.66 million

LAW FIRM ON DEED: Pineiro Byrd PLLC, Jupiter

PLANS, DESCRIPTION: The United States Postal Service purchased 8.6 acres in Palmer Business Park for $1.66 million, equal to an average of $191,795 per acre. The postal service plans to develop the 11,500-square-foot McIntosh Carrier Annex Post Office. The new facility will only be used for deliveries and will not include any retail services.

"We simply need more room for delivery operations," says Gary Sawtelle, Public Affairs & Communications for USPS.

USPS has put the project up for bid, and has not defined the construction schedule yet for the annex. The project is estimated to cost $1.79 million to $2.21 million to build and will likely take eight months.

Myakka City cattle rancher

buys additional 220 acres

BUYER: SR 70 LLC (principal: C. "Bill" Manning), Myakka City

SELLER: Alfred Robinson, unremarried surviving spouse of Wanda F. Robinson

PROPERTY: 46861 Clay Gully Road, Myakka City

PRICE: $900,000

PREVIOUS PRICE: $1,000,000, February 2005

LAW FIRM ON DEED: Kaklis Venable & Witt PA, Bradenton

PLANS, DESCRIPTION: SR 70 LLC, a limited liability company headed by Bill Manning of Bradenton purchased 221 acres on State Road 70 near the Desoto County Line Road for $900,000, equal to an average of $4,076 per acre.

"This will allow us to raise more cattle there," says Alicia Manning. "We own some 270 acres next to it."

ETC...

County micro surfacing

eight-neighborhood roads

About 41 lane miles in eight neighborhoods in Sarasota County will be resurfaced using a micro-surfacing process under a new $1.25 million contract. The project will be funded by the penny surtax as part of the county's economic stimulus program of fast-track projects.

Neighborhoods slated for micro surfacing include Bent Tree Village, Three Oaks, Cedar Grove, Beneva Woods, Wellington Chase, The Hamptons, Stonebridge and Englewood Isles. Florida Highway Products, Inc. of Bartow is expected to begin construction in the second week of October.

Micro surfacing is expected to extend the life of the roadways by a decade at less cost than traditional hot-mix asphalt. Unlike hot-mix asphalt, micro surfacing uses a polymer-modified, cold-mixture paving process that doesn't require a petroleum solvent and, in most cases, can be used without additional heat. The process requires less energy and the asphalt emulsions in micro surfacing produce little or no hydrocarbon emissions, reducing pollution and the demand for non-renewable resources.

Charles & Chase Group

starts Regency House phase two

The Charles & Chase Group Inc. recently began the second phase of renovations of The Regency House, a 10-story condominium building at 435 South Gulfstream Ave. in downtown Sarasota.

This phase of the project includes the renovation of the entire 3,000-square-foot first floor, modernizing all common areas including the concierge area, the building manager's office, mailroom, library, clubroom, kitchen, fitness center and bathrooms. The Sarasota office of TRO Jung-Brannen designed the second phase of the project.

• The Lee Wetherington Cos. donated 16 acres in Osprey to the Internal Improvement Trust Fund of Florida as an addition to Oscar Scherer State Park. The donation was valued at $800,000, equal to $50,000 an acre.

• Fort Myers-based Direct Care Home Health Inc. leased 2,520 square feet of office space at 5272 Station Way in the Clarke Station Office Park from Hongli LLP. The new location will serve as a branch office for the nursing services company. Bob Brillon of Thomason/Brillon Interests of Countree Wide Realty Inc. handled the transaction.

• Truscapes Industries Inc. leased a two-acre fenced site at 3302 81st Court E., Bradenton from Prestige Corporate Headquarters - Bradenton, LLC to house a lawn maintenance business. Carl Wise of Preferred Commercial Inc. handled the transaction.

• Peek Traffic Corp. signed a 55,824-square-foot lease on 2906 Corporate Way, Gulfcoast Corporate Park in Manatee County. The traffic control product producer is currently located at 2511 Corporate Way and will make the final move to its new location in December. Bruce Vaughan at Jones Lang LaSalle represented Peek Traffic Corp. Anthony Migliore of Coldwell Banker Commercial NRT represented the landlord.

• Doctors Choice Home Care Inc. has leased 2,143 square feet of space at 4040 N. Access Road in Englewood from Cindy Johnson. Ron Struthers and Jim Eugenides, both of the Port Charlotte office of CB Richard Ellis Fort Myers-Naples handled the transaction.

• Turner Tree and Landscape is working with Frederick Derr & Co. Inc. on the Port Manatee Beautification Project. The landscaper has been hired to beatify the entrance to the port off U.S. 41. The project is scheduled for completion in the fall.

• Waste-collection contractor Waste Pro USA purchased a 35,000-square-foot building on eight acres, north of the Sarasota Bradenton International Convention Center on 15th Street East. The building was formerly occupied by 84 Lumber Co. Ken Clanton of Wagner Realty handled the transaction.

• The Charles & Chase Group Inc. has begun construction on a medical office suite for Healthcare Realty Trust Inc. Located in Venice, the suite is a 2,500 square foot build-out and will serve as a model for Healthcare Realty Trust to showcase leasing opportunities to doctors groups. Edge Architecture drew the plans and construction is scheduled for completion in November.

COMMERCIAL REAL ESTATE lee-collier by Sean Roth | Real Estate Editor

Punta Gorda Lodging buys Hilton land

BUYER: Punta Gorda Lodging LLC (principal: Jim Field), Naples

SELLER: City Marketplace LLC

PROPERTY: 89 Tamiami Trail, Punta Gorda

PRICE: $2.4 million

PREVIOUS PRICE: $400,000, March 2007

LAW FIRM ON DEED: Wotitzky Wotitzky and Ross PA, Punta Gorda

PLANS, DESCRIPTION: Jim Field, of the real estate development firm Investors Development Services Inc., and Fred Hirschovits, of the Naples-based hotel management firm Twenty/Twenty Worldwide Hospitality LLC, are heading up Punta Gorda Lodging LLC, a company created to develop a 120-room Hilton Garden Inn in Punta Gorda. Punta Gorda Lodging LLC purchased about an acre of land on U.S. 41 near the site of the Event & Conference Center, which is still under construction, for $2.4 million.

"We're hoping to start construction sometime next year," Field says. "That give us time to get our plans and everything else we need finished. Once we start its probably going to take 12 to 14 months. We've been looking in that area for a long time. We think Punta Gorda is an emerging market."

Field says the developer was especially interested in developing in the city because of its receptive government to new development.

The new hotel will feature a restaurant and bar, pool and exercise facilities.

Punta Gorda Lodging LLC mortgaged the property to the former owner, The City Marketplace LLC, for $1 million.

Brookwood Value Partners

buys Bella Vida home lots

BUYER: Brookwood Bella Vida LLC, Beverly, Mass.

SELLER: D.R. Horton Inc.

PROPERTY: lots 38-42, 48, 50-53, block 8010; lots 1-26, 42-44, 61-82, 84, 86-91, block 8012; lots 25-62, block 8016; lots 7-122, block 8018; and lots 1-56, and 58, block 8020, Bella Vida on Del Prado Boulevard, Cape Coral

PRICE: $4.89 million

LAW FIRM ON DEED: Salomon Kanner Damian & Rodriguez PA, Miami

PLANS, DESCRIPTION: Brookwood Value Partners LLC has struck again. The affiliate of the Beverly, Mass.-based private equity firm Brookwood Financial Partners LP, purchased 116 developed townhome lots and 163 developed single family lots in the Bella Vida community in Cape Coral from builder D. R. Horton Inc. for $4.89 million, equal to an average of $17,528 per lot.

The Bella Vida purchase comes on the heels of Brookwood's purchase of 106 single-family home sites, 118 townhome sites and a 2.87-acre commercial site in the Calusa Creek in Punta Gorda from Beazer Homes Corp. for $2.95 million and the August acquisition of 214 residential lots in The Grove in Lehigh Acres from D.R. Horton for $3.38 million. Brookwood has also contracted to buy another 140 lots in The Grove from D.R. Horton once the lots are developed.

Randy Thibaut of Land Solutions Inc. handled both sides of all three of the sales, and Land Solutions continues to represent Brookwood in the Southwest Florida market.

"Brookwood is still activity searching for other opportunities," Thibaut says. "Bella Vida is well located in a high growth area. There are still active sales there. D.R. Horton remains as the builder in the community and will continue to build and sell."

Brookwood is considering the Bella Vida purchase as a two- to four-year investment.

Naples investor buys

JPMorgan Chase building

BUYER: CDW 13051 University Drive LLC (principal: Calvin Wible), Naples

SELLER: TFRT Limited Liability Co.

PROPERTY: 13051 University Drive, Fort Myers

PRICE: $3 million

LAW FIRM ON DEED: John M. Wicker PA, Fort Myers

PLANS, DESCRIPTION: Naples investor Calvin Wible's CDW 13051 University Drive LLC purchased a 10,827-square-foot office building on University Drive across from Edison State College in the middle of Fort Myers's financial district for $3 million, or an average of $277 per rentable square foot. The Class-A building houses JPMorgan Chase and Fort Myers, Florida Ophthalmology ASC LLC eye surgery center.

Randal Mercer of CB Richard Ellis, Ft. Myers – Naples and Linda Haas with Commercial Property Specialists Inc. handled the transaction. "People primarily buy based on tenant mix, the income stream the leases generate and the length of time on the leases," Mercer says. "This building had all three. With all the problems in the financial markets JPMorgan Chase is one of the few of the big firms left standing. The users are very very stable, and the mix was excellent. The tenants just renewed their leases for five years."

ETC...

• Naples Life Care LLC leased 2,118 square feet of ground-floor space in Cambier Place at 868 Fifth Avenue South in Naples from FB Investments LLC. Fred Kermani of CB Richard Ellis Fort Myers-Naples represented the landlord, and Dona Schrim of Prudential Florida WCI Realty represented the tenant.

• Doctors Choice Home Care Inc. leased 2,143 square feet of space at 4040 N. Access Road in Englewood from Cindy Johnson. Ron Struthers and Jim Eugenides, both of the Port Charlotte office of CB Richard Ellis Fort Myers-Naples handled the transaction.

• DeAngelis Diamond Construction Inc. started construction on the Palm Chrysler Dealership in Punta Gorda The 41,000-square-foot Palm Chrysler features a 20,000-square-foot service center and a two-story showroom and administrative building.

• Fowler Construction and Development has completed Fire Station #33 at 121 Lenell Road for the Fort Myers Beach Fire District. The project included demolition of an existing retail center and construction of the new, dry flood-proofed, 6,000-square-foot fire station.

COMMERCIAL REAL ESTATE tampa bay by Sean Roth | Real Estate Editor

Rollin' Oats owners buy Nature's Harvest store

BUYER: Swain & Schwartz Partnership LLP, Bradenton

SELLER: Taylor Brothers LLC

PROPERTY: 1005 N. Macdill Ave., Tampa

PRICE: $1.4 million

PREVIOUS PRICE: $2.6 million, August 2004

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

PLANS, DESCRIPTION: Bert Swain and Larry Schwartz, owners of the Rollin' Oats Market & Cafe in St. Petersburg, purchased the Nature's Harvest Natural Foods Market business and assets and the MacDill Plaza shopping center that houses the market. Swain & Schwartz Partnership LLP acquired the 28,131-square-foot strip center building for $1.4 million, equal to an average of $50 a square foot.

Ben and David Taylor, who owned both the center and the natural food market, had filed for Chapter 11 bankruptcy following a steep downturn in grocery business.

However, the building and business was sold outside of bankruptcy.

The health-focused MacDill Plaza also houses Life Scan, Renew Life and Balanced Body, and had a single, 2,800-square-foot vacancy at the time of the sale.

Morris Haas of Preston & Farley Inc. represented the seller in the transaction. Haas says the price for the real estate and the business was lower than normal because the two had to be sold together, which reduced the pool of potential buyers.

Swain & Schwartz Partnership mortgaged MacDill Plaza to Florida Capital Bank NA for $1.87 million.

School District of Pasco County

buys Handcart property

BUYER: District School Board of Pasco County, Land O'Lakes

SELLER: Zambito Enterprises Inc.

PROPERTY: 78.41 acres on Handcart Road north of State Road 54, Zephyrhills

PRICE: $2.54 million

PREVIOUS PRICE: $1.2 million, January 2006

PLANS, DESCRIPTION: The School Board of Pasco County purchased 78.4 acres on Handcart Road north of State Road 54 for $2.54 million, equal to an average of $32,372 an acre. The district plans to build a high school on the site sometime in the future, but has no immediate schedule for its development.

"We're waiting for more rooftops to come that way," says Chris Williams, director of planning for Pasco County Schools. "It's getting more difficult to get high schools sites, so when the opportunities present themselves we try to secure them. Plus most people don't want high schools right next to them for variety of reasons, so this is an opportunity to get a property that is on the fringe of neighborhoods before anyone else moves out there. That way they know that a school is going there."

The school district plans to develop another high school site on Old Pasco Road before it builds on the Handcart property.

Kissimmee area Patel family

buys Tarpon Springs inn

BUYER: Atheneon CDK Corp. (principals: Krupal, Dharmista and Chirag Patel), Kissimmee

SELLER: First Citrus Bank

PROPERTY: 110 W. Tarpon Ave., Tarpon Springs

PRICE: $1.89 million

PREVIOUS PRICE: $2.6 million

TITLE FIRM ON DEED: Fuentes & Kreischer Title Co., Tampa

PLANS, DESCRIPTION: Krupal, Dharmista and Chirag Patel of Kissimmee purchased the 46-room Tarpon Inn in Tarpon Springs for $1.89 million, equal to an average of $41,087 per rentable room.

"We were attracted by its location next to the [Spring] Bayou," Dharmista Patel says. "We're planning to remodel the rooms and paint the exterior. We're also looking to improve the fitness center."

Even as the Patels are busy digest their first motel property, the family is looking at other hospitality properties in the Tampa Bay area, Patel says. She expects the family to possibly take on its next hotel/motel property in as soon as a couple months.

The Patels purchase entity Atheneon CDK Corp. mortgaged the property to First Citrus Bank for $1.51 million.

Etc...

• CB Richard Ellis Inc. has been selected as the exclusive marketing advisor for the sale of two regional FedEx Ground distribution centers located in Bradenton and West Palm Beach. The CBRE Investment Properties Group team of Dale Peterson and Paul W. Carr of the Tampa office is collaborating with Jeff Kelly and Robert Smith in the West Palm Beach office to represent the owner in the disposition of the 220,664-square-foot portfolio. The properties are being marketed for purchase individually or as portfolio.

• Aircode USA Inc. leased 5,415 square feet of flex space at 4600 140th Ave. N., Clearwater from Meridian HCRF. Jim Moler of the Ross Realty Group represented the landlord.

• J.R. Polgar Inc. leased 5,491square feet of industrial space at 12545 44th St. N., Clearwater from Bayside Industrial Park LLC. Eric Croson of the Ross Realty Group represented the landlord.

• Lubricants USA leased 18,750 square feet of industrial space at 2725 E. Adamo Drive, Tampa from Tampa Industrial Partners. Jason Aprile of the Ross Realty Group represented the landlord.

• Jorge Ramirez leased 4,884 square feet of industrial space at 4479 122nd Ave. N., Clearwater from Bayside Industrial LLC. Eric Croson of the Ross Realty Group represented the landlord.

• Revenge Advantage Composites leased a 5,823-square-foot industrial warehouse at 4477 122nd Ave. N., Clearwater from Bayside Industrial Park LLC. Eric Croson of the Ross Realty Group represented the landlord.

• Green Dragon Lawn Maintenance leased 3,000 square feet of industrial space at 5555 Linebaugh Ave., Tampa from Ronald Roseman. Ned Roberts of the Ross Realty Group represented the landlord.

• Vista Vue leased 3,000 square feet of industrial space at 5555 Linebaugh Ave., Tampa from Ronald Roseman. Ned Roberts of the Ross Realty Group represented the landlord.

• Bayshore Health & Homemakers Services leased 2,958 square feet of office space at 5959 Central Ave., St. Petersburg from Wittner Centers Partners LLP. Mark Bridges of the Ross Realty Group represented the landlord.

• Lawson Financial Group leased 2,400 square feet of office space at 3001 Executive Drive, Clearwater from Executive Centers LLC. Judi Lechner of the Ross Realty Group represented the landlord.

• Fort Myers-based Creighton Construction & Management has completed construction on the remodeling of the Famous Dave's Legendary Barbecue in Clearwater. The project included extensive exterior, interior and kitchen remodeling as well as the expansion of the outdoor seating area.

• Morgan Stanley & Co. Inc., a global financial services firm, leased 2,161 square feet at LakeView at Hidden River, 8875 Hidden River Parkway, Tampa. Osprey Real Estate Services exclusively represents LakeView at Hidden River on all lease transactions.

• New Birth Fellowship of Pinellas Inc. leased 3,292 square feet at the Landmark Center, 10575 68th Ave. N. in Seminole from Cody Enterprises of Clearwater, Ltd. Paula Clair Smith, a commercial associate with Osprey Real Estate Services – North Bay, represented the tenant in this transaction.

• Health Focus International, a healthcare trends research firm, leased 2,615 square feet at 100 Second Ave. N. in St. Petersburg. Kevin Yeager, a broker associate with Osprey Real Estate Services – North Bay, represented the landlord, Casagrande and Associates PA in the transaction.

• Lion of Judah Prophetic Worship Center International leased 7,444 square feet at the Cornerstone Center South at 3251 Third Ave. N. in St. Petersburg. Paula Clair Smith with Osprey Real Estate Services–North Bay, with the assistance of Dale Kleine, also with Osprey Real Estate Services–North Bay, represented the landlord.

• Dr. Kathleen A. Cullen PA leased 2,277 square feet at the Landmark Center, 10575 68th Ave. N. in Seminole from Cody Enterprises of Clearwater Ltd. Paula Clair Smith, a commercial associate with Osprey Real Estate Services – North Bay, represented the tenant in this transaction.

• Wine Direct Inc., a wine store, leased 2,300 square feet at 2301 Fifth St. N. in St. Petersburg from Gary S. Lucke. Ann Walters, a commercial associate with Osprey Real Estate Services – North Bay, represented the tenant in this transaction.

• American Freight of Central Florida Inc. leased 10,400 square feet at 4400 34th St. N. in St. Petersburg from TBR Property Group LLC. Ann Walters, a commercial sales associate with Osprey Real Estate Services – North Bay, represented the landlord in this transaction.

• Wags Dog Day Care Salon and Boutique leased 2,494 square feet at 234 Beach Drive in St. Petersburg from Biment Inc. Paula Clair Smith, a commercial sales associate with Osprey Real Estate Services – North Bay, represented the transaction.

Tower Realty Partners Inc.

to lease Tampa office building

GVA Advantis has been retained by Tower Realty Partners Inc. to lease Palm Lake at Tampa Palms, an 85,820-square foot office building in Tampa. Paula Buffa with GVA Advantis will exclusively represent the property. In addition to Palm Lake at Tampa Palms, GVA Advantis handles the leasing of two portfolios on behalf of Tower Realty Partners Inc.

Those properties include the 107,540-square foot, six-building portfolio at Airport Corporate Center in the Westshore submarket of Tampa, and the 125,000-square foot, eight-building portfolio at Bay Tec Center in the Pinellas Gateway submarket of St. Petersburg.