- November 16, 2024
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Brotherly love: Construction on Big Brother Big Sisters of the Suncoast’ corporate office has been completed in Sarasota. The 9,000-square-foot building is at 5731 Rosin Way near Clark Road, and about a half mile from BMW of Sarasota. According to the Lakewood Ranch firm Halfacre Construction Co., which did the work and announced its completion, the space is tailored for staff with workstations for meetings and planning, a kitchen, a mentor center with state-of-the-art technology, a family lounge a board room, conference room, meeting rooms and two entrances that can be separated for public events. A Halfacre spokesperson says the work was primarily on the interior, though it did reconfigure the exterior entryways, aesthetics and repainted the exterior.
There are also new exterior windows and doors. Big Brothers Big Sisters of the Sun Coast has been around for 55 years and served over 1,700 youth across a 10-county footprint. It has eight other offices across the region. According to Sarasota County property records, the organization bought the property last year for $550,000. A ceremonial ribbon cutting is planned for January.
Sea side: Construction began Nov. 15 at Manatee County’s first lagoon-centered community. That’s when Metro Development Group held a ceremonial groundbreaking to mark the beginning of work on the actual 4-acre lagoon at the Parrish community being built off of Moccasin Wallow Road, two miles east of Interstate 75. The development, according to a Metro spokesperson, will be made up of 3,000 homes and include a 4-acre lagoon. Tampa-based Metro Development is behind two other lagoon centered developments, Epperson in Wesley Chapel and Mirada in San Antonio. It is also the developer of another Pasco County project, Angeline, a 6,200-acre master planned mixed-use community. According to Metro, it sold 1,871 new homes in its communities last year, including 703 at Mirada, 454 at Epperson and 367 at Angeline.
Storage wars: A three-property warehouse portfolio totaling 154,490 square feet in the Tampa Bay market has been sold to an investor tied to J.P. Morgan Asset Management. Two of the properties are in Tampa and one is in Pinellas Park. All three are leased by PODS. According to JLL Capital Markets, which announced the deal and represented the seller, the portfolio sold for $25.8 million to buyers who are “institutional investors advised by J.P. Morgan Asset Management.” Records in both counties show the purchases were made by a pair of LLCs — Pinellas Park Realty Co. and East Tampa Realty Co. — that share an address with the global bank in Florida’s Division of Corporation’s database. The seller was Brooklyn, New York-based Ultimate Realty, which paid $16.75 million for the portfolio in December 2022. The Pinellas Park property, built in 2007 at 3705 62nd Ave. N, is 100,100 square feet. It sold for $18.15 million. Ultimate paid $12.47 million for it. The Tampa property, built in 2004, is made up of two buildings at 1871 Massaro Blvd. totaling 54,390 square feet. County records show it sold for $7.67 million. Ultimate paid $4.27 million for it.
Minnesota nice: Dominium, a Minnesota affordable housing developer, is planning to build 388 units in Pasco County. The apartment community will be at 5430 Jackstay Road in New Port Richey. It will be called Anchor at Gulf Harbors and be reserved for low income families. A timeline for construction and details of the unit mix were not immediately available. According to statement from Dominium, the community will be “supported” by the Section 42 Low-Income Housing Tax Credit program. The national program backs the construction and maintenance of affordable housing communities with tax credits. In exchange, developers and operators have to keep rental rates tied to the Area Median Income. Pasco County records show that Dominium, through a limited liability partnership, bought the property in May 2021, paying $2.1 million. A spokesperson for the developer says it only recently finished the financing and permitting. Dominium, according to its website and the statement, was founded in 1972 and currently manages more than 38,000 apartments in 19 states. In all, it has 230 communities with 25 in Florida. Of those, there are one each in Bradenton, Palmetto, Port Charlotte, Port Richey, Fort Myers, Cape Coral, Punta Gorda and Naples.
Land grab: A South Florida developer has bought a three-parcel commercial plot in Fort Myers. The property is at 8270, 8310 Daniels Parkway and 13501 Freshman Lane, just about a mile west of Interstate 75. The buyer, a Miami LLC name Freshman and Daniels Development Group, paid $3.53 million for the assemblage. The deal was announced by LSI Cos. Inc., which did not say what the buyer’s plans were for the property. The seller was a group of LLCs all with Lee County addresses. The LLCs paid $1.8 for the properties in 2018.
Wheeling and dealing: Business was good in Southwest Florida for LQ Commercial Real Estate Services last month. The firm sent out a marketing email Nov. 11 highlighting some of its biggest deals and announcing it hit $11.9 million in sales volume in October. Among those were Baywood Hotels’ $2 million purchase of 2.61 acres in Bonita Springs and SREG Commercial Real Estate Development’s $6.1 million deal for an 18-acre plot off of Jones Loop Road in Punta Gorda. Other transactions included the $1.6 million sale of a 5,336-square-foot office in Cambridge Square at 3431 Pine Ridge Road in Naples and a deal for a 1.37-acre parcel at 1104 Burnt Store Road N. in Cape Coral for $305,000. While that’s a lot of property, a lot of deals and a lot of commissions, it doesn’t match the firm’s blockbuster deal in March. That’s when LQ brokered the $92.5 million sale of the of 454,200-square-foot CenterLinks Business Park on Oriole Road near Alico Road, just off Interstate 75.
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