New York investor pays $137M for Tampa Bay hotel

Naples/Fort Myers/Charlotte

Dinner and a deal: A Naples property where a Perkins Restaurant and Bakery once operated has been sold. It is at 4335 Tamiami Trail, about three miles from the Naples Bay Resort & Marina. The buyer was an LLC with an address matching the Nashville real estate firm Grace Development. LQ Commercial Real Estate Services, which announced the deal, says the buyer paid $2.17 million for the 5,854-square-foot retail property. The seller, which LQ represented, was LJ1, a Clay County LLC listed to a residential address in Keystone Heights. According to county records, the individual listed as the manager of LJ1 paid $1.95 million for the property in December 2007 then transferred it to LJ1 in February 2008. Grace is a commercial real estate owner and developers with properties across the Southeast and in New York. According to its website, Grace currently has $300 million in assets under management and is focused on Nashville, Dallas and South Florida. Among its Florida properties are Sutton Place and the Boulevard Shoppes, both on Naples Boulevard. LQ’s Jessica McEvoy and Tom Strauss represented LJ1.

Tampa/St. Petersburg/Pasco/Polk

Hotel pick up: The Blackstone Group has bought a popular Pinellas County resort. The global New York-based investment company picked up the Hyatt Regency Clearwater Beach Resort & Spa from Houston-based Westmont Hospitality Group. Blackstone confirmed the purchase in an email but declined to discuss the sale price. Pinellas records, however, show it paid $137 million. Westmont bought the then-250 room hotel at 301 S. Gulfview Blvd. in 2016 for $110 million. (A 2018 renovation added 36 rooms to the hotel.) The brightly colored hotel sits on Clearwater Beach next to Pier 60. Amenities include an outdoor pool on the 8th floor and the SHOR American Seafood Grill restaurant. This is the second big Hyatt sale in the state this year, according to CoStar. The 1,641-room Hyatt Regency Orlando sold for $1.07 billion in August. The buyer was RIDA Development Corp. and Ares Management. 

Image courtesy of AxxosCRE

Off the books: A nearly two-acre parcel of retail space in St. Petersburg is for sale but not everyone knows about it. According to a marketing email from St. Pete based AxxosCRE the property is being offered around before it is officially listed. “This site was previously on the market some time ago,” the email says. “But before we go ‘live’ the owners wish us to market it to our ‘go-to’ colleagues and prospects.” The property is at 8305 Bay Pines Blvd., just west of Tyrone Square Mall. According to the email, the land is entitled and the pad sits just in front of a Target and next to Steak-n-Shake, Cody's Steakhouse and Dollar Tree. A Walgreens, Petsmart, Anytime Fitness, First Watch, Kohl and Total Wine are nearby. The sale price is listed as “subject to offer.” The current owner, according to Pinellas property records, is a South Carolina LLC that paid $2.7 million for the land in 2007.

For the kids: O2B Kids, a day care chain with about 40 locations in Florida, has sold the land one of its schools sits on in Pasco County, about a year after paying $4.34 million to buy it from the Discovery Point School. The property is at 8700 Trouble Creek Road in New Port Richey. It sold for $5.79 million. The commercial real estate firm Marcus & Millichap represented O2B Kids and announced the sale. It did not disclose the buyer, but county records show it was a family trust based in Long Beach, California. According to a spokesperson for the firm, the landlord is not affiliated with the business and O2B Kids will remain as the tenant under a triple net lease with 14 years remaining on it. The 12,272-square-foot property is next to the 956-acre New Port Corners residential and commercial development near Little Road. O2B Kids, according to its website, has 63 O2B Kids schools in five states. Of those, 38 are in Florida with 11 in the Tampa market, including three in Riverview near Manatee County. Dominic Sulo, an investment specialist with Marcus & Millichap in Chicago, listed the property. Ryan Nee was the broker of record in Florida. 

Sarasota/Manatee

image courtesy of Loyd Robbins & Co.

Pool days: Pennsylvania’s Keystone Pools & Patio is expanding into Sarasota. The “backyard living space” company will operate out of a 5,504-square-foot warehouse and office space at 203 Cattleman Road. According to Loyd Robbins & Co., the Sarasota firm that negotiated the lease, the company signed a five-year lease with two five-year options. The base rate is $8,500 per month. The property is owned by Jotterand Corp. which has owned it since 1958. According to Robins, the company, founded by Roland Jotterand, manufactured metalworking tools on the site, including drills, taps, dies and files. Its largest customer was Wahl Clippers. Robbins says when Jotterand died last year at 93 the company remained in operation and had 45 machines working. As for Keystone, the company has operated out of Pennsylvania, Maryland, New Jersey, Delaware, upstate New York and Nashville. Robins says the branch will offer custom pools, patios and outdoor kitchens.

Retail therapy: Cortez Village Square in Bradenton has been sold. The 41,892-square-foot shopping center was bought by a private investor, according to the commercial real estate firm Marcus & Millichap. The sale price was $6.15 million. The previous owner, an Orlando LLC named Fay Magnolia, paid $4.3 million for the center in 2017. Marcus & Millichap did not disclose the buyer, but according to Manatee County records it was a Parkland LLC named Cortez TML. The LLC’s principal address is a private home. The center is on Cortez Boulevard west of 43rd Street W. and about five miles from Bradenton Beach. It is 84% occupied with the Anna Maria Oyster Bar as one of its main tenants. According to LoopNet, the commercial real estate website, the one-story center was built in 1990 and sits on 5.08 acres.

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