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Commercial RE Briefs
by Sean Roth | Real Estate Editor
Lee/Collier
Burton-Katzman plans large flex building
BUYER: B/K/G Colonial Business Center LLC, (principal: Burton-Katzman Development Co. Inc.), Bingham Farms, Mich.
SELLER: Colonial Business Center LLC and Paul Earnhart
PROPERTY: 4220 Executive Circle, Fort Myers
PRICE: $2.45 million
PREVIOUS PRICE: $1.3 million, October 2005
LAW FIRM ON DEED: Pavese Law Firm, Fort Myers
PLANS, DESCRIPTION: Bingham Farms, Mich.-based developer Burton-Katzman Development Co. Inc., which started getting noticed in Florida with several new projects announced for Sarasota, has expanded into Lee County.
The company purchased a 5.4-acre parcel on Executive Circle in Fort Myers for $2.45 million and plans to develop a 64,000-square-foot flex building.
"The big advantage is that it's already entitled," says Dennis Engstrom, vice president of project development for Burton-Katzman. "We are planning to do some final reconnaissance work on the site to make sure the market will still support what we're trying to do there. The permits are set to expire - unless we pick them up - in May or June. So in 45 to 60 days we should get underway out there."
The company is presently planning to develop the building as a condominium with units starting at 1,500 square feet. The building is schedule to open in late fall.
Engstrom says the company's field research will mainly focus on whether the market for office condominiums has been too dampened by the residential downturn, in which case, the company may decide to lease out a section of the building.
"Ultimately, this will leave us the flexibility to adjust to the market," Engstrom says.
In Sarasota, Burton-Katzman is partnering with Dr. Mark Kauffman, to develop a two-building, 88,000-square-foot office project at University Parkway and Honore Avenue and is also working on plans for an as yet unknown development for a brownfield site on the L-3 Communications property at Fruitville and Cattlemen roads.
In addition the Michigan developer with Benderson Development Co. Inc. and Kauffman submitted a bid to build a hotel/mixed-use development called Palm Plaza on a city-owned parcel of land at Palm Avenue and Main Street in downtown Sarasota.
Pelican Bay cleaning up Banana River Marina
An affiliate of Bonita Springs-based Pelican Bay Developments Inc. called Banana River Village LLC acquired the 17.5-acre Banana River Marina, off South Banana River Road on Merritt Island in Brevard County, and additional land for $10.73 million.
Jim Nashman, president of Pelican Bay Developments, said the marina, which currently accommodates more than 100 boat slips, has the capacity to house more than 250 vessels in dry storage. Banana River Village LLC will operate the marina and plans to make substantial improvements to the facilities, according to Nashman. Renovations and improvements to the existing marina, basin and dry storage facilities are scheduled to start soon. Nashman said the company plans additional developments in the Central Florida region.
Contruction begins on Olympia Park
Bonita Springs-based Alexander Building Corp. started construction of a 27,824-square-foot, three-story medical office building at Olympia Park on the corners of Vanderbilt Beach Road Extension and Airport Pulling Road for Southwest Florida Land and Investment Group LLC. The building is scheduled for completion in December.
King Brands buys Harvest Pak warehouse
BUYER: King Brands Warehouse LLC (principals: Jason, Jeff and John King), Fort Myers
SELLER: Harvest Pak Foods Corp.
PROPERTY: 9910 Bavaria Road, Fort Myers
PRICE: $2.75 million
PREVIOUS PRICE: $908,100, March 2005
LAW FIRM ON DEED: Quarles & Brady LLP, Naples
PLANS, DESCRIPTION: Jason, Jeff and John King's King Brands Warehouse LLC purchased a 24,000-square-foot warehouse building from Harvest Pak Foods Corp. for $2.75 million. Stephen Cunningham, managing director of LandQwest Commercial LLC of Fort Myers, handled the transaction.
"It was really an asset purchase," Cunningham says. "It was a purchase from one food processor to another. The buyer bought all of the specialized equipment."
King Brands Warehouse LLC took out two mortgages with Comerica Bank for a total of $3.23 million.
Etc...
• Bank United leased 4,600 square feet in a five-story building at 2503 Del Prado Boulevard in Cape Coral from First States Investors. Based in Coral Gables, Bank United is aggressively expanding in Southwest Florida and wanted the high-profile site to anchor its position in Cape Coral. Gary Tasman and Shawn Stoneburner of Cushman & Wakefield represented the landlord.
• First Florida Bank purchased a 1,190-square-foot building on half an acre of land at 2023 Katherine Street, Fort Myers, form Roth 1 LLC for $700,000. Jay Crandall of Coldwell Banker Commercial NRT and Don Gross of LandQwest Commercial handled the transaction.
• Bonita Springs-based Heatherwood Construction was selected to build the National City Private Client Group offices in Magnolia Square at Pine Ridge Road in Naples. The 4,700-square-foot interior build-out, encompassing eight offices, will serve as office and meeting space for National City, one of the nation's largest financial holding companies. Other building tenants include Raymond James Financial. James W. Edson, AIA of Richard L. Bowen & Associates Inc. will provide architectural design services. Kalvin Design Studios was selected as the interior designer for the project. Construction is expected to be complete in June.
• P.A. Group Promotions Inc. leased a 2,000-square-foot office/warehouse at 1685 Target Court, unit 22, Fort Myers from Patriot Holding, LLC. Kevin Rosenthal and Cooper Huff of Gates D'Alessandro & Woodyard LLC negotiated the transaction.
• Taylor-Pansing Inc. has been awarded the contract for the Prime Gulf Office Building, designed by Archimetrics 2, a division of Archimetrics Inc. The site is on Santa Barbara Boulevard between Veterans Memorial Parkway and Trafalgar Parkway. The building will be 13,000 square feet with eight units for use as retail or office space. The project is scheduled to break ground in mid-June.
SARASOTA/MANATEE
Tuscano CDD buys land for water system
BUYER: Sarasota National Community Development District (agents: Wrathell Hart Hunt and Associates), Coconut Creek
SELLER: Tuscano LLC
PROPERTY: Property north of U.S. 41 east of the City of North Port and south of Manasota Beach Road, North Port
PRICE: $25.87 million
LAW FIRM ON DEED: Hopping Green & Sams PA, Tallahassee
PLANS, DESCRIPTION: The community development district for Tuscano, Sarasota National Community Development District, purchased about 1,100 acres of the 2,354-acre Pulte Home Corp. master-planned community in North Port for $25.87 million.
The property focused on lands to support the surface water management system, according to an agent for the C.D.D., attorney John Kunkel of Jacksonville. A C.D.D. can tax residents in its coverage area and issue bonds, and they are principally used in large-scale developments to speed up the construction of infrastructure by putting the cost directly on regional users.
Pulte Home's Tuscano is planned as 1,600 homes, a 27-hole golf course, a clubhouse and an 11.9-acre park.
Vengroff buys Bertel Manor
BUYER: IIYF LLC (principal: Harvey Vengroff), Sarasota
SELLER: Bertel Lubetsky, individual and trustee,
PROPERTY: 4532 Swift Road, Sarasota
PRICE: $1.183 million
PREVIOUS PRICE: $490,000, August 1982
LAW FIRM ON DEED: Lawrence M. Hankin PA, Sarasota
PLANS, DESCRIPTION: Sarasota apartment mogul and founder of Vengroff Williams & Associates, Harvey Vengroff, purchased the 25-year-old 16-unit Bertel Manor Apartments in Sarasota for $1.183 million.
Vengroff has quietly accumulated about 1,400 units apartment units in the region making him one of the largest individual owners of apartment units in Sarasota based pure numbers.
Much like the other apartment units he owns, Vengroff says he plans to fix up the property and continue to lease it out.
Vengroff also reported that he's acquired the Indian Beach apartments, which also includes houses, near Indian Beach Drive and U.S. 41 behind an Exxon gas station in Sarasota.
Simona Jewelry buys St. Armands store
BUYER: Simona Jewelry Co. LLC (principals: Chaowai Apibal and Srisamorn Boonyarak), Sarasota
SELLER: J. Allen Waters and Brenda Waters, individually and trusts
PROPERTY: 347 St. Armands Circle, Sarasota
PRICE: $1.182 million
LAW FIRM ON DEED: Robert M. Johnson PL, Sarasota
PLANS, DESCRIPTION: The owners of Simona Jewelry purchased its 703-square-foot St. Armands Circle retail building for $1.182 million. The building has served as the jewelry store's home for more than 20 years. The owners did not return calls for comment prior to the Review's publication deadline.
Simona Jewelry Co. mortgaged the property to the former owners J. Allen Waters and Brenda Waters, individually and trusts for $1 million.
Etc...
• CORE Construction Services Southeast Inc., a general contracting firm with offices in Sarasota, Naples and Orlando, is nearing completion of the 9,000-square-foot Taylor Woodrow sales and preview center at Artisan Lakes, on Moccasin Wallow Road near Interstate 75 in Palmetto.
Construction started on the $3.8-million center in October and is scheduled for completion by mid-August.
Artisan Lakes will feature more than 2,000 single-family homes, amenities and more than one million square feet of commercial and retail space.
• Fawley Bryant Architects Inc. was recently awarded the $21 million Matzke Complex project from the School District of Manatee County. Fawley Bryant Architects has been commissioned to modernize the existing 27th Street East facility and design about 86,000 square feet of new space, including offices, support spaces, vehicle repair bays, maintenance shops, fuel stations and bus-washing areas. Willis A. Smith Construction, Inc. will be the construction manager for the project.
• CORE Construction Services Southeast Inc. has been awarded a contract to build the four-story independent living apartments The LakeHouse at Water's Edge at 2015 32nd Ave. in Bradenton.
Welsh Senior Homes Developing Co. is the developer of the 33-acre, gated adult community that includes one and two-story garden villas and its own town center with shops.
The more than 146,000-square-foot LakeHouse of Water's Edge project will include 109 apartment units designed for independent living, with 93 covered parking spaces.
• The Ritz-Carlton Members Golf Club has opened its 13,000-square- foot clubhouse in Sarasota.
Tampa Bay
Honolulu businessman buys Seven Oaks
BUYER: Watanabe Seven Oaks LLC (principal: Russell Watanabe), Honolulu, Hawaii
SELLER: For 1031 7 Oaks LLC
PROPERTY: 27607 State Road 56, Wesley Chapel
PRICE: $6.811 million
PREVIOUS PRICE: $6.15 million, Jan. 17, 2007
PLANS, DESCRIPTION: The 16,054-square-foot Seven Oaks Shopping Center in Wesley Chapel has a new owner 20 days after it was acquired by Boise, Idaho-based joint venture firm DBSI-Discovery Real Estate Services.
DBSI-Discovery Real Estate Services purchased the center from developer DeBartolo Development and 20 days later flipped it to a company owned by Honolulu-businessman Russell Watanabe for an additional $661,000. Watanabe Seven Oaks LLC acquired the center, near the intersection of State Road 56 and Bruce B. Downs Boulevard, and its tenants for $6.8 million or about $4.24 per square foot. Calls to Watanabe were not returned prior to deadline.
The center, which was built in 2006, is leased to seven tenants, including Republic Bank, Mattress Giant and Bagel Bagel Cafe.
AllPro Printing, Direct Mail buys third building
BUYER: Long River View Inc. (principals: Ronald Kiser, Thomas McLaren and Shean Hylton),Odessa
SELLER: Wieslaw K. Krzyszczak, Trustee
PROPERTY: lots 32 and 33, West Pasco Industrial Park, phase II
PRICE: $1.125 million
PLANS, DESCRIPTION: The three co-owners of AllPro Printing and Direct Mail in Odessa: Ronald Kiser, Thomas McLaren and Shean Hylton purchased an existing 15,000-squrare-foot flex building across the street from two other buildings the company owns on Prosperous Drive for $1.125 million. All totaled the company owns 29,000 square feet of space in the area.
"This was about meeting our continued growth," McLaren says. "We've grown our revenue by 140% to about $10 million so this new office was just about being better able to service our customers. We've just ballooned. Last year we had 20 employees, and now we have 40 plus."
Long River View Inc. mortgaged the property to SunTrust Bank for $562,500.
New owner buys Temple Terrace Sleep Inn
BUYER: Minal Hotels LLC (principal: Champak Patel), Brandon and Mayuri Hotels LLC (principal: Vasant Patel), Brandon
SELLER: T. D. M. Resorts Inc.
PROPERTY: 12282 Morris Bridge Road, Temple Terrace
PRICE: $4.65 million
PREVIOUS PRICE: $2.9 million
PLANS, DESCRIPTION: Vasant and Champak Patel purchased the 82-room Sleep Inn motel in Temple Terrace for about $4.7 million. Vasant Patel is expected to be the more involved owner in operations, and Champak Patel is essentially a silent partner in the venture.
The motel is slated for renovations in the near future. The new owners plan to start with landscaping renovations. Interior room refurbishments, including new furnishings, are scheduled to start next year.
The new owners, who used the dual corporations of Minal Hotels LLC and Mayuri Hotels LLC mortgaged the property to Rose Rock Bank for $3.98 million.
Etc.
• Mid Pinellas Office Park Inc. purchased a 6.2-acre parcel at 355 South Park Place in Clearwater. The new owner, who was represented by Bruce Erhardt and Derek Keys of Cushman & Wakefield, plans to develop an 85,000-square-foot, three-story office building on the site.
• The Judge Group leased 4,791 square feet at the Westshore 500 Building, from Principal Life Insurance Co. Richard Andretta of Grubb & Ellis|Commercial Florida represented the tenant.
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