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Commercial RE Briefs
by Sean Roth | Real Estate Editor
LEE/COLLIER
Opus South planning Market Place at the Preserve retail center
Minneapolis-based Opus South Corp. has contracted to buy 70 acres at the southwest corner of Colonial Boulevard and State Road 82 in Fort Myers to develop a junior power center.
The power center, which will likely be similar to Page Fields Commons retail center on U.S. 41, will offer 240,000 square feet of retail space along with eight outparcels, according to Richard Clarke, vice president in Opus South's Estero office. The early name for the center is Market Place at the Preserve. The developer is still finalizing its site plan for the project.
"We're hoping to have the [Planned Unit Development] zoning in place by early summer," Clarke says. "We're looking at starting construction in the first part of 2008. It'll take about 10 months to build so we are probably looking at opening in October 2008."
Clarke says the location make sense because the property sits in Fort Myers on the gateway to Lehigh.
"It's really an emerging corridor," Clarke says. "It's already seeing 50,000 cars a day." Opus South is scheduled to close in August.
Proia Motors buys former Auto World building
BUYER: Proia Motors Inc. (principals: Gary, Dorothy and Gino Proia), Fort Myers
SELLER: Auto World of Fort Myers Inc.
PROPERTY: 4105 Fowler St. Fort Myers
PRICE: $1.065 million
PREVIOUS PRICE: $620,000, September 2002
LAW FIRM ON DEED: Buckard Law Firm PA, Fort Myers
PLANS, DESCRIPTION: Proia Motors in Fort Myers is moving. The truck accessory store is currently at 3075 Fowler St., Fort Myers, but Gino Proia says the company is being forced to sell that property to the Florida Department of Transportation for roadwork. In response, Proia Motors purchased the 7,300-square-foot, 10-year-old former Auto World of Fort Myers building at 4105 Fowler St. for $1.065 million.
"It's about the same size as we're in now," Proia says, "We'll be moving sometime between now and June. Eventually we plan to renovate that facility but for now we are just concentrated on the move."
Proia Motors mortgaged the building to Bank of America NA for $502,760.
Fire service owner eyes new development
BUYER: 4M Properties (principal: William Maute), Fort Myers
SELLER: Southwest Florida Investment Property LLC
PROPERTY: 14560 Global Parkway and 14660 Jetport Loop, Fort Myers
PRICE: $3.74 million
PREVIOUS PRICE: $1.068 million, December 2002 (includes additional parcels)
LAW FIRM ON DEED: Sheppard Brett Stewart Hersch & Kinsey PA, Fort Myers
PLANS, DESCRIPTION: Bill Maute, president of Fort Myers-based water and fire restoration firm Fireservice Inc. purchased 12.85 acres in two parcels in Southwest International Commerce Park for $3.74 million. The company is considering eventually developing two warehouses and an office building on the site, but at this point the plans are still be putting together.
4M Properties mortgaged the property to Reliance Bank FSB for $6.28 million.
Etc...
• Fort Myers-based J.L. Wallace Inc. started construction on Park Center, at College Parkway in Fort Myers. Park Center will consist of two 15,000-square-foot commercial buildings, one housing the physician office and surgical suite of Dr. Jonathan Daitch. The balance is being listed for lease. Construction is scheduled for completion by March 2008.
• GI Show LLC awarded Fort Myers-based Stevens Construction a contract to build a 9,450-square-foot medical facility for Sunshine Endoscopy Center and Gastroenterology Group of Naples and Bonita Springs. Located at 28320 Trails Edge Blvd. in Bonita Springs, the endoscopy center will include three procedure rooms, six nurse stations, four pre-op beds and six post-op beds. The medical office will have four physician offices, eight exam rooms and administrative office space. Burt Hill/Pollock Krieg Architects Inc. designed the single-story center. The building will be energy efficient and will include a photovoltaic solar power system, which will power the facility during the day. Construction is scheduled to start in April.
• Kingdom Life Church leased a 2,194-square-foot space in Darby Place at 13850 Treeline Ave. S. from Lyndon Investments USA Inc. Paul Sands and Tiffany Martin of VIP Commercial-TCN Worldwide represented the tenant, and Bob Johnston of CB Richard Ellis represented the landlord.
• Fort Myers-based J.L. Wallace Inc. started construction on the service buildings for Heritage Bay, a new golf community. The project includes construction of a golf starter shack, restroom shelters and an irrigation pump house. The buildings will provide services to the new 18-hole golf course, as well as a future 27-hole golf course at Heritage Bay. Construction is expected to begin in April.
SARASOTA/MANATEE
Crowder Bros. Hardware develops Lakewood Ranch center
BUYER: Crowder Bros. Hardware Inc. (principals Ronald and Jina Crowder), Bradenton
SELLER: Lakewood Ranch Commerce Park Inc.
PROPERTY: 11205 and 11303 Gatewood Drive, 2205 and 2204 Merit Court,
PRICE: $2.2 million
LAW FIRM ON DEED: Grimes Goebel Grimes Hawkins Gladfelter & Galvano PL, Bradenton
PLANS, DESCRIPTION: The owners of Crowder Bros. ACE Hardware and Crowder's Gifts and Gadgets, Ronald and Jina Crowder, purchased 11 acres off Lakewood Ranch Boulevard roughly half a mile south of State Road 64 for $2.2 million with plans to develop a new hardware store/gift store along with additional separate retail space. The development calls for a 30,000-square-foot hardware and gift store, a 25,000-square-foot retail strip mall and a 5,000-square-foot bank building.
"[The hardware building] is going to be a little bit bigger than the Bradenton store," says Lee Barnes, purchasing manager for Crowder Bros. ACE Hardware. "It should be similar to here with 60 to 70 employees. It will be the first hardware store in [Lakewood Ranch]. We're hoping to be in there by January." Pat Cook Construction will be the general contractor for the project.
Mississippi's York Developments plans Palmetto self-storage space
BUYER: Spacebox Palmetto LLC (principal: Bennett York), Hattiesburg, Miss.
SELLER: Palmetto Self Storage Ltd.
PROPERTY: 2100 U.S. 301 N., Palmetto
PRICE: $3.7 million
LAW FIRM ON DEED: Robert S. Forman PA, Fort Lauderdale
PLANS, DESCRIPTION: Hattiesburg, Miss.-based self-storage developer operator York Developments purchased eight acres in Palmetto for $3.7 million.
"It's still really early in the development stages," says Rick Ward, director of operations for York Developments' management firm Outback Management, "but we're going to develop a self-storage facility there. In general, there is a rapidly growing need for self storage in that market."
In addition to the normal permitting process, York Developments needs to revise the land's current site plan, which calls for RV storage with retail frontage.
York Developments owns two facilities in the panhandle, nine in Mississippi and has sites under development in California, Hawaii, north Fort Myers, Land O'Lakes and east Tampa.
The company, which used Spacebox Palmetto LLC as the acquisition entity, mortgaged the property to Coast Bank of Florida for $4.24 million.
Kaplan, investors buy in Jackson Hewitt Plaza
BUYER: BC Properties Ltd. LLC (principal: Marvin Kaplan), Sarasota
SELLER: J.H. Investment Services Inc. fka Jackson Hewitt Investment Services Inc.
PROPERTY: 5751, 5753, 5757, 5761, 5763, 5773, 5775, 5775, 5779 and 5781 Beneva Road and 3603 and 3607 Clark Road in Clark Plaza, Sarasota
PRICE: $2.607 million
SELLER: S&P Enterprises LLC
PROPERTY: 5753 Beneva Road, Sarasota
PRICE: $231,000
SELLER: M.P.L. Holding Ltd.
PROPERTY: 5769 and 5771 Beneva Road, Sarasota
PRICE: $462,000
LAW FIRM ON DEED: Scott Dunlap Esq., Sarasota
PLANS, DESCRIPTION: Marvin Kaplan and several investors purchased 14 of the 19 office units - a total of 16,500 square feet - in Jackson Hewitt Plaza (also known as Beneva-Clark Plaza) for $3.3 million.
"What attracted us there was the cap rate, [which was in the 8 to 10% range]," Kaplan says. "It's going to need to be spruced up quite a bit."
Part of that "sprucing" according to Kaplan is going to focus on getting new tenants in the center. Kaplan has retained Stephen Horn of Ian Black Real Estate to lease the center.
BC Properties Ltd. LLC mortgaged the property to People's Community Bank of the West Coast for $2.97 million.
Etc...
• Largo-based Ker's WingHouse Bar and Grill purchased the 7,281-square-foot former Diamond's Sports Palace Inc., at 5105 W. 14th St., Bradenton, from John Bell for $1.025 million. Ker's WingHouse mortgaged the property to Wachovia Bank NA for $820,000.
• The Zuckerman Group, in conjunction with J.E.G. Properties, started a 23,000-square-foot class-A office building near Sarasota International Airport between Interstate 75 and U.S. 41 in Sarasota. The office building is scheduled for completion in the third quarter of 2007.
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.
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.
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.
Etc...
• Vein Center of Tampa Bay leased 6,152 square feet of office space at Orion Center at 3001 N. Rocky Point Drive East in Tampa from Osprey Orion Center LLC. Mercedes Angell and Melissa Ackermann with Cushman & Wakefield of Florida Inc., negotiated the lease on behalf of the tenant.
• MacDill Federal Credit Union purchased 3.4 acres at U.S. 19 and Brittany Park Boulevard in Tarpon Springs for $1.8 million. Bruce Erhardt and Patrick Berman of Cushman & Wakefield represented the buyer, MacDill Federal Credit Union.
• 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, 500 N. Westshore Blvd. from Principal Life Insurance Co. Richard Andretta of Grubb & Ellis|Commercial Florida represented the tenant.
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