Pinnacle, MGM Construction plan rackaminiums for Compass RoseLaw firm buys in Park CentralR&D Cos. starts first phase of Via VenetoWater's Edge developer starts apartmentsCharlotte Development Co. looks to sell North Port centerInvestors acquire Golden Coral buildingCitrus Square work to begin in late 2007Investor buys Northeast PlazaBarfield Bay Properties buys Palma CeiaSembler wins business awardAmerican Financial acquires Wachovia's Hyde Park branch
Commercial RE Briefs
by Sean Roth | Real Estate Editor
Pinnacle, MGM Construction plan rackaminiums for Compass Rose
BUYER: Compass Rose Marina Joint Venture LLC (principals: John Lesousky, Steven Gibboney and MGM Construction Co. Inc.), Fort Myers Beach
SELLER: Compass Rose Ventures LLC
PROPERTY: 1195 Main St. and 821 Oak St., Fort Myers
PRICE: $4.43 million
TITLE FIRM ON DEED: Atlas Title of Southwest Florida Inc., Fort Myers
SELLER: MGMSWF LLC
PROPERTY: 1135 and 1145 Main St., Fort Myers Beach
PRICE: $2.955 million
SELLER: Main Street Guys LLC
PROPERTY: 1185 Main St. and 19230, 19210 and 19170 Sea Side Drive, Fort Myers
PRICE: $2.46 million
PLANS, DESCRIPTION: Fort Lauderdale-based Pinnacle Construction and Orland Park, Ill.-based MGM Construction Co. Inc. have transferred their individual assets near the Compass Rose marina on Fort Myers Beach to a joint venture of the two and acquired a single-family home and a number of industrial lots on Sea Side Drive for $2.46 million.
The two builders are co-developing a rackominium project on the site of the existing Compass Rose Marina that will include 431 dry slips and 29 wet slips, a single home and Southern Comfort Storage facility on San Carlos Island.
"We're waiting on the development order right now from Lee County for the first phase of about 286 dry-rack slips," says Jack Mayher, president of MGM Construction Inc. "It's going to have very similar amenities to the other boat clubs in the area."
The actual make up of the amenities is still in flux. Mayher expects to have the details confirmed when sales and demolition of the existing buildings starts in the second quarter. The joint venture plans to handle its own sales, and units are expected to sell in the $70,000 range.
Compass Rose Marina Joint Venture LLC mortgaged the land to First Florida Bank for $9.85 million.
Law firm buys in Park Central
BUYER: Samouce, Murrell & Gal PA (principals: Robert Samouce, Robert Murrell, Alfred Gal Jr. and Teresa Murrell), Naples
SELLER: MAG Holdings of Naples Inc.
PROPERTY: 5405 Park Central Court
PRICE: $1.125 million
PREVIOUS PRICE: $880,000, March 1999
LAW FIRM ON DEED: Henderson Franklin Starnes & Holt PA, Fort Myers
PLANS, DESCRIPTION: The Naples-based law firm Samouce, Murrell & Gal PA acquired a building in the Park Central office complex for $1.125 million. None of the partners in the firm returned calls prior to publication. CoStar Group research says that the 30,000-square-foot Park Central, which runs from 4585-5445 Park Central Court, is 95% occupied. The rental rate in the park is running at about $25 per square foot.
The law firm mortgaged the property to the former owner, MAG Holdings of Naples Inc., for $165,500.
R&D Cos. starts first phase of Via Veneto
BUYER: R&D Italia Villas LLC (principal: Jon Rubinton), Naples
SELLER: Treviso Bay Development LLC
PROPERTY: lots 3-21, 36 and 37, Via Veneto
PRICE: $2.835 million
LAW FIRM ON DEED: Porter Wright Morris & Arthur LLP, Naples
PLANS, DESCRIPTION: Naples-based residential builder/developer the R&D Cos. purchased the first half of the lots for its planned villa development, the Via Veneto at Treviso Bay.
"The entire project has about 49 units so we probably took down enough land for about 25," says Jon Rubinton, president of Naples-based R&D Cos. The developer has started construction on the first 10 homes of the villa project, and Rubinton expects the first phase to be completed in about seven months. The second phase of the 25-building community is scheduled to start this summer.
The attached villa units, which run from 2,000 to 2,800 square feet, are listed for $700,000 to $1.1 million each.
"The big attraction there is really Treviso itself," Rubinton says. "It's the only [PGA Tour Tournament Players Club course and golf club] in Naples. We've built some pretty spectacular products ... but this is going to be the best."
R&D Italia Villas LLC mortgaged the site to Regions Bank for $4.575 million.
• Florida Gulf Bank is planning a full-service location at the new Coconut Point shopping complex in Estero. The branch will be located at the corner of U.S. 41 and Coconut Road at the southernmost entrance to the mall. It's currently scheduled to begin construction in the first quarter. The bank has seven Lee County branches and an asset base of more than $300 million. The 4,000-square-foot Coconut Point office is expected to open in the fourth quarter of 2007.
• Harry Nikias, Lawrence Hankin and Ginga Group LLLP purchased a Mel's Diner restaurant building at 19050 S. Tamiami Trail, Fort Myers, from Mel's-San Carlos LLC for $2.8 million. The three new owners mortgaged the property to Freedom Bank for $2.3 million.
• FineMark National Bank & Trust, a new bank and trust company, has opened its first office in Fort Myers at the Pinebrook Office Complex 12995 S. Cleveland Ave., Suite 145. Owen-Ames-Kimball Co. renovated the 7,415-square-foot FineMark office, and Bruce Gora of Gora and McGahey Associates provided architectural design services.
• Physician Primary Care of SW Florida LC leased a 3,200-square-foot office at 3507 Lee Blvd., units 107-109, Lehigh Acres from Lee Boulevard Central LLC. Todd Holman and Robyn Wright of Gates D'Alessandro & Woodyard LLC negotiated the transaction.
• 21st Century Oncology Inc. leased a 3,264-square-foot office in World Plaza at 12569 New Brittany Blvd., building 23, Fort Myers from Ronald and MaryAnn Evans. Bill Shuba of Gates D'Alessandro & Woodyard LLC negotiated the transaction.
• Dr. Fred Burford leased a 3,066-square-foot office in Gladiolus Preserve at 15301 Preserve Blvd. units 109-110 in Fort Myers from Lunar Investments LLC. Tim Colen of Gates D'Alessandro & Woodyard LLC negotiated the transaction.
• Zip 2, LLC purchased a 5,400-square-foot commercial condo in Daniels Center at 8961 Daniels Center, units 401, 402, 404, 407, 409 and 410 in Fort Myers from DPC Lot 6, LLP. Todd Holman, Steve Wood and Samir Cabrera of Gates D'Alessandro & Woodyard LLC negotiated the transaction.
• George Abadie, president of Miami-based Seacoast Construction, recently announced that Seacoast will build a new residential development in Fort Myers called The Venetian. Construction of the first phase of the 436-unit, $70 million development has started, as have pre-sales. The Venetian will be located at the intersection of Colonial Boulevard and Winkler Avenue. Phase One will consist of 272 units, as well as the clubhouse and other amenities, and will be ready for occupancy in the 2008.
• Community Engineering Services has started design services for Country Lakes Business Center, a 6.9-acre light industrial project at 5701 Country Lakes Drive in Fort Myers. Community Engineering Services is providing surveying, engineering and project management for the two-building, 47,000-square-foot project. The center will house the Southwest Florida branch office of Miami-based HJ Foundation. An additional 40,000 square feet will be made available for lease.
• Bonita Springs-based Heatherwood Construction has started construction on the office space for Raven Logistics at Galleria Court in Naples. The 3,000-square-foot interior build-out encompassing six offices will serve as the corporate headquarters for the international freight management company. The company is relocating its corporate headquarters from Michigan.
• Harvey Molitor Trustee leased a 5,624-square-foot retail building at 2336 Cleveland Ave., Fort Myer to Carmen Montero. The location will be a furniture, thrift and accessory business location. Paul Sands of VIP Commercial TCN Worldwide represented the landlord, and Raul Cassanova of VIP Commercial TCNB Worldwide represented the tenant.
Water's Edge developer starts apartments
BUYER: Water's Edge of Bradenton LLC (Florida Christian Homes Senior Housing), Bradenton
SELLER: Welsh Bradenton Homes LLC
PROPERTY: 1925 W. 32nd Ave.
PRICE: $1.2 million
LAW FIRM ON DEED: Leonard O'Brien Spencer Gayle & Sayre, Minneapolis
PLANS, DESCRIPTION: The developer behind Water's Edge of Bradenton, Florida Christian Homes Senior Housing, purchased 11.5 acres of vacant land south of 30th Avenue West and east of 26th Street West for $1.2 million.
The property is planned as a four-story, 109-unit apartment complex called the Lake House at Water's Edge. The new development is scheduled to start later this month and construction is expected to take about a year. The general contractor for the apartment buildings is Core Construction. Water's Edge is a 33-acre senior community with a mixture of residential products (villas, towers and assisted living) and a Town Center, which includes a fitness center, worship hall, community space and retail. The first units in Water's Edge opened in early 2005.
Water's Edge of Bradenton LLC mortgaged the property to U.S. Bank NA for $22.575 million.
Charlotte Development Co. looks to sell North Port center
The 33,590-square-foot, two-story retail strip center North Port Commons is being listed for sale by developer Charlotte Development Co. The two-month-old center is being marketed by the Wells Retail Group of Marcus & Millichap Real Estate Investment Brokerage Co. for an asking price of $10.2 million, $303.66 per square foot equal to a 6.5% capitalization rate. Located at 14800 Tamiami Trail, the five-acre North Port Commons is 88% occupied. Major tenants in the center include Quizno's, Re/Max Properties and Prudential Florida WCI Realty.
At the same time, Charlotte Development Co. isn't giving up on the region's commercial market. The developer is currently building a similar retail project next door to North Port Commons. The new retail center is located across the street from a new Publix Super Market-anchored shopping center with a Super Wal-Mart and Lowe's store.
Investors acquire Golden Coral building
BUYER: H&M Realty Associates LLC (principal: Donald Leef) (80%), Sharon, Mass., and Bil Realty LLC (principal: Robert Leef) (20%), East Brunswick, N.J.
SELLER: Brauvin Net Lease V Inc.
PROPERTY: 5525 W. Cortez Road, Bradenton
PRICE: $3.2 million
PREVIOUS PRICE: $1.79 million
TITLE FIRM ON DEED: Chicago Title Insurance Co., Tampa
PLANS, DESCRIPTION: Donald and Robert Leef's two companies, H&M Realty Associates LLC and Bil Realty LLC, purchased the 9,611-square-foot Golden Coral building next to a Wal-Mart Supercenter on Cortez Road in Bradenton for $3.2 million. According to Chicago-based Brauvin Real Estate, the former owner, the property was sold strictly as an investment and Golden Coral retains a long-term triple-net lease on the two-acre property. The buffet-style restaurant is also reportedly considering remodeling the existing building.
Citrus Square work to begin in late 2007
Mark Pierce, president of Pierce Contracting Inc., and George Birkhold plan to start the first phase of their planned mixed-use Citrus Square in downtown Sarasota later this year. Pierce Contracting will be the builder for the project on Orange Avenue between Boulevard of the Arts and Fourth Street. The development as currently envisioned would feature ground-floor retail and restaurants along with the condos, which are being targeted to start in the mid $200,000s.
• Sarasota County government acquired three more parcels along North Port's Warm Mineral Springs Creek, a protection priority site in the county's Environmentally Sensitive Lands Protection Program. The acquisition brings the total number of protected parcels within the northern bank of the creek to 12.
• Anit D. Ford, M.D. P.A. purchased a 2,666-square-foot office condo at 3920 Bee Ridge Road, building E, suite D in Sarasota from Joseph Degregorio for $378,500. Debbie Anglin of Ian Black Real Estate, and Anthony Homer of Hembree and Associates handled the transaction.
• Charles Keels of Preferred Commercial Inc. closed 12 industrial lots in the newly created JARMARC Industrial Park. JARMARC is a 16-lot industrial park in Manatee County off 21st Street East, just north of 63rd Avenue East (Saunders Road). Keels is currently selling lots of 19,842 square feet and 32,706 square feet.
• Sarasota County's Environmentally Sensitive Lands Protection Program purchased 9.13 acres north of the intersection of Ocelot Road and Alamander Avenue in Venice. The $2.4 million purchase will expand the existing protected land in the Lemon Bay Preserve protection priority site and create a continuous block of about 40 acres.
• Art Gates & Stairs LLC leased a 3,000-square-foot flex space at 61111-B Clark Center Ave., Sarasota, from Marie Watts Clark Center Properties. Barry Seidel and Michael Witt of American Property Group handled the transaction.
Investor buys Northeast Plaza
BUYER: Sunrise Plaza Holdings LLC (principal: Neil Orkin), St. Petersburg
SELLER: M. G. Atlantic LLC
PROPERTY: 201-203 38th Ave. N.
PRICE: $4.9 million
PREVIOUS PRICE: $3.45 million, December 2002
PLANS, DESCRIPTION: A limited liability company headed by Neil Orkin purchased the 34,000-square-foot Northeast Plaza Shopping Center in St. Petersburg for $4.9 million. The purchase price equates to about $144 per square foot and a 7.9% capitalization rate.
The strip center, originally developed in 1972 and renovated in 1998, currently houses a Gold's Gym, a dry cleaner and a laser tag facility.
Ricardo Bovero of Marcus & Millichap represented the seller, Marcelo Gutierrez's M. G. Atlantic LLC and Thomas Szarvas of Marcus & Millichap represented the buyer.
Sunrise Plaza Holdings mortgaged the center to Thrivent Financial for Luthera for $3.2 million.
Barfield Bay Properties buys Palma Ceia
BUYER: Palma Ceia Apartments LLC
SELLER: Camei International Fund LLC
PROPERTY: 6464 54th Ave. N., St. Petersburg
PRICE: $3.975 million
PREVIOUS PRICE: $3.48 million
PLANS, DESCRIPTION: Naples-based Barfield Bay Properties Inc. purchased the 57-unit, 41,422-square-foot Palma Ceia Villa apartment complex for about $4 million. Calls and e-mails to Barfield Bay Properties were not returned prior to the publication deadline.
The apartment consolidator currently operates 24 apartment complexes in Clearwater, Fort Myers, Immokalee, Lakeland, Naples, Orlando, Palmetto, St. Petersburg and Tampa. Barfield Bay Properties mortgaged the property to Colonial Bank for $3.3 million.
Sembler wins business award
St. Petersburg-based The Sembler Co. won the "Mixed-Use Deal of the Year" Award at the Atlanta Business Chronicle's annual Best in Atlanta Real Estate Awards ceremony, for the developer's Lindbergh Plaza in Atlanta.
This award ceremony honors the city's biggest and most important real estate deals and dealmakers of the past year and highlights projects that are deemed to have the greatest impact on Atlanta's metro area. In addition, Sembler was also one of three finalists for the 2006 "Retail Deal of the Year" for its Edgewood Retail District development near Atlanta's Little Five Points area.
NORO Broadview Holdings purchased Lindbergh Plaza over 20 years ago with the intention to redevelop it at the right time. In 2001, after a nationwide search, Sembler was invited by NORO to create a vision for the much-anticipated redevelopment of the land.
Once Sembler started the construction, eight new projects within a one-mile radius, ranging from high density residential to other retail projects, began development and/or permitting phases.
American Financial acquires Wachovia's Hyde Park branch
BUYER: First States Investors 3637 LLC, Jenkintown, Pa.,
SELLER: Wachovia Bank NA
PROPERTY: 110 South Blvd. and 109 S Fielding Ave., Tampa,
PRICE: $1.659 million
PREVIOUS PRICE: $810,000, May 2000
PLANS, DESCRIPTION: Jenkintown, Pa.-based American Financial Realty Trust purchased a 5,101-square-foot Wachovia Bank branch building and a parking lot for about $1.7 million. American Financial Realty Trust has an agreement with Wachovia to acquire branches the bank no longer needs at a contracted price based on independent appraisals. American Financial Realty Trust will then turn around and reposition the building for sale or lease.
• Atwell-Hicks has formalized its industrial project services offerings through the addition of Julia S. Rettig, a former commercial real estate developer and president of Tampa Bay Development. Her efforts will parallel the firm's existing retail, residential and mixed-use market sectors. Rettig developed high-profile industrial and office projects with Carter, Duke and ProLogis in Tampa Bay before launching her own firm, Tampa Bay Development, in 2003. There, she provided consulting services for clients like The Tampa Port Authority, Duke Realty and Gamma Delta Corp.