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Commercial RE Briefs
by Sean Roth | Real Estate Editor
Lee/Collier
Giles starts work on Manatee Bay in Waterside
BUYER: Manatee Bay Group Inc. (principals: Christopher and Robert Claussen), Naples
SELLER: Bay Beach VII LLC
PROPERTY: Portions of Estero Island, SEC 3-47S-24E, Fort Myers Beach
PRICE: $8.7 million
LAW FIRM ON DEED: Garlick Stetler & Peoples LLP, Naples
PLANS, DESCRIPTION: Naples-based real estate developer Claussen Co. transferred 58 acres on the south end of Estero Island from Bay Beach VII LLC to another of its subsidiary companies, Manatee Bay Group, for $8.7 million. Chris Claussen's Giles Development LLC plans to develop the site as a 10-story condo tower called Manatee Bay in the gated Waterside at Bay Beach community. The tower is the seventh of eight towers planned in Waterside. The building's amenities include a free-form pool and spa, fitness center and a social room with a catering kitchen. Residents also have access to the recreational amenities of Bay Beach, which include two additional tennis courts, an 18-hole executive golf course, deeded beach access and a fishing pier.
Construction on the tower, which started Sept. 12, is slated for completion in about 18 months. The tower's six, two- and three-bedroom floor plans range from about 1,390 to 1,848 square feet. Prices range from $799,900 to $930,900.
Cape Coral Parkway, Red Rock buy land for office condo
BUYER: Cape Coral Parkway II Investments LLC (75%) (principals; Michael Difede and Robert Lee Jr.), Cape Coral and Red Rock Land Corp. (25%), (principal: Daniel Kummer), Smithtown, N.Y.
SELLER: CC Parkway LLC
PROPERTY: 1413, 1417 and 1419 Cape Coral Parkway E., Cape Cora
PRICE: $1.25 million
PREVIOUS PRICE: $260,000, September 2005
LAW FIRM ON DEED: Roosa Sutton Burandt & Adamski LLP, Cape Coral
PLANS, DESCRIPTION: Cape Coral Parkway II Investments LLC and Red Rock Land Corp. purchased three parcels on Cape Coral Parkway in Cape Coral for $1.25 million. According to Robert Lee of Cape Coral Parkway II Investments, the buyers plan to build a six-story, 60,000-square-foot office condominium building.
"The bottom floor will be made up of two restaurants," Lee says. "The second and third stories will have rental office space, and the fourth, fifth and sixth and will house some 30 office condos."
Construction of the building is slated to take nine to 12 months to build. Office condo units, which are expected to range from 470 to 760 square feet, are being priced from $269,000 to $469,000. The rentals are expected to go for $21 a square foot.
Lee says the partners have such faith in the Cape Coral market that they have amassed some $60 million worth of property, including a planned $211 million mixed-use Village Square project.
Nassif Development plans Prima Luce
Naples based Prima Development LLC, an affiliate of Nassif Development LLC, purchased a two-acre riverfront parcel in downtown Fort Myers to develop the two-tower condominium/office/retail project, Prima Luce. The gated project, at First Street just east of the Edison Bridge, will feature 106 units with views of the Caloosahatchee River.
"We have planned two, 22-story high-rise buildings for the site, as well as office/retail space along First Street and the potential for boat slips," says David Nassif, president of Nassif Development LLC.
The Nassif family has completed several real estate projects in Boston, Washington, D.C. and Southwest Florida the past 60 years. Most recently, the family was involved in Gulf front and river front high-rise and mid-rise developments and marinas on Marco Island, as well as mixed-use buildings in downtown Naples.
Naples investment group plans office development
BUYER: Carolina Offices Inc. (principal William Hoover), Naples
SELLER: Catalina Plaza LLC
PROPERTY: about eight acres with no address at SEC 34-48S-26E, Naples
PRICE: $4.04 million
PREVIOUS PRICE: May 2005, $4.28 million (included additional property)
LAW FIRM ON DEED: Goodlette Coleman & Johnson PA, Naples
PLANS, DESCRIPTION: Carolina Offices Inc., a Naples-based real-estate investment group headed by William Hoover of Hoover Planning & Development, purchased about eight acres on the north of an about seven-acre retail development. The investment group plans to build a two-building 40,000-square-foot office complex on about four acres and to sell off the remaining about four acres for additional retail development.
Carolina Offices mortgaged the property to Orion Bank for $2.1 million.
Etc...
• Lookout Shutters Co. leased 6,400 square feet of office space at 4656 Elevation Way, Fort Myers, from Maggie Garmendia. Jay Crandall of Coldwell Banker Commercial NRT represented the landlord.
• Fort Myers-based Stevens Construction Inc. started construction on building II in the Oak Hammock Office Park in Fort Myers. Developed by Stevens Development, the development arm of Stevens Construction, the building houses two separate office suites of 2,250 square feet each. One suite is still available for lease and includes six private offices, a conference room, a reception area and waiting room, two restrooms and a lounge.
The 4,500-square-foot office building was designed by Architecture One Inc.
• Fort Myers-based STULTZ, Inc. completed it construction management services for the new 3,500-square-foot First Watch restaurant building on U.S. 41 in Bonita Springs.
• Fort Myers-based J.L. Wallace Inc. completed renovation on the Fort Myers Board of Realtors Office. The builder also completed construction of a 7,100-square-foot conference center adjacent to its office at 2840 Winkler Ave. in Fort Myers. The total project, including renovations and new building, is valued at $1.44 million.
• Marco Community Bank leased a 3,117-square-foot building at 2036 McGregor Blvd., Fort Myers near downtown from Anthony & Stella Diamond. Todd Holman and Steve Wood of Gates D'Alessandro & Woodyard LLC Realtors negotiated the transaction.
• Food Nerds, LLC leased an 11,040-square-foot food distribution facility at 2461 Palm Ave., Fort Myers from Constance Anne Ruby. Chris Kagan and Nathan Sheppard of Gates D'Alessandro & Woodyard LLC Realtors negotiated the transaction.
• CGMR2 Inc. leased a 7,415-square-foot office in Pinebrook Park, 12995 S. Cleveland Ave., unit 145 from Harry Lowell. Todd Holman and Steve Woodof Gates D'Alessandro & Woodyard LLC Realtors negotiated the transaction.
• Eye Centers of Florida leased a 3,200-square-foot optical and optometry office at 3507 Lee Blvd., units 104-106, Lehigh Acres from Lee Boulevard Central LLC. Todd Holman and Robyn Wright of Gates D'Alessandro & Woodyard LLC Realtors negotiated the transaction.
• The Fort Myers division of Tri-City Electrical Contractors, Inc. started on the new High Point Condominium located on the Caloosahatchee River in downtown Fort Myers, under its contract with Kraft Construction. Phase I, which is a 105-unit high-rise building, is scheduled for completion in November. Phases II and III, which consist of another high-rise structure and 18 two-story homes, are scheduled for completion in November 2007.
• Fort Myers-based STULTZ Inc. completed its construction management services work on the Chico's Retail Services offices. The administrative offices are part of Chico's FAS, Inc., a national retailer of women's apparel and accessories. Chico's Retail Services offices occupy 21,000 square feet in EXPO at Brantley, one block west of Cleveland Avenue in Fort Myers. Chico's operates 780 retail stores in 47 states.
• Royal Bay Homes moved its corporate office to 5230 Clayton Court, suite 2, off Boy Scout Drive near U.S. 41 in Fort Myers.
• Buzz Victor purchased 3.42 acres at 5237 Summerlin Commons Blvd., lots 12-15, from West Land Florida LLC for $2.16 million. The buyer plans to construct a building for a high-end executive suite in a three-story, 35,000-square-foot building. Gary Tasman and Shawn Stoneburner of VIP Commercial-TCN Worldwide negotiated the transaction.
Tampa Bay
Seminole attorneys buy Brooker Creek center
BUYER: EJB Brooker Creek LLC (principals: Dennis Deloach and Peter Hofstra as trustees), Seminole
SELLER: Brooker Creek North I. L. LLP
PROPERTY: 700 Brooker Creek Blvd. N., Oldsmar
PRICE: $9.04 million
TITLE COMPANY ON DEED: Seminole Title Co., Seminole
PLANS, DESCRIPTION: Dennis Deloach and Peter Hofstra, partners in the Seminole law firm of DeLoach & Hofstra, PA, oversaw the acquisition of the 81,000-square-foot Brooker Creek Corporate Center warehouse building for about $9.04 million. According to the Co-Star Group's most recent records, the warehouse property, built by Harrod Properties Inc. in 2004, had about 22,000 square feet of vacancy.
DeLoach declined to comment on the purchase.
Developer Grady Pridgen buys Buccaneer Center
BUYER: Int. Investment Team LLC (principal Grady Pridgen), St. Petersburg
SELLER: International Center West LLC
PROPERTY: 4522 W. Spruce St., Tampa,
PRICE: $2.8 million
PREVIOUS PRICE: $1.55 million, Oct. 2005
TITLE COMPANY ON DEED: Somers Title Co., Clearwater
PLANS, DESCRIPTION: St. Petersburg-based developer Grady Pridgen purchased the multi-story office condominium known as the Buccaneer Center for $2.8 million. Company officials declined to comment on the developer's future plans for the complex.
Past Pridgen developments include the 400,000-square-foot office/industrial Gateway Business Centre; 500,000 square feet of office and high-tech manufacturing space in the Gateway Business Park; 500,000-square-foot Metropointe Commerce Park; 160,000-square-foot Westbay Corporate Center and has a number of other projects underway and in the pipeline.
Sierra Stone and Aggregate buys Largo warehouse
BUYER: Sierra Stone and Aggregate Inc. (principals: Steve and Beverly Markiewicz), New Port Richey
SELLER: Buccaneer Bay Storage Inc.
PROPERTY: 6675 114th Ave. N., Largo
PRICE: $1.3 million
PLANS, DESCRIPTION: Largo-based specialty tile and rock work company Sierra Stone and Aggregate purchased an approximately 5,000-square-foot warehouse for 1983. The building, constructed in 1983, is on a 1.75-acre parcel. Calls to Sierra Stone and Aggregate were not returned prior to publication.
Sierra Stone and Aggregate mortgaged the property to Wachovia Bank NA for $1 million.
Sarasota/Manatee
U.S. Assets completes Wicker Inn purchase
BUYER: Wicker Inn Holding Co. Inc. (principals: Thomas Brown and James Tallman), Sarasota
SELLER: Gwendolyn and James Messer
PROPERTY: 5581 Gulf of Mexico Drive, Longboat Key
PRICE: $5.5 million
LAW FIRM ON DEED: Abel, Band, Russell, Collier, Pitchford & Gordon, Chartered, Sarasota
PLANS, DESCRIPTION: Sarasota developer U.S. Assets Group has completed its purchase of the 11-unit Wicker Inn resort on Longboat Key for $5.5 million. Similar to what was recounted in Coffee Talk Aug. 18, Jay Tallman, a partner and co-owner with Tom Brown of U.S. Assets Group, confirmed the new ownership plans to continue hotel operations through the upcoming high vacation season.
The developer, which previously developed the luxury condominiums Vizcaya, en Provence, Orchid Beach Club and the Beau Ciel, is currently working on conceptual plans to redevelop the property as a six-unit condominium.
Asked about the rationale behind an obviously smaller development project, especially compared to U.S. Assets Groups' most recent development, the gulf-course home community The Founders Club, Tallman explained it as the timing of an opportunity and the somewhat slower residential market.
"It was really both," Tallman says. "Right now, this smaller type of development is pretty interesting. It sure is a lot easier to reach critical mass to justify starting construction on a building when you only have to sell six units. But also from a marketing perspective, a small more exclusive project like this has a lot of appeal to luxury residential buyers."
The new owner, Wicker Inn Holding Co. Inc., mortgaged the resort to SunTrust Bank for $3.36 million.
New Jersey entrepreneurs plan car wash chain
BUYER: Joka of Sarasota LLC (principals: Joseph and Kathleen Manfredo), Lawrenceville, N.J.
SELLER: Universal Storage Corp.
PROPERTY: 738 S. Tamiami Trail, Osprey
PRICE: $1.6 million
PREVIOUS PRICE: $189,900, September 1988
LAW FIRM ON DEED: Kirk Pinkerton PA, Sarasota
PLANS, DESCRIPTION: Joseph Manfredo, president of All Clean, a janitorial and restaurant supply company in Lawrence, N.J., and his wife Kathleen are leaving that cleaning business in favor of a business model that focuses on cleaning cars in Sarasota County. The Manfredos, who have been part-time Longboat Key residents for the past several years, plan to relocate full-time to the key soon and have purchased the Osprey Car Wash for $1.6 million.
"We're looking to purchase 10 car washes, one a year for the next 10 years," Joseph Manfredo says. At the end of the purchase plan, the Manfredos will be the dominant car wash company in the market.
Operation of the Manfredos' All Clean company is being turned over to the couple's daughter, son and son-in-law.
Joka of Sarasota LLC mortgaged the Osprey Car Wash property to Grand Bank NA for $1.28 million.
Etc...
• The Sarasota Conservation Foundation facilitated a $5.2 million Florida Communities Trust grant to Sarasota County, supplementing the purchase price of the Blackburn Point Park Addition in Osprey. In January, Sarasota County purchased 11 acres of waterfront property to increase public water access in Osprey. Sarasota Conservation Foundation, in partnership with the county, prepared the winning grant.
This is the second successful Florida Communities Trust grant the Foundation has facilitated - which now total more than $11.7 million - for property acquisitions in Sarasota County, and leverages a capacity building grant received from Gulf Coast Community Foundation of Venice.
• Fairfield, Conn.-based K Addison Jack LLC purchased a building on St. Armand's Circle housing Queen's Wreath Jewels at 28 S. Boulevard of the Presidents from BOP Investors Ltd. for $2.5 million.
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