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Commercial RE Briefs
COMMERCIAL REAL ESTATE by Sean Roth | Real Estate Editor
SARASOTA/MANATEE/CHARLOTTE
Joyland night club finds new home
BUYER: Mariner Investments Inc. (principals: Betty and Walter Preston and Rick and Jerry Lambert), Redington Beach
SELLER: Florida Club Concepts LP
PROPERTY: 5520 W. 14th St., Bradenton
PRICE: $2.2 million
PREVIOUS PRICE: $1.135 million, March 1996
LAW FIRM ON DEED: Greene & Schemer, Bradenton
PLANS, DESCRIPTION: After bouncing from home to home, the country music night club Joyland looks to have found a new, permanent home. Joyland owner Walter Preston, his wife, and Rick and Jerry Lambert purchased the 13,537-square-foot former Club Heat/Rockerfellows night club bar building on Tamiami Trail in Bradenton for $2.2 million.
Joyland was left wandering from site to site after its owner sold its long-time home on U.S. 41 to Gettle Toyota-Kia in July 2003. From there it moved into motel on U.S. 41 for a time until closing again as Preston sold the property to Harvey Vengroff. The country night club has been closed as Preston battled Manatee County over the right to run the club from the former Rip Van Winkle bowling alley on U.S. 41 across from the Sarasota-Bradenton International Airport.
Club Heat/Rockerfellers, owned by J. Richard Kaiser featured two separate music venues Rockefellows, which featured live rock music and Club Heat, which offered hip-hip or Latin music.
The Review was unable to contact the new owners and the phone number for Club Heat/Rockerfellers appeared to be disconnected.
Mariner Investments Inc. mortgaged the property to Peninsula Bank for $1.34 million.
Sarasota attorney moves S.R. 64 parcel
BUYER: Palmetto Property Corp. (principal: Derek Taaca), Sarasota
SELLER: Whitfield Investment Co.
PROPERTY: East State Road 64, Bradenton
PRICE: $1.5 million
PREVIOUS PRICE: $1.4 million, September 2006
LAW FIRM ON DEED: Derek Taaca PA, Sarasota
PLANS, DESCRIPTION: Sarasota attorney Derek Taaca transferred about three acres of commercial land on the north side of State Road 64, east of Interstate 75, to another company he owns, Palmetto Property Corp., for $1.5 million. Taaca says he bought the property, which is near the entrance to Heritage Harbor, as an investment and has no current development plans for the site.
Lion's Gate Development plans hotel project next year
New development company Lion's Gate Development has set its eyes on a section of downtown Sarasota, east of U.S. 41 from Fourth Street to Boulevard of the Arts and back to Cocoanut Avenue, for an upscale hotel and mixed-use project.
Developer Gary Moyer and his wife, real estate agent Karen Cook, have declined to comment on the flag for the hotel citing a confidentiality agreement.
"We are probably a month away from submissions," Cook says. "After that it's probably going to be a good year in the approval process. So we hope to start building in the first quarter of 2008 for delivery in 2010."
As conceived, the project is expected to house 250 hotel rooms, a 60,000-square-foot unspecified entertainment venue, 40,000 square-feet of meeting/ballroom/conference space, 60 luxury condo units,150,000-square-feet of retail and 210,000 square feet of office space.
"[The height is] going to be per code," Cook says "It's going to be 18 stories in the front and then transition down to the edge. We really feel there is a solid mix of users joining us in the project . . . We are really addressing the community's need for larger meetings space."
The project has drawn obvious comparison to developer Patrick Kelly's planned Sarasota Bayside on the Sarasota Quay site west of U.S. 41. That development calls for four 18-story towers featuring 702 condominiums and 140,000 square feet of retail space.
Etc...
• The Sarasota County Commission awarded an $11.5 million-construction contract to APAC-Southeast Inc. for a Dearborn Street construction project in Englewood. The project includes the reconstruction and widening of the current two-lane roadway from about 1,000 feet east of State Road 776 to 200 feet west of Pine Street, a distance of about three-quarters of a mile.
The work also includes the construction of four 11-foot-wide travel lanes. There will be roadway lighting, medians, concrete curbs and gutters, stormwater pipes, inlet structures, a stormwater pond, and a new bridge over Gottfried Creek. Work is scheduled to begin around Feb. 12 and be completed in about 16 months.
• Priced Under Appraisal, LLC has launched a new Website designed by Sarasota-based GravityFree. PricedUnderAppraisal.com's site is focused on listing homes with motivated sellers.
Tampa bay
Inland Retail kicks off mixed-use project
BUYER: Inland Retail TRS Corp. (principals: Barry Lazarus, James Kleifges, Robert Walner, Joann Armenta, John Digiovanni and Jeffrey Boehning), Oak Brook, Ill.
SELLER: O. S. Realty Inc.
PROPERTY: Northeast corner of Falkenburg Road and Causeway Boulevard, Brandon
PRICE: $17.3 million
PLANS, DESCRIPTION: Inland Retail Real Estate Trust Inc. purchased 41 acres at the northeast corner of Falkenburg Road and Causeway Boulevard near the Selmon Crosstown Expressway and Interstate 75 for $17.3 million.
The project is planned as the Illinois-based developer's first ground-up mixed-use project.
The site already has approvals for 450 residential units, about 230,000 square feet of retail space, 145,000 square feet of office, a 140-room hotel and three OSI Restaurant Partners Inc. restaurants, including a Lee Roy Selmon's.
"We broke ground on site work for the project three weeks ago," says John Digiovanni, senior vice president of development and redevelopment for Inland Retail Real Estate.
"It's going to take about a year to develop the infrastructure, which also includes improvements to Falkenburg Road and to the intersections," he said. "Some of the vertical development will be going on at the same time as the infrastructure. I know Outback is pushing to have their concepts open by the end of the year."
Inland Retail Real Estate officials are in talks to sell off the office, residential and hotel property; and plan to develop the retail portion itself.
"We are in contract negotiations with a hotel developer right now," Digiovanni says. "That will be finalized in the next week or two. We are in serious discussion on the residential and the office. They just aren't as far long as the hotel. We're are already talking to a number of national retailers that are looking to enter the market."
As for what made the Brandon site so appealing, Digiovanni says that the transportation nexus was obviously a big factor along with the critical mass in that area.
One factor that could have an unknown impact on the project, is Developers Diversified's purchase of Inland Retail Real Estate. That $6.2 billion deal is expected to close in the first quarter.
Prudential Real Estate Investors buys Grand Reserve
BUYER: PR Grand Reserve at Tampa Palms,
SELLER: Edmark Grand Reserve LLC
PROPERTY: 16619 Palm Royal Drive, Tampa
PRICE: $46.45 million
LAW FIRM ON DEED: Alston & Bird LLP, Atlanta
PLANS, DESCRIPTION: Prudential Real Estate Investors purchased the 390-unit The Grand Reserve at Tampa Palms for $46.45 million.
The price history of The Grand Reserve at Tampa Palms is systemic of the quick decline of the condo conversion projects in late 2005. In mid-2005, Chicago-based MCZ/Centrum. purchased the 479,143-square-foot apartment complex for $48 million with plans to turn it into condominiums. In November, MCZ/Centrum turned around and sold the complex to EdMark/Grand Reserve LLC for $64 million. Only 11 condominium units were ever sold, and now the complex is focused again on rentals.
In recent months, Prudential Real Estate has started increasing its investment presence in the Gulf Coast. In mid-December, Prudential Real Estate purchased the 72,197-square-foot Hammock Cove and the 59,863-square-foot Naples Lakes Village, both in Collier County, for $27 million.
Calls to Prudential Real Estate for comment were not returned by deadline.
Scherer Development builds strip center
BUYER: SR 54 LLC (principal: John Scherer), Clearwater
SELLER: Brandon Realty Venture Inc.
PROPERTY: Property on State Road 54 near Bruce B. Downs Boulevard
PRICE: $1.25 million
PLANS, DESCRIPTION: Clearwater-based Scherer Development LLC purchased property on State Road 54 near an existing Wal-Mart Supercenter for $1.25 million to build a 10,000-square-foot retail strip center.
"We plan to break ground towards the end of November," says Chris Scherer, president of Scherer Development. "It's really going to be more of a shadow center for the Wal-Mart. We hope to open in February of 2008. We developed another center next to the Sam's Club on S.R. 54 and it worked out great. So I wanted to do another one."
The developer has so far leased up about 2,400 square feet.
Etc...
• JES Properties sold $23 million worth of bonds to fund public infrastructure for Riverwood, a 1,300-home, master-planned community it is developing on U.S. 301 in southeast Pasco County, just north of the Pasco-Hillsborough county line.
Proceeds from the sale of the tax-exempt bonds will pay for costs such as wastewater treatment facilities and other public infrastructure.
The bonds, to be paid back during the next 30 years, were sold to institutional buyers through Prager, Sealy & Co., an investment banking firm in Tampa. Riverwood will be developed in four phases in a mix of single-family and executive homes as well as townhomes and condominiums. About 35 acres have been set aside for a mixed-use town center with 300,000 square feet of retail and office space.
JES Properties, founded in 1989, specializes in developing residential communities, professional office complex and land acquisition. Its portfolio of Tampa Bay-area ventures covers more than 2,000 acres worth in excess of $100 million. Currently, the firm is developing or plans to develop more than three million square feet of office, professional and retail space in west central Florida.
• Intelliflex-PSL II Ltd., c/o The Leder Group. purchased the 192,684-square-foot Bay Vista at Bay Vista Drive and Rio Vista Drive in Clearwater from Highwoods/Florida Holdings LP for $21.95 million. Mike Davis, Mercedes Angell and Melissa Ackermann of Cushman & Wakefield negotiated the transaction on behalf of the seller.
• Clearwater-based JES Properties completed the sale of 2.7 acres - at Lakeland Park and Arteva drives - to Atlanta-based Longhouse Hospitality, a national hotel owner, operator and developer. Longhouse's plans call for a Crestwood Suites extended-stay hotel, its fifth in Florida. The Crestwood Suites is expected to open next summer.
LEE/COLLIER
PBO Development buys Cape Coral office
BUYER: Cape Grande LLC (principal; Trent Byrd), Naples
SELLER: Cape Coral Holdings Inc.
PROPERTY: 1811 Cape Coral Parkway E., Cape Coral,
PRICE: $5.5 million
LAW FIRM ON DEED: Bilzin Sumberg Baena Price & Axelrod LLP, Miami
PLANS, DESCRIPTION: Cape Coral-based Petersen, Byrd, O'Malley Development purchased an existing 3,000-square-foot building on three acres on Cape Coral Parkway for $5.5 million.
"We're going to do a mixed-use project there," says Jerry Petersen, one of the development partners. "We're going to do condos that take advantage of the views of the Caloosahatchee [River]. We're also going to build a restaurant on the water."
He figures it will take about 12-18 months to get the project planned and approved.
"It's a very interesting piece of property. It was never for sale before. It was owned by Cape Coral Holdings, which bought a lot of the land from the master developer of Cape Coral [Avatar Properties]," Petersen says.
In the interim, while the new owners develop their plan and get the necessary permits and approvals, the developers will use the existing building as a corporate office and sales center. Petersen says the development will also likely feature boat slips.
Cape Grande LLC mortgaged the property to Wachovia Bank NA for $7.2 million.
Petersen, Byrd, O'Malley Development recently completed the 60-unit Tuscany Court condominium development in Cape Coral. Before the developer takes the on the new project, it plans to develop the 60-unit Cape Tuscany on Veterans Parkway and the 400-unit Bella Tuscany at Surfside Boulevard and Veterans.
The Cape Coral developers will also do the site development for the 400-unit Siesta Lakes on Pine Island for developer/home builder Lennar Corp.
American Financial Realty buys Wachovia Bank building
BUYER: First States Investors 3600 LLC, Jenkintown, Pa.,
SELLER: Wachovia Bank NA
PROPERTY: 7750 Cypress Lake Drive, Fort Myers,
PRICE: $1.59 million
PREVIOUS PRICE: $1.68 million, March 1996 (includes multiple lots)
LAW FIRM ON DEED: Smith Hulsey & Busey, Jacksonville
PLANS, DESCRIPTION: Jenkintown, Pa.-based American Financial Realty Trust purchased a 5,747-square-foot former Wachovia Bank building for $1.59 million. The purchase was part of the real estate investment trust's formulated price contract with Wachovia, according to Anthony DeFazio, director of public relations for American Financial Realty Trust.
"They sell and we agree to buy, at third party appraisal prices, branches made redundant due to mergers," DeFazio says.
American Financial Realty Trust will now look to reposition the Cypress Lake Drive branch.
Investment group planning Six Mile Cypress offices
BUYER: Crystal Six Mile Partners LLC (principal: William Ennen), Fort Myers
SELLER: Stephanie Miller as trustee,
PROPERTY: 12270 and 12330 Ben C. Pratt Six Mile Cypress Parkway, Fort Myers
PRICE: $2.92 million
PREVIOUS PRICE: $350,000, August 1990 (for 12270)
LAW FIRM ON DEED: Truman J. Costello PA, Fort Myers
PLANS, DESCRIPTION: Bill Ennen, president of Florida Lifestyle Homes, is heading an investment group that purchased a little more than nine acres of land at the southern corner of the future extension of Crystal Road to Plantation Road.
The land is planned as a multi-phase office development, according to Randal L. Mercer, a partner with CB Richard Ellis the marketing broker.
"The first phase will be a 40,000-square-foot two story office," Mercer says. "That should commence later this year, and it will take about 12 months to build. We are having conversations right now with a statewide law firm for the entire second floor."
Space in the first building is available starting at about 2,500 square feet and the asking rental rate is $23 a square foot, triple net.
"One of the nice things about the property is that there will never be a lot of development in that immediate area," Mercer says. "It's near about six miles of Cypress Preserve. The traffic is going to increase dramatically in the area once Crystal is extended."
Etc...
• Brooks & Freund started construction on an 8,500-square-foot Reliance Bank building at 14241 Metro Parkway in Fort Myers. The new building will serve as the bank's corporate office and will be Reliance Bank's second office in Lee County. Construction is scheduled for completion in May.
• Construction has started on Moorings Park's L, M and N buildings at the southend of the campus. The project will consist of three two-story over-parking buildings with 32 custom unit floor plans ranging in size from 1,200 to 2,878 square feet and special combined units more than 4,000 square feet. Burt Hill/Pollack Kreig Architects in Fort Myers provided the architectural design for the three buildings.
• GM awarded Fort Myers-based J.L. Wallace Inc. a contract to build the Estero Chevrolet car dealership at 10640 Chevrolet Way, off Corkscrew Boulevard. J.L. Wallace will construct a single-story building totaling 29,000 square feet, including an 11,000-square-foot showroom and an 18,000-square-foot service area. Construction is scheduled for completion November.
• Eagle Concrete Systems started the concrete work on the 4,193-square-foot AmSouth Bank at Collier Boulevard and Lely Cultural Parkway in Naples. Interplan LLC designed the structure, and Hawkins Construction is the general contractor. The concrete construction is scheduled for completion by the end of February.
• Porzio's Painting Inc. purchased a 1.4-acre site at 4230 Colonial Blvd. Fort Myers from Nicanor and Arsenia Guevarra for $700,000. Tom Woodyard and Frank D'Alessandro of Gates D'Alessandro & Woodyard LLC represented the seller. V. Ronnie Reed of Tannassee Realty Inc. represented the buyer.
• Diamond Drywall of SW FL Inc. purchased a 4,720-square-foot industrial building at 2126 Andrea Lane in Fort Myers from Garry Pflug for $600,000. Tim Colen, Todd Holman and Doug Steele of Gates D'Alessandro & Woodyard LLC negotiated the transaction.
• Douglas Fox, trustee purchased a 9,525-square-foot office/warehouse in Billy Creek Commerce Center at 5750 Zip Drive in Fort Myers from Zip 2 LLC for $1.02 million. Todd Holman of Gates D'Alessandro & Woodyard LLC represented the seller, and Fred Burson of Burson-Weathers Real Estate Co. represented the buyer.
• Fort Myers-based J.L. Wallace Inc. completed construction of a clubhouse at Osprey Cove Terraces and Condominiums at 8510 Kingbird Loop in Estero. The project included construction of a 5,200-square-foot community fitness and activity center.
• Bonita Bay Group Realty has opened an office at Coconut Point shopping center next to Blue Water Bistro. The full-service brokerage handles residential resales and rentals, new home sales in Bonita Bay Group communities and commercial property listings and sales throughout Southwest Florida. The Bonita Bay Group is involved in planning, development, sales and management of master-planned communities, free-standing recreational amenities and commercial facilities.
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