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Commercial RE Briefs
Commercial Real Estate by Sean Roth | Real Estate Editor
Tampa Bay
Pennsylvania REIT buys Seminole Mall
BUYER: Downtown Seminole LLC (principals: Aegis Partners LLC and Commercial Realty Manager IIA (REIT) Inc.), Largo
SELLER: Seminole Mall Acquisition LLC
PROPERTY: shopping center, 7858 113th St. N., an enclosed theater, 8100 113th St. N. and 7858 113th St. N. plus additional vacant commercial land, Seminole
PRICE: $35.7 million
LAW FIRM ON DEED: Foley & Lardner LLP, Tampa
PLANS, DESCRIPTION: Largo's Aegis Partners LLC and Commercial Realty Manager IIA (REIT) Inc. of Horsham, Pa., purchased the 424,192-square-foot Seminole Mall at the intersection of 113th Street North and Park Boulevard for $35.7 million.
The 42-year-old mall is anchored by a 47,140-square-foot Publix Super Market, a 37,795-square-foot Stein Mart and a 60,000-square-foot Beall's department store. According to CoStar Group research, the mall was last renovated in 1990 and was about 94.6% occupied as of the real estate research firm's last review. Other large tenants in the mall include a CVS/pharmacy, Dollar Tree Dockside Imports Home Decor and Perry's Coffee & Tea. The review was unable to contact Aegis Partners for comment.
Sembler creating new Park Street shopping center
BUYER: Sembler Family Partnership 47 Ltd., St. Petersburg
SELLER: Essilor of America Inc.
PROPERTY: property on Park Street, Seminole
PRICE: $7.69 million
PLANS, DESCRIPTION: As the Review reported briefly last week, St. Petersburg development juggernaut The Sembler Co. bought about 22 acres on Park Street in Seminole from Essilor of America Inc. for about $7.7 million. A Sembler spokesperson says the developer has already started the site work to build a 152,000-square-foot shopping center anchored by Kohl's department store.
"We're anticipating an opening in October," says Amber Overby, director of public relations and community affairs for Sembler. "It will be a small commercial center in a fairly dense retail area. It's adjacent to a Target. It will also be the first Kohl's in this area."
Bruce Erhardt, Patrick Berman and Derek Keys, all of Cushman & Wakefield, represented the seller.
Sembler mortgaged the site to Wells Fargo Bank for $26.3 million.
Tampa Community Health Center buys Rooms To Go
BUYER: Tampa Community Health Center Inc., Tampa
SELLER: Logan Fowler Avenue Associates LP
PROPERTY: 11711 N. 15th St., 1502 E. Fowler Ave., and additional property, Tampa
PRICE: $1.85 million
PREVIOUS PRICE: $1.15 million, March 1991
LAW FIRM ON DEED: DLA Piper US LLP, Tampa
PLANS, DESCRIPTION: The not-for-profit community health center company Tampa Community Health Center Inc. purchased a former Rooms To Go 15,000-square-foot retail building on 15th Street for $1.85 million.
"It should be pretty easy to convert it into a heath center," says Charles Bottoms, CEO for Tampa Community Health Center. "There is a large need in that area for healthcare services. We're hoping to have it completed this calendar year. "
The new 15th Street location will replace an existing health center the nonprofit has outgrown on 131st Street East in Tampa. The new health center, which is targeted primarily at low income and/or uninsured people, will house a staff of 30.
Tampa Community Health Center mortgaged the retail store to Wachovia Bank NA for $1.58 million.
Etc...
• Houston-based Hanover RS Ltd. Partnership purchased 28 acres at 10420 McKinley Drive in Tampa from Circle Tampa Ventures I LLC for $8.24 million. The new owner plans to demolish the warehouse and container production facility on the site, between Busch Gardens and the University of South Florida, and build a mixed-use development. Dolores Seymour and Edward Miller of Colliers Arnold Commercial Real Estate Services Inc. handled the transaction.
• Investor Neil Orkin purchased the 34,000-square-foot Northeast Plaza on Fourth Street in St. Petersburg from Marcelo Gutierrez for $4.9 million. Ricardo Bovero of Marcus & Millichap represented the seller, and Thomas Szarvas of Marcus & Millichap represented the buyer.
• Kenneth Klefenz, the owner and operator of Bradenton-based Clear Sunset Car Wash, entered into an agreement to purchase Triple Crown Car Wash's St. Petersburg location, at 3264 Tyrone Blvd. N. The acquisition will take place in mid-January and a name change to Clear Sunset Car Wash will take place in February. Klefenz is scheduled to open Clear Sunset Car Wash in Bradenton off of State Road 64 in March 2007.
• Beazer Homes started site development for 600 new home sites at Belmont, a community off U.S. 301 at Big Bend Rd. in south Hillsborough County. New homes at Belmont will be priced from the low $200,000s. Beazer plans to develop a 7.5-acre community center at Belmont.
LEE/COLLIER
Skipper Marina redeveloping Cape Coral marina
BUYER: DryStack International LLC, Winthrop Harbor, Ill.
SELLER: James and Deborah Figuerado
PROPERTY: 1424 S.E. 46th St., Cape Coral
PRICE: $4.18 million
PREVIOUS PRICE: $700,000, September 2004
TITLE COMPANY ON DEED: The Talon Group, Cape Coral
PLANS, DESCRIPTION: The Winthrop Harbor, Ill.-based development and marina management company Skipper Marina Development purchased Dolphin Marina on Malaga Canal in downtown Cape Coral for $4.18 million. The new owners plan to demolish the existing marina structures and develop a 156-unit dry-stack facility.
The new facility is planned as a rackominium and will also include an about 600-square-foot club area and concierge-style services. The property is in a designated Community Redevelopment Agency area, and the developers expect to receive some tax increment financing from the local agency.
"We think the revitalization of Cape Coral's downtown is already happening," says Mark Ellerbrock, vice president with Skipper Marina Development. "That's the reason decide we decided to do this project there. That, and there's a huge demand for this type of a project there."
Demolition is expected to start in the next few weeks with a ground breaking on the new facility scheduled for February. The new facility is being called the Del Prado Boat Club.
Samir Cabrera-led group plans three-story building
BUYER: Samir Cabrera Gateway to Daniels Ltd. (Samir Cabrera, Raymond DeMarco), Fort Myers
SELLER: Salrose Dreams II LLP
PROPERTY: 8870 Salrose Lane, Fort Myers
PRICE: $1.5 million
PREVIOUS PRICE: $2.5 million, June 2004
LAW FIRM ON DEED: Henderson Franklin Starnes & Holt PA, Fort Myers
PLANS, DESCRIPTION: A development group head by Samir Cabrera, a real estate agent with Gates D'Alessandro & Woodyard, purchased vacant commercial land at 8870 Salrose Lane in Fort Myers for $1.5 million. The new owners are pushing for development of a 25,000-square-foot, three-story professional office building.
"We're working on the design right now," Cabrera says. "Gates McVey will be the contractor on it. We're hoping to break ground in June. It will take about 12 to 13 months to build, putting completion sometime around June of 2008."
Space in the building is being listed for sale or lease. Rental asking rates start at about $29 a square foot triple net, and the purchase rate begins at $315 a square foot.
Samir Cabrera Gateway to Daniels Ltd. mortgaged the property to the former owner, Salrose Dreams II LLP, for $380,000 and Bridge Loans Direct Inc., Joseph Walker Marda, Marda Enterprises LP and John Hartemink for $700,000.
Two real estate agents buy Bruner Lane warehouse
BUYER: FP Investments LLC (principals; Constance Dean and Marcelo Pignatta), Fort Myers
SELLER: Brock and Barbara Johnson
PROPERTY: 2316 Bruner Lane, Fort Myers
PRICE: $1.85 million
PREVIOUS PRICE: $471,400
TITLE FIRM ON DEED: Palm Title Associates Inc., Fort Myers
PLANS, DESCRIPTION: Fort Myers real estate agents Coni Dean and Marcelo Pignatta purchased a 22,000-square-foot warehouse on Bruner Lane for $1.85 million. The building, zoned C2 for distribution, light manufacturing or assembly, is currently vacant.
Dean already owns a similar warehouse, leased by Integrity Medical Systems next door at 2312 Bruner Lane for $1.9 million. Dean has suggested assembling those two pieces with additional property for a possible future project, but for the moment, Dean is focused on leasing the 2316 Bruner building.
The building, which was previously a print shop, is listed for $8.95 per square foot triple net.
FP Investments mortgaged the property to Liberty Bank for $1.48 million.
Etc...
• Coral Gulf IV LLC purchased the 136-unit Palm Vista apartment complex at 3726 Central Ave. in Fort Myers from Brown Management Inc. for $9.26 million - $68,088 per unit or about $72 per square foot. Andrew Bethke of Marcus & Millichap represented the seller in the transaction.
• Francisco Olvera purchased an office condo at 4735 Santa Barbara Blvd., unit 700, Naples from Sigma Development LLC for $347,000. Denise Da Silveira of Gates D'Alessandro & Woodyard LLC negotiated the transaction.
• Gates McVey recently completed construction of the Naples Community Hospital's new $15-million, three-story Briggs Health Pavilion at the corner of 4th Avenue North and US 41 in downtown Naples. The new building is more than 80,000 square feet and features whirlpools, saunas, massage rooms and a special-needs aerobic room a on the first floor, cardio and strength-building equipment and two aerobic rooms on the second floor and unfinished future tenant space on the third floor.
SARASOTA/MANATEE/CHARLOTTE
Chicago investors buy mobile home park
BUYER: Over The Rainbow LLC (principal: Terry Fine), Sarasota
SELLER: Rainbow Village LLC
PROPERTY: 1015 W. 12th Ave., Palmetto
PRICE: $2.63 million
PREVIOUS PRICE: $875,000, November 2001
LAW FIRM ON DEED: Harrison Hendrickson & Kirkland PA, Bradenton
PLANS, DESCRIPTION: Over The Rainbow LLC purchased the 74-lot Rainbow Mobile Home Park in Palmetto for $2.63 million. Terry Fine, broker with Sarasota's 41 West Realty Group Inc., is representing the group, which he describes as investors in Chicago.
"There are really going to be no changes there except for new ownership," Fine says. "There are seven vacant lots that we will be working to fill."
According to Fine, the investment group already owns two other mobile home parks in the Sarasota-Manatee counties market including the 102-lot Orange Grove and Rusty's Mobile Home Park on Lockwood Ridge Road.
"Our goal is to grow to about a thousand units," Fine says. "We have developed some really good systems. For now though, we are keeping things local."
Over The Rainbow LLC mortgaged the property to the former owner, Rainbow Village LLC, for $2.05 million.
Kolter delays Grande Sarasotan, cites condo softness
Palm Beach-based Kolter Communities is postponing indefinitely plans to build the 17-story Grande Sarasotan condominium in downtown Sarasota. Kolter officials said the development plan was being revised to offer different price points and housing options. Kolter has also decided to reevaluate another project in north Palm Beach.
"There was really no energy in the market over there," says Bob Vail, president of Kolter's Tower division. "It was a great project in an outstanding location and under normal market conditions it would be very, very viable. The timing just may not have been outstanding."
The Sarasota site, in one of the most prominent locations in downtown at the northwest corner of U.S. 41 and Gulf Stream Avenue, was previously a Holiday Inn Hotel and a Denny's restaurant. But the land has sat vacant for several years after Richard Zipes' New York-based Omni Development Co. Inc. and Tarragon Corp. purchased it in mid-2003 for $28.7 million.
But after Omni's ultra upscale 144-unit condo project, The Metropolitan, never materialized, Omni and Tarragon sold the three-acre site to Kolter for $40 million. Kolter redesigned the project, reducing the size of most of the units to between 2,700 and 3,500 square feet and increased the number of parking spaces to 281. Kolter also hired Sarasota's largest real estate firm, Michael Saunders & Co., to market it.
Follow a yearlong delay, which put the project in the first few months of the residential slow down, Kolter announced and started marketing the new condo project. By the middle of the year, it was apparent that financing was becoming more difficult for the new project.
Kolter sent out letters to buyers attributing a delay in construction to the need for $90 million in condo presales in order to start construction, by May the developers had just more than $30 million. Kolter eventually accumulated 40 reservations, of which 20 actually were converted to contracts.
However, Kolter likely has the capital to wait on the market. Prior to the Grande Sarasotan acquisition, Kolter Property Co. sold off its Toronto office portfolio for about $500 million.
"We are fortunate to be fairly strong financially in spite of current market conditions," Vail says.
Simultaneously, Vail says that the company is bullish in acquisitions for future projects.
"Once you get through the courage challenge, common sense says now is the time to seek opportunities for the next market cycle," Vail says. "It's not time to go away and lock the doors. We are looking for opportunities that will come to fruition through the design and approval process 18 to 30 months from now."
ProspectsPLUS! buys Lakewood Ranch headquarters
BUYER: Invictus Enterprises LLC (principal: Jim Morton), Bradenton
SELLER: Portal Crossing West LLC
PROPERTY: 10510 Portal Crossing, units 107, Bradenton
PRICE: $1.179 million
LAW FIRM ON DEED: Porges Hamlin Knowles & Prouty PA, Bradenton
PLANS, DESCRIPTION: Jim Morton's direct mail marketing firm and digital press, ProspectsPLUS!, purchased units 107-112 in a Portal Crossing building in Lakewood Ranch Commerce Park for about $1.18 million. The company acquired 7,200 square feet that it subdivided into about 80% office and 20% production.
"We used to be in a historic building in downtown Palmetto, and we outsourced our printing to a company in Portland, Oregon," Morton says. "This was priced attractively and because it was flex space it allowed us to design it to our needs. The location is phenomenal. It has great freeway access and puts us in the path of progress."
Morton says the company bought additional space anticipating its growth.
"We could probably handle up to $80 million [in revenue] from this location," Morton says. The company, which did $7.5 million in revenue last year is projected to do $9 million in revenue next year. The company has a staff of 28.
Invictus Enterprises mortgaged the units to Colonial Bank for $960,000.
Etc...
• Bob Morris and Sarasota real estate investor Howard Rook have started Rooks Morris Real Estate and opened an office on St. Armands Circle. Rooks previously created Mount Vernon Real Estate in the Washington, D.C. area, which he later sold. The new firm will cover the Sarasota/Bradenton area, including the islands and developments east of the interstate.
• Sarasota-based Architura Inc. was awarded first place in an architectural model contest for a model of a waterfront amphitheater and bridge titled "SRQ AMP'D" from the Sarasota County Arts Council conducted as part of the annual Arts Day.
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