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Commercial RE Briefs
by Sean Roth | Real Estate Editor
SARASOTA/MANATEE/CHARLOTTE
North Port group expands Bobcat medical center
BUYER: Bobcat Professional Center LLC (principal: Daniel Ezelle), Sarasota
SELLER: Tenth Way Corp.
PROPERTY: Lot 6, Bobcat Village Center, North Port
PRICE: $1.6 million
PREVIOUS PRICE: $890,000, November 2005
LAW FIRM ON DEED: Boone Boone Boone Koda & Frank PA, Venice
PLANS, DESCRIPTION: Bobcat Professional Center LLC purchased a 4.36-acre commercial parcel on Bobcat Village Center and Toledo Blade Boulevard for $1.6 million. The lot is adjacent to a 10-acre assemblage by the company for North Port Regional Medical Center.
"That is going to be a 75,000-square-foot, three-story medical building," says Dan Ezell, managing director of Bobcat Professional Center LLC. "We're hoping to break ground in the spring. We want to open our doors in the fall."
The planned large medical building will house Ezell's fiber-optic TV franchise company, the private physician group Inter-Medic Medical Group, a 10,000-square-foot radiology center and an urgent care center run by Sarasota Memorial Hospital.
Dr. Lee Gross, of Inter-Medic Medical Group is also a partner in Bobcat Professional Center LLC.
The separate lot six was particularly important to the medical development because of its 700 feet of frontage on Toledo Blade.
"It was an extremely expensive site," Ezell says, "but because of the urgent care facility, we needed frontage access and signage."
Other companies seem to see the benefit of the frontage as well; Ezell reports that he's received calls from coffee shops, banks and other retailers that are interested in locating there.
Bobcat Professional Center LLC mortgaged lot six to Northern Trust NA for $2.5 million.
The Wilder Cos. buys in Punta Gorda, plans development
Boston developer The Wilder Cos. purchased about 200 acres in Punta Gorda, on either side of Jones Loop Road between I-75 and Route 4. The company has announced plans to develop a new-urbanist community on the site featuring 1.2 million square feet of retail space, 500 residential units, office space and a hotel. The project, dubbed The Loop, is being described as incorporating South Florida architecture, a pedestrian- friendly environment, with additional landscaping and open space.
Although the project is still being permitted and construction is expected to start next year.
The Loop concept was originally conceived and used by The Wilder Cos. to develop a project in Methuen, Mass. That was followed by a second Loop that opened last summer in Orlando. Based upon the success of the first portion of the Orlando The Loop, the company plans to develop another section in 2007.
"The Loop-Punta Gorda is like no other Loop we have previously built," said David Mallen, a Wilder principal in a press release detailing the project. "Call it a next generation, The Loop-Punta Gorda will be a more complete lifestyle experience."
The Wilder Cos. have also announced plans to open The Loop in Northborough, Mass. in 2008.
The Wilder Cos.' current portfolio consists of more than 35 owned and managed properties nationwide along with an additional four million square feet under development.
First new hotel since Charley under construction in Charlotte
Dr. Mark Asperilla's Village Port LLC has started construction on a new Microtel Inn & Suites hotel at 4056 Tamiami Trail in Port Charlotte. The Charlotte Chamber of Commerce is touting the hotel, scheduled to open next summer, as the first hotel built in the county since the devastation caused by Hurricane Charley in 2004.
The three-story Microtel Inn & Suites hotel will have 86 rooms, a fitness center; meeting room and outdoor pool.
"I chose to build a Microtel hotel because it has a history of success and because of the recognition that J.D. Powers and Associates has given the chain for its high level of customer satisfaction," Asperilla said in a press release announcing the project.
There are 295 Microtel Inns & Suites hotels open or under construction worldwide and of those, 11 hotels are already open in Florida.
Waterford condo/retail development starting in 2007
Venice-based developer/builder Waterford Cos. is moving forward with plans for the condo/retail development Lake Vista at 1200 Tamiami Trail N., Nokomis. The 10-acre site, a half a mile from State Road 681, will feature a four-building development housing a total of 80 units and about 40,000 square feet of office space.
"We're going to develop lakes on the site," says James Falbo, sales and marketing manager for the Waterford Cos. "It's going to be a green-certified community, and we're really working to emphasize the walk-ability factor."
Falbo expects the units to start in the low $200,000s. Construction is scheduled to begin in early to mid 2007.
The Waterford Cos.' limited liability company Lake Vista Associates LLC acquired the 10-acre property in a non-sale transfer from Alyce and Edward Kalin's trust in February 2005.
Florida's west coast hoteliers buy Bradenton Budget Inn
BUYER: Okeechobee Inn Inc. (65% interest) and West Palm Motel Corp. (35%) (principals; Ashok, Navnit, Rajendra, Shilpa and Dharmista Patel), Wellington
SELLER: Budget Inn of Bradenton LLC
PROPERTY: 668 E. 67th St. Circle
PRICE: $3.5 million
PREVIOUS PRICE: $1.85 million, November 2002
TITLE FIRM ON DEED: American United Title Co. Inc., Venice
PLANS, DESCRIPTION: The Patel family in Wellington has purchased the 105-room Budget Inn just off State Road 64 and Interstate 75 in Bradenton for $3.5 million. The motel is being managed by Dipesh Patel, who is related to the family that owns the hotel, but is not part of the ownership group. The Patel family owns the Budget Inn in Belle Glade and the Fairway Inn, Super 8 Motel and Country Inns and Suites in Florida City.
Okeechobee Inn Inc. and West Palm Motel Corp. mortgaged the property to First Commercial Bank of Tampa Bay for $3 million.
LEE/COLLIER
Investor buys Fort Myers office building
BUYER: Eastpointe Realty Associates V LLC (principal: Bernard Vogel), Boca Raton
SELLER: Intervest LLC
PROPERTY: 4048 Evans Ave., Fort Myers
PRICE: $3.6 million
PREVIOUS PRICE: $1.2 million, July 2001
LAW FIRM ON DEED: Kevin F. Jursinski PA, Fort Myers
PLANS, DESCRIPTION: Boca Raton real estate investor Bernard Vogel's Eastpointe Realty Associates V LLC purchased a 50,000-square-foot office building on Evans Avenue in Fort Myers for $3.6 million.
"We just plan to upgrade it and hold it as an investment," Vogel says. "We're going to be making some cosmetic improvements. We are also going to be filtering out some of the tenants [to make space for higher-rent paying tenants]."
Vogel, like many other investors, expects the tenancy and rental rate for office space in Fort Myers to continue to climb.
Jeffrey Wogoman Tile, Marble relocating down the street
BUYER: Jeffrey Wogoman Investment Properties LLC (principal Jeffrey Wogoman), Fort Myers
SELLER: Hickcox Brothers Marine Inc.
PROPERTY: 17520 Rockefeller Circle, Fort Myers,
PRICE: $1.16 million
PREVIOUS PRICE: $55,500, May 2002
TITLE FIRM ON DEED: Title Professionals of Florida, Fort Myers
PLANS, DESCRIPTION: Jeffrey Wogoman purchased a warehouse property in Fort Myers for $1.16 million and plans to relocate his company, Jeffrey Wogoman Tile & Marble, to the building. The new warehouse/office property offered Wogoman both a larger facility, a total of about 5,000 square feet that is near the flooring-product company's former headquarters at 17580 Rockefeller Circle.
Jeffrey Wogoman Investment Properties LLC mortgaged the warehouse property to SunTrust Bank for $816,000.
First Florida buys building for Lee County headquarters
BUYER: First Florida Bank, Naples
SELLER: Fifth Third Bank
PROPERTY: 16451 Healthpark Commons Drive, Fort Myers
PRICE: $4.65 million
PREVIOUS PRICE: $1.6 million, April 2003
LAW FIRM ON DEED: Fowler White Boggs Banker PA, Fort Myers PA
PLANS, DESCRIPTION: First Florida Bank, a bank owned by Synovus, purchased a 20,000-square-foot, two-story bank building shell from Fifth Third Bank for $4.65 million. The bank plans to complete the interior of the building for use as a new branch and the bank's Lee County headquarters, according to Robert "Bob" Smedley, CEO and president of First Florida.
"It's just an outstanding market," Smedley says. "That property in particular offers use of the whole medical community of the Healthpark along with all the home growth in that area. I'm not sure if we are going to occupy the entire building yet or not. We will probably also be providing trust, mortgage lending and insurance products there as well."
Smedley expects the new location, which is scheduled to open in the third quarter of 2007, to be either the bank's third or fourth branch in Lee County. The bank currently has two operating branches in Collier County, one in Lee County and one in Orange County.
"We are going to open another one in a few weeks in Bonita Springs," Smedley says. "We will open another one in Venice in January. So we're expecting to have six branches within 60 days."
Synovus purchased Naples-based Banking Corp. of Florida in April.
Etc...
• The Carisch Brothers LP purchased a 1.25-acre vacant lot in Jetway Tradeport at the corner of Ben Hill Griffin Boulevard and Alico Road from Cooper Realty Co. for $1.91 million. The parcel is planned as a future site for an Arby's fast food restaurant. Gary Tasman and Scott Robertson of VIP Commercial-TCN Worldwide negotiated the sale transaction.
• Dr. Steven S. Greenberg leased medical office space in unit four in 3722 Central Avenue, Fort Myers from FRCG Partnership. David Pegg of Coldwell Banker Commercial represented the landlord, and Debra Johnson Shuey represented the tenant.
• GMC LLC and Anchor Healthcare purchased land at 2500 Goodlette Frank Road North, Naples in Eagle View Professional Park from Eagle View LLC for $2.35 million. the buyers plan to develop a 21,000-square-foot medical office building. R. Scott Cameron, managing member with Cameron Real Estate Services Inc., represented the seller.
• Pulte Homes leased 24,000 square feet of office space in Estero Park Commons, at 9240 Estero Park Commons Blvd., Estero, from McGarvey Development Co. Select Real Estate by Stephanie Miller Inc. handled the lease.
• Ronca Enterprises, dba Cali Motors, leased a 2,500-square-foot office/warehouse at 2200 Bruner Lane from QBM Trustees. Paul A. Sands and Tiffany Palmer of VIP Commercial-TCN Worldwide negotiated the transaction.
• Hammer Commercial Services started construction on a new 18,000-square-foot Class A office building at 422 NE 2nd Place in Cape Coral. The upscale two-story building is being called the Martello Center. The building is scheduled for completion in the summer 2007. Spence and Moore in Fort Myers designed the facility.
• Stron Glass Inc. leased a 3,674-square-foot office in Alico Commerce Center at 7800 Drew Circle, Units 3 and 4 from Carroll Partnership LLP. Gary Tasman and Shawn Stoneburner of VIP Commercial-TCN Worldwide represented the tenant, and Bob Johnston of CB Richard Ellis represented the landlord.
TAMPA BAY
Pointe Group Management buys 100 Carillon Parkway
BUYER: SH 100 St. Pete LLC, Plantation
SELLER: 100 Carillon LLC
PROPERTY: 100 Carillon Parkway, St. Petersburg
PRICE: $16.3 million
PREVIOUS PRICE: $5.9 million, December 2000
PLANS, DESCRIPTION: Plantation-based Pointe Group Management Inc. purchased an 80,000-square-foot, three-story office building at 100 Carillon Parkway for $16.3 million. According to Pointe Group Management President Peter C. Gardner, the property was attractive because of its long-term tenant - the risk mitigation firm First Advantage - the great local market and the condition of the building.
"We liked the building, liked the people who developed it and liked the area," Gardner says.
SH 100 St. Pete LLC mortgaged the office building to Wachovia Bank NA for $11.5 million.
Pointe Group Management also owns the 11-story Northern Trust Plaza in downtown Sarasota. The company purchased that office building in November 2005 for $17.5 million, one of most expensive office building acquisitions in the downtown market. That transaction was eventually trumped as the most expensive office purchase in downtown Sarasota a few months later when Triton Cos. and RBS Cos. Inc. purchased the 125,000-sqaure-foot Gold Bank Plaza for $35 million.
Cincinnati investors buy Goodyear store
BUYER: Bona Commercial Properties Ltd. (principal: Mary Bonansinga), Cincinnati
SELLER: R.S.B. Development Inc.
PROPERTY: 16006 State Road 54, Odessa
PRICE: $2.2 million
PREVIOUS PRICE: $700,000, March 2005
PLANS, DESCRIPTION: Cincinnati residents Mary and William Bonansinga and their three daughters purchased a Goodyear Auto Service Center in Odessa as an investment. Goodyear will continue to operate the store through a triple net lease.
Mary Bonansinga says the store was purchased through a 1031 exchange.
"We own property throughout the county," Bonansinga says. "We used to own a lot of residential property that we sold about 10 years ago. Then we started looking for other safe real estate in different areas. We are just really excited about the development that is going on in that area."
The store is the Bonansinga family's first commercial property in Florida.
Bona Commercial Properties mortgaged the store to Boston Mutual Life Insurance for $1.3 million.
RLJ Development closes on Palm River Road hotels
BUYER: RLJ-II II C Brandon, Bethesda, Md.
SELLER: C. T. Y. Brand LLC
PROPERTY: 10152 Palm River Road, Tampa
PRICE: $12.75 million
PREVIOUS PRICE: $850,000, January 1995
BUYER: RLJ-II F Brandon
SELLER: F. I. Brand LLC
PROPERTY: 10150 Palm River Road, Tampa
PRICE: $11.1 million
PREVIOUS PRICE: $382,500, August 1996
PLANS, DESCRIPTION: The Bethesda, Md.-based hotel and resort owner RLJ Development LLC purchased the Fairfield Inn & Suites Tampa Brandon at 10150 Palm River Road and the Courtyard By Marriott Tampa Brandon at 10152 Palm River Road for a total of about $24 million.
The adjoining hotels were just a small piece of RLJ Development LLC's acquisition of 100 hotels from White Lodging Services Corp. and its affiliate companies for about $1.7 billion. The majority of the hotels, 87, closed in the second quarter of 2006. As of publication, White Lodging Services hadn't sold the third of its completed hotels in that area, the Homewood Suites by Hilton at 10240 Palm River Road, Tampa, to RLJ Development LLC.
White Lodging Services will stay on to manage all of the hotels.
RLJ Development LLC mortgaged two properties to Wachovia Bank for $10 million.
Officials from RLJ Development LLC did not return repeated calls for comment prior to publication.
RLJ Development LLC is one of The RLJ Cos.' portfolio companies controlled by Robert Johnson, founder of Black Entertainment Television.
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