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Commercial RE Briefs
by Sean Roth | Real Estate Editor
LEE/COLLIER
Fort Myers hoteliers buy Sun Tan Village Motel
BUYER: Siyaram Hospitality LLC (Rakesh, Mahesh, Mohan, Suresh and Bina Patel), Fort Myers
SELLER: Sun Properties LLC
PROPERTY: 5601 and 5607 Estero Blvd., Fort Myers Beach
PRICE: $2.35 million
PREVIOUS PRICE: $1.65 million, May 2003
TITLE FIRM ON DEED: Gulfstream Title LLC, Fort Myers
PLANS, DESCRIPTION: The Patels, using the corporate name of Siyaram Hospitality LLC, purchased the 23-unit Sun Tan Village Motel on Fort Myers Beach for $2.35 million. The Patels already own the Comfort Inn on U.S. 41 in Fort Myers.
"We were looking for a beach front location and in that respect this site was perfect," says Rakesh Patel, managing member for the new ownership group. The Patels, who have already taken over management of the motel, are planning to renovate the building in the near future.
Siyaram Hospitality LLC mortgaged the property to Old Florida Bank for $1.6 million and to the former owner, Sun Properties LLC, for $300,000.
Target buys land, constructing SuperTarget
BUYER: Target Corp., Minneapolis
SELLER: NAP Pondella LLC
PROPERTY: 1760-1790 N.E. Pine Island Road, North Fort Myers
PRICE: $5.96 million
PREVIOUS PRICE: $5.44 million, November 2005
LAW FIRM ON DEED: Roetzel & Andress PA, Naples
PLANS, DESCRIPTION: Target Corp. purchased about 36 acres of vacant commercial land on Pine Island in North Fort Myers/Cape Coral for about $6 million, with plans to develop a SuperTarget store. Construction has already started on the 175,000-square-foot store, which is scheduled to open in the fall of 2007.
According to a Target spokesperson, the retailer looks to add new stores in locations where it already has other high performing stores, such as the Fort Myers market.
Waste Services buys landfill, disposal business
Burlington, Ontario-based Waste Services Inc. has signed a definitive agreements to acquire a construction and demolition waste landfill from Southwest Land Developers Inc. and the business of Pro Disposal Inc. to expand its operations on the Gulf Coast.
Pro Disposal is a roll-off collection operation based in Collier County with two transfer stations, in Naples and Fort Myers, that are both permitted to accept construction and demolition waste. The construction and demolition waste landfill, in Charlotte County, has a permitted capacity of 15.8 million cubic yards and is expected to open by the end of this year.
The purchase price for the two businesses is $75 million. Both deals are expected to be completed by the end of 2006.
"These acquisitions geographically extend our Florida base, enhancing our disposal based strategy," David Sutherland-Yoest, Waste Services Chairman and Chief Executive Officer said in a press release. "The collection operations and two transfer stations of Pro Disposal will link directly with our newly acquired permitted landfill and we will be able to internalize 100% of Pro Disposal volumes into our new landfill."
The company expects the net impact of these transactions to add approximately $12 to $13 million annually.
Waste Services Inc. is a solid waste services company that provides collection, transfer, disposal and recycling services in the United States and Canada.
SARASOTA/MANATEE
NDC head, McKay make plans for L.E.C.O.M. housing
BUYER: Malachite Housing LLP, Bradenton
SELLER: Schroeder-Manatee Ranch Inc.
PROPERTY: SEC 7-35 S-19E, Bradenton
PRICE: $2.83 million
LAW FIRM ON DEED: Grimes Goebel Grimes Hawkins Gladfelter & Galvano PL, Bradenton
PLANS, DESCRIPTION: The partnership of former state senate president and developer John McKay, and developer Ron Allen, president of the Bradenton-based general contractor NDC Construction Co., purchased about 35 acres between State Roads 64 and 70 behind the existing Lake Erie College of Osteopathic Medicine building in Lakewood Ranch for $2.83 million. Allen and McKay plan to develop a 288-unit multifamily development, likely in a mixture of condominiums and apartments.
"We're intending it to support L.E.C.O.M.'s students, faculty and personnel," says McKay. "We have county approval for all 288 units, the county just wanted us to limit the impact so we are delaying the second 144 units into the second phase."
Design work on the project is expected to begin soon. The next major step for the developers is to meet with L.E.C.O.M. officials to reach an agreement on the mix of ownership for the units and to discuss any possible relationship between the college and the property. Following the condo conversion boom in 2004-2005, Lakewood Ranch has had very little if any available rental lodging, making it difficult for students attending any of the colleges in Lakewood Ranch to find housing nearby.
NDC Construction Co. will act as the general contractor for the project. McKay expects that with the design process, building permits and other governmental approvals still needed for the project, construction will start in about nine months.
'We'll start just as soon as its possible," McKay says. "The rezone and changes to the comp plan took about two-and-a-half years just to get to this point. [But] we're very fortunate to be involved out there with L.E.C.O.M. Everything they have been doing is just first class. It's just a great location. You don't have to worry about competitors or the prospects for future competitors nearby."
Allen and McKay's limited liability company Malachite Housing LLP mortgaged the property to Freedom Bank for $4.14 million.
Procaccianti Group buys Bradenton Holiday Inn Express
BUYER: RFP VI Hotel Bradenton Owner LLC, Boston
SELLER: Mullen Associates LLC
PROPERTY: 4450 47th St. W., Bradenton
PRICE: $10.03 million
PREVIOUS PRICE: $630,000, May 1988
LAW FIRM ON DEED: Greenberg Traurig PA, Orlando
PLANS, DESCRIPTION: The Procaccianti Group, a Cranston, R.I.-based private real estate investment company, purchased the Holiday Inn Express Hotel & Suites in Bradenton for $10 million. Under the previous owner, the 129-unit hotel property was rebranded a Holiday Inn Express; it was formerly two properties: the Comfort Inn & Suites and the Park Inn Club & Breakfast.
The purchase comes after The Procaccianti Group acquired two other Florida hotels: the Marriott Fort Lauderdale North and the Renaissance Boca Raton Hotel.
TPG currently owns 47 hotels with 12,194 guest rooms in 17 states. The company, which employs about 6,000 people, is one of the largest private hotel operators in the United States.
The new ownership mortgaged the hotel to Anglo Irish Bank Corp. PLC for $7.5 million.
Jon Kleiber leaves one family firm to start his own
Jon Kleiber is no longer with the family firm, Richardson Kleiber Walter The Richardson Group LLC. Instead he's focused on creating his own family firm with his brother-in-law Nick DeVito II, called Kleiber DeVito Real Estate Group Partnership.
"This was really about my desire to set up my own company," Kleiber says. "Nothing is wrong with my relationship [with Richardson Kleiber Walter]. My dad was a great teacher, but now I'm ready to have my own office."
DeVito's main contribution to the firm at this point will be high-level marketing. For more than 15 years, he has worked for the India-based diamond wholesaler/jewelry manufacturer JB Diamonds, putting together marketing programs for that company's high-volume clients, independent jewelry firms.
It was DeVito's job to know the particular target demographics for those clients and to increase their business through direct mail, advertising and other means. DeVito will continue to work for JB Diamonds, but has cut back his role with the diamond company to just assisting Florida jewelry stores.
Although, Kleiber plans to continue specializing in industrial properties, he says the difference between his new firm and the former brokerage will become more apparent as the new firm adds services.
"We are going to be more aggressive with our growth and expansion into other interests, such as business brokerage," Kleiber says. "We will also be taking on [property] management. We also will likely be adding another agent soon."
The firm is located at 2750 Stickney Point Road, Suite 209, Sarasota.
TAMPA BAY
Developer/hotelier, CPA building Lutz Residence Inn
BUYER: Northpointe Hoteliers LLC (principals: Anthony Menna and Jeffrey Pursae), Clearwater
SELLER: Hogan Suncoast LLC
PROPERTY: 2101 Northpointe Parkway, Lutz
PRICE: $1 million
PLANS, DESCRIPTION: Anthony Menna's Clearwater development company Menna Development and Management, and Jeff Pursae of the Clearwater CPA firm Pursae & Co. PA, purchased vacant land in Lutz for $1 million. According to Annea Colosseo, a construction coordinator with Menna Development and Management, the developers plan to build a 100-room Residence Inn by Marriott.
"We're still in for permitting right now," Colosseo says. "We should be able to start sometime next month."
Menna Development and Management will act as its own general contractor, supervising the construction.
"Its just a great up-and-coming area at State Road 54 and Suncoast Parkway," Colosseo says.
Menna Development and Management currently owns and operates the Radisson Hotel & Conference Center in St. Petersburg, the Marriott Courtyard Village of Oldsmar and Residence Inn Village of Oldsmar. The developer/operator is also working to build town homes at the Belle Aqua Villas Beach Front Town Homes and the Palazzo Clearwater on Bay Esplanade.
Tierra Verde project changes hands, development continues
BUYER: Estancia Investments LLC, Tampa
SELLER: Naidip Bella Casa LLC
PROPERTY: Tierra Verde
PRICE: $3.5 million
PREVIOUS PRICE: $3 million, March 2005
PLANS, DESCRIPTION: A new investment group, Estancia Investments LLC, purchased a half-acre waterfront site in Tierra Verde, between the Don CeSar Beach Resort and Spa and Fort De Soto Park, from Tejas Patel's Naidip Bella Casa LLC for $3.5 million.
Tejas' Tampa-based Ativas Development Group is currently developing the waterfront site as the eight-unit development Tierra Isle Marina Residences. Edward P. "Ned" Roberts, III, director of marketing for Ativas Development Group, declined to explain the ownership change, but says that the developer is still on track to complete the project by late February or early March.
"We're planning to start marketing the units shortly after the first of the year," Roberts says. "We held back on the marketing so we could really present it as move-in ready. We're planning to start them at $1.3 [million]."
Each of the units, which will range from 2,750 to 4,400 square feet, will feature a boat slip.
CNL Income Properties buys Tampa's Grand Prix
BUYER: CNL Income F.E.C. Tampa (principals: Raymon Byron Carlock Jr., Charles Muller, Tammie Quinlan, Bernard Angelo and Tony Wong) Orlando
SELLER: Trancas Capital LLC
PROPERTY: 14340 N. Nebraska Ave., Tampa
PRICE: $3.1 million
PLANS, DESCRIPTION: Orlando-based real-estate investment trust CNL Income Properties Inc. purchased the Tampa family entertainment venue the Grand Prix for $3.1 million.
The Tampa Bay property, which features a driving range, go-kart track, batting cages and a video arcade, was part of an 11 family-entertainment center property acquisition from Trancas Capital for a total purchase price of $35.2 million. The Grand Prix was the sole Florida property; the remaining entertainment center properties were in Arizona, California, North Carolina, Tennessee and Texas.
CNL has entered into long-term, triple-net leases with Zuma Holdings LLC, an affiliate of Trancas Capital, to occupy and operate the properties. The company announced the total minimum annual rent for the 11 properties in its initial year will be about $3.2 million, and will increase during the term of the lease to a maximum of $3.4 million annually.
Etc...
• The Tampa Division of Tri-City Electrical Contractors Inc. is working on the new, four-story, 132-unit Lake Vista Residence Luxury Condominium in Lakewood Ranch under its contract with W.G. Mills. Completion is scheduled for March 2007.
• Stone Mart Marble & Travertine Group LLC leased 5,540 square feet in Airport Industrial Park at 4901 W. Rio Vista Ave. in Tampa from ARA Properties No. 3 Ltd. Mike Davis, Rian Smith and Chris Sass, of Cushman & Wakefield, negotiated the lease on behalf of the owner.
• Star Stainless Screw Co. leased 30,821 square feet in Eastmeadow Distribution Center at 4933 Distribution Drive in Tampa from Eastmeadow Distribution Center LLC, c/o UBS Realty Investors LLC. Chris Sass, of Cushman & Wakefield, negotiated the lease on behalf of the tenant.
• Mattern Holdings Inc. agreed to sublease 16,000-square-foot in Palm River Center located in Tampa from Direct Initiatives Inc. Bill Reeves and Chris Sass, of Cushman & Wakefield, negotiated this transaction on behalf of the sublandlord
• RJE Telecom LLC leased 12,000 square feet of office space in Tampa's Palm River Center from Palm River JLM Center Ltd. Jim Paladino, John Fish and Chris Sass, of Cushman & Wakefield, negotiated this transaction on behalf of the landlord.
• Meadow Burke, a division of MMI Products Inc., agreed to a 84,099-square-foot, long-term lease in building A of Meadow Creek Distribution Center in Tampa from EastMeadow Distribution Center LLC, of Hartford, Conn. Jeff Bardin of GVA Advantis broker represented the landlord, and CB Richard Ellis represented the tenant.
• The Tampa Division of Tri-City Electrical Contractors Inc. is wrapping up work on the new Grand Oaks Preserve Condominium in Sarasota, under its contract with Tandem Construction. The four-building, 48-unit project is scheduled for completion in January 2007.
• CB Richard Ellis has been named the exclusive listing agent for Weldon Center. The property, just east of U.S. 41 at Madison Avenue and Joanne Kearney Boulevard, is within the Madison Park of Commerce in Riverview. Owned by WI Commercial Properties Inc., the two building, 143,840-square-oot Class-A light industrial/distribution complex is easily near Interstate 4, Interstate 75 and the Crosstown Expressway.
John Jenkins, first vice president with CB Richard Ellis in Tampa is the exclusive listing agent for the property. Weldon Center is being offered for sale or lease with one tenant, Weldon Industries, already set to occupy 40,000 SF in the north building.The property, designed by Horton Harley & Carter, is under construction for a May 2007 completion date.
• Kimball Hill Homes plans to develop at least four new neighborhoods in Pasco and Hillsborough Counties designed to appeal to working families and first-time homebuyers. Francine Miller, regional president of Kimball Hill Homes in Florida, said the homebuilder has set a target price for single-family homes under $200,000, well below the median price of single-family homes in Hillsborough or Pasco counties. Miller says the prices may even dip as low as into the $160s. Miller said Kimball Hill Homes will announce its first of the more affordably priced neighborhoods early next year.
• Hotels & Residences, a subsidiary of Atlanta-based Novare Group, announced today that it will develop Twelve Arts District, a 130-suite, boutique hotel on a site bounded by Ashley, Cass, Tampa and Polk streets in downtown Tampa. Atlanta's Novare Group and Tampa's intown group formed Novare-intown Tampa Development Company LLC to develop projects in the Tampa area. Award-winning Novare Group is a private real estate development and investment company.
• Creative Contractors Inc. has been selected by WCI Communities Inc. to build a 23,000-square-foot clubhouse for its Venetian Golf and River Community in Venice. WCI also selected Creative to build the Club Renaissance in Sun City Center in 2004. The $6.9 million Mediterranean style Venetian Golf and River Club includes a large dining and reception room, banquet kitchen, bar and lounge, locker rooms, pro shop, snack bar, cart storage, and covered terraces. The architect is Chris Consultants of Irving, Texas. Construction is scheduled for completion in August.
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