Equity One acquires Midpoint CenterCPA investment group buys in Woodmere Professional CenterBest Western owners buy nearby restaurantDeveloper buys land for Clark Station second phase Tidemark developer buys Gulf Drive retail buildingSarasota investor buys office near Pineapple SquareGlobal Group Investment buys land for professional centerWeingarten Realty Investors buys Hopewell Industrial CenterThe Sembler Co. preps for St. Pete project
Commercial RE Briefs
by Sean Roth | Real Estate Editor
Equity One acquires Midpoint Center
BUYER: Equity One (Midpoint) Inc. (principals: Chaim Katzman, Jeffrey Olson, Jeffrey Stauffer, Gregory Andrews and Alan Merkur), North Miami Beach
SELLER: Midpoint Center LLC
PROPERTY: 2522 Santa Barbara Blvd., Cape Coral
PRICE: $12.45 million
PREVIOUS PRICE: $500,000, April 2001
ATTORNEY ON DEED: Alan J. Marcus, Aventura
PLANS, DESCRIPTION: North Miami Beach-based real estate investment trust Equity One Inc. purchased the 75,386-square-foot Midpoint Center in Cape Coral for $12.45 million. The shopping center is currently 100% leased and is anchored by a 60,667-square-foot Publix Super Market. Feryal Akin, a spokesperson for Equity One declined to comment on why Midpoint Center itself was purchased. However, she says that in general, the REIT targets Florida as one of its main markets and particularly high-growth areas and centers.
Equity One owns four shopping centers in Southwest Florida: Midpoint, Marco Town Center, Pavilion Shopping Center and Summerlin Square Shopping Center. The company also owns four shopping centers in Sarasota.
CPA investment group buys in Woodmere Professional Center
BUYER: RWHSG Building LLC (principals; Ronald Gustason and Sheldon Starman), Naples
SELLER: Lippert Components Manufacturing Inc.
PROPERTY: 2375 9th St. N., unit 110, Naples
PRICE: $1.28 million
PREVIOUS PRICE: $520,000, November 1998
LAW FIRM ON DEED: Douglas Wood Esq., Naples
PLANS, DESCRIPTION: An investment group, which includes two of the partners in the CPA firm of Rogers Wood Hill Starood & Gustasonman, purchased a 4,282-square-foot office condominium unit in Woodmere Professional Center for about $1.3 million. According to Sheldon Starman, the CPA firm plans to relocate to Woodmere Professional Center from its current leased office at 4099 Tamiami Trail North, Suite 400.
"We're just two miles north of there now," Starman says. "It was about the right square footage and it was on the west side of the trail."
The CPA firm has leased its present location for about the past 30 years. No current move date has been set.
Jay Crandall of Coldwell Banker Commercial NRT and Dave Wallace of Premier Commercial Properties handled the transaction.
RWHSG Building LLC mortgaged the unit to AmSouth Bank for $1.09 million.
Best Western owners buy nearby restaurant
BUYER: Fort Myers Waterfront LLC (principals: James, Patricia and Wendi Carroll), North Fort Myers
SELLER: Enneis Haney
PROPERTY: 13101 N. Cleveland Ave., North Fort Myers
PRICE: $1.6 million
PREVIOUS PRICE: $850,000, June 1998
LAW FIRM ON DEED: Warchol Merchant Rollings Buckley & Pohl LLP, Cape Coral
PLANS, DESCRIPTION: The owners of the Best Western hotel Fort Myers, at 13021 N. Cleveland Ave., purchased the 7,000-square-foot Don Haney's Smokehouse (North) restaurant for $1.6 million. The owners plan to rename the restaurant Foxfire Barbeque.
• Charles Schwab & Co. Inc. leased a 2,793-square-foot office in University Commons at 12580 University Drive, Suite 100 from UC LLC. Gary Tasman and Shawn Stoneburner of VIP Commercial-TCN Worldwide negotiated the transaction.
• 2035 McGregor LLC purchased a 2,712-square-foot building at 2035 McGregor Blvd., Fort Myers from Liberty National Life Insurance Co. for $770,000. The property will be redeveloped into a 15,000-square-foot build-to-suit office complex. Bob Pekol from VIP Commercial-TCN Worldwide represented the buyer, and Todd Holman of Gates D'Alessandro & Woodyard LLC represented the seller.
• Fort Myers-based J.L. Wallace Inc. has completed construction of a clubhouse at Riverwalk Terraces and Condominiums at 8371 Whiskey Preserve Drive in Fort Myers.
• McGarvey Development completed construction of the Family Medical Center at 9400 Bonita Beach Road, just east of U.S. 41 in Bonita Springs. The Family Medical Center is a two-story tilt-up building with four 3,000-square-foot medical suites. The building's owners, Dr. Albert and Dr. Patricia Alessi, of Alessi Family Care, occupy the ground floor suites. The Alessi practice shares the floor with lessee Redi-Med, led by Dr. Shawn Miller and John Smyzer. DSI Labs and I-Med Diagnostics/MRI will occupy the second-floor suites.
• Naples-based Orion Bank, opened a full-service banking center at 2150 Goodlette Road N. in Naples. The branch is on the ground floor of Orion's new corporate headquarters and is part of the bank's ongoing expansion. The office is managed by Dennis d'Auvergne, assistant vice president, branch manager.
• Pelican Bay Development recently acquired a 16-acre site at south Fort Myers on New Alico Rd. off U.S. 41 and plans to develop a 104,000-square-foot mixed-use, retail and office center there, anchored by two major tenants and a CVS Pharmacy. James Nashman, president of Pelican Bay Development expects to start construction of a 13,013-square-foot CVS Pharmacy in the summer of 2007.
• Fort Myers developers Romi LLC and Harp Development Corp. awarded CORE Construction Group's Florida offices $60 million contract to build 330 condominiums in 11 six-story buildings along the 10th fairway of the Eastwood Golf Course at Greens Edge at Province Park in Fort Myers. Construction is set to start in January. The first building is scheduled to open sometime next year.
• McGarvey Development completed construction of Building V in Estero Park Commons, a 100,000-square-foot medical, retail and office condominium park. The two-story, Class-A office building is at 9240 Estero Park Commons Blvd., Estero contains 24,800 square feet of office. The building is currently leased to Pulte Home Corp. The total project includes six single-story buildings on Corkscrew Road between U.S. 41 and Interstate 75. Units in Estero Park Commons range from 1,200 to 15,000 contiguous square feet.
• Construction is expected to start soon for InterContinental Hotel Group's first Hotel Indigo in Fort Myers. The seven-story 62-room hotel, schedule to open in the fourth quarter next year, is owned by DOC Fort Myers II LLC and will be managed by DOC Hospitality LLC. The hotel will also feature two, boardrooms, a rooftop outdoor pool, a fitness studio, a bistro-style restaurant called The Golden Bean and a bar.
• Alexander Tooley purchased slightly less than a quarter of an acre commercial site at 2758 Meadow Road, Lehigh Acres from William Daley for $44,125. Cooper Huff of Gates D'Alessandro & Woodyard LLC Realtors represented the buyer, and Michael Komar of Leffler & Associates represented the seller.
• MD Developers, Inc. purchased 0.63 acres at 14090 Metropolis Avenue in Fort Myers from EEDV Family LP for $425,000. Robyn Wright of Gates D'Alessandro & Woodyard LLC Realtors represented the seller. Ayal Keren of MD Developers Inc. represented the buyer.
• Acline Road Florida LLC bought 5.2 acres on Acline Road, Punta Gorda from Todd and Shari Rincon for $1.01 million. Honorà Jacobus, Frank D'Alessandro and Tom Woodyard of Gates D'Alessandro & Woodyard LLC Realtor negotiated the transaction.
• Entrada Plaza LLC purchased the southeast corner of Del Prado Boulevard and De Navarra Boulevard, Fort Myers from Realmark Group LLC for $1.6 million. The new owners plan to develop a 40,000-square-foot retail plaza on a three acre parcel.
Hal Arkin with Gates, D'Alessandro & Woodyard LLC, represented Realmark Group, and Robert A. Lee, Jr. with Re/Max Top Team negotiated the sale for the buyer.
• Steven Paletsky acquired 2.44 acres of commercial land at 15100 and 15120 Elderberry Lane, Fort Myers from Marbo Ventures II for $1.465 million. Tom Woodyard with Gates, D'Alessandro & Woodyard LLC represented the seller, and Robyn Wright represented the buyer.
• Real Estate developer Cameratta Properties LP and the private equity firm The Carlyle Group, have completed phase I of High Point Place waterfront towers in The River District of Fort Myers. The completed phase, including 32 stories and 105 sold-out units, is now considered the tallest high-rise in southwest Florida.
High Point Place is a 361-foot tall condominium development in The River District of Fort Myers. The project features a fully furnished, elite business conference room with computers, flat-screen television and other business amenities; entertainment area; private elevator access and a weight-training complex with saunas.
• SunTrust Bank just opened the Pebblebrooke office, a new branch in Naples at 15225 Collier Blvd. Pebblebrooke is the first office in Collier County to be opened using SunTrust's new branch design, which features digital merchandising and self-entry safe box technology. SunTrust Bank, Southwest Florida has more than 71 full-service offices located throughout Manatee, Sarasota, Charlotte, Lee, and Collier counties.
• The Fort Myers office of Architecture Inc. has been named as the architect of record for Florida Gulf Coast University's new joint project with The Naples Botanical Gardens. Costing an estimated $5 million dollars, The Center for Discovery will host research in biotechnology and ethnobotany in addition to other pressing issues. University classes will compliment The Garden's current programs and tours while the 170 acres surrounding the facility will act as an outdoor classroom.
Work on the 15,000-square-foot laboratory and classroom building is scheduled to begin after the first of the year.
• Select Real Estate by Stephanie Miller, Inc. recently coordinated a joint commercial real estate purchase for Applebee's and Dunkin' Donuts in Cape Coral on the northeast corner of Nicholas Parkway and Pine Island Road in Estero. The property sale price was $1.6 million.
• Devin Benjamin purchased a 3,060-square-foot office at 1951 Grove Ave., Fort Myers, from Theresa Dehaven for $362,500. Adam Palmer of Coldwell Banker Commercial NRT and Rossana Reily of Shore to Shore Realty handled the transaction.
• Fort Myers-based Stevens Construction Inc. completed construction of 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. The suites, designed by Architecture One Inc., include six private offices, a conference room, a reception area and waiting room, two restrooms and a lounge.
• Nu-Cape Construction Co., a division of Owen-Ames-Kimball Co., completed construction of the new Cape Coral treatment center for Florida Cancer Specialists. Florida Cancer Specialists is the largest privately owned oncology and hematology practice in Florida. The 6,100-square-foot treatment center is at the Cay West Pavilion and includes a patient waiting area, six exam rooms, a nurses' station, physician offices, a laboratory and more than 1,000 square feet dedicated for treatment of patients. This treatment center is the second Cape Coral office for this group.
• Colonial Bank's Florida West Coast region has started construction on a new office in North Port at the intersection of Sumter and Price boulevards. The new office will feature four drive-thru service lanes and an ATM lane. Colonial Bank has contracted with Owen-Ames-Kimball Co. to build the new banking office, and construction is scheduled to be complete summer 2007.
Developer buys land for Clark Station second phase
BUYER: Clark Station Retail Sarasota LLLP (principal: Joseph Patane), Sarasota
SELLER: Sararealty Three, Sarareatly Four and Comgen
PROPERTY: 5650 and 5760 Honore Ave. and 5711 and 5700 Mead Ave., Sarasota
PRICE: $6.1 million
PREVIOUS PRICE: $96,000, May 1979, $19,300, December 1982 and $18,500, July 1986
LAW FIRM ON DEED: Abel, Band, Russell, Collier, Pitchford & Gordon Chartered
PLANS, DESCRIPTION: An investment group headed by Joseph Patane and Barry Edwards purchased seven acres just north of the southeast corner of Honore and Clark for $6.1 million. The seven-acre site will be the second phase of a commercial development being called the Clark Station Neighborhood Center.
The first phase of the development, on a northern five-acre parcel, is made up of four one-story and two two-story office condo buildings. Construction on the first phase, which will total 45,000 square feet of office space, started in June and is scheduled for completion in August 2007.
The second phase, south of the first phase and abutting Rosin Way Office Park and a Walgreens drug store, will feature 72,000 square feet of retail, banking, restaurant and office space. The second phase will likely feature a mixture of single-story retail and two-story office/retail buildings, according to Linda Emery with Barry D. Edwards & Associates Inc.
"We're still developing the conceptual site plans," says Emery. "We're shooting for completion in the spring of 2008. It's got a nice traffic count at Clark and Honore of about 53,000 cars a day. There's a lot development nearby. It's just a perfect location."
Clark Station Retail Sarasota LLLP mortgaged the property to Montgomery Bank for $5 million.
Tidemark developer buys Gulf Drive retail building
BUYER: Reliance Tidemark LLC (principal Joseph Gaudio), Stamford, Conn.
SELLER: Sunrise Landings LLC
PROPERTY: 5313 Gulf Drive, Holmes Beach
PRICE: $2.85 million
PREVIOUS PRICE: $1 million, October 2001
LAW FIRM ON DEED: Greene & Schermer, Bradenton
PLANS, DESCRIPTION: Stamford, Conn.-based Reliance Realty Partners purchased a 15,000-square-foot retail building next door to the site were the real estate company is developing the Tidemark Lodge and Marina on Anna Maria Island.
The retail building is 100% occupied, and houses a spa, a fitness club, a liquor store, a gourmet deli, the Anna Maria Island Chamber of Commerce and two real estate firms, according to Kenneth Dardis, a partner in Reliance Realty Partners.
"We like the tenants and just thought it would be a nice fit for our project," Dardis says.
Reliance Tidemark purchased the land for the Tidemark development out of bankruptcy on December 2004 for $5.6 million. The real estate firm also purchased the 18-room Beach Inn Hotel on Anna Maria to serve as a sister property to the Tidemark.
Dardis says the developer/landowner is working to merge the three properties into a cohesive resort. The company expects to start the marketing to tie the three properties together in January.
Vertical construction for the first of five condo buildings for the 40-unit Tidemark Lodge and Marina is scheduled to start in February. The Tidemark will also feature a separate lodge building and 62-slip marina.
"We've completed the marina, seawall, dredging, infrastructure and utilities," Dardis says.
Reliance Tidemark mortgaged the retail building to Freedom Bank for $2.4 million.
Sarasota investor buys office near Pineapple Square
BUYER: Benmarchad LLC (principal: Marvin Kaplan), Sarasota
SELLER: Kevin L. Perry Inc.
PROPERTY: 127 Pineapple Ave., Sarasota
PRICE: $1.025 million
PREVIOUS PRICE: $125,000, June 1994
LAW FIRM ON DEED: Dunlap & Moran PA, Sarasota
PLANS, DESCRIPTION: Sarasota entrepreneur/real estate investor Marvin Kaplan purchased a 2,324-square-foot, two-story office/retail building at Pineapple Avenue and State Street in downtown Sarasota for $1.025 million. The major mixed-use condo/retail development planned by the Isaac Group Holdings LLC primarily centered in the triangle formed by Main Street, Lemon Avenue and Pineapple was a significant reason for the purchase.
"I really see that as the key front to Pineapple Square," Kaplan says. "It was the only parcel like it I could find."
While the building is currently vacant, Kaplan has lined up Sky Sotheby's International Realty to occupy the entire building in January. Chad Roffers, president Sky Sotheby's International Realty, plans to use the Pineapple office to house the sales team for the $110-million Atrium on Ringling development.
Steve Horn and Ian Black, both of Ian Black Real Estate, handled both sides of the commercial sale. Kaplan mortgaged the building to Insignia Bank for an $820,000.
In other Pineapple Square news, Pineapple Square Properties LLC announced the first three retail tenants: Brooks Brothers, Pastry Art and Sur La Table.
The new Brooks Brothers store will be on the southeast corner of Main Street and Lemon Avenue and will occupy 5,100 square feet of retail space. The project's first local tenant is Pastry Art. Sur La Table will be in a new building on the corner of Lemon Avenue and First Street, occupying 4,500 square feet of retail space.
Developed in three phases, Pineapple Square will ultimately include up to 40 new retailers, 276 residences and more than 1,000 parking spaces, with more than 525 of them for use by the general public.
• Burt Zupa's Weichert Realtors On the Circle in Sarasota has received the exclusive listing for World Quest Resort, a condo resort in Orlando. Three of the development's buildings have been built and sold while another two additional buildings are currently underway.
• TL Property agreed to lease 5,000 square feet of restaurant space for the new Cafe on the Bay, 5350 Gulf of Mexico Drive, Longboat Key, from Centre Shops. Steve Horn of Prudential Palms Realty represented the landlord, and Michael Witt of American Property Group represented the tenant.
• Kimark LLC leased 7,632 square feet of retail space at 4625 S. Tamiami Trail, Sarasota from Martin Realty Investments Inc. Barry Seidel of American Property Group handled the transaction.
• Sarasota Immediate Care Inc. leased 4,500 square feet of office space at 7005 S. Tamiami Trial, Sarasota from Thomas and Christine Pinson. Barry Seidel and Michael Witt, both of American Property Group, handled the transaction.
• Stay and Visit Inc. purchased a 4,600-square-foot commercial space at 7256 S. Tamiami Trail, Sarasota from Robert Horsley, individual and trust, for $673,500. Barry Seidel and Michael Witt, both of American Property Group, handled the transaction.
• The ADP Group of Sarasota, in association with Harvard Jolly of St. Petersburg, has been awarded a contract by Sarasota County government for the design of the Osprey Library, a three-story, 25,000-square-foot branch library. The library fronts on Bay Street in Osprey.
• Naples-based Premier Properties of Southwest Florida Inc. completed the construction and opening of its new office at The Plaza at Five Points, 50 Central Ave., Suite 110, in downtown Sarasota. Steve Bailey is vice president and regional manager of Premier's Sarasota division and will manage 25 agents from the new location.
• Darla Furst of Michael Saunders & Co. has been named 2006 Sarasota Association of Realtors Realtor of the Year. Carla Rayman of Cloud Nine Realty Inc., was named the SAR President's Award winner for 2006.
• Infinity Home Care leased 2,415 square feet from Osprey S.A., Ltd. for five years at 2201 Cantu Court in Sarasota. Lori Conable of Ian Black Real Estate and Marcia Sevigny of Osprey Management handled the transaction.
Global Group Investment buys land for professional center
BUYER: Suncoast Professional Center LLC (principal: David Ortiz), Weston
SELLER: Odessa Land Ltd.
PROPERTY: 17131 State Road 54 and additional property with no address, Land O'Lakes
PRICE: $8.27 million
PLANS, DESCRIPTION: Weston-based commercial developer Global Group Investment Inc. purchased property in Land O'Lakes just off State Road 54 for about $8.3 million to develop a new professional/medical office park called Suncoast Professional Center. The project calls for 180,000 square feet of office space in eight two-story buildings.
The office space, which is being pitched as office condos, will run from 1,500 square feet on up and is currently being offered for $235 a square foot. Lisa Allen, director of marketing for Global Group Investment, says the company is projecting the total value for the development at about $42 million.
"It fits all of the criteria we look for, including location, employment growth and residential expansion," said David Ortiz, president and CEO of the commercial developer. "The site is centered in a new and affluent residential area, and in terms of employment, it has appeal for both North Tampa and Pasco County."
Site work will begin in the first quarter of 2007, according to Chip Dinneen, vice president of sales for Global Commercial Realty, the sales arm of Global Group Investment. The first phase of the project is scheduled for occupancy in early 2008.
Global Group Investment's purchase entity of Suncoast Professional Center LLC mortgaged the property to Commercebank for $4.82 million.
Weingarten Realty Investors buys Hopewell Industrial Center
BUYER: WRI Hopewell LLC, Houston
SELLER: CRI Hopewell LLC
PROPERTY: 1201 Old Hopewell Road,
PRICE: $8.9 million
PREVIOUS PRICE: $6 million, September 2002
PLANS, DESCRIPTION: Houston-based real estate investment trust Weingarten Realty Investors purchased the 224,500-square-foot warehouse facility Hopewell Industrial Center at Old Hopewell Boulevard and U.S. 301 in Tampa from Capital Realty Investors for $8.9 million or about $40 per square foot.
The Hopewell acquisition was followed shortly by Capital Realty's purchase of 8900 Grand Oak Circle, a three-story, 68,000-square-foot, Class-A office building in Hidden River Corporate Park, Tampa, for $8.6 million.
Mike Davis, and Rian Smith of Cushman & Wakefield negotiated the Hopewell transaction on behalf of the seller.
The Sembler Co. preps for St. Pete project
BUYER: Sembler Creekside Partner 1 Limited (Melvin Sembler, Craig Sher, Brent Sembler, Jeffrey Fuqua and Gregory Sembler), St. Petersburg
SELLER: Sierra Ind Inc.
PROPERTY: off 57th Avenue and 42nd Street, St. Petersburg
PRICE: $1.63 million
PREVIOUS PRICE: $300,000, May 1994
PLANS, DESCRIPTION: St. Petersburg developer The Sembler Co. purchased 9.57 acres of vacant land off 57th Avenue and 42nd Street in St. Petersburg for $1.63 million. The scope of the project is still being determined, according to Amber Overby, director of public relations and community affairs, but it will residential.
A strictly residential project marks a major change for the developer in the Tampa Bay area, which made a name for itself building grocery-anchored retail developments. More recently, Sembler has distinguished itself with a string of mixed-use and retail projects along with its more bread and butter commercial development..
"We've done a lot of that in Atlanta," Overby says, "but this will be out first substantial residential project in Florida."
Craig Sher, The Sembler Co.'s CEO, speaking to the Review in June, said the diversification of the company's product type and geography started in the late '80's when the company first expanded into property management and leasing in order to balance out its revenue.
This past May, the company started a residential division headed by Greg Sembler, vice chairman of The Sembler Co. and the likely heir to replace Sher in the top spot. The Sembler Co. first introduced a residential component with Edgewood Retail District, an Atlanta project with 300 residential units.
The Sembler Co. is currently co-developer with JMC Communities and Jimmy Aviram of ANB Enterprises in Ovation, a planned upscale 27-story condominium tower and mixed-use development along St. Petersburg's downtown waterfront.
The Sembler Co. mortgaged the 10-acre site to Regions Bank for $1.404 million.
• Wilmington Finance Inc. leased 17,706 square feet of space at Fountain Square Centre, located just off the Eisenhower and Veterans corridor near the Rocky Point area of Westshore. Vince La Mariana of GVA Advantis negotiated the transaction on behalf of the property owner, a Utah-based investment group.
• Diversified Environmental Services purchased four acres at 4901 S. 16th Ave. in Tampa from M&D Enterprise for $1.35 million. Tim Callahan and Chris Sass of Cushman & Wakefield represented the seller.
• 54th Avenue Development LLP purchased a 4.22-acre parcel at 4332 54th Ave. N. in St. Petersburg from Verizon Florida Inc. Bruce Erhardt and Derek Keys of Cushman & Wakefield represented the seller.
• Laven Hospitality LLC purchased a 4.67-acre property at the southwest corner of Interstate 75 and State Road 674 in Ruskin from Thomas and Marlene Farrington and the McDonald Family for $1.3 million. Bruce Erhardt and Patrick Berman of Cushman & Wakefield represented the sellers,.
• Baycare Health Systems Inc. signed a new 24,457-square-foot office lease at NetPark in Tampa. NetPark is a two-story, multi-tenant, 919,405-square-foot office and technology center at 5701 E. Hillsborough Ave. in Tampa. Cushman & Wakefield's Mercedes Angell, Melissa Ackermann and Mike Davis negotiated the lease on behalf of the landlord, NNN NetPark LLC et. al.
• The Clearwater office of Mechanical Services, Inc. completed a major mechanical project including renovations of heating, ventilation and air conditioning systems at St. Petersburg College's Health Sciences Center in St. Petersburg. Under its contract with Energy Systems Group, MSI replaced and upgraded the central energy plant as well as air distribution and air handling systems. MSI's work was valued at more than $1 million.
• Bill Nye, of Century 21/ Bill NYE Realty Commercial, purchased 10 acres of commercial land at 6547 Gall Blvd. and 37901 Eiland Blvd., Zephyrhills, next to a CVS/pharmacy and Golden Coral buffet from Priority Development Inc. for $2.2 million.
• Construction has started on Station Square, a 15-story tower featuring upscale residential, retail and restaurant space at 628 Cleveland Street in Downtown Clearwater. The project is being developed by Daytona Beach-based AMON Investments.