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Commercial RE Briefs
by Sean Roth | Real Estate Editor
LEE/COLLIER
Landmark Development Group buys in Grey Oak for Traditions
BUYER: LDG South II LLC (Landmark Development Group LLC), Naples
SELLER: The Halstatt Partnership
PROPERTY: corner of Grey Oaks Drive South and Airport Pulling Road, Naples
PRICE: $24.5 million
LAW FIRM ON DEED: Roetzel & Andress, Naples
PLANS, DESCRIPTION: Naples-based residential developer Landmark Development Group purchased the final about 37-acre parcel in the Naples golf-course community Grey Oaks. Landmark Development officials have announced plans to develop the site as Traditions, a community of 180 coach homes. The site was originally zoned for a large commercial office and retail development, but was rezoned to be more compatible with the surrounding development, according to Grey Oaks Development president Tom Sansbury.
"[The] Grey Oaks' location has proven to be a valuable asset over the years so it made sense to us to purchase the land once it was approved for residential development," says Art Shafran, Landmark Development principal in a press release announcing the sale.
Landmark Development has built six projects in Grey Oaks since 1998, including the neighborhoods of Avila, Venezia, Isla Vista, Miramonte and Torino.
Prices for coach homes are expected to start at $895,000, which will include a golf-course equity membership. Landmark Development mortgaged the property to Bank of America NA for $42 million.
Hampshire Generational buys Mission Hills
BUYER: Mission Hills LLC, (The Hampshire Cos.), Morristown, N.J.
SELLER: WBF Naples LLC
PROPERTY: 7550 Collier Blvd., aka 7550 Mission Hills Drive/Collier and Vanderbilt Road, Naples
PRICE: $21.4 million
LAW FIRM ON DEED: Flagler Title Co., West Palm Beach
PLANS, DESCRIPTION: One of The Hampshire Cos.' three real estate investment trusts, Hampshire Generational Fund purchased the 85,000-square-foot Mission Hill retail shopping center for $21.4 million. The center, anchored by a 51,000-square-foot Sweetbay Supermarket, had a single vacancy at the time of the sale, but that has since been filled. The rental rate for space in the center averages $24 per square foot. Other major tenants in the center include Hollywood Video, Hogs in the Pound BBQ and Subway.
"We like Naples obviously," says Robert Schmitt, senior vice president for the Morristown, N.J.-based private real-estate fund equity manager The Hampshire Cos. "It's a very high growth area with lots of residential communities moving further and further away from the downtown. This was a nice new center."
The Mission Hill center is The Hampshire Cos.' first purchase on the west coast of Florida. The private equity firm Hampshire Generational Fund invests about $190 million in private equity in industrial, retail and office properties.
Hampshire Generational Fund's limited liability company, Mission Hills LLC, mortgaged the shopping center to Barclay's Capital Real Estate Inc. for $16.8 million.
Chicago company buys Fort Myers Beach self-storage complex
BUYER: MGMSWF LLC (MGM Construction Co. Inc.), Orlando Park, Ill.
SELLER: Professional Self Storage Management LLC
PROPERTY: 1135 and 1145 Main Street, Fort Myers Beach
PRICE: $3 million
PREVIOUS PRICE: $1.4 million, July 2003
LAW FIRM ON DEED: Woodward Pires & Lombardo PA, Marco Island
PLANS, DESCRIPTION: Orlando Park, Ill.-based site development company/contractor MGM Construction Co. purchased the two-building Southern Comfort Mini Storage on Fort Myers Beach for $3 million. The larger building, 1135 Main, is 24,000 square feet, and the second smaller building is 18,050 square feet. MGM Construction has been amassing a collection of rental properties in Southwest Florida and Chicago, according to MGM Construction Co. owner Jack Mayher.
"We own several self-storage properties in Chicago but this is our first one in Florida," Mayher says. "We're planning to make some immediate modifications to upgrade the electrical system and the facade. We'll also be inspecting and updating the HVAC and plumbing soon because it has almost 38,000 square feet of climate-controlled storage. We want to really turn it into a first-class storage facility like we have in Chicago."
MGM Construction Co. owns several Walgreens drug store properties in Fort Myers.
Etc...
• Hammer Commercial Services has been awarded the expansion project at H & E Hi-Lifts in the BF Industrial Center at 5960 Country Lakes Drive in Fort Myers. This project will be constructed in two phases, with the first phase including expanded parking, security fencing, lighting, new landscaping, and irrigation. The second phase will be a new building. Construction has begun on the first phase; the second phase is scheduled to begin in late October. Hammer Commercial Services will complete the entire project by year end. H & E Hi-Lifts is a construction equipment rental company.
In other news, Hammer Commercial Services completed the newest branch of Orion Bank at 1715 Cape Coral Parkway W., Cape Coral, at the Orion Centre.
• Anthony Laporta's Laporta Florida Center LLC purchased the 76-room Naples Courtyard Inn at 2630 9th St. N., Naples, from Halpjak LLC for $6.75 million. According to Laporta, there are no major changes planned for the hotel except for room renovations. Laporta Florida Center LLC mortgaged the property to the former owner Halpjak LLC for $2 million.
• Sunshine Structures Inc., a Fort Myers-based structural concrete and masonry contractor built its new 18,600-square-foot headquarters at 5565 Lee St., in the Westgate Industrial Park, using site-cast tilt-up construction.
• Florida Eye Health awarded Fort Myers-based Stevens Construction Inc. a contract to renovate an existing building at 109 Taylor Street in Punta Gorda into the Florida Eye Health office of Jonathan Frantz, M.D. Designed by ABM Design Services Inc, the 2,400-square-foot facility will house the vision care center, a retail optical store and administrative offices.
• Fort Myers' Community Engineering Services has started construction services on the Daniels Parkway Business Center at Appaloosa Lane and Daniels Parkway. Community Engineering Services provided surveying, engineering and construction stakeout and continues to provide project management for the center, which will have 90,000 square feet of retail and office space. The initial phase includes Java Moon Cafe's first restaurant in Southwest Florida. Salrose Dreams LLC awarded the contract to Community Engineering Services.
SARASOTA/MANATEE
First Priority buys land for Ellenton branch
BUYER: First Priority Bank, Bradenton
SELLER: James and Joseph Harrison as tenants in common
PROPERTY: 8304 N. U.S. 301, Ellenton
PRICE: $1.75 million
PREVIOUS PRICE: $895,000, May 2004
LAW FIRM ON DEED: Wickman Law Group PL, Bradenton
PLANS, DESCRIPTION: First Priority Bank purchased about two acres at 8304 N. U.S. 301 in the Ellenton Commercial District for $1.75 million for a future bank branch.
"It has been part of our strategic plan for a while to have a center north of the river," says George Najmy, First Priority Bank president. "This fits in perfect with what we were looking for. It's in a high growth area for both commercial and residential."
Najmy says the bank plans to develop on one of the parcels and hold the second parcel. The community bank's typical branch is 3,500 to 4,000 square feet and houses a staff of about six employees.
'We're looking at mid-2008 for an opening there," Najmy says, explaining that construction will likely start toward the later end of 2007. "With what we've got on the drawing board that will make branch number seven."
The bank, which currently has three locations, has new branches in the works for eastern Manatee County (S.R. 70 and Lakewood Ranch Boulevard), Venice and downtown Sarasota.
WASHINGTON CROSSING
Blackpoint, Bison buy second to last portion
BUYER: Business Park at Washington Crossing LLC (Blackpoint & Bison Development), St. Petersburg
SELLER: Lucien and Elvire Levy and Roland Levy individually and Roland Levy Short Form Revocable Trust and Michele Levy Spycher, individual and trust
PROPERTY: a portion of 2550 Tallevast Road
PRICE: $1.49 million
LAW FIRM ON DEED: Porges Hamlin Knowles Prouty Thompson & Najmy PA, Bradenton
PLANS, DESCRIPTION: Anthony Mazzucca's Blackpoint Group LLC and his financial partners Bison Financial of St. Petersburg have purchased the second-to-last portion, about eight acres, of a 27-acre take-down at the southeast corner of Tallevast Road and U.S. 301 (Washington Boulevard) for $1.49 million. Mazzucca has been working to acquire property and get construction approvals since the third quarter of 2005 for a commercial development and hotel called Business Park at Washington Crossing.
"We are getting much closer to the final approval," Mazzucca says. "I'm hoping that we will have it by the first of March."
The development project has coalesced to focus on a restaurant site, a bank, 15,000-square-feet of office space, light warehousing space and a hotel.
The developers still have to acquire an addition eight acres; Mazzucca expects that to happen before the end of the year. The vertical work should start in June, Mazzucca says.
The developers mortgaged the property to Regional Capital LLC for $3.65 million.
Synovus Bank acquires land for Tamiami branch
BUYER: Synovus Bank of Tampa Bay, St. Petersburg
SELLER: Gulf Coast National Bank
PROPERTY: 4775 S. Tamiami Trail, Sarasota
PRICE: $2.8 million
LAW FIRM ON DEED: Stearns Weaver Miller Weissler Alhadeff & Sitterson PA, Tampa
PLANS, DESCRIPTION: Synovus Bank of Tampa Bay, purchased a 4,500-square-foot former Bank of America bank building on an acre of land at the corner of Proctor Road and Tamiami Trail for $2.8 million.
"We recently opened an office on S.R. 70 [6705 S.R. 70 E., Bradenton]," says Susan Blackburn, executive vice president of retail banking and marketing for Synovus Bank. "This will be our second in Sarasota and fourth in the Bradenton-Sarasota market." The new branch is set to open in early 2007. The Tamiami Trail branch will be Synovus Bank's 18th.
The new branch will be 3,000 square feet with three drive-thru lanes and a walk-up ATM.
"This just expands our ability to serve more retail clients," Blackburn says. "We're seeing both more rooftops and business along that section of [U.S.] 41."
Etc...
• Snavely Development Co. has topped off the Summer Cove on Siesta's Garden View Building. The Garden View Building will house 10 residences on five levels over one level of covered parking. Each three-bedroom residence will offer views of the lushly landscaped community, while upper floors will feature views of the Gulf to the west and both the Gulf and Bay to the east. Situated on the bay side of Siesta Key with Gulf-to-Bay views, Summer Cove will feature a total of 45 three- and four-bedroom residences, ranging from 2,100 to 3,800 square feet, with enclosed garage parking.
• The Sarasota County Commission unanimously approved a three-year contract for property acquisition within its environmentally sensitive and neighborhood parklands program. Under the contracts, the Trust for Public Land and the Sarasota Conservation Foundation will act as the county's acquisition agents for parklands and for environmentally sensitive lands. The contracts were awarded as a result of the county's competitive bidding process started in May.
The Trust for Public Land has been involved in land conservation in Florida since 1975, including working with Sarasota County in 2004 on the acquisition from CSX Transportation Inc. of a 12 -mile rail corridor to serve as a major recreational trail.
• Ken Dear, owner of Ken Dear Inc., purchased 1,950-square-foot unit 3 of Victoria Plaza at 7186 21st St. E., Sarasota from NMB LLC for $254,693. The listing and selling office was Preferred Commercial Inc. Charles Keels represented the buyer. Ken Dear Inc. is a general contractor that specializes in cemetery plots, in-ground vaults and above-ground mausoleums.
TAMPA BAY
Sarasota's Mooring Development buys Regency Coporate Park
BUYER: Moorings Regency LLC (principal: Barry Spencer), Sarasota
SELLER: Duke Realty Ltd. Partner
PROPERTY: 521 and 575 Lake Kathy Drive, Brandon
PRICE: $22.5 million
PROPERTY: 605 Lake Kathy Drive, Brandon
PRICE: $16.5 million
PREVIOUS PRICE: $1.27 million, August 2000
PREPARER ON DEED: Angela Hsu, Chicago
PLANS, DESCRIPTION: Sarasota-based Mooring Development purchased the three-building Regency Corporate Park in Brandon for a total of $39 million. The property, which is currently 100% leased, was purchased by the Sarasota development group as an investment. Coca-Cola Enterprises occupies the majority of all three of the buildings, according to Brian Nichol with Mooring Development.
Regency buildings I and II are roughly the same size, 58,200 square feet, but were built two years apart, 2000 and 2002 respectively. Both buildings also sit on about 12 acres of land. The largest of the three buildings, Regency III, occupies 85,656 square feet, according to CoStar Group research, and was completed in 2006.
Mooring Development mortgaged the property to Morgan Stanley Mortgage for $29 million.
Politis Properties plans Drew St. office building
BUYER: 2340 Drew St. LLC (principal Gregory Politis), Safety Harbor
SELLER: Blue Heron LLC
PROPERTY: 2340 Drew Street in the Drew Professional Park, Phase 1 in Rolling Heights
PRICE: $1.25 million
PREVIOUS PRICE: $800,000, July 2005
LAW FIRM ON DEED: Donna J. Feldman PA, Clearwater
PLANS, DESCRIPTION: Politis Properties purchased land at 2340 Drew Street for $1.25 million to develop a 25,000-square-foot professional office building.
"We've got a commitment from a government agency to move in there," says Gregory Politis, president of the Safety-Harbor-based Politis Properties. Politis declined to comment on the tenant until the transaction has further progressed. Politis says he was attracted to the site because of the central location; Drew Professional Park is roughly the same distance to Safety Harbor and Clearwater and is only slightly farther away from Dunedin.
Drew Professional Park, planned and approved by Clearwater developer JES Properties, is a 3.5-acre office development between U.S. 19 and Belcher Road.
Children's Urology buys Midtown suite
BUYER: Jenix LLC, (principals: Dennis Hoover, Elliot Reisman and Mark Kolligian), Tampa
SELLER: ABC Curtis Group LLC
PROPERTY: 4712 N. Armenia Ave., Suite 200, Tampa
PRICE: $1.32 million
TITLE FIRM ON DEED: Summit Title & Financial Services Inc., Tampa
PLANS, DESCRIPTION: Three of the doctors - Dennis Hoover, Elliot Reisman and Mark Kolligian - in the Tampa medical practice of Children's Urology Group, purchased unit 200 in the Midtown Square condominium. The pediatric urology practice previously occupied space at 2727 Martin Luther King Drive, Suite 200, in Tampa. The four-person practice, which also includes Dr. Yves Homsy, covers the entire west coast and particularly the two children's hospitals All Children's Hospital in St. Petersburg and Tampa Children's Hospital.
Jenix LLC mortgaged the property to Northern Trust Bank for $1.76 million.
Etc...
• The Investment Services Group of Advantis Real Estate Services Company, a partner in GVA Worldwide, negotiated the sale of the 60,933-square-foot Lexington Place Shopping Center in Lexington, S.C. for $7.93 million or $130 per square foot. Brad Luger and Larry Randolph of GVA Advantis represented the seller, Lexington Place LLC in Columbia, S.C. Maxxam Properties LLC was the buyer.
• Creative Contractors Inc. was selected by Little Shire Properties to build a 13,000-square-foot medical office at the intersection of Little Road and Jasmine Road in Pasco County. The architect is Klar & Klar of Clearwater. The building will provide space for two doctors' offices. Construction is scheduled to begin in December.
• One-on-One Fitness leased a 3,870-square-foot building for a private fitness studio at 12681 Gateway Blvd., Fort Myers, from RSM Properties LLC. Tim Colen, Hal Arkin & Todd Holman of Gates D'Alessandro & Woodyard LLC, Realtor negotiated the transaction.
• St. Petersburg internist Fadi Saba's Saba Trading LLC purchased an office building at 5500 Dr. Martin Luther King Jr. St. N., St. Petersburg from Com Care Medical Center LLC for $3 million. Saba did not return calls for comment. The medical practice mortgaged the property to Wachovia Bank NA for $2.4 million.
• The Tampa office of Marcus & Millichap Real Estate Investment Brokerage Co., facilitated the sale of the 105-unit Ridgewood Apartment community in Tallahassee, for $4.32 million or $41,143 per unit. Bob Goldfinger, Jay Crotty and Tim Johnson, represented the seller Ridgewood Associates, LTD., and Amreal Ridgewood II Associates Ltd., and Dorothy Jackman represented the buyer Sycamore Investment Group-Ridgewood, LLC.
• Crescent Resources announced it will start construction in December of an eight-story, 247,000-square-foot office building on the Northwest corner of Boy Scout Boulevard and Lois Avenue at International Plaza in Tampa. Sharon Bragg, leasing associate with Crescent Resources in the Tampa Bay region, said the Class A facility is currently pre-leasing. The building, which will open in late 2008, will include a fitness center and a cafe.
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