Commercial RE Briefs

By Business Observer Staff
| 6:00 p.m. April 27, 2007
| 2 Free Articles Remaining!

Charlotte–Lee–Collier

by Sean Roth | Real Estate Editor

Lee/Collier

Creative Events and Rental builds new warehouse

BUYER: Gran Roque Developers LLC, Fort Myers

SELLER: Wiles and Wiles Investments LLC

PROPERTY: 8030 Supply Drive, Fort Myers

PRICE: $2.39 million

PREVIOUS PRICE: $1.25 million, May 2005

LAW FIRM ON DEED: De Boest Stockman

PLANS, DESCRIPTION: Creative Events and Rentals, a subsidiary of Taylor Rentals, purchased a five-acre vacant lot on Supply Drive for $2.39 million. The company plans to build a 60,000-square-foot warehouse and showroom, according to Taylor Rentals president George Ghanem.

"We're hoping to break ground there in early summer and to be completed in about a year," Ghanem says. "This is about consolidating our distribution in a centralized location. That site is a half a mile from I-75 and a half a mile from U.S. 41. It even has frontage on Alico Road. We're also doing this to further brand the event and event rental business off from the tent rental end of the business."

Taylor Rentals and Creative Events and Rentals currently operate from four locations.

Ghanem has budgeted the entire cost for the new building, including tilt up construction and the land purchase price, at $8 million.

Creative Events and Rentals' purchase entity Gran Roque Developers LLC mortgaged the building to Dwight and Roberta Sedgwick for $750,000.

That same week, Gran Roque Developers sold a vacant commercial parcel at 943 N.E. Pine Island Lane in Cape Coral to Fischer Cape Coral Properties LLC, a limited liability company owned by Scott Fischer of Motorsports Management, for $2.35 million.

Sutter Roofing buys new Naples location

BUYER: Suroco Investments-Southwest LLC (principals: Stephen and Melinda Sutter), Sarasota

SELLER: Berman-Prewitt Partnership

PROPERTY: 3927 Exchange Ave., Naples

PRICE: $1.4 million

LAW FIRM ON DEED: Cheffy Passidomo Wilson & Johnson LLP, Naples

PLANS, DESCRIPTION: Sarasota-based roofing contractor Sutter Roofing purchased a 7,200-square-foot building on a little under an acre of land for $1.4 million.

"We've been in Naples since last August," says Doug Sutter, president of Sutter Roofing. "We were leasing property on Horseshoe Drive. We look to own our property in each market we serve. We had been looking for property to buy down there for a while."

Sutter describes the new property as a 15-year-old metal building in fairly good shape with plenty of office space and additional land to expand later. In the near term, Sutter plans to do some paving, site and technology improvements. The company is scheduled to move June 1st.

Sutter Roofing's limited liability purchase entity Suroco Investments-Southwest LLC mortgaged the Naples property to Wachovia Bank NA for $1.12 million.

At the same time, Sutter says Sutter Roofing is nearing the start of construction for the company's 20,000-square-foot Fort Myers regional office.

Developers plan community on Orange River Boulevard

BUYER: RCJC II LLC (principals: Roger and Jason Campagnolo), Fort Myers

SELLER: Eighty-One Hundred LLC

PROPERTY: 11700 and 11600 Orange River Blvd., Fort Myers

PRICE: $1.2 million

PREVIOUS PRICE: $1.075 million, July 2004 (includes multiple parcels)

LAW FIRM ON DEED: DeBoest Stockman Decker Broughton & Hagan PA, Fort Myers

PLANS, DESCRIPTION: Roger and Jason Campagnolo's development company RCJC purchased 48.5 acres of grazing land on Orange River Boulevard east of Staley Road and north of Homestead Lane for $1.2 million.

The new owners plan to develop the property as a small single-family residential subdivision.

"We're probably looking at 18 months before we will be able to break ground there," says Jason Campagnolo. "We already have the correct zoning for what we want there ... 12 home sites. Right now, we are working with the [Florida Department of Environmental Protection] on wetland issues."

Aside from environmental issues, the new owners are focused on configuring appropriate lot layouts. Campagnolo expects to sell the individual lots directly to homeowners, similar to the business model the developer used at the 50-home Trafalgar Woods community in Cape Coral. Construction on the Orange River infrastructure work is likely six months away.

"The market may be somewhat slower, but people are still buying these because there are so few communities with this size lots," Campagnolo says. "These are 2.5- to four-acre home sites. Buyers can have horses and detached garages."

RCJC mortgaged the property to Liberty Bank for $1 million.

Apart from the Orange River property, RCJC is already halfway through constructing a 40,000-square-foot flex building in Cape Coral. Work on a 12,000-square-foot office in front of the flex building is scheduled to start in two months. The development company is also working on a site plan to build 400 units on a 52-acre site on Burnt Store Road in Cape Coral.

ETC...

• J.E.D. of Southwest Florida Inc sold 9015 Strad Stell Court, building 113, unit 201 in Naples to Raven Logistics Inc. for $968,825. Ron Sanson of Premier Commercial Properties represented the buyer.

• City Gate Development LLC sold 3819 White Lake Blvd. in Naples to RAI Restaurants LLC for $1,833,539.00. Dave Wallace, CCIM of Premier Commercial Properties represented the buyer.

• Runabay Head Investment LLC sold 27250 Bay Landing Drive in Bonita Springs to JHS & MCB Bonita Bay LLC for $2.45 million. Ron Sanson of Premier Commercial Properties represented the seller.

• La Tierre De Lagos LLC purchased 45 acres of agriculture land with a new home at 42150 Farabee Road in Punta Gorda from Walter and Peggy Beman for $1 million. Doug Steele of Gates D'Alessandro & Woodyard LLC Commercial Realtors was the listing broker and negotiated the transaction with Mark Mizell of Gant Realty Inc. The buyer plans to assimilate the property into his larger ranch.

• HJ Foundations awarded Fort Myers-based J.L. Wallace Inc. a contract to build Country Lakes Business Center, a new industrial business center at 5701 Country Lakes Drive S.E. in Fort Myers. The project includes the construction of two tilt-wall buildings covering a total of 47,360 square feet. The buildings will offer both office and warehouse space. Construction is scheduled to begin in May 2007 with completion set for January of 2008.

• Costas Kondylis, an architectural firm specializing in modern hi-rise residential style architecture, leased 2,179 square feet of office space at 8250 Fountain Court in Fort Myers. MaryAnn Spence of Select Real Estate by Stephanie Miller Inc. represented Costas Kondylis, and Terris LeVan of LeVan Asset Management represented the landlord.

• Pelican Bay Development recently acquired a retail center development site on U.S. 41 and Alico Road in Fort Myers. Jim Nashman, president of Pelican Bay Development, says the site could support 126,000 square feet of retail space. Pelican Bay Development is currently negotiating with two potential site anchor tenants: a major grocery store and office supply retailer.

• Roger Munro purchased a 1,947-square-foot building on a 5,400-square-foot lot at 2011 Bayside Parkway, Fort Myers from 1st Trust Realty Inc. for $390,000. Holly Mulicka of Coldwell Banker Commercial NRT and Dallas Iannone of 1st Trust Realty Inc. handled the transaction.

• Community Engineering Services has completed work on Java Moon Cafe's first Florida restaurant at 8880 Sal Rose Lane in Fort Myers, near the intersection of Appaloosa Lane and Daniels Parkway. The 5,080-square-foot restaurant is scheduled to open this month. Community Engineering Services provided civil engineering services including water management, utilities and construction certification. Java Moon Cafe has eight franchises in New Jersey, and a second Florida restaurant planned for Palm Beach Gardens.

• CENTRIC Construction & Management Inc. recently completed a 12,000-square-foot office space for Fowler White Boggs Banker Attorneys at Law in the Heritage Square Building on First Street in the Fort Myers River District. The new office occupies two full floors of the building.

• Developer William "Bill" Slavich of FMB Times Square LLC retained RJ McCormack Architect Inc. to design a major mixed-use project in Fort Myers Beach. The development, set in the Times Square area, will feature a four-star hotel and spa, upscale retail and office space components, parking complex and a 250-foot public beachfront park. McCormack will oversee a team of engineers from Morris DePew, Humiston and Moore, TKW and OCI.

• Camp Dresser and McKee Inc. leased an 8,023-square-foot office condominium in World Plaza II at 12501 World Plaza Lane, building 51 from NRP Leasing. Tim Colen of Gates D'Alessandro & Woodyard LLC negotiated the transaction.

• Carroll Air Systems Inc. leased a 5,000-square-foot office/warehouse in the Mid-Metro Industrial Park at 6360 Arc Way, units 4 and 5 from James and Christine Dillon. Todd Holman of Gates D'Alessandro & Woodyard LLC negotiated the transaction.

• Shoreline Carpet Supplies leased a 5,057-square-foot office/warehouse in the Bernwood Business Park at 9201 Brookwood Court, unit 1, Bonita Springs from D&M LLC. Nathan Sheppard of Gates D'Alessandro & Woodyard LLC negotiated the transaction.

• Brooks & Freund has completed the construction of Villagio, a 70-acre condominium community off of Three Oaks Parkway in Estero, near Interstate 75. The project includes 512 Tuscan-style condominium units ranging from 1,537 square feet to 2,169 square feet and a community center called Villagio Centro. The buildings feature steel-reinforced concrete walls, a concrete block tie beam roof and impact resistant windows. Brooks & Freund also constructed the community's two resort-style swimming pools and a promenade in the Villagio Centro.

SARASOTA/MANATEE

Scaffolding maker moves to Sarasota

BUYER: Scaffolding Manufacturers (USA) LLC (principal: Peter Easton), Bradenton

SELLER: Howard and Cynthia Kaighin

PROPERTY: 1750 N. Washington Blvd., Sarasota

PRICE: $1.25 million

LAW FIRM ON DEED: Kirk Pinkerton PA, Sarasota

PLANS, DESCRIPTION: Peter Easton is expanding his Trinidad-based Scaffolding Manufacturers firm to the United States at a new location Sarasota.

Scaffolding Manufacturers purchased an 8,740-square-foot building and a smaller 3,240-square-foot building at the northeast corner of U.S. 301 and 17th Street for $1.25 million. Unlike the Trinidad-end of the firm, which manufactures scaffolding equipment, the Sarasota location will only sell and rent scaffolding, and other specialized building machinery. The firm will also rent Budget trucks.

Easton plans to eventually renovate the exterior of the building off 301, a former Rent It All facility, to look more like its Trinidad location, which features black glass front and yellow signs.

"The architects are working on it right now," Easton says.

Easton says he was drawn to the area after his 11-years-old son Chay started studying at the Nick Bollettieri Tennis Academy. After visiting the area, Easton says he and his wife Suzy enjoyed the United States so much that it made sense to immigrate and expand the business.

Scaffolding Manufacturers (USA) LLC mortgaged the Sarasota location to The Bank of Commerce for $1 million.

DeLieto and Associates with Michael Saunders & Co. represented the seller, and George Barber and Jim Herbert of Capital Properties represented Scaffolding Manufacturers.

Venice chiropractor buys East Side Plaza

BUYER: TFNS Property Management LLC (principal: Dr. Dan Busch), Venice

SELLER: T.B. Hamilton

PROPERTY: 802 and 808 E. Venice Ave., Venice

PRICE: $1.4 million

PREVIOUS PRICE: $1 million, September 2005

LAW FIRM ON DEED: The Edwards Law Firm PL, Sarasota

PLANS, DESCRIPTION: Dr. Dan Busch's TFNS Property Management LLC purchased the 10,511-square-foot, eight-unit East Side Plaza retail strip center for $1.4 million. Busch purchased the center as part of the relocation of his chiropractic practice Twin Palms Chiropractic to the retail center.

"It's going to be about a year or more before we move out there," Busch says. "We needed the additional space and the location and occupancy rates there were very attractive."

Twin Palms Chiropractic, which currently occupies a leased space at 1214 E. Venice Ave., suite C, Venice, is expected to take about 2,000 square feet in East Side Plaza.

Gary Gornnert of Harry E. Robbins Associates Inc. handled the transaction.

TFNS Property Management mortgaged the property to ICA Mortgage Capital LLC for $1.1 million and to the former owner Templeton B. Hamilton for $25,000.

AmSouth buys Willette auto parcel for future branch

BUYER: Regions Bank as successor by merger to AmSouth Bank, Birmingham, Ala.

SELLER: Willette Automotive Inc.

PROPERTY: 405 S. Tamiami Trail, Venice

PRICE: $1.5 million

PREVIOUS PRICE: $705,000, April 2005

SELLER: K2M LLC

PROPERTY: 403 S. Tamiami Trail, Venice

PRICE: $1.15 million

PREVIOUS PRICE: $755,300, December 2006

LAW FIRM ON DEED: Norton Hammersley Lopez & Skokos PA, Sarasota

PLANS, DESCRIPTION: AmSouth Bank, a division of Regions Bank, purchased the Willette Automotive building and additional land on Tamiami Trail for $2.65 million. While the site is planned as a future bank branch, Jerri Franz, a spokesperson for AmSouth, says the land will be held for the immediate future.

"It is not on the schedule for new construction in 2007," Franz says.

AmSouth, which was acquired by Regions Bank last year, is scheduled to convert its computer systems and signage over to the Regions Bank brand in July. The bank has opened four offices through mid-April and has another four planed for the rest of 2007.

Etc...

• Cay Clubs International LLC leased 2,378 square feet of office/warehouse space at 1144 Tallevast Road, unit 111 in the Tallevast Commerce Center from DTC Enterprises Tallevast Partnership. Christine and Jim Walter of Richardson Kleiber Walter Walter Partnership handled the transaction.

• SM Management LCL purchased a warehouse building at 1107 Tallevast Road in Sarasota from Florida Automotive Distributing Inc. for $925,000. Christine Walter of Richardson Kleiber Walter Walter Partnership handled the transaction.

• Nu Flow Inc. leased 6,000 square feet of office/warehouse space at 3479 Technology Drive in North Venice from Commercial Residential Construction of Venice Inc. Christine and Jim Walter of Richardson Kleiber Walter Walter Partnership handled the transaction.

• Bossar Inc. renewed its lease of 6,600 square feet of office/warehouse space at 1144 Tallevast Road, units 102-104 in the Tallevast Commerce Center from DTC Enterprises Tallevast Partnership. Richardson Kleiber Walter Walter Partnership represented the lessee and lessor.

Tampa Bay

Zaremba group buys land for apartments

BUYER: MDG Zaremba Sammytown LLC, Cleveland

SELLER: MDG Acquisitions LLC

PROPERTY: Near the intersection of West Cypress Street and North Rome Avenue, Tampa

PRICE: $6.225 million

LAW FIRM ON DEED: Ternam Kemker Scharf Barkin Frye O'Neill & Mullis, Tampa

PLANS, DESCRIPTION: Cleveland-based developer Zaremba Group purchased land to develop a 249-unit apartment portion of the mixed-use master-planned community West End Tampa development.

West End, planned by Tampa-based Morin Development Group, will also feature 50 townhomes, 290 condominiums and 8,450 square feet of retail space.

"We're trying to design it to mirror many of the elements of the historical buildings in that neighborhood, including the historic cigar factories," says Nicholas Husak, Tampa regional director of residential development for the Zarmeba Group. "What really makes this location unique is the lack of multi-family rental properties in that premier area of South Tampa for urban professionals who work in downtown, Westshore or the South Howard retail district."

Construction is scheduled to start in May, and the first units are slated for occupancy in 2008. Zaremba Contractors will be the general contractor for the project. Parking for the apartments will be provided in adjacent multi-level parking deck as part of the project.

Zaremba designs, builds and manages shopping centers, apartments and condominiums in Florida, Georgia, New York, Ohio, Pennsylvania, Arizona and Tennessee. The real estate firm has been in the Tampa market for about four years.

Zaremba mortgaged the property to Sky Bank for $49 million.

Newport Property Ventures buys Normandy Park

BUYER: Normandy Acquisition LP, Coral Gables

SELLER: Normandy Park Holdings Inc.

PROPERTY: 11110 N. 56th St. and additional residential land, Temple Terrace

PRICE: $9 million

PREVIOUS PRICE: $100,000, December 1992

TITLE FIRM ON DEED: Fidelity National Title, Weston

PLANS, DESCRIPTION: Coral Gables-based Newport Property Ventures Ltd. purchased the 144-unit Normandy Park apartment complex in Temple Terrace for $9 million. Calls to Newport Property Ventures were not returned prior to deadline. The 167,040-square-foot apartment, built in 1971, has an average vacancy rate of 3% according to the real estate research firm the CoStar Group.

Newport Property Ventures owns seven other apartment complexes in the Tampa area, including Oak Court in St. Petersburg, Pine Tree, Newport Pointe, Newport Riverside, Newport Villas, Villas of Legends Field and Newport Square. The apartment consolidator also owns another 12 complexes in Texas, Oklahoma, Indiana and Mississippi.

Custom Components Co. buys Lynmar office, plans expansion

BUYER: Custom Components Co. LLC (principals: Frank Peterson and James Ellsworth), Tampa

SELLER: Hansen Commercial Inv. LLC

PROPERTY: 13902 Lynmar Blvd., Tampa

PRICE: $1.728 million

PREVIOUS PRICE: $1.25 million, May 2005

TITLE FIRM ON DEED: First American Title Insurance Co. National Commercial Services, Portland, Ore.

PLANS, DESCRIPTION: After leasing the building for six years, the Tampa manufacturing firm Custom Components Co. purchased its 23,000-square-foot building on Lynmar Boulevard for $1.73 million. The building was previously owned by part of the former ownership of Custom Components. Frank Peterson and James Ellsworth now own the company, which designs and manufactures railings, doorframes and window components.

"We have room there to add another 10,000-square-foot building," Peterson says. "We'll probably start on that next year. It's going to replace a 6,000-square-foot warehouse we lease [offsite]. We've just been growing quite a bit recently."

Custom Components Co. mortgaged the building to Capital Pacific Bank for $750,000.

ETC...

• Lutz Real Estate Investments purchased a 631,582-square-foot industrial flex portfolio in Raleigh, N.C. from First Industrial for $56.25 million. Rick Brugge and John Gerlach of Colliers Arnold represented the buyer.

• Main Street Management Services Inc. is developing the 426-acre Farnsworth Farms in Ocala surrounded by Ocala National Forest into an equine community. Main Street Management purchased Farnsworth Farms in 2006. Main Street Management Services' development plans for the site call for the farm to be sold off in four 100-acre estates priced for $6 million each. The community will also offer a racetrack, an equine sports medicine and rehabilitation center and privileges at an18-hole golf course.

"Two of the 100-acre estates have already been reserved without even initiating a sales and marketing program," Myron Miller, vice president of Main Street Management Services said in a press release.

• Kimberly-Clark Global Sales leased 3,835 square feet of office space in Hidden River Corporate Center Three at 14055 Riveredge Drive. The Staubach Co. represented the tenant, and Sharon Bragg, leasing associate for Crescent Resources in Tampa, represented the landlord.

• Veolia Water North America, a national water systems and technology services company, leased 4,741 square feet in Hidden River Corporate Center Three from Hidden River Owner Three LLC. Studley Inc. represented Veolia Water, and Sharon Bragg, leasing associate for Crescent Resources in Tampa, represented the landlord.

• Fiberoptic Lighting Solutions leased 5,315 square feet of flex space in the Pinebrook Business Center at 7411 114th Avenue N., Largo, from First Industrial Realty Trust Inc. John Dunphy of Colliers Arnold represented the landlord.