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Commercial RE Briefs
by Sean Roth | Real Estate Editor
Lee/Collier
Two Cape Coral investors buying Hideaway Waterfront
BUYER: Mark and Linda Murnane, Cape Coral
SELLER: Michelle Court Properties LLC
PROPERTY: 4601 S.E. Fifth Ave., Cape Coral
PRICE: $1.47 million
PREVIOUS PRICE: $1.16 million, March 2005
TITLE FIRM ON DEED: First American Title Insurance Co., Cape Coral
PLANS, DESCRIPTION: Cape Coral residents Mark and Linda Murnane purchased the 20-unit Hideaway Waterfront Apartments and Resort in Cape Coral for $1.5 million.
"We were looking for a new project with potential," Mark Murnane says. "The former owners were running it as an apartment building because they weren't able to complete a few [American with Disabilities Act] requirements that they needed to meet to run it as a resort. We're going to go ahead and do them and start converting it back over to a daily or weekly rental resort."
The couple plans to add a handicap-accessible ramp from the parking lot to allow access to a first-floor unit, and to adapt the interior of that unit for handicapped-users. The Murnanes will also be making change to the interior of the property office to allow wheelchair access.
Murnane says one of the reasons the couple was attracted to the Hideaway was due to new activity in a Community Redevelopment Agency area two blocks away from the motel.
"They're talking about bringing in more commercial tenants to make it more like a real downtown ... and we're just right on the outskirts of that," Murnane says.
The Murnanes mortgaged the property to Whitlock Capital Group LLC for $955,000.
The couple is also renovating the 130-year-old Powell-Dean Inn, at12430 McGregor Blvd., Cape Coral, for use as a bed and breakfast. "We've done a fair amount of the work out there and have started the process with city for licensing it," Murnane says.
GROUNDBREAKING
Fort Myers-based Architecture Inc. will break ground on the new AIM Engineering building near I-75 on Colonial Boulevard in Fort Myers later this month. The project will feature a 60,000-square-foot professional office building and 15,000-square-foot interior build-out for about $10 million.
Passarella & Associates building office on Metropolis
BUYER: PAI LLC (principal: Kenneth Passarella), Fort Myers
SELLER: Metroview Professional Plaza LLC
PROPERTY: 13620 Metropolis Ave., Fort Myers
PRICE: $1.65 million
PREVIOUS PRICE: $975,000, April 2005
ATTORNEY ON DEED: Anthony J. Gargano, Esq., Fort Myers
PLANS, DESCRIPTION: The Fort Myers-based ecological consulting firm Passarella & Associates Inc. purchased a 2.3-acre parcel that fronts Daniels Parkway and Metropolis Avenue for $1.65 million.
Passarella & Associates officials plan to develop a 20,000-square-foot office building for the firm, which is currently housed at 9110 College Pointe Court. Karen Goncalves of Bundschu Kraft represented Passarella & Associates, and Dennis Rawlings, broker with Rawlings Realty Inc. represented the seller.
"[Ken Passarella, president of Passarella & Associates,] didn't want to go much too past Metro Parkway so this was in his purchase radius," Goncalves says. "Plus having frontage on Daniels Parkway sure won't hurt the resale value."
PAI LLC mortgaged the property to Florida Gulf Bank for $6.035 million.
Regions Bank buys land, plans Cape Coral expansion
BUYER: Regions Bank, Birmingham, Ala.
SELLER: Caliber Investment LLC
PROPERTY: a portion of property fronting S.W. 14th Avenue bordered by S.W. Pine Island Road and S.W. Fourth Street, Cape Coral
PRICE: $1.7 million
PREVIOUS PRICE: $1.546 million, December 2006
LAW FIRM ON DEED: Bradley Arant Rose & White LLP, Birmingham, Ala.
PLANS, DESCRIPTION: Regions Bank purchased a 1.5-acre parcel on S.W. Pine Island Road for $1.7 million with plans to develop it into a new branch office.
"We have that location scheduled for a branch in 2008," says Jerri Franz, a spokesperson for Regions Bank. "It's being called our Burnt Store branch. This is just part of our continued expansion in Florida. We are working to fill in any holes in the markets where we already have branches."
The typical Regions Bank new branch is 3,800 square feet with four-drive through lanes and a staff of 5 to 7 employees. Last year, the bank opened 54 branches; this year it is scheduled to add about 36.
Etc...
• Platinum One Marketing Group has agreed to lease 7,648 square feet of office space in the Gulf Tile Building at 13553 66th St. N., Largo, from Henry Tyler. James Moler and Erik Anderson of the Ross Realty Group represented the landlord.
• Matthew Branson leased 2,495 square feet of industrial space in Bayside 122 at4479 112nd Ave. N., Clearwater, from Bayside Industrial Park. Carolyn White of the Ross Realty Group represented the landlord.
Tampa Bay
Alessi Bakery expanding manufacturing facilities
BUYER: Phil's Cake Box Bakeries Inc. (principal: Phil Alessi Sr.), Tampa
SELLER: Jerome Messerman
PROPERTY: 5202 Eagle Trail Drive, Tampa
PRICE: $6.7 million
PREVIOUS PRICE: $1.018 million, January 1998
LAW FIRM ON DEED: Kass Shuler Solomon Spector Foyle & Singer PA, Tampa
PLANS, DESCRIPTION: Phil's Cake Box Bakeries Inc., which operates under the name of Alessi Bakery, purchased an 80,084-square-foot warehouse building at 5202 Eagle Trail Drive in Tampa for $6.7 million with plans to turn it into the company's new manufacturing facility.
Alessi Bakery currently produces pastries - for large national retailers such as Publix Super Markets, Cosco and food/drink service giant Sysco - from a 40,000-square-foot manufacturing facility in Drew Park. Alessi Baker will likely sublet the Drew Park building after it moves into the Eagle Trail building in January.
"Right now, we are focused on the interior renovation," says Phil Alessi, president of Alessi Bakery. "We're putting in things like blast freezers. It's going to house our R&D department, and of course, there will be offices."
But the January move-in is just the start, Alessi says. He expects to start work on a 40,000-square-foot addition six months after the company completes its move. Along with its facility growth, the company will similarly be increasing its staffing from about 150 employees to 300.
"The growth we've already seen is just tremendous," Alessi says. "We're doubling if not tripling our capacity. This is a $15 million investment."
Mark Ganier of Re/Max Realtec Group was the listing agent, and Anthony Lefler of A.L. Commercial Inc. buyer's agent.
APARTMENTS
Lynd Residential Properties acquires Bristol Place in Tampa
BUYER: AVR Bristol Apartments LLC (c/o Lynd Residential Properties), San Antonio
SELLER: Sentinel Ventures II Co.
PROPERTY: 15210 Amberly Drive, Tampa
PRICE: $33.5 million
PREVIOUS PRICE: $20.725 million, September 1993
LAW FIRM ON DEED: Heller Ehrman LLP, Seattle, Wash.
PLANS, DESCRIPTION: San Antonio-based Lynd Residential Properties purchased the 340-unit Bristol Place at Tampa Palms apartment complex for $33.5 million. As part of the apartment management company and consolidator The Lynd Co., the new owner will almost certainly retain the property as a rental. The new ownership plans to improve the exterior of the facility soon with new paint, changes to the landscaping and repaving the parking lot, according to Nita Groce, community director.
The apartment complex typically runs at a 91% occupancy rate.
Including Bristol Place, The Lynd Co. owns six apartment complexes in the Tampa area, such as River View Apartment, Village Square, RiverMill, Greenview Manor and James Park Apartments.
Lynd Residential Properties' AVR Bristol Apartments LLC mortgaged the property to Wells Fargo Bank for $26.68 million.
Investors acquire Trouble Creek Shopping Center
BUYER: Trouble Creek Shopping Center Inc. (principals: Trent and James Goss and Michael Fridella), Temple Terrace
SELLER: Trouble Creek Investment LLP
PROPERTY: 4458 , 4454, 4418, 4424, 4426, 4430, 4434, 4438, 4440, 4462, 4464, 4402, 4404, 4408, 4416, 4432, 4406, 4448, 4410, 4422, 4436, 4446, 4400, 4420, 4446 Grand Blvd. and 5622, 5624, 5626, 5628, 5630, 5632, 5636, 5550 and 5620 Trouble Creek Road, New Port Richey
PRICE: $5.9 million
PLANS, DESCRIPTION: An investment group headed by Trent and James Goss and Michael Fridella purchased the 81,281-square-foot neighborhood retail center Trouble Creek Shopping Center for $5.9 million or $72.59 per square foot. Tenants in the center include Dollar General, Career Central, Pasco County, NLZ Inc., Tan Fastic, Hair Force Barber Shop, Annie's Book Swap, Pasta Uno, the Police Protection Fund PC Liquidators, Dr. Monticciolo, Arctic Water Inc. and the U.S. Post Office.
As of its most recent appraisal, the CoStar Group was reporting the property had 33,837 square feet of vacancy and an asking rental rate of $7.50 a square foot triple net.
Trouble Creek Shopping Center Inc. mortgaged the property to Wachovia Bank NA for $4.13 million.
ETC...
• Aerotek leased 9,033 square feet of office space in the Westshore Business District at 5100 West Lemon Street, Tampa from USAA. Mary Clare Codd of Colliers Arnold represented the tenant, and Lou Payas of USAA represented the landlord.
• Thaxton Barclay Group Inc. leased 4,540 square feet of flex space in Park Tower at 400 North Tampa Street, Tampa, from Sterling American Property Inc. Claire Calzon and Jeff Lanning of Colliers Arnold represented the landlord.
• BP Law Firm expanded and renewed its lease with Sterling American Property Inc. for a total of 3,173 square feet in Park Tower at 400 N. Tampa St., Tampa. Claire Calzon and Jeff Lanning of Colliers Arnold represented the landlord.
• Payless ShoeSource leased 3,000 square feet of retail space in Coral Landings in Palm Harbor from Ipers Coral Landings. Jim Kovacs and Lisa McCaffrey of Colliers Arnold represented the landlord.
• My 7 Kids Pizzeria leased 3,000 square feet of retail space in Woodlands Square at 3150 Tampa Road, Oldsmar from Woodlands Square CRP LLC. Lisa McCaffrey of Colliers Arnold represented the landlord.
Sarasota/Manatee
Sarasota investor Kaplan buys Bradenton property
BUYER: Fit To Be Tied LLC (principal: Marvin Kaplan), Sarasota
SELLER: TGS Investments LLC
PROPERTY: 500 W. Manatee Ave. and 410 66th St. W., Bradenton
PRICE: $1.7 million
PREVIOUS PRICE: $740,000, September 2004
LAW FIRM ON DEED: Dunlap & Moran PA, Sarasota
PLANS, DESCRIPTION: Sarasota entrepreneur Marvin Kaplan purchased the 21,000-square-foot Fusion Fitness building on Manatee Avenue for $1.7 million.
"I like the location," Kaplan says, "and the future land use there is good. It could be converted to office space later on."
Fusion Fitness, a Bradenton-based gym chain owned by Paul Hartford, John Belsito and Rick Quinn, still holds a five-year lease on the property.
Kaplan's Fit To Be Tied LLC mortgaged the property to Coast Bank of Florida for $1.5 million.
Aside from a large real estate investment portfolio in Sarasota and Manatee counties, which includes J.P. Igloo in Ellenton and the Linger Lodge RV Resort and Restaurant, Kaplan is one of the co-owners in a Dunkin' Donuts store franchise that covers the two-county region.
Sarasota, Naples developers buy downtown land for homes
BUYER: FRS Oak Devonshire LLC (principals: Robert Morey and Mark Rankin), Sarasota
SELLER: 1710 Oak Street LLC
PROPERTY: 1702 Oak St., 1705 Devonshire Lane and additional land, Sarasota
PRICE: $1.5 million
PREVIOUS PRICE: $1.625 million, August 2005
LAW FIRM ON DEED: Icard Merrill Cullis Timm Furen & Ginsburg PA, Sarasota
PLANS, DESCRIPTION: Robert Morey II, one of the principals of Sarasota's Fairway Development Group, and Mark Rankin of Naples' Rankin Investment Group, purchased half an acre of residential multi-family land near Devenshire Lane and Oak Street in downtown Sarasota for $1.5 million.
According to Morey, the new owners plan to develop the property as four single-family homes.
"It's going to be a work-live product, and we expect to build them to green standards," Morey says. 'We think they fill a pretty interesting niche downtown. As an alternative to all the condominium units, you can own a single-family home with a two-car garage. The downtown is becoming a very vibrant active area, and people want to be around that. We plan to start offering them in the next 90 days. Right now, we are still finalizing the floor plans before we kick off the marketing."
The partners expect to sell the homes for between $1.1 and $1.2 million.
Morey and Rankin are also partnering to build a eight-home single-family residential community near Proctor Road and a 34-acre residential community in Pigeon Forge, Tenn.
The partnership group FRS Oak Devonshire LLC mortgaged the property to Freedom Bank for $2.1 million.
In January, Morey's Sarasota Grand Central LLC purchased a 1.4 acre block running from Tamiami Trail on the south by Fourth Street and on the north by Fruitville Road in downtown Sarasota for $10.7 million. The property includes the former Nello's retail building, the Holland House Apartments and two smaller buildings.
"We are just starting to put the team together there for the site plan," Morey says. "The plan is still for an 18-story building with 50 to 60 condominium units, and we anticipate bringing in a hotel with 200 rooms, a spa and office space." The project is likely about two years from construction based on the necessarily government approvals and planning.
Irish American prepares to start Sarasota Bayside
Irish American Management Services Limited I, LP has announced the general contractor and start of demolition for the planned Sarasota Bayside Project on the site of the Sarasota Quay in downtown.
Quest Construction of Sarasota has been selected as the general contractor and Cross Environmental Services of Tampa was selected as the demolition contractor. The architectural and planning firm, The ADP Group, Inc. will coordinate all related activities. The demolition, which is scheduled to start in June, calls for the removal of about 200,000 square feet of retail and office space.
The demolition will follow green building techniques and LEED criteria and is slated to require recycling 90% of the demolished materials.
Turner Tree and Landscape of Manatee County has been selected to prepare, relocate and farm about 60 palms trees from the site which will be nurtured for re-use on the site and integrated into the future Master Landscape Plan. Every viable tree from the demolition will be saved and used for projects throughout the county.
The new Sarasota Bayside project is planned as about 700 residential condominiums, 175 hotel rooms, 39,000 square feet of office and 190,000 square feet of retail/restaurant space.
Coldwell Banker buys Manatee's Buccaneer Realty
Sarasota-based brokerage giant Coldwell Banker Residential Real Estate Inc. has acquired the assets of Buccaneer Realty PL in Bradenton. As part of the deal, Buccaneer Realty's staff will move from the company's current office at 3874 Manatee Ave. E. to Coldwell Banker Residential Real Estate's Creekwood Crossings office near Lakewood Ranch.
Buccaneer Realty reported more than $59 million in closed sales volume in 2006.
Coldwell Banker Residential Real Estate in Florida now comprises 150 offices with more than 6,500 sales associates, which produced a combined closed sales volume of $14.9 billion the past year.
"We are always looking for solid business opportunities, and with the acquisition of Buccaneer Realty, we can significantly expand our presence in the dynamic Lakewood Ranch and North Manatee County markets," Budge Huskey, president and chief operating officer for Coldwell Banker Residential Real Estate in Florida, said in a press release.
Jennifer Scott, broker/associate, has owned and operated Buccaneer Realty for the past six years. Scott will join Coldwell Banker Residential Real Estate as a sales associate.
Etc...
• Forbidden Fruit and Vegetable Co. leased 7,000 square feet of office/warehouse space at 1227 Tallevast Road from Airport Commerce Center. The transaction was handled by Airport Commerce Center
Brooks & Freund has completed construction of Bella Lago at Vivante, a new condominium waterfront community at 2950 W. Marion Ave. in Punta Gorda for Stock Development and the Bove Co.
• Community Services Inc. has merged with Bradenton-based Wagner Realty. Diane Barcus formed Community Services Inc. in 1988 as a community association management company. Barcus, a licensed community association manager, will continue to head up the management service for Wagner. She is currently chairman of the City of Bradenton's Planning Commission and was legislative assistant to a former Florida state senator for 10 years.
• CORE Construction Services Southeast Inc. is celebrating its 25th anniversary. The firm expects to report annual billings of more than $145 million this year - roughly the same as last year - according to John Wiseman, president of CORE in Florida.
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