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Commercial RE Briefs
by Sean Roth | Real Estate Editor
LEE/COLLIER
Realco Florida LLC buys 91-acre Airport Technology Center
BUYER: Airport Technology Center LLC, Fort Myers
SELLER: Southwest Florida Equities Corp.
PROPERTY: Property on Ben Hill Griffin Parkway, Fort Myers
PRICE: $23 million
PREVIOUS PRICE: $3.196 million, December 2001
LAW FIRM ON DEED: DeBoest Stockman Decker Broughton & Hagan PA, Fort Myers
PLANS, DESCRIPTION: Real estate developer Realco Florida LLC purchased 90.6 acres on Ben Hill Griffin Parkway north of Alico Road for $23 million. The property is already zoned for a 115-room hotel, 69,000 square feet of retail space, 295,000 square feet of office space and 500,000 square feet of industrial space. The site also offers 3,000 feet of frontage on Ben Hill Griffin Parkway
Chris Bunschu and Karen Goncalves of Bundschu Kraft represented Southwest Florida Equities Corp. in the sale.
Calls to Realco Florida officials were not returned prior to deadline.
Realco Florida is best known for its luxury residential developments including The Lakeshore in Lakewood Ranch, Solenzara in Bonita Springs, One Hundred Central in Sarasota and the Bella Lago/Valencia Villas on Fort Myers Beach.
Sarasota investors buys Treeline office building
BUYER: 13750 Treeline LLC (Lindy Smith), Fort Myers
SELLER: Liu Chu Huang
PROPERTY: 13750 Treeline Ave. S., Fort Myers
PRICE: $2.15 million
PREVIOUS PRICE: $1.45 million, September 2003
LAW FIRM ON DEED: Pinnacle Title Co. Inc., Fort Myers
PLANS, DESCRIPTION: Lindy Smith of Sarasota's Aladdin Equipment Co. Inc., purchased a 16,300-square-foot office building on Treeline Avenue in Jetport Interstate Commerce Park for $2.15 million. The property is broken up into several tenant spaces and currently is anchored by Orion Bank, which leases 10,000 square feet. Smith purchased the full-leased property as an investment primarily because of the appreciation potential of commercial property in Fort Myers.
Smith's acquisition company 13750 Treeline LLC mortgaged the building to First Community Bank of Southwest Florida for $1.7 million.
Fort Myers ISP buys office for headquarters
BUYER: Synergy Realty Partners LLC (principal: Peter Seif), Fort Myers
SELLER: PFP Flex LLC
PROPERTY: 10970 S. Cleveland Ave., unit 4, Fort Myers
PRICE: $1.03 million
PREVIOUS PRICE: $674,400, January 2004 (includes multiple parcels)
LAW FIRM ON DEED: Sheppard Brett Hersch & Kinsey PA, Fort Myers
PLANS, DESCRIPTION: Synergy Networks purchased a 5,000-square-foot unit on South Cleveland Avenue in Fort Myers for $1.03 million to relocate its corporate headquarters. The company is currently housed in a 3,000-square-foot space at 2075 W. First St., Suite 200.
"We'll be moving in about a month," says Peter Seif president of Synergy Networks. "The space is already completely built out for our needs. We plan to have both facilities up for a while."
The main reason for that temporary office duplication, Seif explains, is that, as the data communications/ISP company for several small to medium-sized firms, Synergy Networks cannot afford for the move to disrupt its technology services. After the official move, the necessary customer technologies will gradually be shifted to the new office.
Seif describes the need for a newer larger office as a response to the company's recent growth rate. He credits much of the recent company growth to its expansion into customizable database-driven products for real estate agents and brokers.
Synergy Networks' purchase entity, Synergy Realty Partners LLC, mortgaged the office to Southwest Capital Bank NA for $937,400.
Etc...
• BLGM Properties LLC purchased a 15,000-square-foot commercial lot at 329 N.E. 2nd Place, Cape Coral, from Jane Raymond for $150,000. Adam Palmer of Coldwell Banker Commercial NRT handled the transaction.
• Bonita Springs-based Heatherwood Construction has completed the infrastructure for the Design Parc at 9201 Corkscrew Road in Estero. The 10-acre site, across from the new 55-acre Lee Regional County Park, will be developed as a 100,000-square-foot shopping center.
• La Tierra De Lagos LLC purchased a home and 45 acres at 42150 Farabee Road, Punta Gorda, from Walter and Peggy Beman for $1 million. Doug Steele of Gates D'Alessandro & Woodyard LLC represented the seller, and Mark Mizell of Gant Realty Inc. represented the buyer
• The Collier County School District leased 7,500 square feet of office/warehouse space at 2050 Commerce Ave., units 8-10, Immokalee in the Tradeport Technology Park from the Training and Manufacturing Institute Inc. Don Turner of Gates D'Alessandro & Woodyard LLC negotiated the transaction.
• Prime Gulf Enterprises LLC awarded the contract for the three-story 44,000-square-foot Del Prado Plaza office building to Taylor-Pansing Inc. Archimetrics 2, a division of Archimetrics Inc., designed the building. The development site is off of Del Prado Boulevard North in Cape Coral. Construction is scheduled to begin mid 2007.
• Architects Alan Esparza and Robert Massengale, AIA have partnered to form A&R Architects PA, an architectural firm with a special emphasis on commercial, retail, religious facilities and educational facilities. The firm is located at 3850 Colonial Blvd., Suite 200, Fort Myers.
• Fort Myers-based Stevens Construction Inc. has completed construction of the St. Marks Surgical Center in Fort Myers. Designed by Burt Hill Pollock/Krieg Architects Inc., the 9,290-square-foot healthcare facility includes three operating rooms, five post-operating beds and six step-down recovery beds, as well as administrative office space.
• Heatherwood Construction, a Bonita Springs-based contractor, has started construction on two office buildings at Brantley Commons, at 12471 and 12480 Brantley Commons Court in Fort Myers. The two buildings total 7,500 square feet and are available for lease through developer John Stamps.
• Nu-Cape Construction Co., a division of Owen-Ames-Kimball Co. has begun construction on AIM Engineering and Surveying Inc.'s 60,000-square-foot corporate office building. The four-story office building, off the Colonial Boulevard exit at Interstate 75, will provide space for AIM's corporate offices on the fourth floor with office space in the remainder of the building. Nu-Cape will build out AIM offices as well as oversee all building construction, site work and landscaping.
SARASOTA/MANATEE
Fox Creek Holdings LLC buys I-75 parcel
BUYER: Fox Creek Holdings LLC (principal: Mike Furtick), Sarasota
SELLER: U.S. Bank NA successor by merger to The First National bank of Springfield successor Trustee of the Karl J. Schewe August 1990 Trust
PROPERTY: Northeast corner of Fruitville Road and Interstate 75 north of Richardson Road
PRICE: $5.2 million
LAW FIRM ON DEED: Williams Park Harrison Dietz & Getzen, Sarasota
PLANS, DESCRIPTION: The Sarasota investment group Fox Creek Holdings LLC purchased 137 acres in eastern Sarasota County, adjacent to Schroeder-Manatee Ranch's proposed village development under Sarasota County's 2050 plan, from the Karl H. Schewe Trust for $5.2 million,
"We feel that is a strategic link to the future growth in that part of the county," says Mike Furtick, managing partner of the investment group. "We're planning to work on our plans for the area over the next three months."
Bank officials buy land for headquarters
BUYER: Venice One LLC (principals: Benjamin Smith III and N. Dale Kaper), Holland, Mich.
SELLER: Equity One Inc.
PROPERTY: 500 N. U.S. 41 Bypass, Venice
PRICE: $1.5 million
PREVIOUS PRICE: $1.9 million, January 2006
LAW FIRM ON DEED: Greenberg Traurig PA, Miami
PLANS, DESCRIPTION: The founders of Florida Shores Bank-Southwest purchased 2.25 acres of commercial land in Venice for $1.5 million. The site has been targeted as the future home for the de novo bank, according to Jim Kuhlman, future bank president.
"We have enough space there that we plan to put a modular out there in about two months while we construct the bank," Kuhlman says. "We are planning to have a new [8,000- to 10,000-square-foot bank] building complete out there in about a year. It's just a great location. We're being told that by 2010 we will get some 54,000 cars a day there. Also I think you could drive from Bradenton to Naples along U.S. 41 and you couldn't find another undeveloped piece of land of this size."
Kuhlman was previously president and CEO of Premier Community Bank of Venice, which was purchased by Colonial BancGroup Inc. in 2004. Pompano Beach-based holding company Florida Shores Bancorp, which also owns Florida Shores Bank-Southeast in Pompano Beach, will own 60% of the new Venice bank. Florida Shores Bank-Southwest is expected to start with $14.5 million in capital.
Venice One LLC mortgaged the property to Libertyville Bank and Trust Co. for $1 million.
Ardaman & Associates official buys George F. Young building
BUYER: Gary H. and Melba Schmidt, Sarasota
SELLER: George F. Young of Florida Inc. successor by merger to William F. Bishopy and Associates Inc.
PROPERTY: 78 and 88 Sarasota Center Blvd., Sarasota
PRICE: $2.1 million
LAW FIRM ON DEED: Livingston Patterson Strickland & Siegel PA, Sarasota
PLANS, DESCRIPTION: Gary Schmidt, senior vice president and regional manager for the engineering firm Ardaman & Associates, and his wife Melba Schmidt purchased the former George F. Young building on Sarasota Center Boulevard for $2.1 million.
Recently, George F. Young consolidated its Bradenton and Sarasota offices into its Lakewood Ranch office.
The Schmidtes plan to lease the 10,127-square-foot building to Ardaman & Associates starting June 1. Ardaman & Associates currently operates from two buildings at 2500 Bee Ridge Road in Sarasota.
"Those facilities are outdated; they're from the early '80s," Gary Schmidt says. "The new facility is really a signature building in Sarasota with a timeless design. It should be a real nice place to work.
The couple plans to paint and carpet the building's interior before Ardaman & Associates moves in. The current Ardaman & Associates offices, which are owned by a previous Ardaman & Associates partnership, are being listed for sale for about $1.3 million and can be purchased separated.
Gary and Melba Schmidt mortgaged the new building to Bank of America NA for $2.97 million.
Etc...
• Superior Asphalt Inc. of Sarasota was awarded an $8.6 million construction contract from the Sarasota County Commission to reconstruct and widen the current two-lane Fruitville Road from Hi Hat Ranch to Verna Road. Funding for the project will come from the infrastructure surtax penny sales tax, ad valorem taxes and telecommunications taxes.
• Florida Southern Roofing has been hired to re-roof three buildings for Beneva Ridge Condominium on Beneva Road just south of Bee Ridge Road in Sarasota. The 10,300-square-foot project is scheduled for completion in three phases.
• Sarasota County has completed its first purchase under the Neighborhood Parkland Acquisition Program. The 3.9-acre gulf-to-bay site, on Longboat Key adjacent to the Bayfront Park Recreation Center, includes about 100 feet of gulf shoreline and 200 feet of bay shoreline. The acquisition provides an opportunity for the county to partner with the Town of Longboat Key to expand recreational areas and water access, and protect one of the few remaining gulf-to-bay parcels on the key. The $7.95 million purchase was made with funds from the Sarasota County Land Acquisition Program.
• Charles H. Wilson Construction Co. has been retained to provide construction services for the Clark Center Office Building, one block south of Clark Road on Clark Center Avenue. The 21,7000-square-foot building will have 16 office suites in two sizes: 1,308 and 1,500 square feet. Osborn-sharp Associates is the architect for the project. Loyd Robbins of Harry Robbins & Associates is providing sales and marketing services.
Tampa Bay
America's Capital Partners buys four-building Breckenridge VIII
BUYER: ACP Breckenridge VIII Owner (aka ACP Breckenridge VIII LLC), Miami
SELLER: Breckenridge VIII Investment Corp.
PROPERTY: 5804, 5806, 5808 and 5810 Breckenridge Parkway, Tampa
PRICE: $5.25 million
PREVIOUS PRICE: $3.65 million, February 1992
TTILE FIRM ON DEED: Southeast Guaranty & Title Inc., West Palm Beach
PLANS, DESCRIPTION: Miami-based America's Capital Partners purchased the four-building Breckenridge VIII complex in Brekenridge Park for $5.25 million.
The four buildings house a total of 55,072 square feet of flex space of which only one 7,700-square-foot unit is vacant. Current tenants in the building include Rinker Materials of Florida Inc. with 11,200 square feet, Colorcards.com Inc. with 6,723 square feet and Capri Engineering with 6,300 square feet. America's Capital Partners already owns 11 other buildings in the flex park, which are all managed by CB Richard Ellis' Elizabeth Ruiz and Roxanne Kemph.
America's Capital Partners owns more than 6 million square feet of office space, three storage facilities and 40.5 acres of land, according to its Web site.
America's Capital Partners' purchase entity ACP Breckenridge VIII Owner mortgaged the property to Countrywide Commercial Real Estate for $4.53 million.
St. Petersburg group buys 34th Street North warehouse
BUYER: TBR Properties Group LLC (principal: Todd Werner), St. Petersburg
SELLER: 4400 Center Ltd. Partner
PROPERTY: 4386 34th St. N., St. Petersburg
PRICE: $4.43 million
PREVIOUS PRICE: $2.9 million, October 1998
PLANS, DESCRIPTION: The investment group TBR Properties Group LLC purchased a 117,000-square-foot warehouse building in St. Petersburg for $4.43 million. Ann Walters, an associate with Smith & Associates Real Estate Inc.'s St. Petersburg office, represented the seller.
"[The new owners] have plans to renovate the center," Walters says. "They're planning to update it with new glass, some new cosmetic work and changes to the landscaping."
The large warehouse building currently has a single vacancy of 4,500 square feet. Walters is listing the space for $4 per square foot triple net. Cosmetics manufacturer Hydron Technologies Inc., which occupies 35,000 square feet, anchors the building.
Priority Developers, NY investors plan Triple J Ranch development
BUYER: AG/PD Triple J. Ranch LLC (principal: Angelo Gordon & Co. LP), New York City
SELLER: Triple J. Ranch Inc.
PROPERTY: between U.S. 301 and U.S. 98 north of Zephyrhills
PRICE: $6.32 million
PLANS, DESCRIPTION: New York City-based money manager Angelo Gordon & Co. is partnering with Tampa-based Priority Developers to develop the 242-acre Triple J Ranch in Pasco County. The partnership purchased the hay farm from Triple J. Ranch Inc. for $6.32 million.
With its investor capital, Angelo Gordon & Co. is primarily the money end of the development partnership, while Priority Developers is the more actively involved local operating partner.
"We already have approval for a 791-unit resident development," says Carl Streck, Priority Developers president. "We're looking at eventually developing it with a mixture of single-family and multi-family homes."
Actual construction, however, is likely more than a year away, Streck says, because of needed planning and permitting approvals.
"We're still looking at a lot of different options," Streck says. "We're considering making it a [Leadership in Energy and Environmental Design certified] Green community. The market has obviously changed, so we need to make sure we make this a community that stands out."
Etc...
• The private California partnership St. Regis Properties LLC purchased the 329-unit Plantation Gardens apartment complex at 5501 110th Avenue N., in Pinellas Park for $34.2 million or $103,951 per unit. Darron Kattan and Andrew Wright, of Marcus & Millichap's Tampa office, together with The Sheppard Group from the firms Seattle office and Jeff Meyer also of the Tampa office handled the transaction.
"Plantation Gardens represented a challenging transaction as the buyer had to assume existing, high rate and low leverage debt," Kattan said in a press release. "The debt is a HUD 221D4 mortgage, and required a lengthy and arduous assumption process. The future value of the real estate, being concrete block constructed on U.S. 19, weighed into the ability for the buyer to take a minimal cash flow upfront but a significant payday in a few years."
• JBK Investments purchased the office/warehouse Marathon Center in Largo from Marathon Ventures, LLC for $4.45 million. Jeff Spilman of Marcus & Millichap represented the seller in the transaction, and Steven Siegel and Tanya Khabay of Marcus & Millichap represented the buyer.
• nFinanSe Inc., formerly Morgan Beaumont, has leased 11,580 square feet in Sabal Business Center One at 3923 Coconut Palm Drive in Tampa. nFinanSe Inc., a Bradenton-based financial services company providing stored value and prepaid card solutions reportedly decided to move because of larger workforce to draw from in Tampa. Jack Hoskins of CB Richard Ellis in Tampa, represented nFinanSe in the transaction.
• The Sterling Research Group agreed to lease 9,836 square feet at Plaza Tower at 1111 Second Ave. N.E., St. Petersburg from the sub-landlord Cherry, Bekaert & Holland. Jim Paladino and John Fish of Cushman & Wakefield negotiated the transaction on behalf of Sterling Research Group Inc.
• Morrison Homes recently opened a new 5,000-square-foot home design center at U.S. 301 and U.S. 60 in Tampa.
• Automated Engineering Corp. has leased 13,000 square feet of flex space in the Tri County Business Park. BPO3 has leased 9,375 square feet of flex space in the Tri County Business Park. Tri County Business Park is a 20-building, 676,035-square-foot multi-use property just over the Hillsborough County line, north of Oldsmar off Race Track Road and west of Westchase.
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