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Business Observer Friday, Apr. 6, 2007 12 years ago

Commercial RE Briefs

Gulfstream Developments closes on Cayo WhippoorwillNicaea Academy expands in Naples, Fort MyersPlastic Specialties owner sells building to companyFortress Investment Group buys Bradenton's Woodlands VillageSarasota investors buy, re-list former Khrome clubRoyal Senior Care buys Sarasota Heron HousesBoca Raton's Leder Group buys President's, Corporex plazasHernando investor buys Apollo Beach Mini StoragePraedium Group buys Bay Tec Center

Commercial RE Briefs

by Sean Roth | Real Estate Editor


Gulfstream Developments closes on Cayo Whippoorwill

BUYER: 1450 Whippoorwill LLC (principals: Brian Mansour), Naples

SELLER: SJC Whippoorwill LLC

PROPERTY: 1450 Whippoorwill Lane, Naples

PRICE: $3.98 million

PREVIOUS PRICE: $875,000, February 2005

TITLE FIRM ON DEED: First Boston Title LLC, Naples

PLANS, DESCRIPTION: Brian Mansour and Ryan Youmans' Naples-based Gulfstream Developments LLC purchased about 10 acres on Whippoorwill Lane south of Pine Ridge Road for $4 million for its planned Cayo Whippoorwill project.

The development company has already received zoning approval on the site for 59 multi-family units, and the developer is developing a workable site plan.

"We have no firm plans there yet," Mansour says. "It's probably going to be a townhouse or coach home development. The site is really well located. It's near I-75 and Pine Ridge Road in an area that's under development in a mixture of single-family and multi-family homes."

Mansour expects that with the time it takes for site plan approval and building permits that the development will likely be ready for construction in the next 12 to 18 months.

Gulfstream Development has already spent two years on approvals for Cayo Whippoorwill, but it is still young in comparison to the developer's planned 400-unit multi-family Rockedge project on Collier Boulevard. Rockedge, south of Collier Regional Medical Center, which has been in approvals for the past five years is now facing a similar approval schedule to Cayo Whippoorwill.

Mansour says the remaining year of approvals gives the company time to wait for the residential market to improve.

Gulfstream Development's purchase entity 1450 Whippoorwill LLC mortgaged the property to AmSouth Bank for $1.3 million.


Nicaea Academy expands in Naples, Fort Myers

BUYER: Metonoia Properties LLC (principal: Barton McIntyre), Naples

SELLER: Newco of Naples at Corporate Square LLC

PROPERTY: 4375 Radio Road and 1235 San Marcos Blvd., Naples

PRICE: $4.15 million

PREVIOUS PRICE: $512,900, May 2002 and $800,000, January 2007

BUYER: Reformation Properties LLC (principal: Barton McIntyre), Naples

SELLER: Centex Homes dba Wayne Homes by Centex

PROPERTY: 3602-3618 Colonial Court, Fort Myers

PRICE: $2.325 million

PREVIOUS PRICE: $650,000, January 2003

LAW FIRM ON DEED: Marc L Shapiro PA, Naples

PLANS, DESCRIPTION: Faced with heavy demand at its Santa Barbara Boulevard location in Naples, the Nicaea Academy, a private non-denominational Christian school, is expanding in Collier and Lee County.

The decade-old school, purchased 15,000 square feet on Radio Road and about 13,500 square feet of space on Colonial Boulevard in Fort Myers for a total of $6.5 million, according to Anthony Mansolillo, principal with NAI Realty in Naples, who handled the transactions.

"They're waiting on materials right now to start the interior finishes on the Radio Road building," Mansolillo says. "The Colonial Road building is a former Wayne Homes model center. They're both going to be used as classrooms. Their plan is to have the new buildings open for the next school year."

Nicaea Academy mortgaged the Fort Myers and Naples locations to Bank of Florida-Southwest for $4.4 million.

Plastic Specialties owner sells building to company

BUYER: Plasti-Stor Corp. dba Plastic Specialties of Florida (Anthony, Steven and Carrie Gnerre), Naples

SELLER: Anthony and Roberta Gnerre

PROPERTY: 3601 Arnold Ave., Naples

PRICE: $1.1 million

PREVIOUS PRICE: $470,000, December 2000

LAW FIRM ON DEED: Paulich Slack & Wolff PA, Naples

PLANS, DESCRIPTION: As part of the company's leadership transition, Anthony and Roberta Gnerre sold the 8,046-square-foot headquarters of Plastic Specialties of Florida to the company itself for $1.1 million.

Steven Gnere is expected to take over control of Plastic Specialties of Florida from his father, Anthony Gnere, who is expected to retire. Calls to Steven Gnere were not returned prior to publication. Anthony Gnerre acquired Plastic Specialties of Florida in1984 and he and his family have been operating the company ever since.

The company manufactures specialty acrylic or lucite products.

Plastic Specialties of Florida mortgaged the property to Community Bank of Naples NA for $850,000.


• Dr. Louis Foley purchased a 2,336-square-foot office condominium at 1217 Piper Blvd., unit 202, Naples from MER Crossing I LLC for $700,800. Jay Crandall of Coldwell Banker Commercial NRT and Dave Bartley of Bartley Realty Services handled the transaction.

• Ruth's Chris Steak House Inc. has opened its 105th restaurant worldwide and the fifth of its system-wide opening in 2007 in Naples. The new restaurant is the chain's third opening in Florida in the past four months. The new restaurant is located at the Coastland Center Mall at 1700 Tamiami Trail North in Naples.

• Fort Myers-based Brooks & Freund has begun construction on Wayne Wiles Carpet and Tile at 16831 Link Court in the Alico Industrial Park. The 19,453-square-foot two-story building will serve as a carpet warehouse and general offices for Wayne Wiles. The 11,169-square-foot warehouse will be located on the first floor of the building. The remaining 8,284 square feet will be reserved for office space. Sheeley Architects provided architectural design services. Construction is expected to be complete in June 2007.

• 13750 Treeline LLC purchased a 15,100-square-foot office building at 13750 Treeline Ave., Fort Myers, from Liu Chu Huang for $2.15 million. David Pegg of Coldwell Banker Commercial NRT and Paul Carr of Daugherty & Carr handled the transaction.

• Owen-Ames-Kimball Co. started construction on the office park infrastructure and the first office building at the Forum Corporate Park. The 60,000-square-foot, three-story, multi-tenant, Class A building was designed by Cooper Carry. It is the first phase of what is expected to be a seven-phase, multi-building complex on a 39-acre site. Atlanta-based Songy Partners LLC is developing the office/medical space. The park is southeast of the Interstate 75 interchange at State Road 82.

• Bonita Springs-based Heatherwood Construction has started renovations on the Port of the Islands Marina at 525 Newport Drive in Naples. The project includes installing new walls, wood floors and ceilings in the marina's Ship's Store and offices. Heatherwood also will convert storage space into additional retail floor space to accommodate increased customer demand.


Fortress Investment Group buys Bradenton's Woodlands Village

BUYER: Harvest Woodlands Village LLC (Harvest Facility Holdings II LP), Salem, Ore.


PROPERTY: 1055 E. 301 Blvd., Bradenton

PRICE: $8.33 million

PREVIOUS PRICE: $336,200, May 1986

LAW FIRM ON DEED: Skadden Arps Slate Meagher & Flom LLP, Chicago

PLANS, DESCRIPTION: New York City-based Fortress Investment Group LLC purchased the 171-unit assisted-living and independent-living facility Woodlands Village in Bradenton for $8.33 million. The acquisition was just one part of Fortress Investment Group's acquisition of all of Holiday Retirement Corp.'s North American facilities, including 265 senior living communities in the United States and 34 in Canada. The price for the total acquisition is not being disclosed.

Fortress Investment also acquired the former management company for the facilities, Holiday Retirement Corp. and is leaving it in charge of management. The ownership change is expected to result in little to no change in operations.

Fortress Investment Group mortgaged Bradenton's Woodlands Village along with the other properties involved in the deal to Citigroup Global Markets Realty Corp. and Goldman Sachs Commercial Mortgage Capital LP for $1.8 billion.

Fortress Investment Group LLC is a global investment and asset management firm with about $29.7 billion in equity capital under management.

Sarasota investors buy, re-list former Khrome club

BUYER: 1120 N Washington LLC (principal: Chad Gates), Sarasota

SELLER: Sarasota Entertainment Group Inc.

PROPERTY: 1120 N. Washington Blvd., Sarasota

PRICE: $1.85 million

PREVIOUS PRICE: $2.6 million, October 2005 (included multiple parcels)

LAW FIRM ON DEED: Betterton Tyler & Gates LLP, Sarasota

PLANS, DESCRIPTION: The investment group 1120 N Washington LLC, headed by Sarasota attorney Chad Gates, purchased the three-building complex that made up the Khrome Restaurant and Bar on U.S. 301 for $1.85 million. The three buildings, which total 12,135 square feet, are divided into the 5,500-square-foot former Khrome night club building, a separate 6,600-square-foot retail building and a small warehouse for storage.

"We bought it for the value of the property," Gates says. "We're going to put it back up on the market for sale or lease and see what happens. We have a church that rents half of one of buildings but it's leasing it month to month."

Gates says at this point he's looking for a restaurant user, such as Winghouse.

The investment group assumed a mortgaged with People's Community Bank of the West Coast for $1.75 million.

Royal Senior Care buys Sarasota Heron Houses

BUYER: RSC Heron East LLC (principals: Avi Bittan and Aharon Soffer), North Miami


PROPERTY: 2290 Cattlemen Road and 3221 Fruitville Road, Sarasota

PRICE: $21.225 million

PREVIOUS PRICE: $895,000, October 1998 and $8.6 million, August 2002

LAW FIRM ON DEED: Carlton Fields PA, Miami

PLANS, DESCRIPTION: North Miami Beach-based Royal Senior Care purchased the Heron House, Sarasota assisted living facility on Fruitville Road and the Heron House, Sarasota East on 2290 Cattlemen Road for $10.3 million and $10.925 million respectively. The purchase portfolio covers a total of 202 units.

Royal Senior Care, which operates under the company name of Royal Gardens Senior Living, acquires, develops and manages senior housing facilities primarily in the southeast.

Royal Senior Care assumed a mortgage on the two local properties with Fannie Mae on the properties for $5.84 million.


• SKY Sotheby's International Realty opened a new branch office in Lakewood Ranch. The location at 8470 Enterprise Circle, Suite 102, has becomes the firm's fourth office in Sarasota and Manatee counties. Last year, the company opened local branch offices in Osprey and on Longboat Key, in addition to expanding into the Minnesota market.

• Bradenton-based Wagner Realty opened its newest office at 3915 Cortez Road West in Wildewood Plaza in Bradenton.

• Steve Arrington, Nathan Carr and Brent Pomerhn of Sarasota-based contractor Willis A. Smith Construction Inc. completed the requirements for the nationally recognized Leadership in Energy and Environmental Design (LEED) Accredited Professional designation. 

• Bradenton-based Trident Building Systems Inc. contracted with Fort Myers-based Yacht Clubs of the Americas to design and manufacture two of the developer's new high-dry boat storage facilities. The construction firm will construct the Naples Harbour Yacht Club, which will house 678 boats, and the 746-boat Tampa Harbour Yacht Club. Both facilities are rack supported and will together span a total of 289,500 square feet. 

Tampa Bay

Boca Raton's Leder Group buys President's, Corporex plazas

BUYER: Tampa Flex Portfolio LLLP, Mountain High Pinebrooke, Minor Pinebrooke II LLC, Ramaekers Pinebrooke II LLC and TSL Pinebrooke II LLC, Boca Raton


PROPERTY: 3904 Corporex Park Drive and 4801 George Road, Tampa

PRICE: $11.95 million

PREVIOUS PRICE: $2.35 million, May 2001 and $5.3 million

LAW FIRM ON DEED: Alston & Bird LLP, Atlanta

PLANS, DESCRIPTION: The Leder Group purchased President's Plaza and the three-building Corporex Plaza in Tampa for $11.95 million.

The two-building President's Plaza, west of the Tampa International Airport, houses a total of 41,513 square feet of office space. Corporex Plaza is a three-building, 94,197-square-foot office flex park at the southwest corner of the Interstate 4 and Martin Luther King Jr. Blvd. interchange. At the time of the sale, the properties were 73.7% leased.

The Leder Group has been investing in Tampa since early 2005 and now owns 550,000 square feet in the market.

"We are looking for properties where we can exercise synergies with other properties we own in the market," says Sean Leder, CEO of the Leder Group. "For example, Corporex made sense because it is across the street from the 78,000-square-foot Brandywine [Business] Center we bought in April of 2005. We try to build critical mass in each market before we move on to fill in other markets."

The Leder Group has hired CB Richard Ellis to manage and lease its properties.

Leder says that since the purchase, the Leder Group has compiled enough deals in the pipeline to occupy all but about 5% of the five buildings in the two complexes.

CB Richard Ellis brokers Chris Riley and Brian Budnick of Atlanta along with Ginger Gelsheimer and Rick Klepal in Tampa represented the seller.

The Leder Group mortgaged the five-building portfolio to Thrivent Financial for Lutherans for $10.25 million.

In the Fort Myers market, the Leder Group is focused on the three flex buildings it completed near Daniels Parkway in the company's Worthington Commerce Park, a 320,000-square-foot flex park. Leder Group currently owns more than 300,000 square feet of flex space in Fort Myers.


Hernando investor buys Apollo Beach Mini Storage

BUYER: WBB Inc. (principal: Wetzel Bias), Apollo Beach

SELLER: Apollo Beach Mini Storage Inc.

PROPERTY: 313 Apollo Beach Blvd., Ruskin

PRICE: $3 million


TITLE FIRM ON DEED: Commerce Title Services Inc., Apollo Beach

PLANS, DESCRIPTION: Hernando investor Wetzel Bias purchased the 39,310-square-foot Apollo Beach Mini Storage for $3 million. Bias says he was attracted to the facility mainly because of its location in a fast growing area. Further, he says the facility was well maintained and had a steady level of business.

"The former owner kept to up very well so I really don't have to change anything,' Bias says. The facility was constructed in 1999.

WBB Inc. mortgaged the facility to the Mortgage Electronic Registration Systems Inc. for $2.726 million.

Praedium Group buys Bay Tec Center

BUYER: Bay Tec Associates LLC (The Praedium Group LLC), New York City

SELLER: Koll Bren Realty Fund VI LP

PROPERTY: 2840, 2830, 2810, 2850, 2860, 2870 and 2880 Sherer Drive, St. Petersburg

PRICE: $12.15 million

PREVIOUS PRICE: $7.372 million

PLANS, DESCRIPTION: New York City-based real estate investment company The Praedium Group LLC purchased the eight-building Bay Tec Center near Roosevelt Boulevard and Interstate 275 for $12 million. The 124,327-square-foot Bay Tec Center was 93% leased at the time of the sale, according to officials for CB Richard Ellis, who represented the seller. Major tenants in the center include Heart & Associates, Honeywell and Option Care.

Ginger Gelsheimer, John Jenkins and Rick Klepal of CB Richard Ellis in Tampa represented the seller, KBS Realty Advisors. The most recent deal was the third sale that CB Richard Ellis has brokered for Bay Tec Center in the past 15 years.

The Praedium Group targets underperforming properties in the middle-market, less than $75 million. It has handled more than $6 billion in investments.


• Clearwater-based Creative Contractors Inc. recently completed work on an outdoor stage and swimming pool for the Home Shopping Network at its St. Petersburg headquarters. The outdoor stage is a high-end replica of a backyard patio and garage and includes a swimming pool with screen enclosure. The outdoor project is fully equipped with television studio lighting and air conditioning. The architect for this project was Fisher & Associates of Clearwater.

• Meineke leased a 2,944-square-foot retail space at 3650 S. Dale Mabry Highway in Tampa from Motiva Enterprises LLC of Houston. Brent Lindsey in Grubb & Ellis|Commercial Florida's Investment Group negotiated the transaction on behalf of the landlord.

• Donald Byers, an investor, purchased a Shoney's Restaurant in Sumter, S.C., from Glenn Woodrum for $1.424 million. David DeGroot and Michael Jaworski of Marcus & Millichap's Tampa office in conjunction with the Marcus & Millichap office in Atlanta, Ga. represented the seller in the transaction.

• Clearwater-based TSM Properties purchased Renaissance Retirement, an independent and assisted-living facility in Sanford, from Renaissance Retirement Ltd. for $6.4 million. Ken Carriero and Mike Pardoll of Marcus & Millichap represented the seller in the transaction.

• Cay Bayonet, LLC of Clearwater purchased a 41,600-square-foot retail site at 8434 SR 52 in Hudson from Houston-based Motiva Enterprises LLC for $750,000. Brent Lindsey in the Investment Group of the Tampa office of Grubb & Ellis negotiated the transaction on behalf of the seller.

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