N.Y., Chicago firms buy Club NaplesBonita Beach Road Facility AcquiredAmSouth Bank buys at Summerlin, Boy ScoutAIMCO pays $118,000 per unit for BaLayeOhio Group plans Laurel centerHoneywell International buys contaminated propertySMH acquires physician office buildingManatee Urology Moving to DowntownNew diagnostic center buys 1250 Tamiami
Commercial Real Estate
COMMERCIAL REAL ESTATE by Sean Roth | Associate Editor
N.Y., Chicago firms buy Club Naples
BUYER: Club Naples RV Resort LLC (principal: Robert Morgan), Pittsford, N.Y. and MHC Club Naples LLC (principal: Realty Systems Inc.), Chicago
SELLER: Club Naples Ltd.
PROPERTY: 3180 Beck Blvd., Naples
PRICE: $7.5 million
PREVIOUS PRICE: $3.4 million, August 1997
LAW FIRM ON DEED: Messerli & Kramer PA, Minneapolis
PLANS, DESCRIPTION: Pittsford, N.Y.-based Morgan Management LLC and Chicago's Realty Systems Inc. purchased the 300-lot Club Naples RV Resort. The new owners plan to continue to run the facility as an RV resort, according to Robert Morgan, president of Morgan Management.
"Really the only change there is ownership," Morgan says. "We like to keep on the existing management where we can, but in other areas we use professional management. Our goal right now is just to enhance the lifestyle for the people who are living there. Naples is just a great area."
Morgan Management owns several of RV parks, including properties in Hudson, Ocala and Bushnell. Morgan says that with some of the RV parks, particularly in Florida, being redeveloped for other types of residential, the additional demand for RV spaces has significantly helped the performance of his properties.
The new owners mortgaged the property to UBS Real Estate Investments Inc. for $6.75 million.
Bonita Beach Road Facility Acquired
BUYER: Beach Storage LLC (principals: Gordon Petherick and James Magnus), Bonita Springs
SELLER: Harvey and Linda Humphrey
PROPERTY: 3371 Bonita Beach Road SW, Bonita Springs
PRICE: $3 million
PREVIOUS PRICE: $238,000, July 1995
LAW FIRM ON DEED: Law Offices of John D Spear PA, Bonita Springs
PLANS, DESCRIPTION: Gordon Petherick and Jim Magnus, who own Bonita Storage Inn and Convenient Video Inc. in Bonita Springs, purchased the 40,000-square-foot Hidden Beach Storage self-storage facility located on Bonita Beach Road.
"We're already in that business, so we are really just planning to make improvements," Magnus says. He declined to comment further on what types of improvements he or his partner plan to make.
AmSouth Bank buys at Summerlin, Boy Scout
BUYER: AmSouth Bank, Birmingham, Ala.
SELLER: Miloff Aubuchon Realty Group Inc.
PROPERTY: 5212 Summerlin Commons Blvd., Fort Myers
PRICE: $2.1 million
PREVIOUS PRICE: $1.08 million, January 2005
TITLE FIRM ON DEED: OmniOne Title Services LLC, Cape Coral
PLANS, DESCRIPTION: Birmingham, Ala.-based AmSouth Bank purchased 1.7 acres of vacant commercial land at Boy Scout Drive and Summerlin.
"We are just land-banking that property for the future," says Jerri Franz, spokesperson for AmSouth Bank. "We felt that was just a natural gap in our coverage area. It was also driven by good consumer household growth and strong business and professional household growth in that area.
There are no immediate plans to develop the property.
• Attorney Donald Hinkle's Hinkle Development Co. purchased a Taco Bell drive-in restaurant at 3431 Cleveland Ave, Fort Myers from Sovereign TB LLC for $2.12 million. The Taco Bell franchise operator holds a 20-year lease on the property.
• Advanced Pain Management Specialists purchased about 2 acres in Viscaya Professional Park at 1227 Viscaya Parkway, Cape Coral from VPP LLC for $1.6 million. Advanced Pain Management Specialists will construct an office building on the site for its Cape Coral headquarters. Gary Tasman of VIP Commercial-TCN Worldwide represented the seller, and Ken Rager of Capital Properties represented the buyer.
• Fowler White Boggs Banker agreed to lease 18,500 square feet in Heritage Square at 2235 First Street in Fort Myers from Heritage Square Land Trust. Andy May, Barry Oaks and Bill Reeves of Cushman & Wakefield negotiated the lease on behalf of the tenant.
• Neekaytan Sharma M.D. awarded Fort Myers-based Stevens Construction a contract to renovate 8,284 square feet of the 12,200-square-foot Barkley Surgery Center at Barkley Circle off of Summerlin Road in Fort Myers. Construction will be completed in four phases, allowing the center to remain operational throughout the entire project.
• Fort Myers-based J.L. Wallace Inc. was awarded the contract to renovate the Naples Heritage Golf and Country Club at 8150 Heritage Club Way in Naples. The project calls for a 4,833-square-foot addition to the 18,877-square-foot clubhouse including the addition of a dining room, cart barn and grill room. The project also calls for renovation of the kitchen, storage, restrooms, dining room, office and exercise room. Construction is expected to begin soon, and its completion is scheduled for spring 2007.
• MDG Downtown Partners sold its first condominium at the intersection of First and Lee streets in downtown Fort Myers to Viking Center. Viking plans to lease the space to T3 Communications.
• James and Susan Hill Yonjof purchased a 7,000-square-foot office/warehouse building at 5751 Halifax Ave. from Doug and Barbara Burlingame for $1.08 million. Paul Sands and Mike Doyle of VIP Commercial TCN Worldwide negotiated the transaction.
• Louisiana's TLC Properties Inc. purchased about 11,500-square-feet of vacant land at 14900 N. Cleveland Ave., North Fort Myers from Super Daves Car Wash LLC for $225,000. Paul Sands and Mike Doyle of VIP Commercial TCN Worldwide negotiated the sale.
• WCG Management Investments Inc. purchased a 9,496-square-foot office building at 3074 Horseshoe Drive South, in Naples for $2.25 million. Fred Kermani, CCIM, represented the seller, and Scott Dunnuck, George Atkinson and Ryan Baum, all of CB Richard Ellis, represented the buyer.
• 7 B's Development, LLC purchased a 0.85 acres in Westbury Development Park at the southwest corner of Veronica South Shoemaker and Hanson Avenue in Fort Myers from Jesus and Claudia Frias for $296,904. Robert Johnston and Jerry Messonnier both of CB Richard Ellis negotiated the transaction.
• Precision Marketing Inc. leased 3,764 square feet of industrial space in Southwest Florida Business Center at 7800 Drew Circle, in Fort Myers from Carroll Partnership LLP. Robert Johnston and Jerry Messonnier, both of CB Richard Ellis, represented the owner, and Gerard Marino Re/Max Realty Group represented the tenant.
• La-Z-Boy Furniture Galleries leased retail space at 4515 Cleveland Ave., Fort Myers from Bristol Holdings LLC. Larry Foster, CCIM, Scott R. Dunnuck, Bill Young, and John Blumer, all of CB Richard Ellis Fort Myers-Naples negotiated the transaction.
AIMCO pays $118,000 per unit for BaLaye
BUYER: Aimco BaLaye Apartment I LLC (AIMCO Properties LP), Denver
SELLER: BaLaye Florida LLC
PROPERTY: 10011 Balaye Run Drive, Brandon
PRICE: $38.5 million
PREVIOUS PRICE: $28 million, April 2005
PLANS, DESCRIPTION: A Denver-based real estate investment trust, Apartment Investment and Management Co. (AIMCO), purchased the BaLaye Apartments in Brandon. The 324 units were built in 2001 by Rath-Harper & Associates, a Tampa developer of luxury rental communities.
The 341,712-square-foot property offers residents units that average 1,055 square feet of living space, along with nine-foot ceilings, crown molding, ceramic tile and hardwood cabinets. The purchase beaks down to $118,800 per unit.
Cushman & Wakefield's Byron Moger and Luis Elorza negotiated the sale on behalf of the owner, National Commercial Ventures, which is based in Los Angeles.
"Brandon has become one of the Tampa's strongest rental markets," Moger says.
AIMCO owns about 1,370 communities that include approximately 240,000 units. Company officials describe AIMCO as the nation's largest owner and operator of apartment communities. AIMCO owns assets worth about $11 billion and ha more than $13 billion in assets under management.
Ohio Group plans Laurel center
BUYER: Laurel Street Commerce Center LLC (principal: Chartwell Investment Fund I LLC), Cleveland
SELLER: Laurel St. Corp.
PROPERTY: 5402 W. Laurel St., Tampa
PRICE: $4.5 million
PLANS, DESCRIPTION: The Chartwell Group of Cleveland, Ohio, purchased the vacant warehouse/office Chariot Building and plans to redevelop and reposition the property as warehouse condominiums. Built in 1975, the 80,668-square-foot industrial building features a 13,660-square-foot mezzanine of office space. The purchase price for the building, which is being renamed Laurel Street Commerce Center, breaks down to $56 per square foot.
Michael Scott and Jan Boltress of Grubb & Ellis Commercial Florida represented the seller, and Gregory Morgan of Morgan Realty Advisors Inc. represented the buyer.
Honeywell International buys contaminated property
BUYER: Tampa Waters LLC (Honeywell International Inc.), Morristown, N.J.
SELLER: Ceclia Heller as trustee of the David, Michael and Peter Simon Trusts
PROPERTY: 3602 W. Waters Ave.,
PRICE: $10.7 million
LAW FIRM ON DEED: Carlton Fields PA, Tampa
PLANS, DESCRIPTION: Morristown, N.J.-based technology and manufacturing company Honeywell International purchased a vacant warehouse property it had leased and contaminated with chemicals during the manufacture of circuit boards in the '60's, '70's or early '80's. Honeywell took full responsibility for the site cleanup and signed a consent order in 1986.
Honeywell officials report that it has cleaned up the contaminated groundwater located directly below the building, which represented 95% of the contamination of the region, and has connected area residents whose wells might have been affected by contamination to the public water system. The company is said to be in talks with the Florida Department of Environmental Protection on the best method to remove the remaining contaminants.
A spokesperson for Honeywell, Victoria Streitfeld says the company purchased the property to streamline completion of the cleanup.
SMH acquires physician office building
BUYER: Sarasota County Public Hospital Board, Sarasota
SELLER: Leonard Slazinski MD PA
PROPERTY: 1851 Arlington St., units 204, 205 and 208, Sarasota
PRICE: $1.93 million
SELLER: Mahfouz and Maria El Shahawy
PROPERTY: 1851 Arlington St., units 101 and 102, Sarasota
SELLER: F.D. Associates
PROPERTY: 1851 Arlington St., unit 103, Sarasota
SELLER: Mahfouz El Shahawy
PROPERTY: 1851 Arlington St., unit 206, Sarasota
PLANS, DESCRIPTION: Sarasota Memorial Health Care System purchased the seven-unit 8,622-square-foot Arlington Professional Building from all of its individual owners. There were no immediate plans for the property except for it to house non-patient service hospital operations when other areas of the hospital are renovated or redeveloped following the hospital's 20-year master-facility plan.
"Initially, it will just be used as a staging area as the hospital grows," says Kim Savage, spokesman for the health care system.
Manatee Urology Moving to Downtown
BUYER: MUPA Property LLP
SELLER: Third and Third LLC
PROPERTY: 200 W Third Ave., Bradenton
PRICE: $2.399 million
LAW FIRM ON DEED: Dye Deitrich Prather Petruff & St. Paul PL, Bradenton
PLANS, DESCRIPTION: Manatee Urology purchased 13,093 square feet of office space in the Riverwalk Professional Park from Bernard Croghan's ComCenters Inc. for about $2.4 million. The medical practice is expected to relocate to the new space from its offices near Cortez Road at 4705 26th Street W., Bradenton by December.
Calls to Manatee Urology were not returned before press time.
Manatee Urology mortgaged the property to Wachovia Bank for $2.92 million.
Other office condo purchasers in the 51,400-square-foot Riverwalk Professional Park include: cosmetic dentists Dr. Richard and Patricia Schnur, CPA Jim Gerber, attorney Wanda Mui, meeting and special event consultant World Promotions Holdings, Bradenton Surgical Group and Riverwalk Financial. ComCenters will occupy 19,000 square feet.
New diagnostic center buys 1250 Tamiami
BUYER: Diagnostic Center for Disease LLC (principal: Ronald Wheeler), Sarasota
SELLER: 1250 Holdings Ltd.
PROPERTY: 1250 S. Tamiami Trail, Sarasota
PRICE: $2.26 million
PREVIOUS PRICE: $3.2 million, October 2000 (a portion of this property)
LAW FIRM ON DEED: Sylvia J. Taylor PA, Sarasota
PLANS, DESCRIPTION: Sarasota urologist Dr. Ronald Wheeler is leading a group of doctors and business owners, including Clearwater urologist Dr. Bill La Rosa and Dr. Ray McDermott a retired family doctor in Venice, who are developing a specialized MRI-Spectroscopy diagnostic center focused on finding and treating prostate cancer. The group purchased a 5,000-square-foot building on South Tamiami Trail, which Wheeler says will likely make it the largest center of its kind in the nation.
"What this technology will do different is that we can start looking for the biochemical footprint of the disease," Wheeler says. "This MRI has much more clarity than a typical MRI. This is better at detecting prostate tumors than even a prostate biopsy. There also is none of the pain."
The facility, called the Diagnostic Center for Disease, is currently being renovated and is schedule to open in December. The Diagnostic Center for Disease is set to be one of only a handful of locations offering MRIS diagnostic tests nationwide, Wheeler says.
"Another distinction is most radiologists only diagnose disease," Wheeler says. "Since it is being run by urologists, we will focus the imaging more on the appropriate treatment."
Diagnostic Center for Disease LLC mortgaged the land to the former owner 1250 Holdings for $1.69 million.
• Schroeder-Manatee Ranch, developer of Lakewood Ranch, started work on a new 30,000-square-foot flex office/warehouse project on State Road 64 in Bradenton.
• The Zuckerman Group and JEG Properties plan to develop a 23,000-square-foot Class-A office-condo building near Sarasota-between Interstate 75 and State Road 41 in Sarasota this summer. The building is scheduled for completion in the summer or fall of 2007. Units will range from 1,000 square feet to nearly 11,500 square feet.
• Bradenton businessman Roy Green transferred the grazing land he owns at 2101, 2225, 2303 and 2245 Pope Road and on State Road 64 East, Bradenton to a company he owns called Royale Green Estates LLC for $5.96 million. The land is planned as a 100-lot waterfront residential subdivision across from GreyHawk Landings. An official for Roy's Trucking, a Green-owned company, said that Green is in talks with home builders.
• CORE Construction of Florida won a contract to build the $3.8-million, 9,000-square-foot Taylor Woodrow sales and preview center at Artisan Lakes at the northwest corner of I-75 and Moccasin Wallow Road in Palmetto. Artisan Lakes will provide homes for 2,600 families with three amenities facilities for residents along with more than a million square feet of commercial and retail space.
• SBC Development began removing trees for the El Conquistador Parkway extension marking the start of the new bayside community, Long Bar Pointe. For Phase I of the three-phase project, SBC is constructing a roundabout and a four-lane divided highway extending about three-fourths of a mile south along El Conquistador Parkway. The new road will provide access to Long Bar Pointe, a planned waterfront community of 1,600 mid-rise condos, carriage homes and town homes along Sarasota Bay. The first phase of the roadway extension is scheduled for completion in March of 2007. The contractor for Phase I is Ashland Paving and Construction.
The entire $12 million road project is schedule for completion in late 2008.
• Steven and Kimberly Judd purchased a 4.5 acre parcel zoned light manufacturing at 1227 63rd Avenue East, Bradenton from Jo Ann Grace-Powell for $550,000. Carl Wise, CCIM, Preferred Commercial Inc. was the broker for the transaction.
• Detroit-based TRiTON Cos. and Brighton, Mich.-based RBS Cos. Inc., a partnership that purchased the M&I Bank building in downtown Sarasota earlier this year, announced its preliminary plans for the property. The companies plan to develop the site as One Palm, a luxury residential building that will include high-end retail stores at street level. TRiTON Cos. owns a portfolio of more than $1 billion worth of real estate properties across the United States.