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Commercial Real Estate
by Sean Roth | Real Estate Editor
TAMPA BAY
Coral Gables company buys Cypress Place Apartments
BUYER: Cypress Place Holdings LLC (principals: Cecil and Frank Milton), Coral Gables
SELLER: Eighth Street Partners LLC
PROPERTY: 825 Cypress Street Tarpon Springs
PRICE: $6.2 million
PREVIOUS PRICE: $4.5 million, January 2004
PLANS, DESCRIPTION: Cecil and Frank Milton of Coral Gables-based J. Milton & Associates purchased the six-building, 96-unit Cypress Place Apartments in Tarpon Springs. Bob Goldfinger, Jay Crotty and Tim Johnson, all of Marcus & Millichap, handled the transaction.
"They felt that there was real intrinsic value in the overall Tampa Bay area and particularly in north Pinellas County because of the pattern of growth," Crotty says. "The biggest challenge right now is insurance. But for apartment owners the fundamentals are strong. A lot of units have been converted to condos. There has been very, very limited new construction. Plus there has been continued population and job growth." In short, landlords are in control regarding rent growth, Crotty says.
Although J. Milton & Associates owns some 15,000 residential units and more than one million square feet of commercial space, the Cypress Place acquisition was the company's first acquisition on the west coast of Florida.
"It was really just a choice site," Crotty says.
Cypress Place features 60 one-bedroom units and 36 two-bedroom units ranging from 700 to 800 square feet.
The sales price represents a price-per-unit of $64,903.
JMC buys additional piece for Ovation
BUYER: Beach Drive Condo Development LLC (principals: J. M Cheezem, John Hobach, Robert Allen, G.S. Copeland and Kenneth Eckelkamp), St. Petersburg
SELLER: Post Publishing Inc.
PROPERTY: 130 Beach Drive N.E., St Petersburg
PRICE: $2.85 million
PREVIOUS PRICE: $1.9 million, December 2004
PLANS, DESCRIPTION: St. Petersburg-based developer JMC Communities purchased one of the final parcels for construction of the Ovation condominium development on Beach Drive, between First and Second Avenues North in downtown St. Petersburg. JMC Communities now owns the entire block, which its marketing company, Tucker/Hall Inc., says allows for a much more attractive streetscape along Beach Drive and a few more homes on the site.
Bank of America recently finalized its deal with JMC Communities to fund an $80 million loan commitment for the 27-story Ovation.
The development is currently designed to feature 45 residences with private elevator entrances, including four complete-floor penthouses. Unit prices start at about $2 million. The development will also house 17,800 square feet of retail space.
Groundbreaking for Ovation is scheduled for early October 2006 for the projected two-year buildout.
JMC built more than 3,800 condominium units in several developments, including The Mandalay Beach Club, Belle Harbor and Sandpearl Resort on Clearwater Beach, The Bellamy on Bayshore in Tampa, The Florencia in St. Petersburg, The Grande and The Meridian on Sand Key and Minorca in New Smyrna Beach. The company is also currently developing Marquesas on Clearwater Beach and The Strand on Daytona Beach Shores.
ING Management acquires Campus Club Apartments
BUYER: ING US Students No 14 LLC (ING Real Estate Investments Management), Sidney, Australia
SELLER: Campus Club Ltd.
PROPERTY: 5601 E. Fletcher Ave. in the 56th and Fletcher Office Park, Tampa
PRICE: $13.25 million
PREVIOUS PRICE: $1.275 million, October 2004
PLANS, DESCRIPTION: ING Management Ltd an entity of ING Real Estate Community Living Fund, purchased Campus Club Apartments in Tampa, which primarily attracts college-student tenants. Built in 2005, the Campus Club at Tampa has 64 units (256 bedrooms) and is a mile from the University of South Florida.
The acquisition was one of two properties that ING Management Ltd. took over as part of a portfolio purchase for $36.45 million. The second property was the 190-unit The Preserve at San Luis near Florida State University and Tallahassee Community College. Both properties have had about 95% occupancy rates for the past several years. Greystar, a student housing company, will manage the two properties.
The fund expects the two properties to produce an initial yield of 7.4%.
ING US Students No 14 LLC mortgaged the property to Morgan Stanley Mortgage for $10.5 million.
Byron Moger of Cushman & Wakefield negotiated the sale on behalf of the owner Housing Trust Group LLC.
Etc...
• Colliers Arnold Commercial Real Estate Services, with offices in Tampa, Clearwater, Orlando and Fort Myers, recently closed on 61 sales and lease deals worth more than $35 million, nine of which involved transactions of more than $1 million, from June 15 to July 25.
During the period, the biggest single transaction was a $6.7 million apartment building, the Plaza Fifth Avenue, at 441 3rd Street North in St. Petersburg. The second largest deal in dollar volume was the $5.6 million lease of Park Tower, an office building at 400 N. Tampa St. in Tampa. The brokers were Jeff Lanning and Jeff Tolrud, CCIM of the Tampa office of Colliers Arnold.
• JMS Group purchased a 2,044-square-foot building at 4901 First Ave. North, St. Petersburg from Lincoln Construction Inc. for $360,000. Tom Pizurie, of The Ross Realty Group, represented the seller.
• Real Estate Property Investors LLC of Seattle purchased a 357,000-square-foot manufacturing facility located at 1303 Central Drive in Meridian, Idaho from Jabil Circuit Inc. for $15 million. James R. Stuckey and George Iliff of Colliers Arnold Commercial Real Estate Services handled the transaction.
•In the largest industrial transaction so far this year, building materials distributor Parksite Inc. signed a multiyear lease agreement for 210,000 square feet of bulk distribution space in Madison Industrial Park for its Parksite Surfaces Business Unit. The deal is the first pre-leasing transaction in Madison Industrial Park, a project being developed by Trammell Crow Co. in a joint venture with New York-based ING Clarion Partners.
Groundbreaking is expected to take place next month, with the first building available in July 2007. Almost 700,000 square feet of warehouse/manufacturing space will be built in the industrial park's initial phase. A second, 382,500-square-foot speculative building, is scheduled for completion in September 2007.
LEE/COLLIER
Naples Center for Dermatology buys new Fort Myers location
BUYER: AJFJ Holdings LLC (principals: Andrew Jaffe), Naples
SELLER: Engle LLC
PROPERTY: 7331 Gladiolus Drive, Fort Myers
PRICE: $2.38 million
PREVIOUS PRICE: $628,000, July 2004
LAW FIRM ON DEED: Frank Charles Miranda PA, Tampa
PLANS, DESCRIPTION: Dr. Andrew Jaffe's Naples Center for Dermatology purchased an office building in Fort Myers. The Naples-based dermatology office, which specializes in cosmetics and skin-cancer treatments, plans to expand its presence in the Fort Myers market from a small, leased location to the Gladiolus building. The newly purchased office/retail building shell will be renovated to mirror the practices' current Naples location, says Sara Ritacca, marketing director for the Naples Center for Dermatology.
"It's going to have a cosmetic spa for body and facial rejuvenation and an accredited surgery center," Ritacca says." We are currently in for permitting. We are being told we should be able to start construction in about two weeks. We just didn't have enough room where we were."
The practice expects to have the new location open sometime in December. Naples Center For Dermatology officials are also looking at possibly expanding to the Cape Coral area, but not in the immediate future.
First Priority buys at Toledo, Peachland
BUYER: First Priority Bank, Bradenton
SELLER: Toledo Blade Peachland LLC
PROPERTY: 19681, 19665, 19669, 19673, 19677 and 19681 Toledo Blade Blvd., in Charlotte County
PRICE: $1.1 million
PLANS, DESCRIPTION: First Priority Bank purchased land at the corner of the intersection of Peachland and Toledo Blade Boulevard in Charlotte County for future expansion.
"That is pretty far down the road," says George Najmy, CEO for First Priority Bank. "We expect that to come on board in the fourth quarter of 2007. By that time it should be our sixth branch."
Najamy says the bank is making significant expansion moves. In Manatee county, the bank just opened a new downtown Bradenton branch, and is constructing a new, 15,000-square-foot building near the corner of Lakewood Ranch Boulevard and State Road 70 in Lakewood Ranch. The new Lakewood Ranch office, which also will house executive offices, is slated to open early next year. In the next three months, the bank will open a loan production office in downtown Tampa.
"We also just signed an agreement to take over the lease for a Venice storefront location in December," Najmy says.
The bank currently has $218 million in assets and in May it raised another $18.5 million to fuel the additional growth.
JHM Hotels buys Sanibel property
BUYER: JHM Garners Ferry Hotel LLC, Greenville, S.C.
SELLER: Sanibel Causeway Hotel Ltd.
PROPERTY: lot 4, Sanibel Beach Place
PRICE: $1.94 million
PREVIOUS PRICE: $1.625 million, August 2005
PLANS, DESCRIPTION: A Greenville, S.C.-based national multi-brand hotel company, JHM Hotels Inc. purchased about 3.5 acres of vacant commercial land in the Sanibel Beach Place subdivision area of Fort Myers. JHM Hotel plans to develop a 120-room Residence Inn.
"It will obviously be geared toward five-plus night stays," says Jim Browder, vice president of sales and marketing for JHM Hotels.
The property will be the company's first hotel development on the West Coast of Florida The 28-year-old JHM Hotels developed, acquired, owns and operates 30 properties with more than 4,500 rooms, in six states and Surat, India.
It is among one of the top 50 largest hotel management companies in the world.
Etc...
• Stuart Dunkin purchased 0.87 acres off of Airport Road in Naples from Oppidan Investment Co. for $1.2 million. Gary Dewey and Al Molin, both of CB Richard Ellis Fort Myers-Naples, negotiated the transaction.
• Home Team Pest Defense LLC leased 3,625 square feet of office space in Commerce Center of Naples at 275 and 277 Airport Road South in Naples. Tim P. Tillapaugh of CB Richard Ellis Fort Myers-Naples represented the landlord, and Doris Taylor with Downing Frye Realty represented the tenant.
• Rentokill Inc. leased 2,000 square feet of industrial space in Alico Crossing at 17051 Jean Street, in Fort Myers from Chason Investments, LLC. Robert Johnston and Jerry Messonnier, both of CB Richard Ellis Fort Myers-Naples represented the tenant, and Tiffany Palmer of VIP Commercial - TCN Worldwide represented the landlord.
• Professional Place Pelican, LLC purchased a 30,078-square-foot retail strip center at 1064 Pine Ridge Road in Naples from Meyers Realty Corp. for $7 million. Steve Horn of Ian Black Real Estate and Fred Kermani of CB Richard Ellis in Naples handled the transaction.
• Professional Place Wesley LLC purchased a 9,550-square-foot retail strip center at 27709 State Road 56 in Wesley Chapel from SR 56 LLC for $4 million. Steve Horn of Ian Black Real Estate handled the transaction.
• Constance Ruby purchased an 11,040-square-foot warehouse at 2460-2461 Palm Ave., Fort Myers from American Rental Properties LLC for $1.1 million. Honora Kreitner & Tom Woodyard of D'Alessandro & Woodyard Inc., Commercial Realtors represented the seller. Constance Dean & Cherie Fierstein of Venture Realty & Investments represented the buyer.
• Collier County Redevelopment Agency purchased 18 acres on Bayshore Drive, bordered by Kelly Court, in Naples from Plumeria Enterprises LLC for $4.6 million. Plumeria Enterprises LLC reduced the purchase price by $2.185 million as a donation to the agency. The site has been suggested as an artisan community or as a park/recreation area.
Michael O'Mara and Jordan Parsons O'Mara of John R. Wood Inc., Realtor brokered the deal.
The CRA Advisory Board plans to advertise this land to developers for redevelopment and a future private-public partnership through a request for proposal.
• Fort Myers-based Stevens Construction Inc. completed construction of the 10,000-square-foot Children's Properties Pediatric Orthopedic center, on the HealthPark Medical Center campus at 15821 Hollyfern Court, off South HealthPark Drive in Fort Myers. Designed by Gora McGahey Associates in Architecture Inc., Pediatric Orthopedics will occupy 6,700 square feet of the center. The remaining space will be used for practice expansion.
• Construction is now complete for the initial phase of the Guadalupe Center in Immokalee, a project designed by Gora McGahey Associates in Architecture. During Phase I, a 17,000 square foot addition was created, adding 10 new childcare classrooms and multi-purpose rooms for community use.
Sarasota/Manatee
Obstetrics, Gynecology practice buys Prudential Cascade headquarters
BUYER: Sulco LLC (principals: John Sullivan Jr. and Dr. Wayne Cohen), Sarasota
SELLER: Cascade Park of Sarasota LLC
PROPERTY: 2439 and 2447 Bee Ridge Road and residential single-family on Parson Lane, Sarasota
PRICE: $2.8 million
PREVIOUS PRICE: $875,000, October 1998
LAW FIRM ON DEED: Icard Merrill Cullis Timm & Ginsburg PA, Sarasota
PLANS, DESCRIPTION: The Obstetrics/Gynecology medical practice of Dr. Wayne Cohen and Dr. John Sullivan Jr. purchased the former 6,000-square-foot Prudential Cascade headquarters at 2439 Bee Ridge Road and an office building and vacant lot next door. The purchase equates to nearly an acre of land. Calls to the medical practice were not returned prior to publication. The new owners, who used the limited liability company name of Sulco LLC for transaction, mortgaged the property to Shoreland Holdings LP for $2.1 million.
Bruce Williams starting sales in Lexington Preserve
BUYER: Lexington Development of Parrish LLC (principals: Frank Herold and Britton Williams), Bradenton
SELLER: Williams & Herold Communities LLC
PROPERTY: land off U.S. 301, Parrish
PRICE: $3.34 million
LAW FIRM ON DEED: Holland & Knight LLP, Tampa
PLANS, DESCRIPTION: A land holding company associated with Manatee County's largest home builder, Bruce Williams Homes, transferred several vacant acres in Parrish to another subsidiary-company in preparation for construction of the Lexington Preserve community.
"The subdivision is already open and the roads are in place," says Peter Mason, vice president of sales and marketing for Bradenton-based Bruce Williams Homes. The development has 35 home sites and will feature homes priced starting in the low $400,000s.
Lexington Development of Parrish LLC mortgaged the property to Williams & Herold Communities LLC for $2.4 million.
Ear Research buys property from Floyd Street Properties
BUYER: Ear Research Foundation Inc. (Herbert Silverstein, Seth Rosenberg, Jameson Vicars CPA PA and Charles Desenberg), Sarasota
SELLER: Floyd Street Properties LLC
PROPERTY: 1886 Prospect St. and additional land on Prospect Street, Sarasota
PRICE: $2.3 million
LAW FIRM ON DEED: Dunlap & Moran PA, Sarasota
PLANS, DESCRIPTION: A limited liability group owned by a number of the physicians in the Silverstein Institute transferred land it owned to the Ear Research Foundation for $2.3 million. According to a representative for the institute, the transfer was designed to help increase funding to the foundation "for some upcoming projects." No additional information was available regarding the transaction prior to press time.
Etc...
• Samuel and Anthony Asfur, principals of LifeStyle Properties, have announced plans to develop Harborside Villas in Palmetto's Riviera Dunes. Arthur Rutenberg Homes/M. Pete McNabb will build the 32 one- and two-story California-Mission style villas in the community. The villas in the maintenance-free community will range in size from 1,900 to 3,500 square feet and are priced $700,000 to $1.2 million.
• Kirk Pinkerton leased 12,746 square feet from Five Points Sarasota Investors LLC for five years at Plaza Five Points, 50 Central Avenue in Sarasota. Ian Black of Ian Black Real Estate handled the transaction.
• 2-B's LLC d/b/a Candy Bouquet leased 2,384 square feet from Stone Civix Ltd. for five years at 3882 Sarasota Central Parkway in Sarasota. Debbie Anglin of Ian Black Real Estate and Thomas Coppola of Coppola Realty Group handled the transaction.
• Altamonte Springs-based Tilt-Con Corp. completed its subcontract work on the concrete wall structure for the University of South Florida's Crosley Campus Academic Building, a multimillion-dollar, three-story, 103,500-square-foot facility at 8350 N. Tamiami Trail in Sarasota. Tilt-Con handled the foundations, slab-on-grade, tilt-up concrete wall panels, elevated decks and walkways for the new educational building. Reynolds, Smith & Hills of Tampa served as architect for the project.
• De Morgan Communities has announced plans for The Villages of Avignon in Palmetto. The project will feature eight different communities with a total of 1,600 home. De Morgan's first village is Carpentras, north of U.S. 301 and west of Interstate 75, off Ellenton-Gillette Road. Carpentras was opened in 2005 as Oakview.
• Lakewood Ranch-based Neal Communities has started construction on its new Design Gallery, a 6,500-square-foot center situated in the Main Street at Lakewood Ranch. The new design gallery will incorporate vignettes of interior living spaces along with products and samples that allow homebuyers to chose various design features such as cabinets, fixtures, and flooring.
• Ryland Homes recently won a prestigious Grand Aurora Award for interior design from the Southeast Builders Conference for the home builder's St. Charles II model home at OakLeaf Hammock in Ellenton. The St. Charles II model home won the Grand Aurora Award for Interior Merchandising. The St. Charles II model home offers four bedrooms and three baths in 3,551 square feet of living space priced at $484,990.
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