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Partnership buys San Carlos building
BUYER: JCM Alliance LLC (principal: James Rogers), Fort Myers
SELLER: Lyke Properties LLC
PROPERTY: 16521 San Carlos Blvd., Fort Myers
PRICE: $1.03 million
PREVIOUS PRICE: $1.03 million, July 2006
LAW FIRM ON DEED: Sheppard Brett Stewart Hersch Kinsey & Hill PA, Fort Myers
PLANS, DESCRIPTION: James Rogers, owner of Westfield, Ind.-based underground utility contractor Sun Communications Inc., and two of the company's vice presidents, Carl Hoffman and Matt Wainscott, purchased a 7,200-square-foot, two-story office building at the corner of San Carlos Boulevard and Summerwinds Court for $1.03 million, equal to an average of $142 per square foot of building space. A part-time Fort Myers resident, Rogers and his partners plan to open a satellite office of Sun Communications Inc. in a portion of the building.
James McMenamy of the Re/Max Realty Group Commercial Division Fort Myers office handled the transaction.
"The building was in excellent condition," McMenamy says. "It had recently been painted. It was in good shape and fully leased."
The purchase price equates to a 9% capitalization rate. The building, which occupies a 0.65-acre site, was built in 1982.
JCM Alliance LLC, the purchase entity, mortgaged the building to Encore Bank for $700,000.
NPL Capital buys 12 homes
in Lehigh Acres from Synovus
BUYER: NPL Capital LLC (principal: John Miller II), Bonita Springs
SELLER: Synovus Bank fka first Florida Bank
PROPERTY: 308 Patio St., 2813 Eighth St. S.W., 2809 58th St. W., 1134 Estate St. E., 2818 Seventh St. S.W.,3502 73rd St. W., 3507 75th St. W., 918 Barton St. E., 2909 41st St. W., 2925 Sixth St. S.W., 1105 Pisa St. E. and 834 N.E. 10th St., Lehigh Acres,
PRICE: $672,000
TITLE FIRM ON DEED: Classic Title Services Inc., Bonita Springs
PLANS, DESCRIPTION: Bonita Springs-based real estate investment company NPL Capital purchased 12 homes in Lehigh Acres for $672,000, equal to an average of $56,000 per home. The homes tended to be about 2,200 square feet and were built around 2006. The homes were also all foreclosures acquired by lender Synovus Bank.
"That's about the market rate for wholesale [homes]," says Todd Fitzgerald, vice president of sales and marketing for NPL Capital. "We're going to be spending about $6,000 to improve them and put them back on the market. Of this batch, we have already sold seven houses."
NPL Capital plans to buy more foreclosed homes, but had no finalized plans as of press time. Fitzgerald says the company has relationships with many different banks to purchase excess inventory.
"We have the ability to do hundreds of these," he says. "The market demand just has to be there."
Etc...
• General Insulation Co. Inc. leased 15,240 square feet of office space at 1850 Ortiz Avenue, suite 110 from East Group Properties. General Insulation is a distributor of commercial and industrial insulation products as well as a chief provider of 3M fire stop products in the United States. Gary Tasman and Shawn Stoneburner of Cushman & Wakefield in Fort Myers negotiated the lease.
• J.L. Wallace Inc. has completed construction of Park Center at 8255 and 8267 College Parkway in Fort Myers. The Park Center consists of two 15,000-square-foot buildings. The first floor of the 8255 building is a surgical center for the Center for Surgical Procedures for Dr. Jonathan Daitch and Dr. Michael Frey. The second floor will accommodate the new medical offices of Advance Pain Management and Spine Specialist. The 8267 building will house the new Southwest Florida Oral and Facial Surgery Center.
• Eagle Concrete Systems recently began concrete work for general contractor J. Raymond Construction on Cornerstone Shopping Center, a Publix-anchored shopping center at U.S. 1 and Northwest Baker Road in Stuart Eagle will provide concrete pads, footing and CMU walls for the 57,281-square-foot center, which is comprised of three retail buildings. Cuhaci & Peterson LLC designed the development.
Clearwater company buys Port Charlotte Wendy's
BUYER: Continental Business Development Inc. (principals: William and Gerald Gehrand), Clearwater
SELLER: Victor Chung
PROPERTY: 24180 Veterans Blvd., Port Charlotte
PRICE: $1.56 million
PREVIOUS PRICE: $1.56 million, November 2007
TITLE FIRM ON DEED: Fidelity National Title Insurance Co., Merritt Island
PLANS, DESCRIPTION: William and Gerald Gehrand's Continental Business Development Inc. in Clearwater purchased a 2,473-square-foot Wendy's fast food restaurant on Veterans Boulevard in Port Charlotte for $1.56 million, equal to an average of $629 per square foot of building space. The purchase was an investment; Manna Inc., which owns and operates 163 Wendy's restaurants in five states, has an absolute triple net lease on the property that stretches through Dec. 31, 2025.
Based on its annual rental rate for 2009 of $106,932, the purchase price equates to a capitalization rate of $6.88%. However, the lease rate grants the landlord a 1.5% annual increase, meaning the actual cap rate long term will be higher. The building was constructed in 1988.
Owen-Ames-Kimball builds University resort building
Owen-Ames-Kimball Co. completed construction of Florida Gulf Coast University's Resort and Hospitality Management building at the Fort Myers campus.
Built to house the degree programs for resort and hospitality management, the 40,000-square-foot building feature a reception/lobby area, a cyber cafe, a large conference room, a golf management instructional area, classrooms and offices.
Construction of this two-story building included provisions for future additions and hands-on learning environment with ballrooms, a commercial kitchen, a wine-tasting area, a spa and executive dining rooms.
COMMERCIAL REAL ESTATE sarasota-manatee by Sean Roth | Real Estate Editor
Fore Golf Services buys
Tara Preserve Golf Club
BUYER: Preserve Golf LLC, Manassas, Vir.
SELLER: Tara-Manatee Inc.
PROPERTY: 7310 Tara Preserve Lane, Bradenton
PRICE: $2.05 million
LAW FIRM ON DEED: Thomas E. Maloney, Esq., Naples
PLANS, DESCRIPTION: Manassas, Va.-based golf-course investment firm Fore Golf Services purchased the Tara Preserve Golf Club in Bradenton for $2.05 million. The property included a semi-private 18-hole golf course, practice facility, maintenance sheds and a 14,000-square-foot golf clubhouse. A separate clubhouse was not included in the purchase and is owned by the community development district.
The new purchase brings Fore Golf's total golf course ownership to 13.
"We liked this club because of its growing market, quality facilities and challenging course," says Andy Green, vice president of acquisitions for Fore Golf Services. "We own six in the Tampa Bay area of Hillsborough and Pinellas [counties]. We own two on the east coast in Melbourne, three in Washington, D.C., and one in Cincinnati, Ohio."
The company has created a membership program that allows members of any of its courses to play at reduced cost at any of the 13 clubs.
Fore Golf rose to prominence locally in early 2007, when it purchased four Tampa area clubs: the Bardmoor Golf & Tennis Club and Bayou Club in Largo, Lansbrook Golf Club in Palm Harbor and Northdale Golf Club in Tampa, from Crown Golf Properties for $20 million.
"We are looking to find golf courses that fit out profit in the greater Tampa Bay area, Greater Orland and the Great Melbourne," Green says. "We would also look outside those areas for the right property."
Founded in 1978, Fore Golf acquires, leases, owns, repositions, and manages golf facilities in the Eastern United States. The new ownership mortgaged the property to the former owner Tara-Manatee Inc. for $750,000.
Tiger Eye Development LLC
buys Clark medical condo
BUYER: Tiger Eye Development LLC, University Park
SELLER: Sarasota Life Extension Institute LLC
PROPERTY: 4901 and 4903 Clark Road, Sarasota
PRICE: $850,000
PREVIOUS PRICE: $595,800, January 2004
LAW FIRM ON DEED: Christopher K. Caswell PA, Sarasota
PLANS, DESCRIPTION: Tiger Eye Development LLC, a development entity headed by Dr. Martin Aldrich of Aldrich Cardiovascular Institute, purchased a medical office condominium at 4901 and 4903 Clark Road in Sarasota from Sarasota Life Extension Institute LLC for $850,000.
Ian Black and Steve Horn of Ian Black Real Estate and Eric Grenier of Coldwell Banker Commercial NRT handled the transaction.
Tiger Eye Development mortgaged the property to Regions Bank for $722,500.
Sarasota's Meyers, Gabbert
invest in Fruitville Park lots
BUYER: M&G Investment Properties LLC and Recycled Product Marketing LLC (Leonard Meyer and James Gabbert), Sarasota
SELLER: Suburban Holding Co. LLC
PROPERTY: a portion of Artemus Circle known as lots 14 and 15 Fruitville Park of Commerce, Sarasota
PRICE: $690,800
PREVIOUS PRICE: $615,700, September 2006
LAW FIRM ON DEED: Icard Merrill Cullis Timm Furen & Ginsburg PA, Sarasota
PLANS, DESCRIPTION: Sarasota businessmen Leonard Meyer Jr. and James Gabbert purchased two acres in Fruitville Park of Commerce off Fruitville Road east of Interstate 75 for $690,000, equal to an average of $345,400 per acre.
"We were buying it to develop a future warehouse," Gabbert says. "We own another office in that same area. We just think it's in a high growth area. There's a lot of office out there but not a lot of [industrial light warehouse]. "
The new owners plan to eventually develop and lease the warehouse out as an investment.
Meyers and Gabbert are best known as the principals of Meyer & Gabbert Excavating Inc., which the duo sold to Houston-based WCA Waste Corp. in late 2005. Meyer still runs Meyer Excavating LLC and Meyer Equipment Management LLC.
Sarasota Cocoanut LLC
buys Cocoanut Apartments
BUYER: Sarasota Cocoanut LLC (principal: Rick Baer), Palm Beach Gardens
SELLER: Orion Bank
PROPERTY: 1045 Cocoanut Ave., Sarasota
PRICE: $1 million
PREVIOUS PRICE: $3.75 million, January 2006
LAW FIRM ON DEED: Cherry Edgar & Smith PA, Palm Beach Gardens
PLANS, DESCRIPTION: Sarasota Cocoanut LLC, an investment group headed by Palm Beach Gardens real estate investor Rick Baer, purchased the 29-unit Cocoanut Apartments on Cocoanut Avenue behind the Broadway Promenade in downtown Sarasota for $1 million, equal to an average of $34,483 per unit.
"It's in what we believe is a wonderful location in a reinvigorated part of town that is close to [the center of the] downtown," Baer says. "The building needs to be completely renovated. It's going to go to market later this year. With the price [we paid/invested], location and amenities, we believe we can offer something that's nearly brand new for a reasonable price that can be an extremely attractive alternative to people looking for rental units. "
The new ownership has not finalized its general contractor for the project.
Orion Bank took title to the property from Cocoanut at Broadway LLC, an investment group led by Warren Hickernell Jr., in May 2007.
Sarasota Cocoanut LLC mortgaged the property to Orion Bank for $1.1 million.
The Last Straw store
buys former Appliance Depot
BUYER: The Last Straw Inc. (principals: Marjorie and Norman Riggle), Venice
SELLER: William Allard
PROPERTY: 901 S. U.S. 41 Bypass, Venice
PRICE: $2.4 million
PREVIOUS PRICE: $2.9 million, May 2005
TITLE FIRM ON DEED: Bay Surety Corp., St. Petersburg
PLANS, DESCRIPTION: The Last Straw furniture store purchased a 22,500-square-foot former Appliance Depot & More store on the U.S. 41 Bypass and a 7,500-square-foot warehouse behind the store for $2.4 million. The Last Straw plans to relocate there from a nearby leased location at 1250 US 41 Bypass South and expand its services.
"Now we're a one-stop shop [for decorating]" says J. Rizzo, who co-owns the store with Marjorie and Norman Riggle. "We have a private label for furniture - one of a kind pieces. We have someone who handles painting. We do curtains and window treatments. We help people with moving. We have people who deal with electrical and flooring. We have window guys and pool guys."
The Last Straw Inc. mortgaged the property to the former owner William Allard for $2.23 million.
Emeritus Senior Living
buys Summerville at Bradenton
BUYER: Emerivent Bradenton LLC (principals: Granger Cobb, Stuart Koenig and Raymond Brandstrom), Seattle
SELLER: Veetas Realty Limited Partnership
PROPERTY: 450 W. 67th St., Bradenton
PRICE: $9.33 million
PREVIOUS PRICE: $6.9 million, April 2006
LAW FIRM ON DEED: Barack Ferrazzano Kirschbaum & Nagelberg LLP, Chicago
PLANS, DESCRIPTION: Seattle-based assisted-living facility company Emeritus Senior Living purchased the 104-apartment Summerville at Bradenton nursing home on 67th Street West north of Manatee Avenue for $9.33 million, equal to an average of $89,740 per apartment. The 56,740-square-foot assisted-living facility was built in 1986 and sits on 4.14 acres, according to the real estate research firm the Costar Group.
The facility features assisted living and senior daycare services.
Emeritus owns and operates more than 289 communities in 37 states across the United States.
MMS Properties buys LLP
Clark Road retail center
BUYER: MMS Properties LLP (principal: Manny Schwartz), Sarasota
SELLER: Clark Road Executive Suites LLC
PROPERTY: 3947 Clark Road, Sarasota
PRICE: $1.2 million
PREVIOUS PRICE: $325,000, April 2001
BUYER: MMS Properties LLP
SELLER: Shepherd Jewelry Inc.
PROPERTY: 3949 Clark Road, Sarasota
PRICE: $425,000
PREVIOUS PRICE: $210,000, December 2001
BUYER: Clark Road Executive Suites LLC (principals: Devon and David Shepherd), Sarasota
SELLER: MMS Properties LLP
PROPERTY: 4506 W. 26th St., Bradenton
PRICE: $490,000
PREVIOUS PRICE: $390,000, January 2008
LAW FIRM ON DEEDS: Richard D. Saba PA, Sarasota
PLANS, DESCRIPTION: MMS Properties LLP, a limited liability entity owned by Sarasota real estate investor Manny Schwartz, purchased a mixed-use retail strip center at 3947 Clark Road in Sarasota for $1.63 million. The 6,500-square-foot property was divided in half into executive suites managed by Clark Road Executive Suites LLC and the Shepherd Jewelry store. Both businesses have leased the property back from the new ownership.
Peter Bartys of Michael Saunders & Co. Commercial Group represented the seller, and Loyd Robbins of Harry E. Robbins & Associates Inc. represented the buyer.
"In this market with the lease-back it was equivalent to an 8% [capitalization rate]," Bartys says. " With long-term triple net tenants like Walgreens you see 6% to 7%, but most investors are looking for long-term property between 7 and 8.5%. But its very rare you get anything that high. If you had a property at that high of a cap, why would you sell it?"
At the same time, Clark Road Executive Suites LLC purchased a 3,650-square-foot office building from MMS Properties for $490,000.
MMS Properties LLP mortgaged the property to Landmark Bank of Florida for $1.3 million.
Schwartz owns several real estate properties east of Interstate 75 and is president of Sarasota Shower Door Co. Inc. in Sarasota.
COMMERCIAL REAL ESTATE
TAMPA BAY by Sean Roth | Real Estate Editor
Bay View One buys Tampa Hampton Inn
BUYER: Bay View One LLC (principal: Kamlesh Patel), Tampa
SELLER: Supertel Limited Partnership dba Supertel Hospitality Limited Partnership
PROPERTY: 10110 Horace Ave., Tampa
PRICE: $6 million
PREVIOUS PRICE: $5.35 million, June 1998
LAW FIRM ON DEED: Barnett Bolt Kirkwood Long & McBride, Tampa
PLANS, DESCRIPTION: Hotelier Kamlesh Patel's Bay View One LLC purchased the 80-room Hampton Inn on Horace Avenue for $6 million, equal to $75,000 a unit. Kamlesh says he plans to remodel the hotel.
"I'm planning to put about a million dollars in there," he says. "We're going to be gutting it - the walls both inside and out. It's going to be a total upgrade. It'll be like a brand new hotel when it's completed."
Kamlesh hopes to have the renovations completed by June. He says he was attracted to the hotel primarily because of its location between Ybor and downtown Tampa in a central business district close to Brandon Crossing shopping center.
The hotel features a breakfast area, laundry facilities, meeting rooms, a business center, fitness center and a pool.
Bay View One LLC mortgaged the property to Ocean Bank for $5.99 million.
Sultenfuss Properties
buys Long Branch Apartments
BUYER: Wisco 1 LLC (William Sultenfuss), Tampa
SELLER: New South at Longbranch LLC
PROPERTY: 2175 62nd St. N., Clearwater
PRICE: $6.99 million
PREVIOUS PRICE: $2.64 million, April 2004
PLANS, DESCRIPTION: Tampa real estate investment firm Sultenfuss Properties purchased the 184-unit Long Branch Apartments on 62nd Street North near the intersection of Roosevelt Boulevard for $6.99 million, equal to an average of $38,000 a unit.
The 166,346-square-foot, two-story apartment complex was built in 1984. John Stone and Jason Stanton of Colliers Arnold's Clearwater office represented the seller, and John Burpee with NAI Tampa Bay represented the buyer.
"This was sold as a value-added opportunity," Burpee says.
"The buyer buys distressed multi-family properties," he says.
The property had a vacancy rate of between 30% and 40% at the time of the sale, and Sultenfuss Properties has announced plans to invest $1 million to improve the interior and exterior of the complex.
The purchase price equated to an about 8% capitalization rate based on the complex's current condition and vacancy rate.
The big movement in the multi-family property sales market right now is in B or C rated properties, Burpee says, attributing it to more realistic property owners and the availability of other financing options.
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