Commercial Real Estate Briefs

By Business Observer Staff
| 6:00 p.m. June 13, 2008
| 2 Free Articles Remaining!

Charlotte–Lee–Collier

by Sean Roth | Real Estate Editor

LEE-COLLIER

Arthrex buys HellermanTyton building

BUYER: Big Brother Holdings LLC, Naples

SELLER: HellermannTyton Corp.

PROPERTY: 1250 Creekside Parkway, Naples

PRICE: $9.5 million

PREVIOUS PRICE: $1.19 million, February 1998

LAW FIRM ON DEED: Cheffy Passidomo Wilson & Johnson LLP, Naples

PLANS, DESCRIPTION: Big Brother Holdings LLC, a limited liability holding company for a division of Arthrex Inc. purchased a 110,761-square-foot industrial building in Naples for $9.5 million, equal to $86 a square foot. The industrial building, built in 1998, formerly housed wire, cable and component manufacturer HellermanTyton USA. Naples-based surgical-device manufacturer Arthrex purchased its nearby 138,000-square-foot corporate headquarters at 1370 Creekside Blvd. in April for $3.3 million.

The former HellermanTyton industrial building sits on 6.3 acres.

Ken Morris and Koreena Rivers of Morris Southeast Group Inc. represented the seller. Rivers says the property was marketed for about four months.

Liberty Bank buys land

for second Cape Coral branch

BUYER: Liberty Bank FSB, Naples

SELLER: RCJC LLC

PROPERTY: a portion of southwest Pine Island Road, Cape Coral

PRICE: $4.3 million

PREVIOUS PRICE: $1.5 million, November 2005

LAW FIRM ON DEED: Cummings & Lockwood LLC, Naples

PLANS, DESCRIPTION: Naples-based Liberty Bank FSB purchased 4.7 acres on southwest Pine Island Road, west of Nicholas Parkway and east of Southwest Nelson Road, for $4.3 million. The bank eventually plans to develop a new branch office on the site and then sell off any additional unused land, according to John Fisher, president of the bank,.

"We just had our grand opening for our first Cape Coral office on Cape Coral Parkway [four] weeks ago," Fisher says. "Once we get that stabilized we will be looking to expand. The two sites are great strategic locations on the Cape. Both have very high traffic counts. We feel that with Cape Coral Parkway in the south and Pine Island in north we can really blanket the entire Cape."

Fisher estimates that it may take as long as two years before the bank is ready to begin construction. The design of the future Pine Island Road branch will follow closely the bank's current about 4,500-square-foot prototype branch at 2370 Vanderbilt Beach Road, Naples.

Fisher says that while Cape Coral has been the recipient of a lot of negative press recently, he expects to see a "tremendous rebound" in the market in the next two to three years.

The former owner RCJC LLC had a $4.88 million mortgage with Liberty Bank that it took out in March of 2006, but what impact, if any, the former mortgage had on the sale price was uncertain.

Billy's Rentals acquires

Chitwood warehouse space

BUYER: Weimarland Enterprises LLC (principals: Billy and Salli Kirkland), Fort Myers

SELLER: Gary Baugher

PROPERTY: 11680 Chitwood Drive, units 4-8, Fort Myers

PRICE: $1 million

PREVIOUS PRICE: $170,000, November 1998

LAW FIRM ON DEED: Thomas E. Moorey, Attorney, Fort Myers

PLANS, DESCRIPTION: Billy and Salli Kirkland, owner of the bicycle and scooter rental company Billy's Rentals, purchased 10,000 square feet in a 16,000-suqare-foot warehouse building in Chitwood Commercial Center for $1 million. Billy's Rentals has occupied the space since the building was first completed in 1999.

"The owner wanted to sell, and I knew this could possibly really affect my business so we bought it," Billy Kirkland says. "I use it to store our bikes and to do maintenance and repairs on the bikes. Trying to find a location that close to Sanibel is really tough. Plus we felt it was a smarter move to buy than continue to rent. With things like the SuperTarget going in nearby, we really felt that this would at least keep its value."

Etc...

•Fort Myers-based Eagle Concrete Systems has completed concrete work for general contractor DeAngelis Diamond on a three-story facility for Lock-Up Self Storage Suites at Immokalee Road and Cypress Way East in Naples. Eagle Concrete constructed all of the structural concrete and masonry systems for the 109,433-square-foot building, using tilt-up construction.

• TRC Worldwide Engineering Inc. leased 6,351 square feet of office space in Eastlinks Business Park at 12550 Professional Park Drive, Fort Myers, from McGarvey Development Co. Matt Price of McGarvey Development Co. and Kevin Fitzgerald of NAI Southwest Florida handled the transaction.

• Insurance and Risk Management Services Inc. leased 3,957 square feet of office space in the Renaissance Center at 9530 Marketplace Road, Fort Myers, from McGarvey Development Co. Charles Jans of McGarvey Development Co. handled the transaction.

• G&K Services Co. leased 9,600 square feet of office and warehouse space at Eastlinks Business Park, 12621 Corporate Lakes Drive from McGarvey Development Co. Charles Jans of McGarvey Development Co. handled the transaction.

• J Lodge eServices LLC leased 3,600 square feet of office space in Westlinks Business Park at 13130 Westlinks Terrace from McGarvey Development Co. Charles Jans of McGarvey Development Co. handled the transaction.

• J.P.S. Gaming & Development LLC leased 2,100 square feet of retail space at 10341-10351 Bonita Beach Road S.E., Bonita Springs, from Quality State Investment LLC. Paige Eber of Investment Properties Corp. handled the transaction.

• Leader's Casual Furniture leased 6,800 of retail space at 3906 Tamiami Trail East, units E, F and G in Naples, from Downtown Properties Inc. Paige Eber of Investment Properties Corp. handled the transaction.

• US Bank NA leased 3,098 square feet of office space at 8985 Fontana Del Sol Way, Naples from Holton Holdings of Naples LLC. Jay Crandall of Coldwell Banker Commercial NRT handled the transaction.

Naples-based developer Collier Enterprises has completed construction of the boathouse at Hamilton Harbor Yacht Club. It's the only concrete boat-storage facility in Naples and is built to withstand winds of up to 150 miles per hour. In addition to storm protection, the Hamilton Harbor boathouse will provide comprehensive fire prevention and protection, with a sprinkler system and concrete walls separating each bay. The boathouse has 325 slips and will accommodate boats up to 50 feet long. Slip prices range from $100,000 to $500,000.

• Nu-Cape Construction Company, a division of Owen-Ames-Kimball Co., will provide construction management services for Nova Southeastern University's new Fort Myers Student Educational Center. Nu-Cape Construction will construct a new, 60,000-square-foot, four-story, tenant build-out that will also house the university's healthcare and allied professionals programs. The project will include complete interior construction of classrooms, computer labs, faculty offices and meeting spaces, student lounges and reception areas. Additional customization of the space will include a portion of the classrooms constructed to mirror acute care and other specialized healthcare settings.

• General contractors/construction managers Stultz Inc., and real estate brokerage Stultz Real Estate Corp., are moving to Summerlin Lakes Office Center in Fort Myers. Both firms will be at 5276 Summerlin Commons Way, #701, near the intersection of Summerlin Road and Boy Scout Drive in Fort Myers.

• J.L. Wallace Inc. has completed the renovation and expansion of the National Guard Armory at 3405 Marion St. in Fort Myers. J.L. Wallace renovated the existing 10,520-square-foot National Guard Armory and built a 2,500-square-foot addition. The expansion included a new training area, additional storage space and expansion of the mechanical and electric utility rooms. The bathroom facilities, offices, supply areas and storage rooms were renovated, and the electrical and plumbing systems have been replaced. In addition, J.L. Wallace demolished an existing one-story structure east of the armory building and built a motor pool storage and maintenance bay building.

• Fort Myers-based Eagle Concrete Systems has begun concrete and masonry work on Colonial Square Building 4B, a retail facility at the intersection of Colonial Boulevard and Six Mile Cypress Parkway in Fort Myers. Eagle will provide the structure's concrete pads, footing, slab and walls. Benderson Development is the general contractor.

• Fort Myers-based Owen-Ames-Kimball Co. provided construction management services for the first LEED-certified elementary school in the state - Neil Armstrong Elementary School in Port Charlotte. The two-story, 112,000-square-foot elementary school is one of three replacement schools built by O-A-K for Charlotte County Public Schools to replace schools damaged beyond repair during Hurricane Charley.

Owen-Ames-Kimball used low-volatile organic compounds emitting carpet and paint, installed smart boards in classrooms and maximized the use of natural light. Other features include low-water-flow sinks and toilets.

• Brooks & Freund has begun construction on the UPS Building at 2901 Cargo St. Fort Myers. Brooks & Freund is responsible for renovating 28,044 square feet of existing space and 25,572 square feet of new construction for parcel distribution and offices. Facility Design Group of Atlanta provided architectural design services. Construction is expected to be completed in March.

• Brooks & Freund completed construction of the Borgata Square at 2590 North Brook Plaza in Naples. The project includes construction of a three-story, 27,000 square-foot office condominium building that will house 24 offices. Borgata Square of Naples LLC is the developer for project, and J.D. Design Drafting provided architectural-design services.

• Brooks & Freund has begun construction on Eye Health of Port Charlotte at 20323 Kenilworth Blvd. in Port Charlotte. The 12,000-square-foot medical office building includes 6,000 square feet for Eye Health office, and two 3,000-square-foot future tenant units.

• Gulfcoast Consulting Group has completed the roof system for Tuscan Place, a new, three-story, 21,000-square-foot, mixed-use office building at 326 Del Prado Blvd. N. in Cape Coral. The building is scheduled for completion in late fall.

• Architecture Inc. has been named the owner's representative for Cleveland Clinic Florida. The firm is responsible for management of all construction-related aspects for Cleveland Clinic's capital improvement plan. Architecture Inc. is currently overseeing multiple hospital- and clinic-owned projects for the owner.

• Brooks & Freund has been awarded a contract for the construction of Terraza Retail Center at 3685 Kramer Drive in Naples. The project developer is Pine Ridge LLC and architectural design services are being provided by RWA Consulting Inc. Construction is scheduled for completion in December.

• Tan Turtle Tavern Inc. leased 7,068 square feet of retail space at the Village Shoppes at Healthpark, at Summerlin and Bass Road in Fort Myers. John Jones and Doug Olson, both of LandQwest Commercial, handled the transaction. Local restaurateur Rob Degenarro, best known for the Sanibel Island, will brings his latest concept from Maine to Florida in the Tan Turtle Tavern. The full service casual dining restaurant will serve its own branded micro-brews and contains a gift shop.

• Connections Wellness Center leased 2,184 square feet at unit 3, 9250 College Parkway, Fort Myers from Karen and Terry Brady for use as a holistic wellness center. Mary Beth Cangiano with LandQwest Commercial negotiated the lease.

• The new FineMark National Bank & Trust headquarters has opened for business in Riverwalk at Whiskey Creek. The new upscale banking center replaces FineMark's former headquarters site on South Cleveland Avenue, which has since closed.

The new 20,000-square-foot, two-story building houses all of FineMark's financial services, including its personal and business deposit, loan, and trust and investment divisions. The complex also features a community room with seating for 140 people, conference rooms, a large boardroom, a large banking lobby, a vault with safe deposit boxes, additional storage facilities and a drive-thru area.

• Commercial general contractor EECON Inc. has completed the central entrance park at Pelican Landing in Bonita Springs. EECON worked closely with JRL Design, the landscape architect, and the Pelican Landing Homeowner's Association to collaborate and complete the project. The project included construction of a large water feature, large trellis structure, decorative landscaping and paving, as well as landscape lighting.

• Northern Tool & Equipment Co. Inc. leased 26,394 square feet in the San Carlos Shopping Center, 18011 S. Tamiami Trail, from Webber Commercial Properties LLC. Cheryl Maymon with CAM Realty of Southwest Florida Inc. represented the lessor, and Dan Miller of the Miller Alliance with Re/max Realty Group represented the lessee. The lease was part of a planned expansion. The Miller Alliance is offering Northern Tool's prior location at 15121 S Tamiami Trail for sale or lease.

• Eagle Concrete Systems recently began concrete work on Valencia Square, a new Publix-anchored shopping center at 10935 Jog Road in Boynton Beach. Valencia Square will have six retail buildings totaling 83,400 square feet. Eagle will provide the concrete pads, footing, CMU walls and tie beam for the shopping center.

Keene Construction Co. is the general contractor, and Marc Weiner, AIA provided the design. This is the first project on Florida's east coast for the Fort Myers-based concrete contractor, which is expanding its operations to encompass all of Florida.

• Clearing has begun on a 15-acre parcel at the northeast corner of Santa Barbara and Davis Boulevards in Naples for a neighborhood shopping and dining plaza, according to Jack Crifasi of Crifasi Enterprises. The development will encompass 120,000 square feet of retail and office space with more than 40 tenants.

Plans for Dolphin Plaza include seven restaurants, a national grocer, bank, and other retail tenants. The architect is Richard L. Bowen and Associates, and the plaza will be built by Phoenix Associates of South Florida Inc. Construction is scheduled to be completed by late summer of 2009.

Evolution Outdoors Inc. leased 2,485 square feet of industrial space at 3673 Exchange Ave., unit 3 from Exchange Real Estate LLC. Christine G. Martin of Investment Properties Corp. negotiated this transaction.

SARASOTA-MANATEE

Albertson's sheds Florida stores in deal with Publix

Boise, Idaho-based supermarket company Albertson's LLC has accepted an offer from Publix Super Markets Inc. to sell Publix 49 of the company's stores in Florida. Albertson's plans to operate its remaining Florida division stores from a distribution center in Plant City and division office in Lake Mary.

The sales are expected to be complete in September.

Albertson's LLC operates more than 300 stores under the Albertsons name in Arizona, Arkansas, Colorado, Florida, Louisiana, New Mexico, and Texas.

The following area stores being sold:

• 2770 West Bay Drive, Belleair Bluffs

• 26841 S. Tamiami Trail, Bonita Springs

• 4651 Cortez Road, Bradenton

• 127 Cape Coral Parkway, Cape Coral

• 1735 N.E. Pine Island Road, Cape Coral

• 26583 U.S. Highway 19 North, Clearwater

• 1921 N. Belcher Road, Clearwater

• 1295 S. Missouri Avenue, Clearwater

• 16970 San Carlos Blvd., Fort Myers

• 13401 Summerlin Road, Fort Myers

• 12101 Little Road, Hudson

• 3825 East Bay Drive, Largo

• 13031 Walsingham Road, Largo

• 8833 North Tamiami Trail, Naples

• 3350 Tamiami Trail, East, Naples

• 35439 U.S. Highway 19 N., Palm Harbor

• 500 E. Lake Road, Palm Harbor

• 1101 8th Avenue West, Palmetto

• 9005 U.S. Highway 301 North, Parrish

• 4701 Park Blvd., Pinellas Park

• 4840 S. Tamiami Trail, Sarasota

• 3700 Fourth Street North, St. Petersburg

• 3030 54th Avenue South, St. Petersburg

• 3900 66th Street North, St. Petersburg

• 8701 West Hillsborough Avenue, Tampa

3838 Britton Plaza, Tampa

South Florida Materials

buys 200 acres near port

BUYER: South Florida Materials Corp. (principals: John Defrehn, Leo Vecellio Sr. and Jr., Jon Chellgren, John Taylor and Aubrey Bragg), West Palm Beach

SELLER: J.T. Reeder Partners LLLP, Snell Family Limited Partnership of Southwest Florida, Grahm R Reeder individually and as trustee, Thomas E. and Clark Reeder and Randolph Snell

PROPERTY: 12755 and 12701 Reeder Road and 1805 South Dock St., Palmetto

PRICE: $24 million

LAW FIRM ON DEED: Hamrick Perrey Quinlan & Smith PA, Bradenton

PLANS, DESCRIPTION: South Florida Materials Corp., a Vecellio Group company, purchased about 200 acres on Reeder Road south of South Dock Road near Port Manatee for $24 million.

"The company believes in the future of the port," says Cliff Walters, a principal and managing partner with Blalock Walters Held & Johnson PA in Bradenton, who is representing the new ownership.

"They were enthusiastic about the location and the leadership being provided by the management of the port and the encouragement zone initiative. This is a company with a multiplicity of business interests."

The West Palm Beach-based Vecellio Group is still evaluating its plans for the property. While the future plan is still unclear, the development will almost assuredly align with the port or port users, Walters says.

"Political leadership was an important factor in my client moving forward with that acquisition," Walters says. "It was a significant capital investment, and they would not have made it without a particular attention to the economic environment at the port and without feeling the political leadership would be supportive.

The Port Manatee Encouragement Zone calls for creating a package of incentives for certain business ventures to locate within three miles of the port. If approved the initiative will likely feature a Development of Regional Impact approval exemption for large projects, the extension of the port's Foreign Trade Zone - eliminating tariffs on certain goods in select cases, exemption from the county's impact fee system and fast-track permitting. The proposal is expected to be adopted in August.

South Florida Materials operates a liquid asphalt and diesel fuel terminal at the Port of Palm Beach, with 14.7 million gallons of total storage capacity. The Vecellio Group houses companies that do business in the heavy/highway construction, mining, energy services and various other industries.

The Vecellio Group/South Florida Materials Corp. is the second large-scale buyer in recent months to cite the encouragement zone as an incentive for its purchase. Recently Clearwater-based JoMar Development & Construction Co. purchased 122 acres bordered by Buckeye, Bud Rhoden and Chapman roads for $12.5 million with the plan of developing Port Manatee Industrial Park.

Florida restaurateur

buys 19 acres in North Port

BUYER: Toledo Blade LLC (principal: David Lageschulte), Fort Myers

SELLER: Florida Home Builders Inc.

PROPERTY: 18.63 acres on South Toledo Blade Boulevard, North Port

PRICE: $1.08 million

PREVIOUS PRICE: $2.3 million, October 2005

LAW FIRM ON DEED: Robert M. Lipshutz, Esq., Cape Coral

PLANS, DESCRIPTION: Toledo Blade LLC, a company owned by restaurateur David Lageschulte, purchased 18.63 acres of residential land on South Toledo Blade Boulevard in North Port from Florida Home Builders Inc. for $1.08 million.

David Lageschulte is the owner of LTP Management, a Fort Lauderdale company that manages 35 restaurants, including Hooters, Dan Marino's, Adobe Gila's, Lulu's Bait Shack, The Martini Bar, Laffing Matterz and The Ugly Tuna Saloona.

WellSpring Pharmaceutical buys University Park units

BUYER: Wellspring Pharmaceutical Corp. (principals: Robert and Laura Vukovich), Bradenton

SELLER: B/K/G Honore LLC

PROPERTY: southeast corner of University Parkway and Honore Avenue, units W-211 W-213, W-215, W-217 and W-219, Sarasota

PRICE: $844,600

PREVIOUS PRICE: $2.37 million, September 2006 (contains additional parcels)

LAW FIRM ON DEED: Dunlap & Moran PA, Sarasota

PLANS, DESCRIPTION: Lakewood Ranch-based WellSpring Pharmaceutical Corp. purchased five units in University Professional Park, at the southwest intersection of University Parkway and Honore Avenue, for $844,600, or the equivalent of $168,920 per unit. Officials with WellSpring Pharmaceutical did not return calls prior to publication.

Founded in 1999 by Dr. Robert Vukovich, WellSpring Pharmaceutical focuses on acquiring niche products, such as older drugs or small-value drug lines, from other pharmaceutical companies. In its first year, WellSpring acquired the rights to the diuretic Dyrenium and alpha-blocker Dibenzyline from SmithKline Beecham Pharmaceuticals and Tin-mesoporphyrin from The Rockefeller University.

In May of 2005, WellSpring sold its rights to tin-mesoporphyrin to Plymouth Meeting, Pa.-based InfaCare Pharmaceutical Corp.

The first commercial development completed by Bingham Farms, Mich.-based Burton-Katzman Development Co. Inc., University Professional Park features two buildings totaling 85,000 square feet and a separate outparcel.

Christ Church of Longboat Key buys Longview Realty building

BUYER: Christ Church of Longboat Key Inc. (principals: Thomas Beckett, Maryann Bopp, Jim Huber, William Newhouse, Carol Stanley and Burton Borgelt), Bradenton

SELLER: VJHC Development Corp.

PROPERTY: 6400 Gulf of Mexico Drive, Longboat Key

PRICE: $1,500,000 (68.18%) 31.82% is conveyed as gift

PREVIOUS PRICE: $1.2 million, October 2003

LAW FIRM ON DEED: Icard Merrill Cullis Timm Furen & Ginsburg PA, Lakewood Ranch

PLANS, DESCRIPTION: Christ Church of Longboat Key Presbyterian, USA purchased two acres and a 5,500-square-foot, two-story office building on Gulf of Mexico Drive and General Harris Street for $1.5 million. The purchase price was actually for $2.5 million, but $1 million of the purchase was considered a donation. The existing building was formerly the home of Longview Realty Inc.

Church officials are still revising their plans for the site and haven't decided weather the existing building will be demolished. Construction will likely start in the next two to three years.

-Additional reporting by Robin Hartill of The Longboat Observer

Etc...

• Sarasota-based renewable energy and energy conservation company Sunovia Energy Technologies Inc. has completed the lighting renovation at the Oaks Country Club tennis facility in Sarasota. The renovation required Sunovia to replace the existing incandescent light fixtures at the facility with its proprietary LED light fixtures, sold under the brand name EvoLucia. As a result of the renovation, the Oaks facility is now using less than 19% of the energy it previously required, and estimates it has reduced its carbon emissions by more than 81%.

• General contractor J.E. Charlotte Construction Corp., architect T.A. Krebs and interior designer Marne Kaplan recently completed work on the 3,000-square-foot Strayer Survey & Mapping "lodge" corporate offices at the corner of Shamrock Boulevard and Northampton Street in Venice Gardens. The project was also recently honored with the Venice Area Chamber of Commerce Beautification Award. The entire project consisted of renovating 1,250 square feet of office space and an addition of 1,988 square feet for a total cost of $458,737.

• Lakewood Ranch-based Halfacre Construction Co. won a continuing contract with Hillsborough County Schools for the demolition and relocation of a number of modular classrooms throughout the county. Halfacre is currently in the process of completing a remodel of Riverview Elementary School for Hillsborough Schools. To better manage the ongoing work in the county, Halfacre Construction will be opening a new office at 9350 Bay Plaza Boulevard unit 1 in Hillsborough County by the end of June.

• Halfacre Construction has just put the finishing touches on a $2-million animal hospital for Dr. Adam Cohen. The facility also features short- and long-term animal boarding and grooming services.

• Tommy Bahama leased a 4,738-square-foot building at 371 St Armands Circle, formerly Mark Fore & Strike, from Bayrock Investment Co. The retailer's current location at 300 John Ringling Boulevard will be renovated to expand their restaurant operation. Steve Ross of Hembree & Associates handled the transaction.

• Pro-Motion Notions, a supplier of custom-imprinted advertising specialty items, has moved to a larger headquarters and showroom at 3739 S. Tuttle Ave., Sarasota, in a move designed to help the company handle its continued growth.

Company founder and president, Annette Gueli, said Pro-Motion Notions' revenues have grown 20% annually over the past three years, and she expects that growth to continue, fueled in part by significantly higher sales of eco-friendly promotional items.

Pro-Motion Notions, primarily serving Sarasota and Manatee counties, was established in Buffalo, N.Y., in 1989 and relocated to Sarasota in 1998 by founder Annette Sciolino-Gueli.

• Lakewood Ranch-based DooleyMack Constructors recently broke ground on the $8.4-million Estates at Carpenters in Lakeland.

The 60,000-square-foot, four-story facility will provide 32 assisted-living units along with reception and entertainment areas, a media center and library. Freeman White Inc. of Charlotte, NC., is the project architect.

TAMPA BAY

Southeast Milk Inc.

buys Plant City dairy

BUYER: Sunshine State Dairy Farms LLC (principal: Calvin Covington), Belleview

SELLER: Winn Dixie Property LLC

PROPERTY: 3304 Sydney Road, Plant City

PRICE: $7.58 million

SELLER: Winn Dixie Stores Inc.

PROPERTY: SEC 36-28S-21E

PRICE: $447,900

LAW FIRM ON DEED: Smith Gambrell & Russell LLP, Jacksonville

PLANS, DESCRIPTION: Belleview-based diary cooperative Southeast Milk Inc. purchased a 136,200-square-foot milk plant and a few smaller outer buildings on Sydney Road from supermarket chain Winn-Dixie Stores Inc. for a total of $8.03 million. The Plant City property was one of two dairies, the cooperative purchased from Winn-Dixie; it also separately acquired a milk plant in Hammond, La.

The two plants had been put up for sale, according to Maggie Murphy special projects coordinator for Southeast Milk.

"We had a number of our members supply milk to those plants," Murphy says. "We bought it to continue to have a local market for the milk produced by our members. We think this will be really good for our members keeping things local so they don't have to pay to ship their milk. It is also good for consumers."

Southeast Milk is composed of more than 300 family-owned and operated dairy farms, mainly in Florida.

Tampa Electric buys Ruskin land for future substation

BUYER: Tampa Electric Co., Tampa

SELLER: Dickman Investment LLC

PROPERTY: southwest corner of 19th Avenue N.E. and Teco Road, Ruskin

PRICE: $1.72 million

PLANS, DESCRIPTION: Tampa Electric Co. purchased 14.6 acres of agricultural land on 19th Avenue N.E. and Teco Road in Ruskin for $1.72 million.

"We're going to use that to build a future transmission-switching substation," says Rick Morera, a spokesperson for Tampa Electric. "As we look ahead to growth in that area we need to make sure that we are able to serve that area."

Morera says no estimated start date had yet been set.

OM Ventures Inc. buys,

revises Magdalene East

BUYER: Magdalene East LLC (OM Ventures Inc.), Tampa

SELLER: Commercial Investment Co. LLC

PROPERTY: 15511 N. Florida Ave., Lutz

PRICE: $3.2 million

LAW FIRM ON DEED: Fowler White Boggs Banker PA, Tampa

PLANS, DESCRIPTION: Tampa real estate firm OM Ventures Inc. purchased the Magdalene East, an office building with associated apartments, for $3.2 million. The front building features 8,365-square-feet of office and backs up to the 14,400-square-foot apartment space in 18 two-bedroom units.

The building currently has 2,440-square-feet vacant, according to Erik Graser with Criminelli Real Estate Services of Florida, who is marketing the property for the new owner. Graser says OM Ventures is planning to convert the apartment units, which average about 800 square feet, into office units.

"They're doing some very minor modification," Graser says. "Things like taking out the kitchens and the showers. They should have the first units there in 45 days. The north Florida corridor really lends itself to small business owners. There should be a good amount of demand for this."

Graser is marketing the space for $14 a square foot triple net with a CAM.

OM Ventures' purchase entity Magdalene East LLC mortgaged the building to Community Trust Bank for $2.56 million.

OM Ventures owns the Premier Corporate Center on Linebaugh Avenue and the Magdalene Center on North Florida Avenue.

Etc...

• Home-furnishings retailer IKEA is scheduled to break ground on its planned Tampa store June 4. The new store is set to open in the summer of 2009 on 29 acres along Adamo Drive at 22nd Street and the Crosstown Expressway. The new location will be the 37th IKEA store in the United States and its third location in Florida.

• 35-24 Realty LLC purchased a CVS store at the southwest corner of Sun City Center and Pebble Beach boulevards in Sun City for $2.6 million. Patrick Nutt with Calkain Realty Advisors represented the buyer.

• Strategic Outsourcing Inc. leased 3,399 square feet at Concourse Center at 3505 E. Frontage Road in Tampa from Colonial Properties. Richard Andretta and Rob Turner in the Grubb & Ellis|Commercial Florida's Office Group and CM Realty Inc. of San Francisco handled the transaction.

• Trinity-based Samuelsen Builders was selected to offer its residential designs at the Trinity East in Trinity, a $1.5 billion master-planned community in Southwest Pasco County. Samuelsen which has built more than 600 homes in Trinity in the last 15 years will offer a portfolio of floor plans ranging from 1,400 to more than 3,000 square feet. Pricing in Trinity East is expected to start in the mid- to upper-$200s including home site. Standard home sites in Trinity East are 50 by 120 feet. Samuelsen plans to begin building a model home in Trinity East later this year.

• Compass Construction Inc. has completed renovation work on the Wheelhouse at The Landings on McGregor Boulevard in South Fort Myers. The Wheelhouse now features a granite-topped bar faced with recycled wood from forest fires; a state-of-the-art sound and entertainment center; an upgraded kitchen with stainless steel, commercial-grade appliances; renovated restrooms with granite countertops; new canvas awning and landscaping at the entrance; and new railings and sidings on the exterior. This project was phase one of a $6.9 million multi-phase project. Phase two of renovations to the Helm Club is expected to be completed this fall. Phase three, an addition to the administration offices, is also underway.

• Marcus & Millichap Real Estate Investment Services arranged the sale of the Storage Inns of America portfolio. A Mishawaka, Ind.-based investment group purchased the 418,020-square foot, seven-property, self-storage portfolio for $18.85 million, equal to $45.09 per square foot and a 5.16% capitalization rate. Michael Mele in the Tampa office of Marcus & Millichap, and Adam Schlosser and Brett Hatcher in the firm's Columbus office, represented the seller. Sean Delaney and Jesse D. Luke in the firm's Oak Brook office represented the buyer.

• Hilton Reservation Worldwide leased 31,414 square feet in Woodland Corporate Center at 7920 Woodland Center Blvd., Tampa, from Liberty Property Limited. Mia Jarrell and Neil Resnick, both with Grubb & Ellis Co., represented the tenant.

• Colonial Bank has started construction on its new Roosevelt office in St. Petersburg. The new office is Colonial Bank's twelfth location in Pinellas County. The 19,520-square-foot office features four drive-thru service lanes and an ATM lane. Colonial Bank contracted with RRW Architects and Planners and Wallace Associates to design and build the new banking office. Colonial Bank is a division of the Montgomery, Alabama-based Colonial BancGroup Inc., a $27-billion bank holding company .

• Lee S. Lasser Family Limited Partnership No. 2 purchased 11.36 acres in Madison Corporate Park of Commerce in Tampa from Madison Transporters LLC for $2.06 million. GVA Advantis' Mark Cooney, executive director of land services, represented the buyer.

• Ryland Homes plans to relocate its Tampa Bay division headquarters and it's My Style Design Center to new 14,000-square-foot office suites on Camden Field Parkway in Brandon in July.

Joe Fontana, president of Ryland Homes in the Tampa Bay region, said the company is relocating its headquarters to be in a more central location to its communities. Ryland builds single-family homes and town homes priced from the $120s in 11 communities in the Tampa Bay region.