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Commercial Real Estate Briefs
COMMERCIAL REAL ESTATE TAMPA BAY by Sean Roth | Real Estate Editor
Corus Bank takes back Allegro Palm Apartments
BUYER: Allegro Palm Marketing LLC (principals: George Guattare, Tina Dendrinos and Timothy Stodder), Chicago
SELLER: Crescent Place Holdings LLC
PROPERTY: 5507, 5509, 5511, 5513, 5515, 5517, 5519, 5521 and 5521 Legacy Crescent Place, Riverview
PRICE: $13.36 million
TITLE FIRM ON DEED: Carlton Fields, Tampa
PLANS, DESCRIPTION: An affiliated company of Chicago-based Corus Bank NA, Allegro Palm Marketing LLC, purchased the Allegro Palm Apartments, formerly known as The Alexan at Crescent Place, for $13.36 million. As part of the sale, Corus Bank released the former owner, an affiliated company of Zahav Equities, from a portion of an existing mortgage. In September of 2005, Corus Bank gave Zahav Equities a $47.7 million loan to convert the apartment complex to condominiums.
Officials with Corus Bank and the complex's management did not return calls for comment,
Built in 1999, the 471,384-square-foot, three-story apartment community features a total of 432 apartment units, laundry facilities and a pool.
North Central Florida Sysco
buys land for expansion
BUYER: Sysco Food Service North Central Florida Inc.,
SELLER: 4 Rail LLC
PROPERTY: 6th Avenue and Chancey Road, Zepherhills
PRICE: $4.33 million
PLANS, DESCRIPTION: The local division of food-distribution giant Sysco, Sysco Food Service North Central Florida Inc., purchased 65 acres at the intersection of 6th Avenue and Chancey Road, east of U.S. 39, for $4.33 million. With that property and an additional 25 acres north of the site it has yet to acquire, Sysco Food Service North Central Florida plans to eventually develop what it calls a "fold out operation."
"That's where we take an existing marketplace like Tampa-St. Pete, where we already have one operating company, and to get closer to our customers, we open a full warehouse and sales force," says Mark Palmer, vice president of corporate communications of Sysco Food Service North Central Florida. "With the recent economic downturn we've decided to halt that process and wait for a rebound. We wanted to buy the land because we still believe in the market."
Sysco has forecast building a 390,000-square-foot, three-temperature warehouse facility in Zepherhills, according to John Walsh, vice president of Pasco Economic Development Council. The new operation was projected to be a total capital investment of $61 million and create 257 jobs. Walsh says the county and city worked with Sysco on an incentive package for infrastructure improvements.
Nautical products JSI
buys Third Avenue building
BUYER: Island Nautical Inc., St. Petersburg
SELLER: Architectural Windows & Entries Inc.
PROPERTY: 2233 Third Ave. S., St. Petersburg
PRICE: $990,000
PREVIOUS PRICE: $770,000, October 2004
TITLE FIRM ON DEED: Fidelity National Title Insurance Co., St. Petersburg
PLANS, DESCRIPTION: St. Petersburg-based boat supply manufacturer/retailer Island Nautical Inc., which does business as JSI, purchased a 26,790-square-foot warehouse building with additional showroom space on Third Avenue South, east of 23rd Street South, from Architectural Windows & Entries of St. Petersburg for $990,000, equal to an average of $37 per square foot of building space. JSI has operated from two leased buildings on Gandy Boulevard along with a sister company sailmaker Doyle Ploch Sails, whose owner Mark Ploch co-owns JSI with Bill Wright, for nearly 30 years. JSI and Doyle Ploch Sails will relocate to the new building.
"We like the area, especially being closer to the water; that was a big thing," Wright says. "Plus where we are at we had people running all over the place; it wasn't good from a workflow standpoint. It was also an extremely attractive price. The building next door sold in the high $60s [a square foot]."
The new ownership plans to double the size of the existing showroom, paint and air-condition the entire building, add offices and a conference room, change the electrical wiring and install a wooden floor.
Bryan Jerome, vice president in the firm's Industrial Services Group, represented the buyer, and William Sauter of Buddy Sauter & Associates with Keller Williams Gulf Coast Realty represented the seller.
COMMERCIAL REAL ESTATE SARASOTA-MANATEE by Sean Roth | Real Estate Editor
Attorney, sons buy South Bridge Crossing
BUYER: Saba Empire LLC (principal: William Saba), Sarasota
SELLER: 1870-1894 Stickney Point Road Holdings LLC
PROPERTY: 1890 Stickney Point Road, Sarasota
PRICE: $4.5 million
PREVIOUS PRICE: $4.51 million, Sept. 2008
LAW FIRM ON DEED: Locke Lord Bissell & Liddell LLP, Dallas
PLANS, DESCRIPTION: Saba Empire LLC, a purchase entity composed of Sarasota real estate attorney William Saba and his sons, purchased the 23,000-square-foot South Bridge Crossing shopping center near U.S. 41 for $4.5 million, equal to an average of $196 per square foot of retail building space. The center houses Stonewood Grill & Tavern, Smoothie King and Rocketman Inc., and the remainder of the center was vacant at the time of the sale.
"It was a surprisingly good price," Saba says. "It was an extremely well-located piece of property. It's in a very high-traffic location. Stonewood Grill has been extremely successful in tough times. It's across from the Benderson (Development Co. Inc. planned) mixed-use project Siesta Point. We got it for such a bargain that we can lease the space for about half of what Benderson has to get across the street."
CW Capital acquired the center through a foreclosure, and Saba says the resulting property manager for the lender mismanaged it, leading to the vacancies.
"People would call up to lease space and couldn't get anyone on the phone," he says.
Along with management and marketing changes, the new ownership plans to give the center a facelift and other cosmetic changes.
Saba is best known as the developer along with Thomas Kelly of the Palmer Crossing Shopping Center at the intersection of Honore Avenue and Clark Road.
The partners sold the center to a Tampa investment group in December for $57 million.
Christopher Leonard and Mike Milano of Colliers Arnold Commercial Real Estate's Clearwater office represented the buyer.
PestWest Electronics Limited
expanding to second warehouse
BUYER: Killgerm Holdings LLC (principal: James Shaffer Jr.), Sarasota
SELLER: CMS of Sarasota Inc.
PROPERTY: 4560 Northgate Court, Sarasota
PRICE: $450,000
PREVIOUS PRICE: $335,000, November 2001
LAW FIRM ON DEED: Norton Hammersley Lopez & Skokos PA, Sarasota
PLANS, DESCRIPTION: The Killgerm Group has purchased a 6,336-square-foot industrial warehouse in Northgate Court for $450,000. The 28-year-old building will serve as the home of PestWest Electronics Limited, a manufacturer of specialized fly-killing devices and insect-light traps.
The Northgate Court building, which features a small 500-square foot-office, was previously home to Continuous Movers LLC, which is moving to a 10,000-square-foot building on 63rd Avenue in Bradenton.
PestWest Electronics currently operates from a 5,000-square-foot office/warehouse building at 4363 Independence Court.
Jeff Button of Richardson Kleiber Walter handled the transaction.
"This will allow them to expand their office space as well as relocating their warehouse over [to the new building]," Button says.
Killgerm Holdings mortgaged the property to Bank of America NA for $365,000.
SchenkelShultz-designed school built in Fort Pierce
SchenkelShultz Architecture, Sarasota designed St. Lucie County Public Schools' newly-completed $74 million, 344,331-square-foot Fort Pierce Central High School in Fort Pierce.
The replacement high school was designed to accommodate 2,500 students and includes a media center and learning technology center; art, band and music facilities; and a decentralized administrative suite. Career education components include nursing and allied health, automotive technology, culinary arts, Computer-Aided Design technology, computer design and programming, early childhood education and engineering robotics.
ETC ...
• Orlando-based Cuhaci & Peterson Architects LLC was recently awarded a contract to design a new Winn-Dixie Supermarket located at 53rd Avenue East and Ninth Street E. in Bradenton. The 61,000-square-foot design is currently being developed.
• Gainesville-based orthopedic-device manufacturer Exactech plans to open a new facility in south Manatee County to manufacture surgical instruments used to implant the company's joint replacement devices. The 13,000-square-foot facility, at 7455 16th St. E, is scheduled to start operations this month. Exactech expects to hire 12 employees during the initial start-up phase of its manufacturing and support operations.
• J.E. Charlotte Construction Co. redeveloped the former site for Latitudes Coffee House and Caribbean Pie at 2830 Clark Road, Sarasota into a periodontal and implant surgery center for Dr. Ryan Taylor. Osborn Sharp & Associates served as the architectural firm, and Marne Kaplan was the interior designer for the 3,000-square-foot renovation. The project cost $600,000.
Fifth Third Bank plans
Price Crossing branch
BUYER: Fifth Third Bank, Cincinnati
SELLER: Shoppes at Price Crossing Ltd.
PROPERTY: 25 S. Toledo Blade Blvd., outparcel 1, North Port
PRICE: $1.88 million
PREVIOUS PRICE: $4.2 million (includes additional property), December 2005
LAW FIRM ON DEED: Akerman Senterfitt, Fort Lauderdale
PLANS, DESCRIPTION: Cincinnati-based Fifth Third Bank purchased 1.1 acres in the Shoppes at Price Crossing at the corner of Price and Toledo Blade boulevards from The Paradise Development Group for $1.88 million. The bank has plans to develop a financial center (branch) next to the Publix-anchored neighborhood center, but has no definitive development schedule.
"[North Port's] view as a growth market," says Jama Dock, a spokesperson for Fifth Third. "We're probably look at 2010 or '11. We already have an approved site plan. We already have a strong presence in Manatee Sarasota and Venice and south of there Lee and Collier, so we're filling in the gaps."
The prototype Fifth Third branch is 3,500 square feet and houses five to seven employees.
COMMERCIAL REAL ESTATE LEE_COLLIER by Sean Roth | Real Estate Editor
TIB Financial Corp. buys Milan Center
BUYER IN LIEU OF FORECLOSURE: Special Acquisitions Inc. (principals: Michael Carrigan, Alma Shuckhart and Terry Spurlock), Naples
SELLER: Milan Center LLC
PROPERTY: 9483 and 9495 Tamiami Trail N., Naples
PRICE: $2.28 million
PREVIOUS PRICE: $1.25 million, October 2004
LAW FIRM ON DEED: GrayRobinson PA, Miami
PLANS, DESCRIPTION: Naples-based bank holding company TIB Financial Corp. purchased the two-story Milan Center in lieu of foreclosure for $2.28 million. Built in 2007, most of the 12,000-square-foot retail/office building, located at the southwest corner of U.S. 41 and 95th Avenue N., is vacant.
"Our foreclosure is still in process, but now we have ownership of the property," says Steve Gilhooly, executive vice president and chief financial officer. "This is a little unique in that we plan to locate some of our operations over there. It's going to consolidate two offices we have into one."
The existing offices were involved in internal operations and the location isn't planned as a branch.
Walgreens buys new store from Paradise Development Group
BUYER: Walgreen Co., Deerfield, Ill.
SELLER: Win-Golden Gate Ltd.
PROPERTY: 4747 Golden Gate Parkway, Naples
PRICE: $9.07 million
PREVIOUS PRICE: $4.69 million, November 2007
LAW FIRM ON DEED: Forlizzo Law Group PA, Safety Harbor
PLANS, DESCRIPTION: Deerfield, Ill.-based drug store chain Walgreen Co. purchase a 14,820-square-foot Walgreens store at the intersection of Golden Gate and Coronada parkways for $9.07 million, equal to an average of $612 a square foot for building space. Safety Harbor-based developer The Paradise Group developed the Walgreens, which opened in November on the 1.7-acre site.
Founded in 1988, Paradise Development Group develops grocery-anchored shopping centers, freestanding drug stores, big box centers and other retail projects. The firm, which has developed 5.1 million square feet of retail space, has relationships with Walgreens, Publix Super Markets, Ross Dress-For-Less, Blockbuster Video, Lowe's, Stein Mart, Bed Bath & Beyond, Old Navy and Pier 1. It's Web site reports the developer has completed more than 40 Walgreens and has another 18 under development.
ETC ...
• Boback Commercial Group, Re/Max Edge has relocated to an office at 8890 Salrose Lane, Fort Myers.
• J. Garth & Associates Property Management leased office space at 12995 S. Cleveland Ave., PBS 54, Fort Myers from Pinebrook Pine LLC. Steve Wood of Woodyard & Associates LLC handled the transaction.
• Dale and Sheila Phillips purchased two industrial condominium units at 1750 J&C Blvd in Naples from Gulf Sun Development Corp. for $423,000. Bob Vigliotti of CB Richard Ellis, Fort Myers-Naples, represented the seller, and Dave Wallace of Premier Properties represented the buyer.
• West Coast Florida Enterprises Inc. has opened a new residential roofing division under the name Collier County Roofing. The division will specialize in high-end residential roofing and sheet metal throughout the Collier County area.
• Gilkey Realty Inc., a Bonita Springs-based commercial real estate company specializing in the marketing and sale of large land tracts and commercial properties, has opened a second office at 1778 Park Avenue N. in Maitland. The new location will allow the company to better serve the Orlando area.
Jason Gilkey, broker and Orlando area manager, will be based from the new office.
• Naples-based Kraft Construction Co. Inc. is celebrating its 40th anniversary. Founded in 1968 by George Kraft, the company was purchased by Bob Carsello in 1970 and Fred Pezeshkan joined him as a business partner in 1979. When Carsello retired in late 2006, Pezeshkan continued as president and CEO of the company. The company currently has officers in Naples, Fort Myers, Charlotte Harbor and Sarasota.
Fort Lauderdale firm
buys Brantley Commons
BUYER: KGW LLC (principals: Steven Kronenberg, Karen Gilmartin and Howard Wander), Fort Lauderdale
SELLER: Jarvis Development LLC
PROPERTY: 12486 Brantley Commons Court, Fort Myers
PRICE: $726,600
PREVIOUS PRICE: $300,000, (included additional parcels) March 2004
TITLE FIRM ON DEED: Warranty Title Solutions LLC, Fort Myers
PLANS, DESCRIPTION: KGW LLC, a company headed by three partners in the Fort Lauderdale-based law firm of Kelley Kronenberg Gilmartin Fichtel & Wander PA purchased a 3,000-square-foot office building on Brantley Commons Court for $$726,600, equal to an average of $242 per square foot for the building space. The building was built in 2007.
The law firm, which focuses on insurance, business and corporate issues, had an existing Fort Myers office at 2080 McGregor Blvd., suite 201.
KGW LLC mortgaged the property to Northern Trust NA for $571,280.
First phase of retail shops
opens at The Mercato
The first phase of retail shops and restaurants has opened at The Mercato in North Naples. The center's first phase is anchored by Whole Foods Market, and also features The Capital Grille, McCormick & Schmick's seafood restaurant, Coldwater Creek, Jos. A. Bank Clothiers, Sur La Table and Books-A-Million. The development sits on 53 acres at the intersection of U.S. 41 North and Vanderbilt Beach Road and will also feature condominium communities. The project is a joint venture of The Lutgert Cos. and the Barron Collier Cos.
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