Commercial Real Estate Briefs

By Business Observer Staff
| 6:00 p.m. April 25, 2008
| 2 Free Articles Remaining!

Tampa Bay-Lakeland

by Sean Roth | Real Estate Editor

TAMPA BAY

Exeter Property Group buys Fowler center

BUYER: Exeter 11316 North 46th LLC (Exeter Operating Partnership LP), Plymouth Meeting, PA

SELLER: Fowler DC LLC

PROPERTY: 11316 N. 46th St., Tampa

PRICE: $17.01 million

PREVIOUS PRICE: $8.68 million, February 2004

LAW FIRM ON DEED: Blank Rome LLP, Philadelphia

PLANS, DESCRIPTION: Plymouth Meeting, Pa.-based private equity firm Exeter Property Group purchased the 383,600-square-foot Fowler Distribution Center on 40 acres at the southeast corner of 46th Street and Fowler Avenue in Tampa Industrial Park for $17.01 million.

The building was roughly 80% occupied at the time of the sale due to a single 85,805-square-foot vacancy, according to Ralph Kittrell, investment officer for Exeter Property Group. The building's current tenants include Central Pet Supply, Johnson Controls Inc. and Dealer Tire.

"One thing we liked about that site is that there's nine acres on the site that can be developed," Kittrell says. "We also liked the proximity to the University of South Florida and [Interstate] 75 and [Interstate] 275. It's in pretty good condition and didn't requirement much capital outlay at the moment."

Rian Smith at Cushman and Wakefield's Tampa office is marketing the remaining vacancy for $4.25 a square foot triple net.

Exeter Property Group buys, develops and manages industrial properties in the eastern United States. In Florida, the company owns a 379,834-square-foot property at 8800 Adamo Drive in Tampa and a 157,355-square-foot industrial property in Jacksonville.

Furniture Row Cos.

buys Tampa warehouse

BUYER: Furniture Row Colo. LLC, Denver

SELLER: Oldsmar Land Holding Corp.

PROPERTY: 815 N. 26th St., Tampa

PRICE: $4.15 million

PREVIOUS PRICE: $712,500, February 2001

LAW FIRM ON DEED: Terrence F. Pyle, Esq., Sun City Center

PLANS, DESCRIPTION: Denver-based Furniture Row Cos. purchased a 36,000-square-foot warehouse building on 26th Street, fronting the Selmon Crosstown Expressway in Tampa for $4.15 million. The furniture retail chain, which includes Furniture Row and Furniture Row Outlet stores, plans to open its first stores in Florida soon.

Furniture Row expects to open stores in Tampa and Daytona, according to John Knippenberg, a spokesperson for the retail chain, but no opening dates have been set.

More information was not available prior to publication. The company operates more than 330 stores in 31 states, but the retailers' Web site lists no locations in several southeastern states including Alabama, Florida, Georgia, Louisiana, Mississippi and South Carolina.

Bright House buys Brandon center

BUYER: Bright House Networks LLC, New York City

SELLER: FR/CAL Interchange LLC

PROPERTY: 145 S. Falkenberg Road, Brandon

PRICE: $24.22 million

LAW FIRM ON DEED: Holland & Knight LLP, Tampa

PLANS, DESCRIPTION: After several months of construction, Chicago-based First Industrial Realty Trust Inc. has completed Bright House Networks' new Brandon operations center, and sold it to the cable company for 24.22 million.

The two-story building offers 102,795 square feet of office space, 42,669 square feet of warehouse space and 650 parking spaces. The new operations center was designed to consolidate some five separate offices for Bright House and will house materials for the entire Tampa Bay division.

First Industrial Realty Trust buys, develops, leases and manages industrial property in the North America's top 25 markets. As of Dec. 31, the company owned 930,371 square feet of gross leaseable space in Tampa and 64 million square feet in the U.S. and Canada.

Etc...

• D&A Mercedes Benz Automotive Repair LLC leased a 3,584-square-foot building with hydraulic lifts at 501 16th St. N., St. Petersburg. Kevin Yeager, a broker with Osprey Real Estate Services, represented the landlord.

• Niban Avenue LLC, a subsidiary of California-based ValleyCrest Cos. purchased a building and parking lot at 646 Second Ave. S., St. Petersburg, from First Dartmouth Realty Inc. for $1.65 million. The building will be the location for Phil Graham Studios. Paula Clair Smith, a broker associate with Osprey Real Estate Services, represented the seller.

• Minto Communities LLC has hired Michael J. Belmont to oversee the operations and expansion of its newly formed West Central Florida division. Belmont most recently served as division president for Centex Homes in West Florida. He will be based out of Minto's new Tampa office.

Belmont is responsible for identifying new opportunities in the Orlando, Tampa and Southwest Florida regions with a strong emphasis on residential development. "The Orlando-Tampa region will be the major generator of new jobs in Florida," said Harry Posin, President of Minto Florida. "We're looking at this as an extraordinary opportunity for expansion and growth."

• Orlando-based Tilt-Con Corp. started work on the foundation, slab-on-grade and walls for a new two-story, 61,756-square-foot Brandon Honda dealership at 9209 E. Adamo Drive in Tampa under its contract with Dana B. Kenyon Co. Inc. of Jacksonville. Designed by Hartmann Architecture in Tampa, the project is slated for completion in July.

• Home furnishings retailer IKEA has hired the Tampa division of the Williams Co. as construction management firm responsible for building the store. The Williams Co. successfully completed IKEA Orlando in the Fall of 2007. Panattoni Development Co., the seller, was responsible for demolition of the previously existing structures, environmental clean-up and site preparation.

Other firms involved with the Greater Tampa Bay area's future IKEA store include: Lochrane Engineering of Orlando and Kimley-Horn and Associates of Tampa responsible for handling civil design; Wilson Miller of Tampa for planning and rezoning; project architect GreenbergFarrow responsible for local store design, site planning and construction drawings; Universal Sciences providing environmental analysis and geotechnical services; and Foley & Lardner of Tampa serving as local counsel. The Real estate brokerage The Shopping Center Group assisted IKEA in the site selection process.

• St. Petersburg-based developer The Sembler Co. reports that Cinebistro, a division of Birmingham, Ala.-based Cobb Theatres, will open its first venture in Georgia at Town/Brookhaven, a 54-acre mixed-use Sembler development on Peachtree Road near Oglethorpe University.

• North Grady Apartments LLC purchased the 21-unit two-story Felicia Villas apartment complex in Tampa from Felicia Minardi for $650,000 or $30,952 per unit and $56.38 per square foot. Realty Asset Advisors' investment advisor Tom Doyle handled the transaction.

• Georgia-based Shaw Contract Flooring Services Inc. leased 31,538 square feet of industrial space in Tampa's Port Ybor at 1802 Grant St. from TC Port Ybor II LLC. Jan Boltres and Mike Scott, principals and vice presidents in the Grubb & Ellis' Industrial Group represented the tenant.

• Tampa-based Suit World/Urban City agreed to lease 4,500 square feet at the Tampa Festival Centre at 2525 E. Hillsborough Ave., Tampa from Urban America. Michelle Seifer and Josh Tarkow of Grubb & Ellis | Commercial Florida represented the landlord. Tampa Festival Centre is a 132,000-square-foot center anchored by Save Rite, Family Dollar, Citi Trends and Shoe Time.

• The Sembler Co.'s build-to-suit division just completed its first Goodwill Superstore in Spring Hill at the intersection of U.S. 19 and Berkeley Manor Boulevard. The 25,872-square-foot store is set to open on April 19. The project, which began in October of last year, marks the first of three stores that Sembler will build for Goodwill Industries-Suncoast Inc. as part of Goodwill's planned $21-million retail expansion.

Goodwill secured the expertise of The Sembler Co. to manage the 2007-09 development of the signature superstores. The stores were designed by Tampa architects Lyman Davidson Dooley Inc., and built by Hawkins Construction of Tarpon Springs.

SARASOTA-MANATEE

JoMar Development

plans port industrial park

BUYER: Port Manatee Industrial Park LLC (principals: Brad and Jody Shirley), Largo

SELLER: Buckeye Industrial Limited

PROPERTY: 11951 and 11655 Bud Rhoden Road, and a portion of 3007 and 3015 Buckeye Road and additional land, Palmetto

PRICE: $12.5 million

PREVIOUS PRICE: $6.1 million, July 2005

LAW FIRM ON DEED: The Solomon Law Group PA, Tampa

PLANS, DESCRIPTION: An investment group headed by Brad and Jody Shirley of Clearwater-based JoMar Development & Construction Co. purchased 122 acres bordered by Buckeye, Bud Rhoden and Chapman roads for $12.5 million.

The new owners plan to develop the property as a large industrial community called Port Manatee Industrial Park. The land already has an approved site plan for some 1.5 million square feet of light-industrial/warehouse space, but the adoption of a proposed Port Manatee Encouragement Zone economic district in that area could boost that density to closer to two million square feet.

The park is currently designed to have 14 to 33 lots and will offer both land sales and built-to-suit lease options, according to Jody Shirley with JoMar's real estate brokerage company, JoMar Real Estate Services.

"We are definitely taking a national approach to marketing because of its location to the port," Shirley says. "We're planning to break ground on the infrastructure in the next 15 days [early May]."

Lots are being marketed for sale for $7.50 to $10 a square foot. Lease rates are negotiable. The park will also house a 16.5-acre lot purchased for a new Federal Express distribution center (see brief below).

Even at its current size, the development is already the largest project for industrial developer JoMar Development & Construction. The developer, which previously also dabbled in residential development, is best known as the landlord for mobile storage firm PODS (Portable On Demand Storage) Inc.'s warehouse properties.

Paul Klick, Charles Clifton and Jerry Lamb, all of Coldwell Banker Commercial NRT, handled the transaction for the seller.

"I think there's a lot of pent up demand for industrial in that area," Klick says. "Port Manatee is experiencing mega growth, and with the expansion of the Panama canal, Port Manatee is the closest port to the canal. It's also gotten into the containerization business. So that by itself can drive incredible demand."

The new ownership, listed in the deed as Port Manatee Industrial Park LLC, mortgaged the property to USAmeriBank for $12.42 million

Investors buy Holmes Beach properties

BUYER: Murphy Property Group LLC (principal: Michael Hynds), Sarasota

SELLER: Earl and Margaret Mowry

PROPERTY: 5337 Gulf Drive and 5306 and 5304 Holmes Blvd., Holmes Beach

PRICE: $1.29 million

TITLE FIRM ON DEED: One Stop Title Agency Inc., Sarasota

PLANS, DESCRIPTION: An investment group led by Michael Hynds of Sarasota purchased two adjoining buildings on Holmes Beach for $1.29 million. The two properties, best known as the Anna Maria Retail Center, feature a total of 9,000 square feet of beach-related retail space.

The two buildings were fully leased at the time of the sale, according to Ron Brooks of Manatee Properties who represented the seller. Debbie Hynds of AMI Real Estate Inc. represented the buyer. Current tenants in the center include Essence of Time, Sterling Anvil and the Garden Hut.

Murphy Property Group LLC mortgaged the two properties to Flagship National Bank for $471,000.

Federal Express

plans Manatee center

BUYER: Scannell Properties Revex #108 LLC, Indianapolis

SELLER: Buckeye Industrial Limited

PROPERTY: 3007 and 3015 Buckeye Road, Palmetto

PRICE: $5.5 million

PREVIOUS PRICE: $6.1 million, July 2005 (includes additional property)

LAW FIRM ON DEED: The Solomon Law Group PA, Tampa

PLANS, DESCRIPTION: Scannell Properties, an Indianapolis-based private-equity development/investment firm, purchased a 16.5-acre lot in the planned Port Manatee Industrial Park (see above) for $5.5 million or $333,738 an acre.

Scannell Properties has an agreement with Federal Express to build a 123,367-square-foot distribution facility and lease it to Federal Express Ground. Construction on the distribution facility is scheduled to start next month. The new building will be in addition to Federal Express' current Tampa distribution center on Florida Mining Road. Palmetto-based Zirkelbach Construction will construct the facility.

Paul Klick, Charles Clifton and Jerry Lamb, Coldwell Banker Commercial NRT represented the seller.

"Federal Express doesn't have a strong tie to be near the port, but they wanted to be in that general area," Klick says. "They liked the whole project and the quick and easy access to the interstate system."

Etc...

• Ramar Group Cos. Inc. has announced The Ramar three-Year Price Guarantee program, which will guarantee property values for three years to any new buyer who purchases property in Phillippi Landings in Sarasota or Cape Haze Resort in Cape Haze. The program is being offered for a limited time, until inventory in the two communities reduces to the point that the developer can begin construction on the next planned buildings.

Architect Robert A. Morris founded the Ramar Group Cos. in 1972. The Ramar Group is currently marketing Phillippi Landings, a waterfront condominium bordering Phillippi Creek; Heritage Lake Park, a community of condominiums and villas in Port Charlotte; Cape Haze Resort in Cape Haze; and Oyster Bay Landings, a neighborhood of homes on Roberts Bay in Sarasota.

• The Charles & Chase Group in Sarasota has been selected by the Harvard Business School in Boston to provide construction consultation services for two projects on the 40-acre campus. The first project, a building replacement cost analysis, will include an onsite examination of all 33 buildings on the HBS campus with a detailed replacement cost estimate for 16 of the buildings. The 33 buildings represent more than 1.5 million square feet of space. All new buildings on the HBS campus are Gold Certified Green Buildings and Charles & Chase was selected, in part, because of their expertise with green building construction standards.

Second, the Charles & Chase Group will also provide pre-construction cost analysis for a new building, "Building C," which will include 75,000 square feet of space in three above-ground floors and 50,000 square feet of parking space in two levels below ground. The new building will include classrooms, faculty offices, student group rooms, admissions, a dining club and a boardroom. The Charles & Chase Group, Inc., specializes in educational, medical, retail/restaurant, and office building and renovation.

• Fort Myers-based Eagle Concrete Systems recently began concrete work on Jacaranda Commons, a new shopping center at 2358 East Venice Ave. in Venice. Hawkins Construction Inc. awarded Eagle the contract to complete the concrete and masonry work for the center. Jacaranda Commons will have five buildings totaling 105,910 square feet, including Publix and a CVS Pharmacy. Eagle will also provide the concrete pads, footing, slab, CMU walls and tie beam for the center.

Cuhaci & Peterson Architects provided the design for CVS Pharmacy, and David Rubin, AIA created the design for the Publix.

• St. Petersburg-based civil engineering, planning and architecture firm George F. Young Inc., consolidated its Bradenton and Sarasota offices into a new location at 10540 Portal Crossing, Suite 105 in Lakewood Ranch.

In other news, the firm also acquired Bassett Surveying Inc. and opened a new office in Venice. Mark Bassett is serving as vice president for the Sarasota/Charlotte surveying division. The new office is located at 417 Commercial Court, Suite C and will provide surveying and mapping service in Sarasota and Charlotte counties.

• The Sarasota School of Massage Therapy, Inc. leased 5,245 square feet at Palm Aire Plaza. Diane Lawson of Abbey Realty handled the transaction.

• John Cannon Homes has formed the new division John Cannon Homes Property Management Services. The division will assist banks and other lenders in managing their real estate holdings. John Cannon Property Management Services will complete the construction on stalled, foreclosed properties; manage completed properties, handle necessary repairs; schedule maintenance and assist in the marketing and selling of those properties. Clients will be provided monthly inspection and status reports and accounting services. John Cannon will work with the lenders' appraisers to establish the true construction costs and values.

• Karen Magee and Associates, a business consulting and training firm, is relocating to downtown Sarasota. The office will now be located at 1463 Main St.

• Ray J. Alexander recently purchased the Engel & Voelkers Florida international real estate brokerage franchise covering the Tampa Bay/Bradenton area. Alexander previously worked as a broker, sales executive and director of sales with ClubCorp of America in Hilton Head, S.C., and as in an independent executive sales position with Melrose Development Corp.

LEE-COLLIER

Oaks Development buys,

restructures Cypress Center

BUYER: Cypress Medpro Partners LLC (principals: Max Oaks and Kerry Angus), Cary, N.C.

SELLER: Corazon Development LLC

PROPERTY: 25073, 25079, 25085, 25091 and 25097 Olympia Ave. and 6258, 6264, 6268, 6274, 6278, 6284 and 6288 Elliott St., Punta Gorda

PRICE: $7.25 million

PREVIOUS PRICE: $267,000, March 2001

LAW FIRM ON DEED: Sheppard Brett Stewart Hersch Kinsey & Hill PA, Fort Myers

PLANS, DESCRIPTION: Cary, N.C.-based real estate investment firm Oaks Development Group purchased the 29,927-square-foot Cypress Professional Center in Punta Gorda for $7.25 million.

The medical office building currently houses the Charlotte Heart and Vascular Institute, its cardiac catheterization lab and a separate sleep clinic. Oaks Development Group plans to convert the ownership of the center to a new format that emphasizes tenant ownership.

Under the new ownership structure, Oaks will offer 50% of the ownership to the tenants based on how much space they occupy. An additional 25% of the ownership will be sold to tenants or investors and Oaks will retain the final 25%. Oaks Development Group will also manage and operate the office building.

"This leads to a much more stable product - we start at 10-year leases - and also better financing terms," says Charlie Barker, partner with Oaks Development Group. "The buildings are also better maintained by the tenants. A lot of this is risk adjusting and that has value. We also charge fees for putting the deal together."

For the tenant, the arrangement lets them own a piece of the equity appreciation without property management, Barker explains.

Bob King, principal of RJ King & Associates, is the exclusive broker for the Oaks in Southwest Florida.

Oaks Development Group's purchase entity Cypress Medpro Partners LLC mortgaged the building to Red Mountain Bank NA for $6.29 million.

Cole buys Fort Myers

Pep Boys, eight others

BUYER: Cole PB Portfolio II LP (Cole GP CCPT II LLC), Phoenix

SELLER: Pep Boys - Manny Moe & Jack

PROPERTY: 4797 S. Cleveland Ave., Fort Myers

PRICE: $3.05 million

PREVIOUS PRICE: $925,000, June 1993

LAW FIRM ON DEED: Morgan Lewis & Bockius LLP, Philadelphia

PLANS, DESCRIPTION: Phoenix-based real estate investment and management firm Cole Cos. purchased a 24,000-square-foot Pep Boys automotive store on Cleveland Avenue for $3.05 million.

The purchase was part of sale-leaseback agreement for the Cole Cos. to acquire a nine-store portfolio of Pep Boys properties. The portfolio featured a store at 10124 N. Florida Ave. in Tampa and locations in New Harford, N.Y.; Colorado Springs, Colo.; San Antonio; Albuquerque, N.M.; Arlington Heights, Ill.; Redlands, Calif.; and Nashua, N.H.

The owner of Pep Boys, Philadelphia-based the Pep Boys-Manny, Moe & Jack, agreed to lease the nine locations for 15 years through at least 2023 and has several options to extend the lease.

The Cole Cos. specializes in buying freestanding single-tenanted properties, and as of April 10, it managed more than 100 investment programs, owning real estate with a combined acquisition and development cost of more than $3.2 billion.

Lutgert renovates Village on Venetian Bay

The Lutgert Cos. announced plans for the multi-million dollar renovation of the landmark Village on Venetian Bay in Naples. The renovation project is scheduled to begin in the summer with completion set for late 2008. The refurbishment will include installing new flooring, improved lighting, decorative railings, improvements to the fountains and new exterior colors and awnings. The Village will remain open throughout the renovation.

"The Village on Venetian Bay is more than 20 years old and while it remains one of Naples' most popular shopping destinations, it is time to bring the center up to the current tastes of customers," Howard Gutman, president of The Lutgert Cos., said in a press release. "This renovation demonstrates the long-term commitment by The Lutgert Cos. to keeping The Village on Venetian Bay a premier Naples shopping destination."

The Village on Venetian Bay features 115,000 square feet of retail shops, restaurants and professional office space.

Fort Myers group

buys office building

BUYER: 26269 Tamiami Trail LLC, Fort Myers

SELLER: Bonita Office LLC

PROPERTY: 26269 Tamiami Trail South, Bonita Springs

PRICE: $3.9 million

PREVIOUS PRICE: $1.43 million, February 2004

PLANS, DESCRIPTION: The Fort Myers-based real estate investment group 26269 Tamiami Trail LLC purchased a 13,514-square-foot, two-story office building across from Bonita Bay, at the entrance to Bay Crossings Center, for $3.9 million.

John R. Wood Realtors occupies the entire building. Randal L. Mercer of CB Richard Ellis, Fort Myers-Naples represented the buyer, and Phillip R. Wood, a principal with John R. Wood Realtors, represented the seller.

"We had been looking for property [for the buyer] for the past four or five months and knew the building was out there," Mercer says. "It just took making the appropriate inquiries. [The new buyers] are planning no changes at all to the tenants or buildings. John R. Wood has been out there for about four years and has agreed to stay on for an additional five."

The new owners view the acquisition as a long-term hold, according to Mercer, and plan to own it for at least the next decade.

Mercer says the new ownership was attracted to the purchase because of the building's high-profile location; the reliability of the tenant - John R. Wood Realtors is celebrating its 50th anniversary - and the availability of attractive financing.

"The low interest rates made this very attractive," he says. "Commercial rates have dropped 25% since Thanksgiving. They received financing from First American Bank [in Fort Myers]. It just had all the right ingredients."

Etc...

• Fortney & Weygandt Inc. awarded Eagle Concrete Systems a contract to complete concrete and masonry work for Jared-The Galleria of Jewelry, a new retail jewelry store at 23150 Via Belaio in the Coconut Point shopping center in Estero. Eagle will provide the concrete pads, footing and slab for the 5,706-square-foot-building along with a dumpster enclosure. Cedarwood Architectural Inc. provided the architectural design.

• Heartland Home Care Inc. leased 2,846 square feet of office space at 1400 Colonial Blvd., Fort Myers from Limited Partnership. Noreen Caldwell, Cathleen Jacobson and Debra Johnson Shuey of Coldwell Banker Commercial NRT and Joe Aguilia of the Sellstate Advantage Realty Network Inc. handled the transaction.

• CORE Construction Florida has been awarded a contract to build the Naples Seventh-day Adventist Church at 5000 Davis Blvd. The Florida Conference Association of Seventh Day Adventists, headquartered in Winter Park, is developing a 20,000-square foot facility. Warner Architects of Naples designed the church complex, which consists of three concrete buildings. The project is currently in the permitting stages and construction is expected to start in June. Construction is scheduled to take 10 months for completion. The project is expected to cost $3 million.

• Cines Unidos, a Caracas, Venezuela-based premium movie theater operator, plans to open an 11-screen, 1,300-seat movie theater at The Mercato, The Lutgert Cos.' Naples development. The location is expected to open in early 2009 and will be the company's first movie theater in the United States.

Cines Unidos currently operates 42 movie theaters with a total of 360 screens in Venezuela, Argentina, Chile and Brazil. Sixteen of those locations were acquired in 2007 when Cines Unidos teamed up with Linzor Capital, a Latin American private equity fund, to acquire Hoyts General Cinema South America Inc. The company is now expanding into the United States with the first three locations planned in Florida. The new Naples location will also include fresh food and beverage service through an interior restaurant and lounge.

• Stevens Construction Inc. has completed construction of First Capital Lending Corp.'s second branch office at 1716 Cape Coral Parkway W. The corporation's new branch office occupies 2,833 square feet, while the remaining space of the 8,143-square-foot building is being marketed for lease.

• Eagle Concrete Systems has started concrete work on Daniels Showroom Buildings A & B, at 13351 Saddle Road in Fort Myers. Florida Lifestyle Homes awarded Eagle the contract to complete the structural steel, structural concrete and tilt panel systems for the two buildings. Eagle will provide concrete pads, footing, slab, tilt-wall panels, structural steel columns, bar joists, and roof deck system for both building A, which is 24,100 square feet, and building B, which is 30,700 square feet. J. Co. Design LLC provided the architectural design.

• U.S. Installation Group Inc. leased 4,800 square feet of office and warehouse space at 12621 Corporate Lakes Dr. in Fort Myers at Eastlinks Business Park from McGarvey Development Co. Mary Pepin of CBRE and Matt Price of McGarvey handled the lease.

• Carol Peck Financial Advisors Inc. leased 3,500 square feet of office space at 3521 Bonita Bay Blvd. in Bonita Springs from McGarvey Development Co. Matt Price of the McGarvey Development Co. represented the landlord.

• Owen-Ames-Kimball Co. has completed construction of a new pool building and site work for the Boy Scouts of America, Southwest Florida Council Camp Miles facility The project included construction and accompanying site work of a building to service the existing pool. The site work requires a tie-in with the exterior pool surfacing, a new septic system and a new dry fire-suppression hydrant.

• 21st Century Oncology Inc. leased 3,014 square feet of office space at 12540 World Plaza Lane, building 44 in Fort Myers from Anata and Manju Nath. Steve Wood of Gates D'Alessandro & Woodyard handled the transaction.

• The Naples Harbour Yacht Club is nearly completed and has received a certificate of occupancy. The 680-dry slip rackominium and yacht club is scheduled to hold a grand opening in May. Fort Myers-based YCOA owns the yacht club.

• Owen-Ames-Kimball Co. completed construction of Colonial Bank's new West Coast Florida regional headquarters, and employees have already begun relocating to the new facility. Gora McGahey designed the 28,000-square-foot facility on Daniels Parkway east, of Interstate 75.

• Eagle Concrete Systems started concrete work on the 11,400-square-foot Florida Heart Associates medical building on Pine Island Road in Cape Coral. Marshall Erdman & Associates awarded Eagle Concrete the contract to complete the concrete and masonry work. Eagle Concrete will provide the concrete pads, footing, slab and CMU walls for the project.

• Florida Mail and Print Solutions LLC leased 5,625 square feet of space at 6410 Arc Way in Fort Myers from Adridan International LLP. Enn Luthringer of CB Richard Ellis Fort Myers-Naples brokered the transaction.

• J.L. Wallace Inc. has started construction on Stroemer & Co.'s new corporate headquarters, at 14030 Metropolis Ave. in Fort Myers. The full-service CPA/business consulting firm will occupy the second floor of the 17,000-square-foot building, and the first floor will be offered for lease.

• JBH Behavioral Health Systems leased 2,950 square feet of space in the New Brittany Corporate Center at 12550 New Brittany Boulevard in Fort Myers, from Winfield Partners III LLC. Enn Luthringer of CB Richard Ellis Fort Myers-Naples represented the landlord, and Real Estate Investment Services represented the tenant.