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Business Observer Friday, Aug. 8, 2008 12 years ago

Commercial Real Estate Briefs

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ovland, investors buy Greyhound warehouseNorth Carolina company plansFort Myers 'green' asphalt plantClarke's Quality Care buys Crestwood ManorFreedom takes overthree parcels from K2MLargo investor buys Castilian Lake ApartmentsRoth Investment Realtybuys Masonite warehouse

Commercial Real Estate Briefs

COMMERCIAL REAL ESTATE lee-Collier by Sean Roth | Real Estate Editor

Hovland, investors buy Greyhound warehouse

BUYER: Greyhound Warehouse LLC (principal: Steve Hovland), Naples

SELLER: TIP Enterprises LLC

PROPERTY: 28711 S. Diesel Drive, Bonita Springs

PRICE: $1.78 million

PREVIOUS PRICE: $545,000, August 2005

LAW FIRM ON DEED: Paulich Slack & Wolff PA, Naples

PLANS, DESCRIPTION: Greyhound Warehouse LLC, an investment group headed by Steve Hovland owner of the Naples-based Hovland Real Estate, purchased a 15,000-square-foot warehouse in Bonita Spring's Greyhound Commerce Park for $1.78 million. Hovland says he had a relationship with the building's former owner, which was the first and primary reason he decided to buy it.

"Now that we've closed I'm glad we bought it," Hovland says. "It makes a lot of sense. It has small tenants spaces, 1,300 to 1,400 square feet. Those work in a good or a bad economy. You get the companies that are scaling down, and in a good economy you get all of the startups. It's also one of the few warehouses in that area near the Interstate."

The warehouse is currently 70% occupied. The asking rate for the remaining space is $11.50 triple net. At full occupancy, Hovland estimates the purchase price would equate to a 9% capitalization rate.

Greyhound Warehouse LLC mortgaged the property to Shamrock Bank of Florida for $1.42 million.

North Carolina company plans

Fort Myers 'green' asphalt plant

BUYER: S.T. Wooten Corp. (Seth Wooten Jr., Keith Merrick, Nancy Hammock, Douglas Godwin, Richard Vick and George Reaves), Wilson, N.C.

SELLER: Gator LLC

PROPERTY: 16560-591 Mass Court, Fort Myers

PRICE: $4.66 million

PREVIOUS PRICE: $4.41 million, April 2006

LAW FIRM ON DEED: Douglas A Wood PA, Naples

PLANS, DESCRIPTION: Wilson, N.C.-based heavy construction, manufacturing and concrete company S. T. Wooten Corp. purchased 14.5 acres with industrial zoning on Mass Court for $4.66 million. The North Carolina company plans to develop an environmentally-friendly asphalt production facility - its first asphalt plant in Florida.

As designed, the new plant will have a maximum capacity of 500 tons of asphalt per hour.

"One of the things that makes it different is that we have the ability there to make warm-mix asphalt," says John Fischetti, Florida division manager for S.T. Wooten. "That increases the amount of recyclable materials we can use. It also produces much lower emissions, and it lowers fuel consumption. We're also planning to do a lot of exterior landscaping and beautification [work]. This will be a very different asphalt plant from a typical asphalt plant."

The new facility will also house offices and a testing laboratory, which will be certified by the Department of Transportation. The plant is scheduled to come on line by the end of the year. S.T. Wooten believes that the region's construction market will do well over the long term, Fischetti says.

S. T. Wooten specializes in building roads and other civil infrastructure projects. The company owns 15 asphalt production facilities in North Carolina, South Carolina and Virginia.

ETC...

• Jack's Restaurant leased 6,545 square feet of space in the Sunloft Center 201 W. Marion Ave. in Punta Gorda, from Sunloft LLC. Bill Young, Dan O'Berski and Larry Foster, CCIM, all of CB Richard Ellis, Fort Myers-Naples brokered the transaction.

• Reflections Care Club Inc. leased 3,964 sqaure feet of space at 5711 Independence Circle in Fort Myers from Ed Andrus. Scott Miller of CB Richard Ellis, Fort Myers-Naples brokered the transaction.

• Second Haitian Baptist Church of Fort Myers Inc. leased three units totaling 6,618 square feet at 3660 Central Ave., units 11-13 from Bottlebrush LLC. The condominium units will be used for a church. Robyn Wright and Alex Wright of Woodyard & Associates LLC along with BMG Realty Services & GM Realty of Florida handled the transaction.

• Soave Retail Group, LLC purchased 0.73 acres of vacant commercial land at 141 Hancock Bridge Parkway, Naples from Francisco and Critobal Oller for $350,000. Robyn Wright and Alex Wright of Woodyard & Associates LLC and Phil Deems Real Estate handled the transaction.

• Stephen J. Lockwood & Co. LLC purchased a 25,068-square-foot retail building at 701-721 Bald Eagle Drive, Naples from Sunnyside Ventures for $5 million. David J. Stevens, CCIM of Investment Properties Corp. handled the transaction.

• Carwash 10101 LLC and GF Properties, LLC purchased a 2,380-square-foot carwash at 10101 Tamiami Trail N., Naples from 102 Development Co. LLC and RAR-1 LLC for $1.24 million. David Stevens, of Investment Properties Corp., handled the transaction.

• Deangelis Diamond Construction Inc. has begun construction on Naples Motor Sports. The 10,410-square-foot exotic car dealership calls for Deangelis Diamond to handle the site work and utilities and construct a pre-engineered metal building. Interior features included a detail and mechanic area, showroom, offices, and a boutique area. The construction is scheduled for completion in December.

COMMERCIAL REAL ESTATE sarasota-manatee by Sean Roth | Real Estate Editor

Clarke's Quality Care buys Crestwood Manor

BUYER: Clarke's Quality Care LLC, Valrico

SELLER: Sorin and Elizabeth Sandru

PROPERTY: 729 Crestwood Road, Englewood

PRICE: $1.45 million

PREVIOUS PRICE: $1 million, March 2006

LAW FIRM ON DEED: Law Offices of Jeffrey J. Galvan PA, Boca Raton

PLANS, DESCRIPTION: Clarke's Quality Care LLC, a former home health care company, purchased the 22-unit Crestwood Manor assisted-living facility in Englewood for $1.45 million. The new ownership plans to improve the facility particularly through upgrades to the landscape. The assisted-living facility features three living rooms, an outside gazebo, community dinning room and courtyard.

"My intent is to improve upon the facility," says Marie Clarke, owner of Clarke's Quality Care. "To offer the best care possible for our residents. We used to operate a home health care business ... and this facility is really just an extension of that into something more focused where we can continue the service of caring for others. What we're doing right now is just organizing everything so we can see what else needed to be changed."

The gated property, which currently houses 12 residents, sits on 5.7 acres.

Clarke's Quality Care mortgaged the assisted living facility to Community South Bank for $1.33 million.

Freedom takes over

three parcels from K2M

BUYER: Freedom Bank (principals: David Pack, Alphonso Belsito, Denise Cabanillas, John Hubbard, Edwards Jennings and David Law), Bradenton

SELLER: K2M LLC

PROPERTY: 10915 E. State Road 70, Bradenton

PRICE: $2.21 (current outstanding indebtedness left on mortgage)

PREVIOUS PRICE: $2.95 million, October 2006

SELLER: K2M State Road 64 LLC

PROPERTY: 1615 Lakewood Ranch Blvd., Bradenton

PRICE: $1.26 million (current outstanding indebtedness left on mortgage)

PREVIOUS PRICE: $1.05 million, February 2007

SELLER: K2M Jacaranda LLC

PROPERTY: 1191 Jacaranda Blvd. in Venice Center

PRICE: $1.61 million (current outstanding indebtedness left on mortgage)

PREVIOUS PRICE: $1.93 million, June 2007

LAW FIRM ON DEED: Smith Hulsey & Busey, Jacksonville

PLANS, DESCRIPTION: Freedom Bank has acquired two vacant commercial parcels on state roads and a former Wachovia Bank branch in the Venice Health Park for $5.08 million worth of mortgage debt. Freedom Bank officials did not return calls prior to deadline.

The State Road 70 property is 2.25 acres and had been targeted to medical or dental office user. The Lakewood Ranch/State Road 64 parcel is 1.45 acres and was marketed as a retail site. The 3,422-square-foot bank branch was built in 1994 and occupies about an acre.

Formed in late 2005, K2M is an investment/real estate/marketing firm owned by Edward Kingan a broker formerly with CB Richard Ellis Inc.; Larry Mau a land development and engineering consultant and the former director of transportation for Manatee County; and Edward Ketchum a former army officer and contractor for the Special Operations Command at McDill Air Force Base. The investment group focused on buy prominent commercial outparcel sites or buildings - primarily bank branches - and then remarketing them for sale or lease.

ETC...

• Kevin Heiss, account executive for the Largo Group of Cos. arranged $4.15-million in first mortgage financing for South Trail Village Plaza in Bradenton. The 62,882-square-foot South Trail Village Plaza is a 62,882-square-foot shopping center that houses Staples, Save-A-Lot, Family Dollar and Dunkin Donuts.

Heiss secured a 10-year fixed rate loan with a 25-year amortization schedule for the borrower. Largo Capital, Inc. is a commercial mortgage banker.

COMMERCIAL REAL ESTATE tampa bay by Sean Roth | Real Estate Editor

Largo investor buys Castilian Lake Apartments

BUYER: Castilian Lake Apartments LLC, Largo

SELLER: Lake Club Apartments Ltd.

PROPERTY: 11444 137th St. N., Largo

PRICE: $6.44 million

PREVIOUS PRICE: $3.9 million, June 1997

LAW FIRM ON DEED: Siegel Lipman Dunay Shepard & Miskel LLP, Boca Raton

PLANS, DESCRIPTION: An investment group headed by Ben Mallah of Largo purchased the 140-unit Castilian Lake Club apartment complex in Largo. The 72,920-square-foot, three-story complex sits on 9.8 acres and features a pool, spa and tennis, racquetball and basketball courts.

"We're going to be fixing it up... making mainly cosmetic improvements to the landscaping and driveways," Mallah says.

Mallah, who owns at least 10 apartment properties in Orlando and Tampa and two large complexes, with about 1,000 units, in Texas, is known for targeting distressed properties with the goal of increasing their efficiency and management. Earlier this year, Mallah-headed companies purchased the 232-unit Altamonte Apartments in Tampa for $15.92 million, the 104-unit Oceanside Apartments in Tampa for $4.5 million and the Cedar Trace Apartments in Tampa for $7.23 million. In addition, his firms also own or at one-time owned the 92-unit DeSoto Village Apartments in Bradenton and the North Grady Apartments and Marquis Apartments in Tampa.

Roth Investment Realty

buys Masonite warehouse

BUYER: Roth Investment Partnership (Jack Roth, Donald Roberts and Sheldon Barat), Tampa

SELLER: Masonite Corp.

PROPERTY: 5110 W. Clifton and 0.18 acres on a portion of Anderson Road, Tampa

PRICE: $3.89 million

TITLE FIRM ON DEED: Sanders Title Co., St. Petersburg

PLANS, DESCRIPTION: Tampa's Roth Investment Realty purchased a 77,821-square-foot warehouse building formerly owned and occupied by door-manufacturer Masonite Corp. for $3.89 million. The new owner plans to subdivide the warehouse and market it as multi-tenant leaseable space.

"We're already working on our plans to subdivide it and do some other renovations," says Don Roberts, a broker with Roth Investment Realty Inc. "We're doing things like removing some of the equipment on the outside and painting."

Roberts is listing the space for $7.25 a square foot gross for larger tenants leasing more than 25,000 square feet.

Jim Paladino, John Fish, Mike Davis and Rian Smith of Cushman & Wakefield represented Masonite.

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