Commercial Real Estate Briefs

By Business Observer Staff
| 6:00 p.m. August 25, 2008
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Manatee-Sarasota

COMMERCIAL REAL ESTATE Sarasota-Manatee by Sean Roth | Real Estate Editor

Yellowfin Yachts adds Bradenton property

BUYER: Yellowfin Yachts LLC (principal: Wylie Nagler), Sarasota

SELLER: Steve Solomon Inc.

PROPERTY: 2036 E. 58th Ave. Circle, units 101-104, and 2046 E. 58th Ave. Circle, unit 101-104, Bradenton

PRICE: $1.49 million

LAW FIRM ON DEED: Harrison Kirkland Pratt Chulock & McGuire PA, Bradenton

PLANS, DESCRIPTION Sarasota boat manufacturer Yellowfin Yachts purchased 20,000 square feet of warehouse/light manufacturing space in Pines Industrial Park for $1.49 million.

"We needed more space because we're growing," says Wylie Nagler, owner of Yellowfin Yachts. "We're planning to use it for our final rigging, where we attach the electronics, interior and install the engine." As its name implies, final rigging is the last stage in the boat building process.

Yellowfin Yachts, which employs between 75 and 80 people, mortgaged the industrial space to Community Bank of Manatee for $1.22 million.

New York landlord buys

Bradenton Sports Authority

BUYER: C&H Realty LLC (13% interest), HAP Realty LLC (46%) and GLE Realty LLC (41%) (principal: Nicholas Haros), Flushing, N.Y.

SELLER: National Retail Properties Inc. fka Commercial Net Lease Realty Inc.

PROPERTY: 201 and 301 W. Cortez Road, Bradenton

PRICE: $5.6 million

PREVIOUS PRICE: $5.2 million, January 2004

LAW FIRM ON DEED: National Retail Properties Inc., Orlando

PLANS, DESCRIPTION: Three partnerships headed by prominent New York property owner Nicholas Haros purchased the 42,650-square-foot Sports Authority building and a nearby lot for $5.6 million.

Haros is best known for his large portfolio of apartment properties in New York City. Earlier this year, he sold his portfolio of Queens area apartments: 50 apartment buildings with nearly 2,000 units, 20 stores and 95 parking lots for about $300 million. He has since started acquiring big box buildings, such as the New Port Richey Kohls, which he purchased in June for $7.65 million.

Haros did not respond to calls for comment concerning his new business approach or the Sports Authority purchase.

Winter Park's Rock Properties

buys land for Walgreens

BUYER: Rock North Port LLC (principal: Gregg Zuckerman), Winter Park

SELLER: North Port I LLC

PROPERTY: 12600 S. Tamiami Trail, North Port

PRICE: $1.74 million

PREVIOUS PRICE: $1.1 million, September 2005

LAW FIRM ON DEED: Krasny and Dettmer, Melbourne

PLANS, DESCRIPTION: Winter Park-based developer Rock Properties Inc. purchased 2.75 acres on U.S. 41 in North Port near the Warm Mineral Springs Motel for $1.74 million. The developer plans to build a 14,820-square-foot Walgreens drug store.

"It should be coming soon," says Gregg Zuckerman referring to the start date.

Walgreen Co. currently operates three Walgreens drug stores in North Port: 15180 S. Tamiami Trail, 1009 N. Sumter Blvd. and 1063 N. Toledo Blade Blvd.

Rock Properties' purchase entity Rock North Port LLC mortgaged the land to Regions Bank for $5.56 million.

Etc...

• Sarasota-based Westwater Construction Inc.'s commercial division has been awarded the contract for the build-out of the Broadway Bar. The completion of Broadway Bar will mark the final phase of the Broadway Promenade, a $30 million mixed-use in downtown Sarasota containing condominiums, a Publix supermarket and the revamped bar. The Broadway Bar, which was originally located at the site of the Broadway Promenade on North Tamiami is the oldest bar in Sarasota and second oldest bar in the county.

• Fort Myers-based Eagle Concrete Systems has completed concrete work for general contractor Hawkins Construction Inc. on a new building for Synovus Bank and The Tire Choice at 5853 Derek Ave. in Sarasota. Eagle completed all structural concrete and masonry systems for both the 3,800-square-foot Tire Choice and the 3,670-square-foot Synovus Bank.

• Hillstrom Facial Plastic Surgery purchased 2,860-square-foot space in University Professional Park at 5911 N. Honore Ave. for $800,800. Diane Lawson of Abbey Realty LLC handled the transaction.

• Orlando-based SchenkelShultz Architecture opened a new office in Sarasota at 677 North Washington Blvd. Kenneth G. Dean, the former president of Barger + Dean Architects Inc., Sarasota, serves as the managing principal for the Sarasota office of SchenkelShultz. The firm has additional offices in Fort Myers, Jacksonville, Naples, Sarasota, Tampa and West Palm Beach.

• Island entrepreneur Ed Chiles and Micheal Coleman announced plans for a green/sustainable new development of 29 town homes near downtown at 2422 6th Avenue East in Bradenton. The new community will be called Willow Pond. The there- bedroom, two-bath homes will feature pricing and other financial incentives for essential work force employees (teachers, police, firemen) and other working families. The homes will be built using a specialized system to produce GreenSteel Homes, a home designed to be more hurricane, fire, mildew, mold and termite resistant. GreenSteel Homes are constructed of recycled, light-gauge steel. Bruce Tolar of Katrina Cottages LLC designed the GreenSteel residences.

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

American Realty Capital buys Wachovia branches

BUYER: SunTrust Bank, Atlanta

SELLER: Arc GF Flp Sub LLC

PROPERTY: 3905 Tamiami Trail, Punta Gorda

PRICE: $2.4 million

BUYER: Arc Gf Sub LLC, New York City

SELLER: Wachovia Mortgage FKA

PROPERTY: 1450 Placida Road, Englewood

PRICE: $2.09 million

BUYER: ARC Wbewfl0001 LLC, New York City

SELLER: Wachovia Mortgage FKA

PROPERTY: 1450 Placida Road, Englewood

PRICE: $1.5 million

BUYER: ARC Wbewfl0001 LLC, New York City

SELLER: Wachovia Mortgage FKA

PROPERTY: 23141 Harborview Drive, Punta Gorda

PRICE: $1.49 million

BUYER: SunTrust Bank, Atlanta

SELLER: Arc Gf Flp Sub LLC

PROPERTY: Freedom Square, 12737 Tamiami Trail E., Naples

PRICE: $2.8 million

BUYER: SunTrust Bank, Atlanta

SELLER: Arc Gf Sub LLC

PROPERTY: 11620 Gladiolus Drive, Fort Myers

PRICE: $2.5 million

BUYER: Arc WbbsFL0001 LLC, New York City

SELLER: Wachovia Mortgage FSB

PROPERTY: 26851 S. Tamiami Trail, Bonita Springs

PRICE: $1.66 million

BUYER: Arc GF FLP Sub LLC, New York City

SELLER: Wachovia Mortgage FSB former known as World Savings Bank FSB

PROPERTY: 11620 Gladiolus Drive, Fort Myers

PRICE: $1.53 million

BUYER: Arc WblaFl0001 LLC, New York City

SELLER: Wachovia Mortgage FSB successor by merger to SouthTrust Bank

PROPERTY: 402 Elva Ave., Lehigh Acres

PRICE: $1.45 million

PLANS, DESCRIPTION: After signed a deal earlier this year, Jenkintown, Pa.-based American Realty Capital II LLC has started buying Wachovia Bank's surplus bank locations including those on the Gulf Coast. The real estate investment trust, which agreed to purchase more than a hundred bank branches this year from Wachovia for more than $100 million, is picking up about 30 in Florida. Just one of the limited liability companies used by American Realty Capital II, ARC WBBSFL0001 LLC, bought eight branches in the local region: 26851 S. Tamiami Trail, Bonita Springs; 1299 S. Missouri Ave. and 23988 U.S. 19, Clearwater; 1450 Placida Road, Englewood; 7001 Ridge Road, Port Ritchey; 23141 Harborview Drive, Punta Gorda; 15165 McGregor Blvd. Fort Myers; and 402 Elva Ave., Lehigh Acres.

Wachovia Bank has signed a two-year contract to sell the company unneeded, redundant branches.

"We will be putting them up for sale to other banks or repositioning them for alternative uses with the likes of Walgreens, CVS or other retailers," says Nicholas S. Schorsch, CEO and founder of American Realty Capital. "We judge them all on a case by case basis."

In at least two cases locally, American Realty Capital II immediately resold properties to SunTrust Bank in what Schorsch attributed to a 1031 exchange.

"Even though the Florida banking market has dealt with a lot from the likes of the subprime mortgage [troubles,] retail is still robust," Schorsch says. "It's a very very productive area, and we're very glad to be in that market."

Boston investment group

buys Grove home, villa lots

BUYER: Brookwood Groves LLC, Beverly, Mass.

SELLER: D.R. Horton Inc.

PROPERTY: 10300 Canal Brook Lane and various other lots in Caloosa Lakes, Lehigh Acres

PRICE: $3.38 million

PREVIOUS PRICE: $20.5 million, December 2005 (contains multiple parcels)

LAW FIRM ON DEED: Salomon Kanner Damian & Rodriguez PA, Miami

PLANS, DESCRIPTION: A Boston-based equity firm using the corporate identity of Brookwood Groves LLC purchased 130 single-family lots and 90 villa lots in The Grove development in Lehigh Acres from builder D.R. Horton Inc. for $3.38 million, equal to $15,366 a lot.

Randy Thibaut, owner and CEO of Land Solutions Inc., handled both sides of the transaction along with assistance from Jim Boback of Boback Commercial Group at Re/Max Edge.

"They were looking to invest in distressed communities," Thibaut says. "My company has been helping them identify assets in the Southwest Florida market. This is their first acquisition. We're optimistic that over a three to five year horizon there should be a really good market for these lots."

D.R. Horton remains an active builder in the community.

Etc...

• Naples-based general contractor Professional Building Systems recently completed the retrofit of a 20,000-square-foot industrial warehouse for Conditioned Air. The building nearly doubles Conditioned Air's production and showroom facilities.

• Taylor-Pansing Inc. has been awarded a design-build contract from Westbury Park Developments LLC for a warehouse and distribution center to be located at 3843 Ironbridge Blvd., Fort Myers in the Westbury Industrial Park. The project includes design and construction of a 35,000-square-foot building and associated sitework. The building will include 21 receiving and loading docks, a three-tiered racking system and 5,000 square feet of administrative offices.

• DeAngelis Diamond Construction awarded Eagle Concrete Systems a contract to complete concrete and masonry work for The Lock Up Self Storage facility at 22776 S. Tamiami Trail in Estero. Eagle will provide concrete pads, footing, slab and tilt-panel walls for the 116,000-square-foot building. This is the second time Eagle and DeAngelis Diamond Construction have partnered on a project for The Lock Up Self Storage. Patrick M. Pilot provided the design.

• Compass Construction Inc. has been awarded the contract for the construction of a new Lee County park, at 18400 N. Tamiami Trail in North Fort Myers, called Prairie Pines Preserve.

The park is designed for horse riders along with hiking trails and boardwalks. There will be a six foot walking pat that will connect to a boardwalk with an elevated observation area, maintenance office, a bathroom facility, 19 parking spaces for trailers, a hitching post and wash stations.

The contract also calls for a new turn lane off U.S. 41, water, sewer, storm drainage and storm retention areas along with landscaping, irrigation and sod work.

• Florida Spine & Brain leased 2,500 square feet of office space at 20 Barkley Circle, suites 201 and 202 for two years. Robyn Wright and Alex Wright of Woodyard & Associates brokered the transaction.

• Bilingual Speech-Language Pathology Center Inc. leased 2,106 square feet of office space at 4048 Evans Ave., suite 310 in Fort Myers for two years. Robyn Wright and Alex Wright of Woodyard & Associates brokered the transaction.

• All My Sons Moving and Storage leased 21,592 square feet at 14660 Jetport Loop, Fort Myers from International Commerce Partners LLC. Chuck Smith of the Boback Commercial Group at Re/Max Edge represented the tenant.

• Deerfield Construction Co. awarded Eagle Concrete Systems a contract to complete concrete and masonry work for The Capital Grille, at 6000 West Glades Road in Boca Raton. Eagle will provide concrete pads, footing and CMU walls for the 9,422-square-foot restaurant.

• with pic

Lutgert Cos. renovating

Village on Venetian Bay

Naples-based The Lutgert Cos. has started construction on its $4-million renovation of the 115,000-square-foot specialty retail center The Village on Venetian Bay. The project, led by the firm of Boran Craig Barber Engel Construction, is scheduled to be substantially complete by the end of 2008.

The Village will remain open throughout the renovation with most of the extensive work being performed during off hours.

The renovation will include the installation of new porcelain and stone tile flooring, repainting of buildings, decorative railings and improved lighting. In addition to the architectural enhancements, there will be a new and expanded public gathering space, including a fountain and landscaped vista.

• The U.S. Green Building Council has opened its 81st chapter in Fort Myers. The new chapter will be named the Southwest Florida Branch of the Gulf Coast Chapter, a branch of the Tampa-based Florida Gulf Coast Chapter.

• Workplace Resource of Southwest Florida leased 3,652 square feet of office space at 8771 College Parkway, building II in Fort Myers from Medsup Development LLC. Stan Stouder and Randal Mercer, both of CB Richard Ellis, Fort Myers-Naples brokered the transaction

• with rendering

Construction has started on Dolphin Plaza, a new neighborhood shopping and dining center at the northeast corner of Santa Barbara and Davis Boulevards in Naples. The development will feature 133,000 square feet of retail, restaurant and office space. The plaza, which is being developed by Crifasi Enterprises, will feature a 40,000 square-foot anchor. Richard L. Bowen and Associates is the project architect, and Phoenix Associates of South Florida Inc. is the general contractor. Construction is scheduled to be complete by late summer of 2009.

• LA Fitness has opened a 45,000-square-foot center in Ram's Spring Plaza, a 199,992-square-foot shopping center located at the southeast corner of U.S. Highway 41 and Bonita Beach Road in Bonita Spring.

• The law firm Porter Wright Morris & Arthur LLP plans to relocate its local offices to The Mercato, a lifestyle center in Naples. Porter Wright will occupy 14,000 square feet in an office building that is scheduled to open in 2009.

• Naples-based Herman ▪ Strackbein Construction Inc. completed the 11,000-square-foot renovation of The Keg Steakhouse & Bar at The Galleria at Vanderbilt in North Naples. On the space of the former Sanibel Steakhouse, HSC constructed an outdoor bar and seating area surrounding an outdoor fireplace, split a dining room with a fireplace, wine cellar and kitchen. The Naples restaurant is the first Florida location for the Vancouver based restaurant group.

• Leaders Furniture leased 4,800 square feet of space at 11360 Cleveland Ave. Fort Myers from FM Holdings LP. Scott Miller of CB Richard Ellis, Fort Myers-Naples brokered the transaction.

• Trak America leased 2,395 square feet of office space at 999 Vanderbilt Beach Road, Suite 605, Naples from FTC Naples LLC. Clint Sherwood of Investment Properties Corp. negotiated the transaction.

• J. Raymond Construction Corp. has awarded Fort Myers-based Eagle Concrete Systems a contract to complete concrete and masonry work for Six Mile Cypress Retail 100, a new retail center located at 8291 Dani Drive, Fort Myers. Eagle will provide concrete pads, footing, slab and walls for the 15,995-square-foot building. The Scott Partnership provided the design.

Walgreen buys store from Paradise Development

BUYER: Walgreen Co., Deerfield, Ill.

SELLER: Win-Treeline Ltd.

PROPERTY: 10672 Colonial Blvd., Fort Myers

PRICE: $6.06 million

LAW FIRM ON DEED: Forlizzo Law Group PA, Safety Harbor

PLANS, DESCRIPTION: Deerfield, Ill.-based drug-store retail chain Walgreen Co. purchased an existing Walgreens drug store from retail developer Paradise Development Group for $6.06 million. The 14,550-square-foot store, which occupies a 1.76-acre site near Treeline Avenue, opened last month.

Safety Harbor-based Paradise Development Group develops grocery anchored-shopping centers, freestanding drug stores and other retail for chains such as Ross Dress-For-Less, Blockbuster Video, Lowe's, Stein Mart, Bed Bath & Beyond, Old Navy, Pier 1 and others. According to its Web site, it has developed 47 Publix-anchored retail centers and is building another three and has completed 40 Walgreens and is developing another 18.

COMMERCIAL REAL ESTATE TAMPA BAY by Sean Roth | Real Estate Editor

Liberty Insurance buildings sold to investors

BUYER: 66 Investors LLC (principal: Joel Yanchuck), St. Petersburg

SELLER: Liberty American Insurance Service

PROPERTY: 7785 66th St. N., Pinellas Park and vacant commercial land

PRICE: $4.1 million

PREVIOUS PRICE: $1.63 million, August 1998

TITLE FIRM ON DEED: First American Title Insurance Co., Pensacola

PLANS, DESCRIPTION: An investment group, which the Florida Division of Corporations reports is headed by St. Petersburg attorney Joel Yanchuck, purchased two office buildings - a total of 34,782 square feet - in Pinellas Park for $4.1 million. The 2.68-acre acquisition featured a three-story, 31,590-square-foot building and a two-story 3,192-square-foot support building. Former owner, Liberty American Insurance Services, had previously occupied the buildings.

"They downsized and didn't see the need to occupy all that space," says Jane Dizona vice president of CB Richard Ellis Tampa, who represented the seller. "So they sold it and leased back a floor in the large building. The purchaser will be occupying the balance. They have another insurance company."

Frank Ambrosio of Coldwell Banker Sun Vista Realty represented the buyer.

66 Investors LLC mortgaged the two buildings to Lehman Brothers Bank for $2.23 million.

Sovran Self Storage buys

Lock N Key Mini Storage

BUYER: SH 701-705 LLC (principals: Robert Attea, Kenneth Myszka, Charles Lannon and David Rogers, Buffalo, N.Y.

SELLER: Hendry Investments Ltd.

PROPERTY: 815 E. Fletcher Ave., Tampa

PRICE: $7.15 million

PREVIOUS PRICE: $450,000, April 1981

PROPERTY: 1792 W. Hillsborough Ave., Tampa,

PRICE: $4.04 million

PREVIOUS PRICE: $400,000, June 1984

LAW FIRM ON DEED: Barton East & Caldwell LLP, San Antonio

PLANS, DESCRIPTION: Sovran Self Storage Inc., a Buffalo, N.Y.-based self-storage public REIT, purchased two Tampa Lock N Key Mini Storage businesses for a total of $11.19 million. The 5.3-acre facility on Fletcher Avenue features 110,000-net rentable square feet, and the Hillsborough Avenue facility is 55,000 square feet.

"We already had a presence in Tampa and the entire Gulf Coast ... so it made good sense to add to the portfolio," says Diane Piegza, spokesperson. "Together with our other properties that gives us 700,000 square feet there."

The two properties will be rebranded under the Uncle Bob's Self Storage name. Sovran Self Storage owns or manages 380 locations in 24 states including 56 properties in Florida.

Crosland buys Westshore land,

plans apartments, retail

BUYER: Varela Apartments LLC (Crosland Interests LLC), Charlotte, N.C.

SELLER: Maureen A. Cohn, Trustee

PROPERTY: 1905 and 1513 N. Lois Ave., Tampa

PRICE: $3.87 million

PREVIOUS PRICE: $130,900, March 1981 and $116,400, March 1979

SELLER: G&J Enterprises LLP

PROPERTY: 1903 N. Lois Ave., Tampa

PRICE: $3.87 million

PREVIOUS PRICE: $1.1 million, February 2000

LAW FIRM ON DEED: Barnett Bolt Kirkwood Long & McBride, Tampa

PLANS, DESCRIPTION: Charlotte, N.C-based commercial real estate firm Crosland bought 6.9 acres at the intersection of Spruce Street and Lois Avenue in Tampa for $7.74 million.

The developer/property manager plans to build the Varela Westshore, a 345-unit apartment complex along with 12,000 square feet of retail and a six-story parking garage.

Sanford Mahr of The Mahr Co. represented the seller in the land purchase, and Amy Bertran of The Mahr Co. has been retained to lease the commercial space. The retail is being marketed starting at $32 a square foot triple net.

"We're hoping to break ground in the fourth quarter," says John Schilling, a development associate with Crosland. "We're looking at having the first units available in the fourth quarter of 2009.

"Our target market is professionals seeking more of an urban lifestyle ... who want to be close to work and play."

The project has been in the planning/approval stage for years as Crosland pursued a Brownfield designation for the site, which like much of Westshore is on a former landfill.

Crosland Contracting is the general contractor for the development.

The development is Crosland's first apartment project in Florida. Crosland has a portfolio and projects underway valued at more than $2 billion.

Etc...

• Roughly five years after it bought Windward Homes, K. Hovnanian Enterprises has decided to rename the Tampa-based residential homebuilder K. Hovnanian Homes. K. Hovnanian Homes is one of Tampa's largest builders with home building operations in 10 communities in Hillsborough, Pasco, Hernando and Manatee counties.