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Business Observer Friday, Aug. 15, 2008 11 years ago

Commercial Real Estate Briefs

TA Associates fund buys Centrepointe, Corporate OakBoston firm buys Picture Factory buildingCollier School Districtbuys Ave Maria school landLee County grows preserve,acquires 508 acresLutgert Cos. renovating Village on Venetian BayLongboat Key couple buys BP gas station, car washWellness Community-SouthwestFlorida plans Building HopeLocal developers start Morgan Johnson Commerce ParkWindsor Senior Living set to start Venice facility in September

Commercial Real Estate Briefs

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

TA Associates fund buys Centrepointe, Corporate Oaks

BUYER: The Realty Associates Fund VIII LP (TA Associates Realty), Boston

SELLER: USAA Real Estate Co.

PROPERTY: 5505, 5405 and 5445 W. Cypress St., 5100 W. Lemon St., 1200 Mondigo St. and 5501 W. Nassau St., Tampa

PRICE: $47.3 million

PREVIOUS PRICE: $2.68 million and $225,000, January 1994 and $3.38 million, November 1983 and $978,700, December 1982

LAW FIRM ON DEED: Stutzman Bromberg Esserman & Plifka, Dallas

PLANS, DESCRIPTION: Realty Associates Fund VIII LP, a fund managed by Boston-based real estate investment firm TA Associates, purchased the 186,854-square-foot Corporate Oaks office complex and the 163,378-square-foot, three-story Centrepointe building in Tampa for $47.3 million or the equivalent of $135 per rentable square foot. Corporate Oaks includes three, three-story office buildings on West Cypress Street with roughly 60,000 square feet each. Both properties were 92% occupied at the time of the sale. Centrepointe is anchored by Ikon Office Solutions and Standard Pacific Homes and Corporate Oaks features PB Americas Inc. and New York Life Insurance Co.

Mike Davis and Rick Brugge of Cushman & Wakefield represented the seller.

"This is indicative that buyers remain bullish about commercial properties in the Tampa Bay area," Davis said in a press release.

TA Associates has steadily grown its ownership interests along the Gulf Coast the past three years. It purchased the three-story Reo building, 405 N. Reo St., Tampa, for $10.66 million earlier this year. It previously had acquired the 48,600-square-foot Grand Regency Business Center in Brandon for $8.53 million.

In September, the fund purchased the 252-unit 210 Watermark apartment complex in downtown Bradenton for $24 million.

The fund also bought the 63,660-square-foot Punta Gorda Crossings Shopping Center for $10.75 million. Further in 2006, the fund purchased the four buildings in the Gateway Office Park in Sarasota for $55 million.

In Tampa alone, it owns or has owned a 410,000-square-foot warehouse/distribution building in Tampa East Industrial Park, the 96,491-square-foot, class B President's Plaza II office building and the 352-unit Bermuda Lake Apartments in Brandon.

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

Boston firm buys Picture Factory building

zuti), Boston

SELLER: The Picture Factory Inc.

PROPERTY: 2320 Vanderbilt Beach Road, Naples

PRICE: $3.59 million

PREVIOUS PRICE: $1.87 million, January 2001

LAW FIRM ON DEED: Law office of Antonio Faga, Naples

PLANS, DESCRIPTION: A limited liability company headed by Linda Pizzuti a vice president with Boston-based State Financial Services, purchased a 25,958-square-foot retail strip center in Olympia Park. The retail center is anchored by home decor/art/framing retailer The Picture Factory, which occupies 15,000 square-feet in the center, according to the real estate research firm CoStar Group.

Calls to both State Financial Services, a company that handles real estate property management, development and brokerage, and The Picture Factory were not returned prior to deadline.

The purchase entity PF Naples LLC mortgaged the property to Bank of America NA for $3.59 million.

Collier School District

buys Ave Maria school land

BUYER: The School District of Collier County, Naples

SELLER: Ave Maria Development LLLP

PROPERTY: in the northern edge of the master-planned community near North Park close to La Piazza, Ave Maria

PRICE: $2.75 million

LAW FIRM ON DEED: Richard W. Withers, Esq., Naples

PLANS, DESCRIPTION: The School District of Collier County purchased 46 acres in northern Ave Maria for $2.75 million.

"That was a tri-party agreement as part of the [Development of Regional Impact approval]," says Alvah Hardy, executive director of facilities management for the school district. "It was land in lieu of impact fees."

The property is fully developable, Hardy says, because it makes use of the community's existing setbacks, such as for stormwater retention. The land should accommodate both a future elementary school and a middle school based on the school district's recent two-story designs. The school district had planned in its capital plan to build at least one school on the land in the near future, but because of the current down economic and residential markets, the school district is putting that development on hold.

Lee County grows preserve,

acquires 508 acres

BUYER: Lee County, Fort Myers

SELLER: Iroquois of Lee County Inc.

PROPERTY: adjacent to Wild Turkey Strand Preserve and south of State Road 82, Fort Myers

PRICE: $9.2 million

LAW FIRM ON DEED: Knott Consoer Ebelini Hart & Swett PA, Fort Myers

PLANS, DESCRIPTION: Lee County government purchased 507.9 acres of vacant land south of State Road 82/Immokalee Road, south of Lehigh Acres, from the Iroquois tribe for $9.2 million. Acquired as part of the county's Conservation 20/20 Land Program, the property will be added to the Wild Turkey Strand Preserve. The additional land brings the preserve to a total of 3,137 acres.

"The vacant land was previously mainly used for grazing," says Cathy Olson, Conservation 20/20 senior supervisor in Lee County Parks and Recreation. "It had a few old abandoned buildings, which have since been removed. It was also part of the historic army training area. This will give us better access to portions of the preserve as well as increasing the water recharge areas to protect the wet lands."


• Michelangelo Homes has moved its corporate offices to 25241 Elementary Way, Suite 102, Bonita Springs to streamline its home operations. The business was previously located in South Fort Myers.

• Facilities and infrastructure consulting firm RS&H has been selected to design Florida Gulf Coast University's new phase 2 Fine Arts Music Building. The proposed 25,000-square-foot academic building will be used by the College of Arts and Sciences and will serve the Bower School of Music and the Visual and Performing Arts Programs. RS&H will also provide master planning that will incorporate future construction phases that could be added to the project. The facility will include separate rehearsal and recital halls, music labs and music classrooms on two floors.

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.


Longboat Key couple buys BP gas station, car wash

BUYER: Sharah Holdings LLC (principals: Peter Shaw), Longboat Key

SELLER: El Rancho Partners Ltd.

PROPERTY: 400 Gulf of Mexico Drive, Longboat Key

PRICE: $1.5 million

PREVIOUS PRICE: $2 million, September 1998

LAW FIRM ON DEED: Williams Parker Harrison Dietz & Getzen, Sarasota

PLANS, DESCRIPTION: Longboat Key's Peter Shaw and Nazeela Rahman-Shaw purchased the 4,955-square-foot BP gas station and a touch-less car wash on Longboat Key for $1.5 million.

The Shaws, residents of Longboat Key since 1989, previously owned two gas stations in Orlando from 1992 to 2004.

The Shaws plan to make improvements to the convenience store and are looking for imput from other Longboat residents.

"The gas station wasn't for sale but we wanted it for a long time," Nazeela Rahman-Shaw says. "We would like it to become a place where you can pump gas and come in for a bottle of wine and talk to your neighbors."

The facility also features a small garage that has been used as storage for the store.

The Shaw family's purchase entity Sharah Holdings LLC mortgaged the property to the former owner, El Rancho Partners Ltd., for $1.2 million.

-Additional reporting by Kurt Schultheis of the Longboat Observer

Wellness Community-Southwest

Florida plans Building Hope

BUYER: The Wellness Community-Southwest Florida Inc. (principals: Jay Lockaby, Michael Wolverton, Carol Kalish, Catherine Goshorn and Marshall Pepe), Sarasota

SELLER: Lakewood Ranch Corporate Park LLC after conversion with Lakewood Ranch Corporate Park Inc.

PROPERTY: 5461 Communications Parkway, Lakewood Ranch PRICE: $1.05 million

PREVIOUS PRICE: $900,000, July 1998

LAW FIRM ON DEED: Grimes Goebel Grimes Hawkins Gladfelter & Galvano PL, Bradenton

PLANS, DESCRIPTION: The Wellness Community of Southwest Florida in Sarasota purchased 4.8 acres in Lakewood Ranch Corporate Park next to a nature preserve for $1.05 million. The non-profit cancer-support organization plans to start construction in mid-November on a new office complex called Building Hope.

The development, as currently designed, calls for two 5,000-square-foot buildings connected by a covered courtyard. The new campus will feature a teaching kitchen, expressive art studio for children and various gardens.

Sarasota-based Willis Smith Construction Inc. is the general contractor for the project, and Carlson Studio Architecture is the architect.

The goal of the new facility is both to increase the Wellness Community's capacity from 1,500 people a year to closer to 6,000 and to bring the Wellness Community office closer to Manatee County.

The non-profit is seeking to raise $7 million to cover the project costs and various carrying costs of the new facility.

"The fundraising so far has been very good," says Grace Carlson of Aspire a spokesperson for the non-profit. "So with the economy the way it is we are being cautiously optimistic.

The new facility is set to open in the fall of 2009.

The Wellness Community mortgaged the property to Harris NA for $1.5 million.

Local developers start Morgan Johnson Commerce Park

Prominent Realtor Stan Rutstein, Jeff Smith, CEO of the Sarasota-based general contractor R.E. Crawford Construction; and several Pittsburgh investors are getting ready to start construction on the first building in their new commercial development, Morgan Johnson Commerce Park.

The development is located at the southwest corner of Morgan Johnson Road and State Road 64 and will feature a maximum of 77,334 square feet of commercial

The developers plan to start construction on the first structure, a 24,000-square-foot office building, in the next few weeks. The Social Security Administration will occupy the bottom floor - about 12,500 square feet - in the new building.

"We just got our [Southwest Florida Water Management District] approvals [last week]," Rutstein says. "After almost three years of annexing the land into the city, we finally have all our approvals to start. We believe this is the largest commercial transaction in 2008 to come out of the ground [in Bradenton.]"

The development also features future sites for three retail buildings (42,184 square feet total), two restaurants and a 4,000-square-foot bank. R.E. Crawford Construction is the general contractor for the development.

Windsor Senior Living set to start Venice facility in September

The Windsor Senior Living Group, which owns three assisted living facilities in Lakewood Ranch and Bradenton, plans to break ground in September on The Windsor of Venice at 1700 Center Road.

Pete Russell, Cathy Layton and Tim and Gail Buchanan own Windsor Senior Living Group.

"Anyone who has seen our latest Windsor residence in Lakewood Ranch clearly understands our commitment to quality care within a comfortable and stylish surrounding," Russell said in a press release. "We are going to duplicate our 84-apartment building and its many amenities, including a lush open courtyard, spacious dining room, living room with fireplace, country kitchen, library and media room. Our experience has shown us what Florida's senior residents want, and we're happy to have the chance to bring our successful residence to our backyard in Venice."

The 68,000-square-foot Windsor of Venice will feature four different apartment models. The complex will also feature a specialized wing for residents with memory problems


• 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.

SKY Sotheby's

buys first Proscenium unit

• SKY Sotheby's International Reality has agreed to place its world headquarters in the Proscenium project being built along U.S. 41 from Fourth Street to Boulevard of the Arts in downtown Sarasota. The Sarasota-based real estate brokerage is the first office owner in the Proscenium and has purchased a 33,000-square-foot space. The office will more than double the brokerage's current offices in Sarasota, Longboat Key, Osprey and Lakewood Ranch. All its existing offices except for the company's current headquarters at 1237 Gulfstream Ave., Sarasota, will be unaffected by the new headquarters.

"The Sarasota market is poised for a strong recovery and this move positions us as the top tier luxury residential real estate firm in Sarasota," Chad Roffers, co-founder and president of SKY Sotheby's, said in a press release.

The Proscenium is expected to open in late 2010 or early 2011. It will also be home to a Waldorf-Astoria hotel and an 800-seat Nederlander performing arts center.

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