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Commercial Real Estate Briefs
COMMERCIAL REAL ESTATE sarasota-manatee by Sean Roth | Real Estate Editor
Ringling College buys store, motel, lot
BUYER: Ringling College of Art and Design Inc., Sarasota
SELLER: Douglas Todd Fisher
PROPERTY: 2930, 3002 and 3010 N. Tamiami Trail, Sarasota
PRICE: $1.45 million
PREVIOUS PRICE: $150,000 and $160,000, June 2002 and $120,000, January 1999
LAW FIRM ON DEED: Kimbrough & Koach LLP, Sarasota
PLANS, DESCRIPTION: Ringling College of Art and Design purchased a 1,320-square-foot retail building, the 2,769-square-foot Bay Haven motel and a 5,500-square-foot vacant lot - all on U.S. 41 in downtown Sarasota - for $1.45 million. The college plans to renovate the retail building, which previously featured The Backyard Getaway Store, for use as a painting studio. The new studio is scheduled to open by the spring of 2009.
"We have a consistently growing enrollment, and being land-locked, we have to examine all our opportunities as they become available," says Christine Meeker Lange, spokesperson for Ringling College of Art and Design. "We don't have any set timing for the motel; we need to get in there and evaluate its structure. If it's sound, we would like to use it for student housing."
The college has no immediate plans for the vacant lot.
Sun Hydraulics
buys Tallevast land
BUYER: Sun Hydraulics Corp. (principals: John Kahler, Robert Koski, Allen Carlson, Philippe Lemaitre, Tricia Fulton and Ferdinand Megerlin), Sarasota
SELLER: Chung-Whitfield LLC
PROPERTY: 507, 525, 515 and 535 Tallevast Road, Sarasota
PRICE: $2.49 million
PREVIOUS PRICE: $1.5 million, March 1989
TITLE FIRM ON DEED: Alliance Group Title LLC, Bradenton
PLANS, DESCRIPTION: Sarasota-based Sun Hydraulics Corp. purchased 8.2 acres of vacant industrial land west of the company's existing Tallevast plant (701 Tallevast Road) for $2.49 million. Sun Hydraulics already owns about eight acres east of the Tallevast plant, but the new parcel is immediately adjacent, making it more conducive to any potential future expansion of the plant.
"We have no need at this time for additional capacity," says Richard Arter, spokesperson for the company. "There has been no decision made regarding any expansion. When we do decide we need a brick and mortar expansion, it's also not certain that we would do it there. We felt regardless that the land was a good investment whether or not we end up using it. It does provide for some interesting possibilities and alternatives."
The existing about 60,000-square-foot Tallevast plant is used to produce high volume cartridges and aluminum manifolds.
Sun Hydraulics designs and manufacturers screw-in hydraulic cartridge valves and manifolds.
Rauch company
buys Sara Sea on Siesta Key
BUYER: Tropical Shores Beach Resort LLC (principal: George Rauch), Sarasota
SELLER: Circle Investors of Sarasota LLC
PROPERTY: 6760 Sara Sea Circle, Siesta Key
PRICE: $3.35 million
PREVIOUS PRICE: $4.25 million, June 2005
LAW FIRM ON DEED: Kirk Pinkerton, Sarasota
PLANS, DESCRIPTION: A limited liability company headed by George Rauch, CEO of Bradenton-based General Propeller Co. and a partner in the Tropical Sun Beach Resort on Siesta Key, purchased the 21-unit Sara Sea on Siesta Key for $3.35 million. The 7,500-square-foot motel was originally built in 1953.
The Review was unable to reach Rauch for comment.
Tropical Shores Beach Resort LLC mortgaged the Siesta Key motel to Freedom Bank for $2.68 million.
ETC...
• Bradenton-based Trident Building Systems Inc. has contracted with Tandem Construction Inc. to manufacture and erect the 150-ton structural steel package for the 1930 Ringling Office Park project in Sarasota.
• Halfacre Construction has been awarded the $2.8-million Siesta Key Village Beautification project. According to engineering consultant Wilson Miller, the original budget is $4.2 million. The project entails milling and repaving 3,000 feet of Ocean Boulevard, four brick-paved intersection medallions and sidewalks, new street lights, park benches, decorative signage and landscaping. The improvements are scheduled for completion in March of 2009.
• M&I Marshall & Ilsley Bank leased 7,114 square feet at 7020 Professional Parkway, Sarasota from Lakewood Ranch Properties LLC for five years. Ian Black and Lori Conable of Ian Black Real Estate and Stan Rutstein of Re/Max Gulfstream handled the transaction.
• BP Holdings, Inc. and Price Auto, Inc. leased 15,000 square feet in the Airport Business Center at 15th Street East in Sarasota from Har-Wal Associates Inc. Ian Black and Steve Horn of Ian Black Real Estate handled the transaction.
• Sarahcare leased 4,903 square feet at 5320 Clark Road in Sarasota from PC Boardwalk LLC for five years. Debbie Anglin of Ian Black Real Estate handled the transaction.
• Americas Super Pawn Sarasota leased 4,742 square feet at 1120 N. Washington Blvd., Sarasota from 1120 N. Washington, LLC for three years. Ian Black and Steve Horn of Ian Black Real Estate and Anthony Migliore of Coldwell Banker Commercial NRT handled the transaction.
• Toscana Custom Cabinetry leased 2,809 square feet at 2110 Gulf Gate Drive in Sarasota from SKIP LLC for two years. Lori Conable of Ian Black Real Estate handled the transaction.
• Roffers buys more of SKY Sotheby's International
Chad Roffers, president of the Sarasota-based real estate brokerage SKY Sotheby's International Realty, has increased his ownership stake in the company by acquiring Sarasota developer/investor Marvin Kaplan's equity stake in the firm.
"Over the past three years, Marvin has been a huge proponent of our business and his support is part of the reason why our company has been able to grow and achieve our goals," Roffers said in a press release.
Roffers remains the company's majority owner and will continue in his role as president. Earlier this year, Roffers also acquired the ownership share of company co-founder Brandyn Herbold.
Since the company's founding in 2004, SKY Sotheby's International Realty has grown from 18 sales associates with $100 million in transactions to 74 sales associates completing $600 million in transactions by the end of 2007. During this same period, the company also expanded into the Minnesota market and opened three new local Florida offices in Lakewood Ranch, Longboat Key and Osprey.
COMMERCIAL REAL ESTATE LEE-collier by Sean Roth | Real Estate Editor
DaVinci Center sold, available for lease
BUYER: Davinci Realty LLC (principals: Kenneth Edelbrock and Sara Penn), Bonita Springs
SELLER: Davinci Center of Bonita LLC
PROPERTY: 28901 Trails Edge Blvd., Bonita Springs
PRICE: $4.2 million
PREVIOUS PRICE: $1 million, October 2005
TITLE FIRM ON DEED: Cypress Title of Naples Inc.
PLANS, DESCRIPTION: Davinci Realty LLC, a limited liability company owned by Kenneth Edelbrock of Bonita Springs and Sara Penn of Fort Wayne, Ind., purchased the new 14,980-square-foot, two-story DaVinci Center office building for $4.2 million. The building is currently a shell, and Andrew DeSalvo and Matt Stepan of Premier Commercial Properties are listing the empty space for $15 a square foot triple net. Tenant spaces in the building start at 1,200 square feet.
"The landlord would consider contributing to tenant improvements based on the tenant's creditworthiness and the length of the lease," Stepan says.
"We would also consider naming the building if a tenant took a large portion of the building. We're targeting law firms, accounting firms or medical offices users that need visibility."
Naples-based JC Marshall Construction Inc. constructed the building shell.
UBS' agriculture group
buys 1,066-acre Alva Grove
BUYER: Midnight Sun Inc. III (principals: James McCandless, George Schwab, Brian Webb, Kim Morgan, Michael Septer and J. Scott Haffner), Hartford, Conn.
SELLER: Winding Brook Corp.
PROPERTY: orchard, grove or citrus land, in sec 12-43S-27E, 13-43S-27E and additional land, Alva,
PRICE: $19.17 million
LAW FIRM ON DEED: Robert A. Savill PA, Orlando
PLANS, DESCRIPTION: The U.S. farmland investment subsidiary of Switzerland-based UBS, UBS Agrivest LLC, purchased 1,066 acres of orchard or grove land near North River Road in Alva from Prudential Investment Management Inc. for $19.17 million or the equivalent of $17,989 an acre. The property is best known as Alva Grove.
Officials with UBS did not respond to a request for comment prior to publication.
Lee County school board
buys 79 acres in Cape Coral
BUYER: School Board of Lee County, Fort Myers
SELLER: Thieman Enterprises LLC
PROPERTY: block 2315, unit 36, Cape Coral Subdivision, a portion of 15th Terrace, 1101 N.W. 11th Place and 1515 N.W. 24th Ave., Cape Coral
PRICE: $9.1 million
PREVIOUS PRICE: $432,500, December 2000 (contains additional parcels)
LAW FIRM ON DEED: Treiser Collins, Naples
PLANS, DESCRIPTION: The Lee County School District has acquired 79 acres of residential land in Cape Coral from Thieman Enterprises for $9.1 million, equal to about $115,161 an acre. The School Board of Lee County purchased 28 acres with no address on a parcel known as block 2315, unit 36, Cape Coral Subdivision, 28.3 acres on 11th Place, 19 acres on portion of 15th Terrace and four acres on N.W. 24th Avenue.
No decisions have yet been made as to the future development plans for the site, according to Joe Donzelli, director of communications for the school district.
"They'll be banked for our future use," he says. "The district has grown so much that although its pace has slowed a little bit recently there is still a great need for land. If the district had been banking land before the real estate market hits its zenith it wouldn't have had to pay through the noise. An ounce of prevention is worth a pound of cure. "
ETC...
• Owen Wagener Trustee purchased an 11,000-square-foot industrial building at 6540 Corporate Park Circle, Fort Myers from CC Turner for $1.9 million. William Mankin of Colliers Arnold represented the seller.
• VA Healthcare System leased 3,325 square feet of office space in Metro Park Business Plaza at 4100 Center Pointe Drive, Fort Myers from CITEC Florida LLC. William Mankin and Mike Komar of Colliers Arnold represented the tenant.
• Digital Loud Mouth Inc. leased 2,500 square feet of office space at 12221 Towne Lake Drive, Fort Myers from Vince Sardo. William Mankin and Mike Komar of Colliers Arnold represented the landlord.
• The Blue Martini will occupy ground floor space in The Mercato's Main Street. Construction is now underway on the location with the martini lounge anticipated to open in early 2009. With locations in Miami, Fort Lauderdale, Orlando, West Palm Beach, Tampa and Las Vegas, Blue Martini is a growing chain of upscale martini bars. The lifestyle center The Mercato, located on 53 acres at the intersection of U.S. 41 North and Vanderbilt Beach Road in Naples, is scheduled to open in early 2009. The project is a joint venture of The Lutgert Cos. and the Barron Collier Cos. of Naples.
• Wiginton Corp. leased 4,800 square feet of office and warehouse space at12621 Corporate Lakes Drive, Fort Myer in Eastlinks Business Park from McGarvey Development Co. Wiginton designs, fabricates, installs and maintains fire sprinkler systems. Charles Jans of McGarvey Development Company negotiated this transaction.
• Applied Cooling Technology LLC leased 4,000 square feet of office and warehouse space at 75 Mid Cape Terrace, Cape Coral from McGarvey Development Co. Matt Price of McGarvey Development handled the transaction.
• Metropolitan Life Insurance Co. leased 2,564 square feet of office space at Renaissance Center, 9530 Marketplace Road, Fort Myers from McGarvey Development Co. Metropolitan Life Insurance Co. provides life insurance and financial services. Charles Jans of McGarvey Development handled the transaction.
• Accelerated Learning Solutions Inc. and Community Education Partners Inc. leased 9,804 square feet at 3057 Cleveland Ave., Fort Myers from Winston and Nancy Anderson. The building will be used as a charter school facility. Michael J. Frye of the Re/Max Realty Group commercial division represented the landlord, and Michael Glaser represented the tenant.
• Fort Myers-based Eagle Concrete Systems began concrete work for the renovation and expansion of the Cape Coral Hospital emergency room. Lee Memorial Health System awarded Eagle the contract to complete the building's structural concrete work. The expanded emergency room will be 20,900 square feet. Eagle will provide the concrete pads, footing, slab and CMU walls for the building. The Richie Organization provided the design.
• Florida Extruders leased 50,000 square feet of space at 3580 Work Drive in Fort Myers from Huttig Sash & Door Co. Stan Stouder of CB Richard Ellis, Fort Myers-Naples brokered the transaction.
BUYER: Davinci Realty LLC (principals: Kenneth Edelbrock and Sara Penn), Bonita Springs
SELLER: Davinci Center of Bonita LLC
PROPERTY: 28901 Trails Edge Blvd., Bonita Springs
PRICE: $4.2 million
PREVIOUS PRICE: $1 million, October 2005
TITLE FIRM ON DEED: Cypress Title of Naples Inc.
PLANS, DESCRIPTION: Davinci Realty LLC, a limited liability company owned by Kenneth Edelbrock of Bonita Springs and Sara Penn of Fort Wayne, Ind., purchased the new 14,980-square-foot, two-story DaVinci Center office building for $4.2 million. The building is currently a shell, and Andrew DeSalvo and Matt Stepan of Premier Commercial Properties are listing the empty space for $15 a square foot triple net. Tenant spaces in the building start at 1,200 square feet.
"The landlord would consider contributing to tenant improvements based on the tenant's creditworthiness and the length of the lease," Stepan says.
"We would also consider naming the building if a tenant took a large portion of the building. We're targeting law firms, accounting firms or medical offices users that need visibility."
Naples-based JC Marshall Construction Inc. constructed the building shell.
UBS' agriculture group
buys 1,066-acre Alva Grove
BUYER: Midnight Sun Inc. III (principals: James McCandless, George Schwab, Brian Webb, Kim Morgan, Michael Septer and J. Scott Haffner), Hartford, Conn.
SELLER: Winding Brook Corp.
PROPERTY: orchard, grove or citrus land, in sec 12-43S-27E, 13-43S-27E and additional land, Alva,
PRICE: $19.17 million
LAW FIRM ON DEED: Robert A. Savill PA, Orlando
PLANS, DESCRIPTION: The U.S. farmland investment subsidiary of Switzerland-based UBS, UBS Agrivest LLC, purchased 1,066 acres of orchard or grove land near North River Road in Alva from Prudential Investment Management Inc. for $19.17 million or the equivalent of $17,989 an acre. The property is best known as Alva Grove.
Officials with UBS did not respond to a request for comment prior to publication.
Lee County school board
buys 79 acres in Cape Coral
BUYER: School Board of Lee County, Fort Myers
SELLER: Thieman Enterprises LLC
PROPERTY: block 2315, unit 36, Cape Coral Subdivision, a portion of 15th Terrace, 1101 N.W. 11th Place and 1515 N.W. 24th Ave., Cape Coral
PRICE: $9.1 million
PREVIOUS PRICE: $432,500, December 2000 (contains additional parcels)
LAW FIRM ON DEED: Treiser Collins, Naples
PLANS, DESCRIPTION: The Lee County School District has acquired 79 acres of residential land in Cape Coral from Thieman Enterprises for $9.1 million, equal to about $115,161 an acre. The School Board of Lee County purchased 28 acres with no address on a parcel known as block 2315, unit 36, Cape Coral Subdivision, 28.3 acres on 11th Place, 19 acres on portion of 15th Terrace and four acres on N.W. 24th Avenue.
No decisions have yet been made as to the future development plans for the site, according to Joe Donzelli, director of communications for the school district.
"They'll be banked for our future use," he says. "The district has grown so much that although its pace has slowed a little bit recently there is still a great need for land. If the district had been banking land before the real estate market hits its zenith it wouldn't have had to pay through the noise. An ounce of prevention is worth a pound of cure. "
ETC...
• Owen Wagener Trustee purchased an 11,000-square-foot industrial building at 6540 Corporate Park Circle, Fort Myers from CC Turner for $1.9 million. William Mankin of Colliers Arnold represented the seller.
• VA Healthcare System leased 3,325 square feet of office space in Metro Park Business Plaza at 4100 Center Pointe Drive, Fort Myers from CITEC Florida LLC. William Mankin and Mike Komar of Colliers Arnold represented the tenant.
• Digital Loud Mouth Inc. leased 2,500 square feet of office space at 12221 Towne Lake Drive, Fort Myers from Vince Sardo. William Mankin and Mike Komar of Colliers Arnold represented the landlord.
• The Blue Martini will occupy ground floor space in The Mercato's Main Street. Construction is now underway on the location with the martini lounge anticipated to open in early 2009. With locations in Miami, Fort Lauderdale, Orlando, West Palm Beach, Tampa and Las Vegas, Blue Martini is a growing chain of upscale martini bars. The lifestyle center The Mercato, located on 53 acres at the intersection of U.S. 41 North and Vanderbilt Beach Road in Naples, is scheduled to open in early 2009. The project is a joint venture of The Lutgert Cos. and the Barron Collier Cos. of Naples.
• Wiginton Corp. leased 4,800 square feet of office and warehouse space at12621 Corporate Lakes Drive, Fort Myer in Eastlinks Business Park from McGarvey Development Co. Wiginton designs, fabricates, installs and maintains fire sprinkler systems. Charles Jans of McGarvey Development Company negotiated this transaction.
• Applied Cooling Technology LLC leased 4,000 square feet of office and warehouse space at 75 Mid Cape Terrace, Cape Coral from McGarvey Development Co. Matt Price of McGarvey Development handled the transaction.
• Metropolitan Life Insurance Co. leased 2,564 square feet of office space at Renaissance Center, 9530 Marketplace Road, Fort Myers from McGarvey Development Co. Metropolitan Life Insurance Co. provides life insurance and financial services. Charles Jans of McGarvey Development handled the transaction.
• Accelerated Learning Solutions Inc. and Community Education Partners Inc. leased 9,804 square feet at 3057 Cleveland Ave., Fort Myers from Winston and Nancy Anderson. The building will be used as a charter school facility. Michael J. Frye of the Re/Max Realty Group commercial division represented the landlord, and Michael Glaser represented the tenant.
• Fort Myers-based Eagle Concrete Systems began concrete work for the renovation and expansion of the Cape Coral Hospital emergency room. Lee Memorial Health System awarded Eagle the contract to complete the building's structural concrete work. The expanded emergency room will be 20,900 square feet. Eagle will provide the concrete pads, footing, slab and CMU walls for the building. The Richie Organization provided the design.
• Florida Extruders leased 50,000 square feet of space at 3580 Work Drive in Fort Myers from Huttig Sash & Door Co. Stan Stouder of CB Richard Ellis, Fort Myers-Naples brokered the transaction.
BUYER: Davinci Realty LLC (principals: Kenneth Edelbrock and Sara Penn), Bonita Springs
SELLER: Davinci Center of Bonita LLC
PROPERTY: 28901 Trails Edge Blvd., Bonita Springs
PRICE: $4.2 million
PREVIOUS PRICE: $1 million, October 2005
TITLE FIRM ON DEED: Cypress Title of Naples Inc.
PLANS, DESCRIPTION: Davinci Realty LLC, a limited liability company owned by Kenneth Edelbrock of Bonita Springs and Sara Penn of Fort Wayne, Ind., purchased the new 14,980-square-foot, two-story DaVinci Center office building for $4.2 million. The building is currently a shell, and Andrew DeSalvo and Matt Stepan of Premier Commercial Properties are listing the empty space for $15 a square foot triple net. Tenant spaces in the building start at 1,200 square feet.
"The landlord would consider contributing to tenant improvements based on the tenant's creditworthiness and the length of the lease," Stepan says.
"We would also consider naming the building if a tenant took a large portion of the building. We're targeting law firms, accounting firms or medical offices users that need visibility."
Naples-based JC Marshall Construction Inc. constructed the building shell.
UBS' agriculture group
buys 1,066-acre Alva Grove
BUYER: Midnight Sun Inc. III (principals: James McCandless, George Schwab, Brian Webb, Kim Morgan, Michael Septer and J. Scott Haffner), Hartford, Conn.
SELLER: Winding Brook Corp.
PROPERTY: orchard, grove or citrus land, in sec 12-43S-27E, 13-43S-27E and additional land, Alva,
PRICE: $19.17 million
LAW FIRM ON DEED: Robert A. Savill PA, Orlando
PLANS, DESCRIPTION: The U.S. farmland investment subsidiary of Switzerland-based UBS, UBS Agrivest LLC, purchased 1,066 acres of orchard or grove land near North River Road in Alva from Prudential Investment Management Inc. for $19.17 million or the equivalent of $17,989 an acre. The property is best known as Alva Grove.
Officials with UBS did not respond to a request for comment prior to publication.
Lee County school board
buys 79 acres in Cape Coral
BUYER: School Board of Lee County, Fort Myers
SELLER: Thieman Enterprises LLC
PROPERTY: block 2315, unit 36, Cape Coral Subdivision, a portion of 15th Terrace, 1101 N.W. 11th Place and 1515 N.W. 24th Ave., Cape Coral
PRICE: $9.1 million
PREVIOUS PRICE: $432,500, December 2000 (contains additional parcels)
LAW FIRM ON DEED: Treiser Collins, Naples
PLANS, DESCRIPTION: The Lee County School District has acquired 79 acres of residential land in Cape Coral from Thieman Enterprises for $9.1 million, equal to about $115,161 an acre. The School Board of Lee County purchased 28 acres with no address on a parcel known as block 2315, unit 36, Cape Coral Subdivision, 28.3 acres on 11th Place, 19 acres on portion of 15th Terrace and four acres on N.W. 24th Avenue.
No decisions have yet been made as to the future development plans for the site, according to Joe Donzelli, director of communications for the school district.
"They'll be banked for our future use," he says. "The district has grown so much that although its pace has slowed a little bit recently there is still a great need for land. If the district had been banking land before the real estate market hits its zenith it wouldn't have had to pay through the noise. An ounce of prevention is worth a pound of cure. "
ETC...
• Owen Wagener Trustee purchased an 11,000-square-foot industrial building at 6540 Corporate Park Circle, Fort Myers from CC Turner for $1.9 million. William Mankin of Colliers Arnold represented the seller.
• VA Healthcare System leased 3,325 square feet of office space in Metro Park Business Plaza at 4100 Center Pointe Drive, Fort Myers from CITEC Florida LLC. William Mankin and Mike Komar of Colliers Arnold represented the tenant.
• Digital Loud Mouth Inc. leased 2,500 square feet of office space at 12221 Towne Lake Drive, Fort Myers from Vince Sardo. William Mankin and Mike Komar of Colliers Arnold represented the landlord.
• The Blue Martini will occupy ground floor space in The Mercato's Main Street. Construction is now underway on the location with the martini lounge anticipated to open in early 2009. With locations in Miami, Fort Lauderdale, Orlando, West Palm Beach, Tampa and Las Vegas, Blue Martini is a growing chain of upscale martini bars. The lifestyle center The Mercato, located on 53 acres at the intersection of U.S. 41 North and Vanderbilt Beach Road in Naples, is scheduled to open in early 2009. The project is a joint venture of The Lutgert Cos. and the Barron Collier Cos. of Naples.
• Wiginton Corp. leased 4,800 square feet of office and warehouse space at12621 Corporate Lakes Drive, Fort Myer in Eastlinks Business Park from McGarvey Development Co. Wiginton designs, fabricates, installs and maintains fire sprinkler systems. Charles Jans of McGarvey Development Company negotiated this transaction.
• Applied Cooling Technology LLC leased 4,000 square feet of office and warehouse space at 75 Mid Cape Terrace, Cape Coral from McGarvey Development Co. Matt Price of McGarvey Development handled the transaction.
• Metropolitan Life Insurance Co. leased 2,564 square feet of office space at Renaissance Center, 9530 Marketplace Road, Fort Myers from McGarvey Development Co. Metropolitan Life Insurance Co. provides life insurance and financial services. Charles Jans of McGarvey Development handled the transaction.
• Accelerated Learning Solutions Inc. and Community Education Partners Inc. leased 9,804 square feet at 3057 Cleveland Ave., Fort Myers from Winston and Nancy Anderson. The building will be used as a charter school facility. Michael J. Frye of the Re/Max Realty Group commercial division represented the landlord, and Michael Glaser represented the tenant.
• Fort Myers-based Eagle Concrete Systems began concrete work for the renovation and expansion of the Cape Coral Hospital emergency room. Lee Memorial Health System awarded Eagle the contract to complete the building's structural concrete work. The expanded emergency room will be 20,900 square feet. Eagle will provide the concrete pads, footing, slab and CMU walls for the building. The Richie Organization provided the design.
• Florida Extruders leased 50,000 square feet of space at 3580 Work Drive in Fort Myers from Huttig Sash & Door Co. Stan Stouder of CB Richard Ellis, Fort Myers-Naples brokered the transaction.
COMMERCIAL REAL ESTATE TAMPA BAY by Sean Roth | Real Estate Editor
BayStar Hotel Group buys Heritage Hotel
BUYER: Heritage Hotel Associates LLC, Tampa
SELLER: Heritage Hotel Corp.
PROPERTY: 234 3rd Ave. N. and 256 Second St. N., St. Petersburg
PRICE: $4.5 million
PREVIOUS PRICE: $2.3 million, December 1997
SELLER: Wilwright Investments LLC
PROPERTY: lots 11 and 12, block 16, St Petersburg City Revised, St. Petersburg
PRICE: $2 million
PREVIOUS PRICE: $225,000, May 1999
PLANS, DESCRIPTION: Tampa-based hotel developer/operator BayStar Hotel Group LLC purchased the historic Heritage Hotel in Tampa, the adjacent Hammerheads restaurant and a parking lot for $6.5 million. Built in 1926, the hotel has 71 units - including 10 suites - a pool and meeting space. The new ownership has budgeted $3 million, equal to about $42,000 per room, to upgrade the hotel and rebrand it as a Hotel Indigo. "The improvements will primarily be cosmetic," says George Glover, CEO of BayStar Hotel Group.
"Our theme is antique sheik. We're planning to have a mix of the old with the new with the brand and decor. One of the features of the Indigo brand is that all the rooms have showers, no tubs. We may end up using antique knobs or something like that . We purchased a London taxi for the hotel shuttle vehicle. It's just a good box with good bones that we can build upon."
Glover says his company found that area of downtown St. Petersburg extremely attractive particularly because of its growing mix of older and younger residents.
BayStar Hotel Group also plans to develop a new Hotel Indigo in downtown Tampa's Channelside district.
Founded in 2000, the Tampa hotelier currently owns the 148-room Holiday Inn Capitol East in Tallahassee, 200-room Holiday Inn Express in Lake Buena Vista, three-story Holiday Inn Express & Suites in Dunedin, 92-room Hampton Inn & Suites in Largo, Holiday Inn Lakeland Hotel & Conference Center and the 117-room Best Western Brandon Hotel & Conference Center in Tampa.
BayStar Hotel Group's purchase entity, Heritage Hotel Associates LLC, mortgaged the property to Usameribank for $7.28 million.
Tampa's Hachems buy
Lenox Place, Royal Breeze
BUYER: Hachem Investments (principals: Sam and Laurice Hachem), Tampa
SELLER: MAXX Properties
PROPERTY: 21227 U.S. 19 N., Clearwater
PRICE: $11.78 million
BUYER: Lenox Place Apartments Inc. (principals: Sam and Laurice Hachem), Tampa
SELLER: Lenox Place Realty Apartments Ltd.
PROPERTY: 11311 N. 22nd St., Tampa
PRICE: $5 million
PREVIOUS PRICE: $2.37 million, January 2005
LAW FIRM ON DEED: Shapiro Blasi Wasserman & Gora PA, Boca Raton
PLANS, DESCRIPTION: Tampa real estate investors Sam and Laurice Hachem purchased two Tampa Bay area apartment complexes: the Lenox Place Apartments and the Royal Breeze in Clearwater for a total of $16.78 million. The 150,481-square-foot Lenox Place features 168 room and was built in 1970, according to the real estate research firm the CoStar Group Inc. Located just north of Clearwater Mall, the Royal Breeze houses 200-units and was built in 1973. The 204,140-square-foot Royal Breeze features two swimming pools, lighted tennis courts and a new fitness center.
Byron Moger and Luis Elorza of Cushman & Wakefield Inc.'s Florida Apartment Brokerage Service negotiated the Royal Breeze sale on behalf of the former owner MAXX Properties.
"Royal Breeze offers the buyer excellent upside through a capital program to update the property and capitalize on its central Pinellas location," Moger said in a press release.
Columbus Drive LLC
buys Wilson Industries building
BUYER: Columbus Drive LLC (Tracy Harris and Bing Kearney), Tampa
SELLER: Wilson Industries LP
PROPERTY: $1.4 million
PRICE: 2721 N. 36th St., Tampa
PREVIOUS PRICE: $1.2 million, January 2001
TITLE FIRM ON DEED: Paramount Title Corp., Tampa
PLANS, DESCRIPTION: An investment group, headed by Tampa Bay real estate investor Tracy Harris and Bing Kearney, chairman of the construction/development conglomerate the Kearney Cos., has added to its holdings on East Columbus Drive. The partners, operating as Columbus Drive LLC, purchased an 88,678-square-foot flex building on 4.1 acres at the northeast corner of Columbus Drive and 36th Street for $1.4 million. The building is subdivided into about 2,700 square feet of office space and 86,000 square feet of warehouse space.
Previously owned by Van Leeuwen Pipe & Tube Corp., the building has housed Wilson Industries Inc. since 2001, according to CoStar Group Inc. Wilson Industries has agreed to leaseback the property for the next several years.
The same investment company purchased a 22,300-square-foot flex building at 6400 E. Broadway Avenue and a 9,048-square-foot flex building at 6400 E. Seventh Avenue - both of which border Columbus Drive - from public REIT ProLogis in May for $1.74 million. Harris says the mid-term real estate investment group has been attracted recently to warehouse properties.
Columbus Drive LLC mortgaged the 36th Street property to Platinum Bank for $1.6 million.
ETC...
• Texas Roadhouse purchased two adjacent parcels totaling 1.2 acres, in Brooksville. Garrett Williams of Colliers Arnold represented the buyer. Jimmy Kimbrough of Buckner & Associates represented the seller of one parcel, Buckner & Associates, and Lisa McCaffrey and Linda Carrick-Warfield of Colliers Arnold represented the seller of the other parcel, Jupiter Realty Corp.
• Time Warner Telecom leased two units for a total of 14,158 square feet of office space in Park Tower at 400 North Tampa Street, Tampa from PT Associates. Claire Calzon of Colliers Arnold represented the landlord.
• Panera Bread leased 4,300 square feet of retail space in Market Street at Heathbrook, at 4414 SW College Road, Ocala from Ocala Shoppes LLC. Jim Kovacs of Colliers Arnold represented the tenant.
• Cortland Realty Partners I LLC purchased a 17,712-square-foot office building at 695 Central Avenue, St. Petersburg from Foresight Technologies Inc. for $3.25 million. Camille Renshaw of Colliers Arnold represented the seller. Natalie Feldman of Eisner, Feldman & Grant Inc. represented the buyer.
• Centurion Center Inc. leased 18,000 square feet of office space at 501 North Franklin Street, Tampa from Kelley Land Holdings LLC. Camille Renshaw of Colliers Arnold handled the transaction.
• Opus South Corp. has begun construction on the second phase of its Nature Coast Commons shopping center in Spring Hill. Officials in the company's Tampa office announced a number of new of national retailers that will join JCPenney next year. Those retailers include Best Buy, The Sports Authority, Office Depot, Cracker Barrel, Wachovia Bank, Arby's and Mattress Giant. At completion next year, Nature Coast Commons will feature 350,000 square feet of retail space. JCPenney, the center's anchor tenant, opened in March 2008 and Cracker Barrel is scheduled for a fall 2008 opening. The remainder of the center will open in spring 2009. Jim Kovacs and Lisa McCaffrey in the Tampa office of Colliers Arnold are marketing Nature Coast Commons.
Opus South has developed more than 27 million square feet since starting operations in 1981 and currently has four million square feet in planning or under development.
• Tampa-based Simply Fashions leased 3,900 square feet of retail space in the Tampa Festival Centre at 2525 E. Hillsborough Ave. from New York-based Urban America. Michelle Sefiert and Josh Tarkow in the retail services group at Grubb & Ellis/Commercial Florida represented the landlord.
• Ryan Cos. US Inc. has completed Target Corp.'s first perishable food distribution center in Lake City. It will begin shipping fresh produce, frozen and refrigerated foods to SuperTarget stores in the Southeast in late summer. Ryan has built six industrial buildings for Target, provided development, design-build and construction services for the project, including site search and due diligence analysis, land option agreements, building and site design management and construction management. The team broke ground on the 430,000-square-foot building in Lake City in the fall of 2006.
Following the success of the Lake City facility, Target has hired Ryan to design and build its second perishable food distribution center in Cedar Falls, Iowa. The design of the new facility, scheduled to open in late summer 2009, is similar to the Lake City model, with local adaptations and aesthetic upgrades.
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