Commercial Real Estate Briefs

By Business Observer Staff
| 6:00 p.m. April 18, 2008
| 2 Free Articles Remaining!

Tampa Bay-Lakeland

by Sean Roth | Real Estate Editor

SARASOTA-MANATEE

eComSystems Inc. moves,

buys Paleo Park building

BUYER: Paleo Upstairs LLC (principals: James M., James C. and Jon Evans), Naples

SELLER: Paleo 8 LLC

PROPERTY: 8221-8237 Vicela Drive, Sarasota

PRICE: $2.47 million

PREVIOUS PRICE: $1.66 million, March 2008

LAW FIRM ON DEED: Blalock Walter Held & Johnson PA, Bradenton

PLANS, DESCRIPTION: Sarasota-based electronic advertising system firm eComSystems Inc. purchased a new, 22,000-square-foot building in Paleo Park of Commerce for $2.47 million. The company, which sells advertising and ad tracking software, will occupy the 10,500-square-foot second floor of the building and plans to lease out the vacant bottom floor.

Jon Evans, CEO for eComSystems, says the move gives his company the opportunity of ownership a mere mile and a half from its former headquarters at 378 Interstate Court.

"We knew we wanted a location close to (Interstate)-75 for the convenience of our employees and clients," Evans says. "In this market there are not a whole lot of purchase opportunities this close to interstate. Our space here is also probably 5,000 square feet bigger. This was a good move for us."

Marcia Sevigny of Osprey Real Estate Services LLC is listing the about 10,000-square-foot bottom floor for $17.50 triple net along with CAMs of $6.76. The property also features a purchase option for $225 a square foot.

The purchase entity Paleo Upstairs LLC mortgaged the building to First National Bank for $2.47 million.

Massachusetts investor

buys Healthsouth Building

BUYER: 7147 Curtiss Avenue LLC, Marshfield, Mass.

SELLER: Tai Ly and Christina Chan

PROPERTY: 7147 Curtiss Ave., Sarasota

PRICE: $1.64 million

PREVIOUS PRICE: $1.87 million, May 2000

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

PLANS, DESCRIPTION: Marshfield, Mass., investor William Fitzgerald III, of Humphrey Realty Corp., purchased the 9,000-square-foot Healthsouth Building for $1.64 million. The seller, Tai Ly, has owned the property since 2000.

Jeffrey Spilman of Marcus & Millichap's Tampa office represented the seller.

"Healthsouth has relocated to a new facility nearby and they are trying to buy out the lease," Spilman said in a press release.

Fitzgerald's purchase entity 7147 Curtiss Avenue LLC mortgaged the property to Superior Bank for $1.31 million.

Wellness Community

set to buy ranch land

The Wellness Community of Southwest Florida is moving forward with its plans to develop a new green office complex on 4.8 acres at 5461 Communications Parkway in Lakewood Ranch.

The cancer-support organization plans to develop two 5,000-square-foot buildings on the site backing up to a 400-acre nature preserve. The two-building campus will also feature a connected courtyard with overhanging roof that the non-profit has dubbed the "Bridge of Hope" The new campus will also include a large teaching kitchen, a childrens' expressive art studio and various gardens.

"Right now, the Wellness Community can help 1,500 people a year," says Suzanne Dameron, of Aspire a spokesperson for the non-profit. "It's believed that at capacity this new facility would be able help 5,000 to 6,000 people a year. There will also be space on the campus for an additional building."

Barring any unforeseen problems, the Wellness Community plans to close on the land in late June.

"They're looking to start in late summer for a move in the summer of 2009," Dameron says.

Carlson Studio Architecture is the architect for the development, and Willis A. Smith Construction will be the general contractor. The non-profit is shooting to raise $7 million to pay for the purchase, development and various carrying costs of the new facility.

Premier Performance owners

buy Bradenton property

BUYER: Premier Land Holdings LLC (principals: Lee Wingard and James Cowan), Sarasota

SELLER: Steve Solomon Inc.

PROPERTY: 2059 58th Ave. Circle E, units 101-104, Bradenton

PRICE: $2.24 million

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

PLANS, DESCRIPTION: A limited liability company, headed by Lee Wingard and James Cowan owners of Sarasota-based marine product manufacturer Premier Performance Interiors Inc., purchased units 101-104 in the industrial building 2059 58th Ave. Circle E. in Pines Industrial Park for $2.24 million. Neither officer returned calls for comment prior to publication.

Premier Land Holdings LLC, the purchase entity mortgaged the Bradenton property to BB&T for $2.2 million.

Williams Parker

buys building

BUYER: Williams Parker Holdings PA (James Ritchey, William Seider, Ric Gregoria, James Turner, John Moore and Michael Wilson), Sarasota

SELLER: Ludwig Brothers LLC and Gretchen Castner, individually and as trustee

PROPERTY: 300 S. Orange Ave., Sarasota

PRICE: $2.18 million

PREVIOUS PRICE: $583,000, July 2005

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

PLANS, DESCRIPTION: The Sarasota-based law firm of Williams Parker Harrison Dietz & Getzen purchased the Ludwig-Walpole Co. Insurance building for $2.175 million. The 5,000-square-foot office building is right next Williams Parker's existing 40,000-square-foot office at 200 S. Orange Ave.

Officials with the law firm did not return calls for comment prior to publication.

Williams Parker Holdings PA mortgaged the property to Northern Trust PA for $2.5 million.

Etc...

• Coldwell Banker Residential Real Estate Florida has reached an affiliation with longtime auction house Daniel DeCaro Real Estate Auctions.

• Baltimore-based Aerotek Inc. leased 2,500 square feet at 5255 Office Park Blvd., Bradenton in Gap Creek Office Park from Gates Creek Developers LLP. The new location on State Road 70 will serve as a branch office for a commercial staffing operation. Bob Brillon of Thomason/Brillon Interests represented the landlord, and Christopher Leonard of Colliers Arnold Clearwater represented the tenant.

• Snavely Siesta Associates LLC, the owner of the Summer Cove on Siesta, plans to develop five bayside boat slips that will give Summer Cove residents boat access to Sarasota Bay and the Gulf. Construction will begin in April, with a scheduled completion in July.

Summer Cove features 45 three- and four-bedroom residences, ranging from 2,100 to 3,800 square feet. The historic Summerhouse building serves as the clubhouse to the community. Residences are priced from the low $1 millions.

• Chemical manufacturer and distributor JCI Jones Chemicals Inc. leased 9,738 square feet for its corporate headquarters in the Sarasota City Center, a property owned and managed by the Osprey family of companies.

• Hawkins Construction Inc. awarded Fort Myers-based Eagle Concrete Systems a contract to complete the structural concrete and masonry systems for the Synovus Bank and Tire Choice at 5853 Derek Ave. in Sarasota. Eagle Concrete Systems began the concrete work on the new facilities in February. Eagle will provide concrete pads, footing, slab, CMU walls and tie beams for both the 3,800-square-foot Tire Choice and the 3,670-square-foot Synovus Bank.

• Construction continues on Willis A. Smith Construction's new corporate headquarters at 5001 Lakewood Ranch Blvd., Lakewood Ranch. Officials with Willis Smith attribute the need for the new building to added construction work and the company's rapidly growing staff. Lawson Group Inc. designed the planned green facility.

The building is scheduled for completion in September or October. The facility features two, 3,000-gallon underground cistern that will be used to store rain water to flush its toilets. There will also be non-CFC and energy-efficient HVAC system and insulated windows installed throughout the building. Insulating concrete forms are also being used because of their additional energy saving properties.

• The Out-of-Door Academy has announced plans for a multi-million dollar, 25,000-square-foot Performing and Visual Arts Center with black-box theater and other improvements to the academy's existing facilities. The improvements will also include additional classroom space, an expansion of the Petrik Thunderdome and a renovation of its campus on Siesta Key. The Out-of-Door Academy operates on two campuses, with the Siesta Key campus serving children pre-kindergarten through sixth grade, and the Lakewood Ranch Campus serving children seventh through 12th grades.

• Willis A. Smith Construction, Inc. has been awarded the expansion and renovation of Faith Lutheran Church, at 7750 Beneva Road, Sarasota. Phase one of the construction features a 26,000-square-foot two-story multi-purpose building with a new hall, classrooms, a gymnasium, and a kitchen. Older classrooms will be demolished to make way for the new hall. Phase two calls for Willis A. Smith to renovate and expand the existing fellowship center. The final phase will expand the existing sanctuary. The three-part renovation will more than double the building's current square footage from 13,000 square feet to 28,000 square feet.

• Just Steel Inc. of Sarasota and Bennett Contracting Inc. of Bradenton have retained Diversified Construction Safety Inc. to provide safety services for their commercial construction projects. DCS Inc. is a Sarasota-based construction safety-consulting firm.

• Bruce Williams' Benchmark Homes, the remodeling and custom homes division of Bradenton-based Bruce Williams Homes in Bradenton, reports it has more than $1 million in remodeling projects under contract. Bruce Williams Homes launched Bruce Williams' Benchmark Homes a year ago.

• 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.

TAMPA BAY

Phillips Development & Realty plans Delaney Creek project

BUYER: Delaney Creek Crossings LLC (Phillips Land Acquisition LP), Tampa

SELLER: Falkenburg Road LLC

PROPERTY: 5600 South Falkenburg Road, Riverview

PRICE: $2.98 million

PREVIOUS PRICE: $2.21 million, May 2006

LAW FIRM ON DEED: Fuentes & Kreischer Title Co., Tampa

PLANS, DESCRIPTION: Tampa-based developer Phillips Development & Realty LLC purchased a 49-acre site on Falkenburg Road south of Progress Boulevard for $2.98 million. The developer plans to construct an apartment community on the southern 12.5 acres and a 30,000-square-foot retail center on another five-acres. The remaining half of the property will stay vacant for wetlands retention.

The apartment complex, called Phillips Delaney Creek, will house 290 units.

"This will be the first apartment community in the Riverview-Brandon area to offer elevator service," says Andy DiBlasi, acquisition associate with Philips Development. "We're looking at a start date in the late fourth quarter or early next year. We'll probably start delivering units 10 months into construction, so likely towards the third or fourth of 2009."

The developer is currently interviewing prospective general contractors. Chancey Design Partnership of Tampa is the architect for the craftsman-style apartment complex.

"We saw it as an attractive site, particularly because of the price," DiBlasi says. "It's former owner planned to develop it as for sale townhomes. With current market conditions they obviously couldn't move forward so we were able to purchase it for a very advantageous price, particularly compared to what multi-family land is going for in this market. It's also in a great location...near where BrightHouse is building north of Falkenburg. It also has great accessibility to the Crosstown Expressway and [Interstate] 75"

Mark Cooney and Randy Mills of GVA Advantis represented the buyer; Willis & Associates Inc. represented the seller.

St. Pete Beach hotelier

buys Bay Palms Resort

BUYER: Bay Palms Waterfront Resort Inc. (principals: Robert and Mariuche Czyszczon), St. Pete Beach

SELLER: Freedom Bank

PROPERTY: 4237 Gulf Blvd., St. Pete Beach

PRICE: $1.5 million

PREVIOUS PRICE: $2.3 million, July 2005

PLANS, DESCRIPTION: Robert and Mariuche Czyszczon, owners of the Bayview Plaza Waterfront Resort and The Plaza Beach Resort, purchased the nearby Bay Palms Resort for $1.5 million.

The 15-unit waterfront property was particularly attractive because of the economies of scale of having three adjacent resort properties, according to Robert Czyszczon.

"This will let us save on marketing, because instead of marketing two properties we can advertise all three together," Czyszczon says. "We save on linens and towels. It was not a great price, but the deal made sense being right next door."

The new ownership has no immediate plans to renovate the resort.

The purchase entity Bay Palms Waterfront Resort Inc. mortgaged the property to back the former owner Freedom Bank for $1.2 million.

Klar plans new homeless facility

Clearwater-based Klar and Klar Architects has unveiled plans for a $2-million service facility for the Homeless Emergency Project Inc. HEP is the oldest and largest provider of emergency housing and support services for the poor and homeless in Pinellas County.

The 10,015-square-foot, two-story building at 1120 N. Betty Lane will house the charity's staff, while providing space for medical and mental-health-care professionals to deliver services to HEP's clients. HEP's current building will be demolished to make room for the new service facility on the same site. Construction is expected to begin in late summer.

Entrepreneur buys apartments

BUYER: Regal Properties Capital Inc. (principal: Debra Giammanco), Palm Harbor

SELLER: Concire Inc.

PROPERTY: 38100 Townview Ave., Zephyrhills

PRICE: $2.4 million

LAW FIRM ON DEED: Trenam Kemker Scharf Barkin Frye O'Neill & Mullis PA, Tampa

PLANS, DESCRIPTION: Debra Giammanco of Palm Harbor purchased the 46-unit Townview Apartments in Zephyrhills for $2.4 million.

Giammanco says she has few changes planned for the facility aside form creating a Web site and introducing more technology to its management.

"It's in very good condition," she says. "There really isn't anything else we need to do besides prettying it up a bit with some flowers. What we liked was the location right next to the Zephyrhills Hospital and shopping." The complex, whose units range from 800 to 900 square feet, features a pool and on-site laundry in each of its four buildings.

Giammanco's purchase company, Regal Properties Capital Inc., mortgaged the property to Arbor Commercial Funding LLC for $1.92 million.

Etc...

• Blackton Inc., one of Central Florida's largest roofing and flooring suppliers, has expanded to cover the Tampa Bay market. Blackton expanded to Ocala last year and now provides roofing and flooring materials to builders throughout Central Florida, Volusia, Brevard and Marion counties.

• Hillsborough County Community College has awarded Tampa's WilderArchitecture Inc. a contract for the planning, construction documents, and contract administration of a project on the Brandon Campus. The project includes a new campus gateway and entrance road along with the remodeling/renovation of two buildings.

• Windstar Homes of Tampa has formed an interior design division. Windstar officials say the company handles the gamut from finding and procuring a home site, through engineering and design of the home. Interior design was seen as the final step in delivering a comprehensive home-building process. Windstar Homes was founded in 1996.

• Law Firm for Family Law leased 2,521 square feet of office space at 4625 East Bay Dr., Clearwater from Newport Investments Inc. Karin Stewart of the Ross Realty Group represented the landlord.

• IT Properties LLC purchased a 6,312-square-foot office building at 125 Country Club Drive in Tampa from Media General Operations Inc. for $875,000. Andy May, Barry Oaks and Bill Reeves of Cushman & Wakefield represented Media General Operations in the sale.

• HMO Citrus Health Care Inc. leased 10,958 square feet at Watermark 3 in Tampa. Andy May, Barry Oaks and Bill Reeves of Cushman & Wakefield represented the tenant.

• Baldwin Connelly Group LLC, a risk-management and insurance firm, leased 8,240 square feet in One MetroCenter, an 11-story, 240,320-square-foot office building in Tampa. Andy May, Barry Oaks and Bill Reeves of Cushman & Wakefield represented the tenant.

• Commercial real estate firm NAI Tampa Bay has relocated its Tampa office in the Westshore Business District to 2002 N. Lois Ave., Suite 150, Tampa.

• American Tire Distributors is leasing 147,197 square feet in the Madison Business Center, building E, from Atlanta-based IDI. Rick Narkiewicz, first vice president and industrial real estate broker with CB Richard Ellis negotiated the lease on behalf of the landlord. Texas-based, tenant representation firm Jackson & Cooksey Inc. represented the tenant. American Tire Distributors is scheduled to occupy the building this summer and will be tripling its capacity in Tampa at the state-of the-art facilities of Madison Business Center.

• Southern Crafted Homes has opened a new 1,800-square-foot home design center in the professional center at Devonwood. The development is Southern Crafted Homes' gated, luxury villa community in Land 'O Lakes in south central Pasco County off State Road 54 near Dale Mabry Boulevard.

• The law firm Mancuso & Dias PA has signed a 9,116-square-foot long-term lease in Laurel Place, a 41,228-square foot office building at 5102 W. Laurel St. in Tampa. The Staubach Co. represented Mancuso and Dias PA in the lease, and GVA Advantis represented the landlord.

• Acworth Commons LLC, a California investment group, purchased the 34,949-square-foot Acworth Commons retail center in Acworth, Ga., from Hendon Group LLC for $5.51 million or $158 per square foot. David Wells of the Wells Retail Group of Marcus and Millichap's Tampa office, represented the buyer. The center is anchored by Staples and also houses Hibbett Sports and Beef O'Brady's.

• Mercantile Bank leased a 12,000-square-foot drive-through banking facility at 344 First Ave. S., St. Petersburg. Osprey Real Estate Services represented the landlord, Triann Tower LLC.

• Bankers Financial Corp. leased 109,824 square feet in the Danka Building, 11101 Roosevelt Blvd., and the adjacent Lincoln Building. Osprey Real Estate Services represented the tenant.

• Builders have topped off the 247,000-square-foot International Plaza Four building. The building, located at Boy Scout Boulevard and Lois Avenue, is scheduled for completion in November. Charlotte, N.C.-based Crescent Resources LLC is developing the building.

• 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.

• with pic

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.

• 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.

LEE-COLLIER

Emeritus buys Fort Myers' The Lakes

BUYER: Phntus Lakes LLC (Emeritus Corp.), Seattle

SELLER: NHP Senior Housing Inc.

PROPERTY: 7460 Lake Breeze Drive, Fort Myers

PRICE: $40.47 million

PREVIOUS PRICE: $23.5 million, March 2004

LAW FIRM ON DEED: The Nathanson Group PLLC, Seattle

PLANS, DESCRIPTION: Emeritus Corp., a Seattle-based assisted living and senior services provider, purchased the 154-apartment assisted-living facility The Lakes in Fort Myers for $40.47 million. Emeritus has been operating and leasing the facility for several years, but recently acquired the property as a part of a 24-community portfolio for a total of $305 million excluding closing costs.

"While technically it's a change of ownership its really more akin from our perspective to a refinance," says Eric Mendelsohn, senior vice president of corporate development for Emeritus. "The employees were all Emeritus employees."

The three-story assisted-living facility, licensed for extended congregate care, features many of the standard amenities such as transportation, nursing care and progressive care services. The facility features a secured housing area for seniors with Alzheimer's or other formers of dementia called Sanibel Court.

Capmark Finance Inc. is financing the entire 24-community purchase through a $241.9 million mortgage, which includes $35 million for The Lakes acquisition.

Emeritus currently operates some 289 communities in 37 states with about 24,822 units and housing 29,692 residents.

Lee County buys

67 acres for preserve

BUYER: Lee County

SELLER: W. Kirk Beck individually and as trustee

PROPERTY: a portion of State Road 82 east side of Six Mile Cypress Preserve, Fort Myers

PRICE: $8.76 million

PREVIOUS PRICE: $1.01 million, January 1990 (includes only one of the parcels)

TITLE FIRM ON DEED: Title Services of Southwest Florida Inc., Fort Myers

PLANS, DESCRIPTION: Lee County purchased 67 acres on State Road 82 in Fort Myers on the east side of the Six Mile Cypress Slough Preserve for $8.76 million or an average of $130,716 per acre. The 67-acre site was viewed as especially important to the 2,200-acre preserve because it adds an upland buffer and a way to manage water flow in the preserve without having to create a man-made berm.

The property was purchased through the Conservation 20/20 Land Program, which is funded through a percentage of county property taxes.

Gates D'Alessandro, Woodyard

becomes just Woodyard

Prominent Fort Myers broker Tom Woodyard has created Woodyard & Associates LLC.

The new brokerage from one of the three partners of Gates D'Alessandro and Woodyard follows the death of another part owner Frank D'Alessandro. The third partner, Todd Gates of the diversified construction company Gates, set up an agreement to sell the listing of the brokerage to Woodyard, who was also a founder of the predecessor brokerage D'Alessandro and Woodyard. Woodyard and his team will also help with the closing of Gates D'Alessandro and Woodyard over the next few weeks.

"My focus will remain on providing superior construction services to the region and beyond, while Tom and his team will continue to focus on the full service commercial real estate sales and leasing," Gates said in a press release. "The separation of businesses is completely amicable, and we look forward to working together with Woodyard & Associates as opportunity permits."

Woodyard & Associates will feature many of the area's top producers including Todd Holman, Hal Arkin, John Kremski, Steve Wood, Honora Jacobus, Robyn Wright, Alex Wright and Gloria Hooper.

"Since Frank D'Alessandro's unexpected passing last fall, we have been considering this move," Woodyard said in a press release. "I am excited about the new venture with this highly motivated, experienced team and look forward to continuing to provide superior service to our clients and the Southwest Florida business community.

Gulfsteam Homes, BB&T

trades home, lots

BUYER: Investor Services Inc. for Branch Banking and Trust Co., Winston-Salem, N.C.

SELLER: Gulfstream Homes Inc.

PROPERTY: 2040 Newcomb Court, Alva and 12418 and 12406 Arbor View Drive, 16008, 16115, 16127 and 16097 Waterleaf Lane and 16210 Veridian Drive, Fort Myers, single-family, 813 W. Cape Estates Circle, Cape Coral and 27021 and 27011 Edenrock Court, Bonita Springs and additional land, Lee County

PRICE IN LIEU OF FORECLOSURE: $2.27 million

LAW FIRM ON DEED: Greenberg Traurig LLP, Atlanta

PLANS, DESCRIPTION: Naples-based home builder Gulfsteam Homes sold four spec homes and nine home lots in the Veridian community to one of its lenders, BB&T, in lieu of foreclosure for $2.27 million.

"This should be helpful," says Michael Peel, president of Gulfsteam Homes. "It certainly puts us in a better position [from a cash-flow perspective]. We went to all of our lenders in the beginning of year to let them know that we were challenged to live up to our responsibilities. BB&T came back to us that this was the solution they favored. There were some lots and specs that I would have loved to kept, but ultimately it made the most sense to cut them lose. As things improve we will be better able to get back in the [home development] game."

Peel says the company is also close to a deal with another big lender to give it additional flexibility to further reduce prices for certain spec homes.

Etc...

• Gerardo Santiago, D.D.S. purchased a 3,244-square-foot building at 3021 Airport Pulling Road N., Unit 203 from Dorset Associates LLC for $1.16 million. Craig D. Timmins of Investment Properties Corp. negotiated the transaction.

• Panera LLC leased 5,850 square feet of space in the Gateway Center at 2184 Tamiami Trail N. from CRF Gateway Limited Partnership. Craig D. Timmins of Investment Properties Corp. negotiated this transaction.

• McGarvey Development Co. of Fort Myers is building a three-story Estero office building for Advanced Insurance Underwriters. The building is being constructed near Interstate 75 and Corkscrew Road and will feature a concrete bunkered "hurricane safe zone" with T1 lines and backup electrical generation to insure continuous operation. Advance Insurance Underwriters has eight office locations throughout the state of Florida, as well as California, New York, and Chicago.

• Nelscott Construction awarded Eagle Concrete Systems a contract to complete the structural concrete and masonry systems for the AmericInn of Fort Myers, a new hotel at 13621 Jetport Parkway in Fort Myers. Eagle began construction of the 45,800-square-foot Hotel soon. Truman Howell Architects & Associates Inc. designed the hotel.

• A Publix Supermarket will anchor the 98,000-square-foot Alico Commons retail Center on Alico Road and U.S. 41 south of Fort Myers. Pelican Bay Development, which is developing Alico Commons retail center, recently signed Publix Supermarket to a long-term lease agreement for the 45,600 square-foot facility.

Construction on the retail center is scheduled to start in the next 90 days. A 20,898-square-foot Office Depot store will also anchor the center, and a 13,000-square-foot CVS Pharmacy and 5,000-square-foot Florida Bank facility are planned for outparcels, along with a convenience store with 16 gasoline pumps.

The center will include more than 31,000 square feet of inline retail space. A 2,600-square-foot Arby's Restaurant and 3,000-square-foot Baskin Robbins-Dunkin' Donut restaurant are already open at the center.

• Alexander Building Corp. of Bonita Springs has completed construction of a three-story, 27,824-square-foot medical office condominium building. The project is located in Olympia Park at the corner of Airport Pulling and Vanderbilt Beach Roads.

• Alexander Building Corp. has been awarded the contract to construct the C & D Medical Building. The two-story, 10,970-square-foot building is located at 217 South Del Prado Blvd., Cape Coral. Construction is scheduled for completion in the fourth quarter of 2008.

• Alexander Building Corp. has begun construction on the Osaka Japanese Restaurant. The 6,000-square-foot restaurant is located at 16078 San Carlos Blvd., Fort Myers. Construction is scheduled for completion in September.

• Realtor Penny A. Hook has been appointed chief operating officer for the Bonita Springs-Estero Association of Realtors. Hook, BEAR's current director of education & communications, replaces Bill Macauley, who has announced his retirement.

• The 297-room Hilton Marco Island Beach Resort in Naples plans to start building a 10,000-square-foot spa starting in late 2008.