Commercial Real Estate Briefs

By Business Observer Staff
| 6:00 p.m. May 22, 2008
| 2 Free Articles Remaining!

Charlotte–Lee–Collier

by Sean Roth | Real Estate Editor

LEE-COLLIER

GLL Partners buys

Naples Promenade

BUYER: GLL Selection II Florida LP (GLL Real Estate Partners Gmbh), Munich, Germany

SELLER: Sembler/Gaeta Naples Partnership #1 Ltd.

PROPERTY: 6320 and 6428 Hollywood Blvd. and 5825 Airport Road and additional land, Naples

PRICE: $48.54 million

LAW FIRM ON DEED: Sutherland Asbill & Brennan LLP, Atlanta

PLANS, DESCRIPTION: A Munich-based real estate fund management group, GLL Real Estate Partners Gmbh, purchased the 165,000-square-foot The Promenade at Naples Center on Airport Road from a company led by The Sembler Co. for $48.54 million. The center had three small tenant vacancies at the time of the sale. The Promenade houses a 15,000-square-foot Petco, a 30,000-square-foot Wild Oats, a 35,000-square-foot Jo-Anne's Fabrics, a 25,000-square-foot Loehmann's, and a 4,900-square-foot Panera Bread store plus several smaller tenants.

GLL reports that its funds under management now exceed $3 billion with investments across Western Europe, East Central Europe and the United States. Investors with the group include pension fund overseers, insurance companies and sovereign entities. According to the company's Orlando office, GLL focuses on retail, office and industrial holdings valued at more than $20 million, and it currently has a portfolio of $1.5 billion in properties in the United States. The company's only other Florida holdings are three properties in Palm Beach Gardens.

New York investment firm

buys Laguna Bay units

BUYER: Laguna Bay Owner LLC (principal: PRG Residential Partners LLC), New York

SELLER: Laguna Bay Marketing Corp. and Laguna Bay Associates LLC

PROPERTY: 363 units in various buildings, Laguna Bay condominiums, bordered on the west by Airport-Pulling Road North and on the south by Cougar Drive, Naples

PRICE: $29 million

LAW FIRM ON DEED: Katten Muchin Rosenman LLP, Chicago

PLANS, DESCRIPTION: New York City-based real estate investment firm Phoenix Realty Group purchased 363 units at the Laguna Bay Condominium Development in Naples on behalf of its institutional real estate investors for $29 million.

A public relations representative for Phoenix Realty says the firm plans to continue making upgrades at Laguna Bay to attract new residents. A new leasing and marketing campaign is expected to start soon to fill the currently available units.

Phoenix Realty Group manages private equity funds representing up to $3.5 billion in real estate development and acquisitions.

The purchase entity Laguna Bay Owner LLC mortgaged the property to Corus Bank for $33.57 million.

Punta Gorda company

buys Wal-Mart store

BUYER: Charlotte 41 Properties LLC (principal: Rick Treworgy), Punta Gorda

SELLER: Wal-Mart Stores Inc.

PROPERTY: 3811 Tamiami Trail, Punta Gorda

PRICE: $6.5 million

PREVIOUS PRICE: $2.4 million, December 1991

PLANS, DESCRIPTION: A limited liability firm, headed by Rick Treworgy of Southwest Land Developers in Punta Gorda, purchased a 97,235-square-foot former Wal-Mart store on Tamiami Trail for $6.5 million. Calls to Southwest Land Developers were not returned prior to publication. The Wal-Mart store sits on 14.37 acres and was built in 1992.

Allen Molin of CB Richard Ellis Fort Myers-Naples represented the buyer, and Larry Foster and Bill Young, also of CB Richard Ellis, represented the seller.

BOOKS-A-MILLION SET FOR MERCATO IN NAPLES

The Lutgert Cos. and Barron Collier Cos. of Naples are developing a two-story, 26,000-square-foot Books-A-Million store in The Mercato in Naples. The store is scheduled to open late this year. It will be the company's 42nd store in Florida. The Mercato is scheduled to open in early 2009. At completion, The Mercato will house nearly 330,000 square feet of Main Street-style retail and restaurants, 140,000 square feet of office space and 175 luxury residential units.

Etc...

• Songy Partners opened a three-story, 60,000-square-foot office building at 9160 Forum Corporate Parkway in the Forum Corporate Park. The building's first tenant, Rasmussen College Inc., obtained its certificate of occupancy and is set to begin operations this month. Rasmussen College signed a 10-year lease on 18,216 square feet of space.

The first building is one of seven office buildings planned for the 42-acre parcel that faces I-75. The Forum Office Park is part of The Forum at Fort Myers, a 700-acre, mixed-use development.

• Velvet FM LLC leased 2,500 square feet of retail space at Pinebrook Park Complex, 12995 S. Cleveland Ave., Suite 105 and 106, from Harry M. Lowell. Steve Wood and Todd Holman of Woodyard & Associates LLC negotiated the transaction.

• William A. Kent as trustee purchased 11,900 square feet of industrial space at 3641 Prospect Ave. in Naples from Johnston Management LLC. William V. Gonnering of Investment Properties Corp. handled the transaction.

• The North Law Firm leased 5,220 square feet of office space at 4315 Metro Parkway in Fort Myers from Metro Parkway Operating Associates LP. Jennifer Horne, a broker/associate with LandQwest Commercial, negotiated the transaction.

• A Rudinos Pizza & Grinders franchise leased 3,143 square feet of retail space at The Village Shoppes at HealthPark at Summerlin and Bass roads in Fort Myers. Lindsey Schmoyer of Colliers Arnold represented the tenant, and Doug Olson of LandQwest Commercial represented Talamh Associates LLC, the landlord.

• Bajio Mexican Grill, a new Subway franchise, leased 2,408 square feet of retail space at The Village Shoppes at HealthPark at Summerlin and Bass roads in Fort Myers. Doug Olson of LandQwest Commercial represented Talamh Associates LLC, the landlord.

• DeAngelis Diamond Construction Inc. is nearing completion of the Golden Gate Library in Collier County approximately two months ahead of schedule. The 17,000-square-foot library is at 4898 Coronado Parkway in Naples. It features a crafts room, children's area, computer lab and a conference room.

• Owen-Ames-Kimball Co. completed construction project management of the 15th Colonial Bank branch in the bank's Southwest Florida Region expansion plan. This 3,900-square-foot bank is located on Pine Ridge Road in Naples. Colonial Bank plans to build seven additional branches in the Southwest Florida area in the next three years.

J.L. Wallace Inc. has completed construction of the 1,238-square-foot Tennis Pro Shop at Heritage Bay. Developed by Lennar Homes, the new community is located at 10168 Heritage Bay Blvd. in Naples. The pro shop features office and retail space and an underground, Hydro-Court watering system.

• CC Turner Inc. has completed construction of the 28,000-square-foot Last Call by Neiman Marcus at Miromar Outlets in Estero.

• Kelvin Properties LLC purchased 1.02 acres of vacant land at 3777 Tamiami Trail East from Guy Fracasso and David J. Stevens. David J. Stevens of Investment Properties Corp. negotiated the transaction.

• Sandbanks LLC purchased 6,400 square feet of retail space at 3114 Tamiami Trail North from Kingstown Family Trust I LLC. David J. Stevens of Investment Properties Corp. negotiated the transaction.

• Renaissance Preserve I LLLP awarded a contract to Brooks & Freund for the construction of Renaissance Preserve. The project is a 120-unit senior housing facility on Michigan Link Avenue in Fort Myers for the Fort Myers Housing Authority. Construction is expected to be completed in April of 2009.

• The Timberstone Group awarded Brooks & Freund a contract to build the Palm Pointe Shoppes on South Cleveland Avenue in Fort Myers. The 18,000 square-foot building will join the complex formerly known as Dragon Plaza and Avenue Shops.

• Brooks & Freund has been awarded a contract for the construction of the Eye Health of Port Charlotte on Kenilworth Boulevard in Port Charlotte. Avalon Engineering Inc. designed the project. Construction is scheduled for completion in November.

• Brooks & Freund has been awarded a contract from Shaw Development for new construction and renovation to Shaw's manufacturing facility on Bernwood Drive in Bonita Springs. Sheeley Architects Inc. provided the design services for the project. Construction is scheduled to be completed in September.

• Cornerstone Kitchens, a home remodeling company, has opened a new 1,600-square-foot showroom at 3321 Del Prado Blvd. S., Suite 3, in Cape Coral.

• Currier Roofing Co. Inc. purchased a 7,045-square-foot industrial building at 5802 Corporation Circle in Fort Myers from Nicholas P. Groff for $900,000. Stan Stouder of CB Richard Ellis represented the seller, and Randy Zavada of Re/Max Realty Group represented the buyer.

• El Chocolate leased 3,200 square feet of space in the Leaders Building at 11358 and 11360 Cleveland Ave. in Fort Myers from FM Holdings LP. Scott Miller of CB Richard Ellis brokered the transaction.

• Architectural Window and Door Inc. leased 2,223 square feet of space in the Collier District Building at 28731 S. Cargo Court in Bonita Springs from Collier District LLC. Doris Taylor of CB Richard Ellis brokered the transaction.

• Compass Construction Inc. in Cape Coral has begun rebuilding a barn damaged by Hurricane Charley at the Tender Loving Care Homes for Children. The facility, to be valued at $50,000, will produce monthly revenue from horse stall rentals. Tender Loving Care is a Christian-based home founded to keep siblings together when an unfortunate situation like neglect, hard times and/or abandonment, separates them from their parents.

• Eagle Concrete Systems has completed concrete and masonry work for general contractor J.L. Wallace Inc. on County Lakes Business Center, a new industrial business center at 5701 Country Lakes Drive in Fort Myers. Architect Alan D. Esparza provided the design.

SARASOTA-MANATEE

Preston family sells 46 acres for SevenShores

BUYER: St. Joe Residential Acquisitions Inc. (Britton Greene, William McCalmont, Christopher Corr, Nicholas Cassala, Stephen Solomon and Christine Marx), Jacksonville

SELLER: Hayden Lane I Ltd.

PROPERTY: 12100 W. Manatee Ave., Bradenton and additional land

PRICE: $3.52 million

LAW FIRM ON DEED: Winderweedle Haines Ward & Woodman PA, Winter Park

PLANS, DESCRIPTION: The Preston family - Whiting, Walter and Flavia Preston - sold 46 acres for the planned SevenShores development on Perico Island to The St. Joe Co. for $3.52 million. St. Joe suspended sales and development of the 13-tower condominium development in the second quarter of 2007 amid falling condominium demand due to the current residential slowdown.

Whiting Preston says the purchase was necessitated by a contract the farming family had with the developer and wasn't indicative of any changes to the project. The entire SevenShores project was designed to encompass 352 acres for 686 condominium units and 30,000 square feet of retail stores, restaurants and a marina.

TJM Properties acquires

Bradenton Oaks

BUYER: Bradenton Oaks LLC (principal: Terence McCarthy as trustee), Clearwater

SELLER: Juniper Michael LP dba Juniper Michael Partnership

PROPERTY: 1029 E. Seventh Ave., Bradenton

PRICE: $2.56 million

PREVIOUS PRICE: $1.5 million, August 1994

SELLER: Juniper Southern Limited Partnership

PROPERTY: 1015 E. Seventh Ave., Bradenton

PRICE: $1.04 million

PREVIOUS PRICE: $600,000, December 2003

LAW FIRM ON DEED: Ford & Ford PA, St. Petersburg

PLANS, DESCRIPTION: Clearwater-based senior-living facility owner/operator TJM Properties Inc. purchased the 113-unit Bradenton Oaks facility for $3.6 million. The two-building facility features 50 independent units, 63 assisted-living units and a memory care area.

"We're going to be making a lot of changes there," says Dale Schooley, regional marketing director of TJM Properties. "We're going to be changing the interior and doing some updating to the apartments. We're also going to be moving some of the offices around and changing the landscaping. This is our residents' home so we try to make it look and feel more like home."

Schooley says the facility was attractive - yet with some room for improvement - and had an exceptional operating management.

Bradenton Oaks is TJM Properties' ninth facility, and the company plans to grow to 10 locations following the acquisition and conversion of the former Brooksville Hospital into a 74-unit facility. The company also owns the 320-unit Oaks of Clearwater; the 298-unit Spring Haven Retirement Community in Winter Haven; Lake Morton Plaza in Lakeland; The Courtyards at Berne Village in New Bern, N.C.; the 95-bed Southern Gardens in Lake Alfred; the 100-bed Spring Oaks in Brooksville; Forest Oaks in Spring Hill; and the Renaissance Retirement Community in Sanford.

TJM Properties' Bradenton Oaks LLC mortgaged the Bradenton Oaks to Wachovia Bank for $3.4 million.

Wal-Mart Stores plans

to expand Cattlemen store

Bentonville, Ark.-based Wal-Mart Stores Inc. is looking to expand its presence in Sarasota County, but not at a new location. The mega-retailer is in the preliminary phases of submittals with the county to start renovating its existing Cattlemen store at 4381 Cattlemen Road, Sarasota, in order to sell groceries. Wal-Mart hopes to reduce its existing garden center from 24,036 square feet to 6,016 square feet, while at the same time increase its main store from 122,467 square feet to 140,200 square feet.

"We want to make it a Supercenter," says Michelle Belaire, Wal-Mart's senior manager for public affair and government relations. "What we have there now is a general merchandise store with no groceries. Things are still very preliminary now; in fact, we don't have that scheduled until 2010 for completion. Groceries in general are a big draw; being able to provide high-quality, low-cost options for customers is absolutely the drive for us. From a real estate standpoint, we're always looking to expand our presence in underserved markets."

The company hasn't retained a general contractor yet for the construction.

Currently, the retailer operates 158 Supercenters, 41 discount stores and 19 40,000-square-foot Neighborhood Markets in Florida.

Etc...

• The Charles & Chase Group has begun construction on several new amenities for Heron Creek Golf & Country Club in North Port.

The amenities project includes the construction of three new guardhouses and a new golf course shelter. The Charles and Chase Group will also construct two entry-sign monuments and perform roadway enhancements.

• TCS Communications LLC leased a 15,900-square-foot office and warehouse building at 341 Seaboard Ave. in Venice from Canal Road Property Management LLC. Jeff Button of Richardson Kleiber Walter, The Kleiber Group Partnership handled the transaction.

• Champion Builders LLC leased 2,500 square feet of office and warehouse space at 4366 Independence Court, unit A, from William S. Burnside Developments. Jeff Button of Richardson Kleiber Walter, The Kleiber Group Partnership handled the transaction.

• Azuma LLC leased 2,500 square feet of office and warehouse space at 4366 Independence Court, unit D, from William S. Burnside Developments. Jeff Button of Richardson Kleiber Walter, The Kleiber Group Partnership handled the transaction.

• Janitorial Management Services Inc. leased 2,000 square feet of flex space at 1789 DeSoto Road, Sarasota, from Charles M. Kells for $850 a month. Rico Boeras PA of Preferred Commercial Inc. listed the property.

• J.E. Charlotte Construction Corp. has completed interior build-out improvements in the 1250 Medical Plaza at 1250 S. Tamiami Trail, Sarasota, for Holly Barbour MD and Vitale Skin Rejuvenation.

Barbour will occupy the 2,000-square-foot office this month, and Vitale Skin Rejuvenation will take 4,000 square feet of newly designed space on the third floor. Vitale's new spa will feature relaxation, treatment and shower rooms.

• In Tandem Inc. purchased the half-acre lot C in block C in the Centre Park Industrial Subdivision from Osborne Enterprises LLC for $115,000. Carl Wise of Preferred Commercial Inc. handled the transaction.

• PDG Electric leased a 10,260-square-foot unit at 6112 33rd St. E., Suite 101, Bradenton, to the Sarasota Herald-Tribune division of the New York Times Management Services Inc. Carl Wise of Preferred Commercial Inc. represented the owner and Tony Veldkamp of Michael Saunders and Co. represented the tenant.

TAMPA BAY

Eola Capital closes on Westshore land

BUYER: CYP4 Owner LLC (principal: James Heistand), Jacksonville

SELLER: Highwoods Florida Holdings LP

PROPERTY: 402 N. Hoover Blvd., Tampa

PRICE: $2 million

PREVIOUS PRICE: $1.4 million, August 1998

LAW FIRM ON DEED: Hill Ward & Henderson PA, Tampa

PLANS, DESCRIPTION: Orlando-based real estate investment firm Eola Capital LLC purchased a little less than seven acres on Hoover Boulevard from Raleigh, N.C.-based Highwoods Properties Co. for $2 million.

"That was a piece of land we bought as part of a portfolio from Highwoods in January of 2006," says Kyle Burd, principal/regional vice president of Eola Capital. "We're just closing on that transaction because Highwoods couldn't transfer it before now."

The new owners plan to build a five-story, 120,000- to 150,000-square-foot office building, called Cypress Center IV, on the site, according to Burd. The large investment firm is still developing additional plans for the site.

Eola Capital already owns five buildings in the same area including the 115,021-square-foot Cypress Commons, 152,758-square-foot Cypress Center I, 50,697-square-foot Cypress Center II, 82,871-square-foot Cypress Center III and 64,510-square-foot Cypress West.

"That is what I would call a mission-critical location for us," Burd says. "Anything - within reason - in Westshore is a prime location. There are tenants that want to be closer to amenities. Some want to be closer to the mall and for some it's a distraction. But it's an exceptional area."

The new building is expected to rent for $29 to $30 a square foot.

Eola Capital's purchase entity CYP4 Owner LLC mortgaged the land to Regions Bank for $2 million.

Eola Capital entered the Tampa area in June of 2005 and has grown to house a local portfolio of about 1.6 million square feet of office space. Recently, it purchased two, three-story office buildings ― Buschwood I and Buschwood II ― in Tampa for a total of $19.25 million.

Goodwill Industries-Suncoast

buys ex-motel, vacant land

BUYER: Goodwill Industries-Suncoast Inc., St. Petersburg

SELLER: Church Scientology Flag Service Org

PROPERTY: 16432 U.S. Highway 19 N., Clearwater

PRICE: $4.2 million

PREVIOUS PRICE: $1.83 million, December 1981

LAW FIRM ON DEED: Johnson Pope Bokor Ruppel & Burns LLP, Clearwater

SELLER: Sokol, Arshi, Tefta and Fatbardh Shehu

PROPERTY: vacant commercial or hotel/motel, a portion of Pinellas Groves, Clearwater

PRICE: $2.6 million

PREVIOUS PRICE: $800,000, January 2006

LAW FIRM ON DEED: Macfarlane Ferguson & McMullen, Clearwater

PLANS, DESCRIPTION: St. Petersburg-based Goodwill Industries-Suncoast Inc. purchased a former Quality Inn motel that the Church of Scientology had been using for staff housing and a separate, adjacent, three-acre parcel of land for a total of $6.8 million. The motel property will be extensively renovated and converted into residential housing for former nonviolent offenders while they receive work-release job training.

The 58,353-square-foot, two-story, three-building motel currently features 118 units with kitchens and dining rooms, a perimeter fence and laundry facilities.

"The exterior renovation will be more cosmetic," says Michael Ann Harvey, spokeswoman for Goodwill Industries-Suncoast. "We'll be painting, [plus] adding some awnings, landscaping and branded Goodwill signage. The rooms are being completely reconfigured. It will feature 281 beds for nonviolent offenders."

Hawkins Construction Inc. of Tarpon Springs will be the contractor for the project. The first 30 participants are scheduled to start using one of the buildings on June 2. The entire project is scheduled for completion in January. The vacant land will be landscaped, but will remain vacant for the foreseeable future. The renovated facility is expected to be similar in operation to Goodwill Industries' Gandy Boulevard facility.

Kerry Fuller, a broker/associate with Realty Executives Suncoast, represented the seller, and Brian Andrus of Stonebridge Real Estate Co. represented the buyer.

Goodwill Industries-Suncoast Inc. provides education, training and career services in Pinellas, Pasco, Hillsborough, Polk, Hernando, Marion, Citrus, Sumter, Levy and Highlands counties.

International firm Praxair

buys Tampa warehouse

BUYER: Praxair Inc. (principals: Stephen Angel, Ricardo Malfitana, Anthony Pepper, James Breedlove, James Sawyer and Dale Frey), Danbury, Conn.

SELLER: Randy's Wholesale & Auction Inc.

PROPERTY: 1930 N. U.S. 301, Tampa

PRICE: $1.45 million

PREVIOUS PRICE: $360,000, January 1995

LAW FIRM ON DEED: Carlton Fields PA, Tampa

PLANS, DESCRIPTION: Fortune 300 company Praxair Inc. purchased a 14,000-square-foot warehouse between U.S. 301 and Tampa East Boulevard for $1.45 million. A spokesperson for Praxair was unable to confirm the company's plans for the facility.

The firm, which reported $9.4 billion in sales last year, supplies specialty gases, high-performance coatings, cryogenic/non-cryogenic supply systems and related services and technologies. The company employs 28,000 people and operates in 30 countries.

Etc...

• The Ross Realty Group has been appointed leasing broker for Meridian Gateway Center in St. Petersburg. The property contains four buildings totaling 165,013 square feet of flex space. Available space ranges from 5,000 to 41,500 square feet. Key tenants in the center include: ARS of Tampa Bay, Cypress Multi Graphics, General Dynamics, Drexel Metals Corp., Sierra International, Eagle Data Inc., Mechanical Services of Central Florida Inc., Coinstar and Alternate Postal Direct Inc. Meridian Development Group acquired the property, formally known as Continental Commerce Center, in November of 2006.

• Grubb & Ellis| Commercial Florida has secured the exclusive landlord representation and marketing assignment for Interstate Business Park in Tampa. Chuck Bohac and Kostas Stoilas in the company's Industrial Group secured the assignment for the 176,000-square-foot Interstate Business Park at 8402 Laurel Fair Circle in Tampa. International Business Park offers office, flex and distribution-warehouse space.

• Michael Mele of The Mele Group in Marcus & Millichap's Tampa office and Chico LeClaire of The LeClaire Team of Marcus & Millichap's Denver office handled the sale of three U·Store·It properties. A private partnership in South Florida purchased a 57,240-square-foot facility in Miami for $2.18 million and a 60,040-square-foot Leesburg property for $2.4 million. A 47,880-square-foot Lakeland facility sold for $2.05 million. to a private investor.

• WCP Property Holdings LLC purchased 1.1 acres at 5172 W. Sligh Ave. in Tampa from MDG Investments LLC. Jan Boltres and Mike Scott, principals and vice presidents in the Grubb & Ellis|Commercial Florida's Industrial Group, represented the seller.

• Ryan Cos. US Inc. has instituted a company-wide sustainability policy. As part of it, Ryan will evaluate all projects against the Leadership in Energy and Environmental Design building standards to help customers identify opportunities to maximize energy efficiency, obtain LEED certification, or pursue other third-party benchmarking systems, such as EnergyStar.

To date, Ryan has worked on 13 buildings that have achieved or are in the process of gaining LEED certification.

The sustainability policy also addresses Ryan's goals of increasing the percentage of Ryan LEED-certified projects to 15% and retaining more than 100 LEED-accredited professionals throughout the company, both by the end of 2008; encouraging pursuit of LEED Existing Building certification for existing Ryan-managed properties; and adopting Building Information Modeling for all new Ryan-designed projects.

• with so-so pic

Gulf Trace Elementary School, built by Creative Contractors, Inc., has been certified as LEED (Leadership in Energy and Environmental Design) Silver by the U.S. Green Building Council. It is the first K-12 public school in Florida to receive LEED certification.

Creative Contractors, Inc., of Clearwater is the first contractor in the Tampa Bay area to have completed two LEED-certified buildings.

Gulf Trace Elementary School is a 90,000-square-foot school in Holiday. It was designed by Holmes Hepner and Associates Architects, Tampa and cost $13 million.

• Tampa-based New Millennial Homes and St. Petersburg resident and quadriplegic Walton Dutcher have collaborated to create designs for the Freedom Home, a 1,200-square-foot home that complies with most ADA and VA recommendations and is priced from $131,900, excluding site costs. The two plan to license the design nationwide.