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Commercial Real Estate Briefs
by Sean Roth | Real Estate Editor
LEE-COLLIER
Arthrex acquires 22 acres
in Creekside, Ave Maria
BUYER: Arthrex Inc. (principals: Kathleen Sparrow, Reinhold and John Schmieding, Scott Price and Jon Cheek), Naples
SELLER: Creekside West Inc.
PROPERTY: 1370 Creekside Blvd., Naples
PRICE: $3.3 million
LAW FIRM ON DEED: Cheffy Passidomo Wilson & Johnson LLP, Naples
BUYER: Arthrex Inc. (principals: Kathleen Sparrow, Reinhold and John Schmieding, Scott Price and Jon Cheek), Naples
SELLER: Ave Maria Development LLLP
PROPERTY: tracts F7 and R, Ave Maria Phase Two
PRICE: $706,565
LAW FIRM ON DEED: Cheffy Passidomo Wilson & Johnson LLP, Naples
PLANS, DESCRIPTION: Naples-based surgical-device manufacturer Arthrex Inc. purchased 10 acres in Creekside Commerce Park West housing its headquarters building for $3.3 million and another 12 acres in Ave Maria for $706,565.
Arthrex, which has occupied a 138,000-square-foot corporate office in Creekside Commerce Park for the past four years, previously had a ground lease for the land with the Barron Collier Cos., according to Scott Price, vice president legal for Arthrex Inc.
"We have since purchased that ground and have terminated the lease," Price says.
At the same time, Arthrex closed on property in Ave Maria to develop a 200,000-square-foot manufacturing and warehouse building.
"We're currently in the process of obtaining construction permits; we hope to start construction in the next 120 days," Price says. "It will probably take a year from our start date to completion. At our existing building, we already have 60,000 square feet of manufacturing space and another 30,000 [square feet] of warehouse [space]. We're planning to locate some of those manufacturing operations there. We are also planning to expand operations and create additional capacity. We also currently outsource some manufacturing so we may bring some of that in house."
The new facility is designed to handle the company's growth needs for the next five to 10 years.
Cham Holdings buys
floor in Schwab building
BUYER: Cham Holdings (principals: Ghalieh Dib and Mazen Daoud), Fort Myers
SELLER: UC LLC
PROPERTY: 12580 University Drive, unit 200, Fort Myers
PRICE: $1.52 million
PREVIOUS PRICE: $650,000, December 2005 (included additional property)
LAW FIRM ON DEED: Knott Consoer Ebelini Hart & Swett PA, Fort Myers
PLANS, DESCRIPTION: A company headed by Fort Myers dermatologist Dr. Mazen Daoud and Ghalieh Dib purchased the 7,400-square-foot second floor of The Charles Schwab Building for $1.52 million. Charles Schwab occupies the bottom floor of the one-year-old building, which is bordered by University Drive, Summerlin Road and a Hilton Garden Inn. Calls to Daoud were not returned prior to publication.
Chick-Fil-A plans
Estero restaurant for '09
BUYER: Chick-Fil-A Inc., Atlanta
SELLER: Win-Estero Ltd.
PROPERTY: 21900 S. Tamiami Trail, Estero
PRICE: $1.25 million
PREVIOUS PRICE: $6.34 million, February 2005
LAW FIRM ON DEED: Troutman Sanders LLP, Atlanta
PLANS, DESCRIPTION: Atlanta-based Chick-Fil-A Inc. purchased a 1.4-acre parcel on U.S. 41 near Williams Road in the Paradise Shoppes of Estero for $1.25 million. The nation's second-largest fast-food chicken restaurant chain has set a tentative opening date for the freestanding restaurant of May, 2009. The restaurant will seat 100 to150 and feature a drive-through lane and a two-story indoor playground area. The general contractor for the new restaurant has not yet been selected.
The company owns approximately 1,390 restaurants in 37 states including 140 in Florida. It opens an average of 70 new restaurants a year.
Stevens Construction completes renovations
Fort Myers-based Stevens Construction Inc. completed the expansion and renovation of Shell Point Retirement Community's Mid-Rise Towers on the Island Campus.
The project included the addition of covered entrances to the Turban, Lucina and Junonia buildings. The Wegman Design Group worked with Christopher J. Lee Architects Inc. to design the project.
This is the second Shell Point project for Stevens Construction. The company is also managing renovation of the King's Crown Assisted Living Facility, which is currently in progress.
Etc...
• MH Williams Construction Group Inc. awarded Fort Myers-based Eagle Concrete Systems a contract to complete concrete work for Infiniti of Fort Myers, a new automobile dealership located at the intersection of U.S. 41 and Gladiolus Drive in South Fort Myers.
Eagle Concrete Systems will provide concrete pads, footing, and slab and tilt walls for the 35,700-square-foot building. HADP Architecture Inc. provided the design.
• The law firm of Fowler White Boggs Banker has expanded and now occupies the entire 15,000-square-foot building at 2235 First St., Fort Myers. The firm recently renovated and began occupying the building's third floor.
• Fort Myers-based Vanasse & Daylor LLP was awarded a three-year contract to provide transportation planning and traffic engineering services for the City of Fort Myers.
• Seven Isles Development LLC leased 2,973 square feet of office space at 999 Vanderbilt Beach Road, Suite 1000, from FTC Naples LLC. Clint Sherwood of Investment Properties Corp. negotiated the transaction.
• The Fort Myers division of Orlando-based Tri-City Electrical Contractors Inc. completed $1.2 million of work as part of the renovation of floors two through 10 at the 11-story Marco Marriott North Tower on Marco Island. John Hardy Group Inc. was the owner's project manager.
• Fort Myers-based J.L. Wallace Inc. has begun construction on a 4,279-square-foot SunTrust Bank at Gulf Coast Town Center at 17100 Ben Hill Griffin Parkway in Fort Myers. Robert Reid Wedding Architects & Planners Inc. provided the architectural design services. The project is scheduled for completion in July.
• Currier Roofing Co. Inc. purchased an 8,276-square-foot industrial building and land at 5802 Corp. Circle, Fort Myers, from Nicholas and Marisa Groff for $900,000. Stan Stouder of CB Richard Ellis represented the seller, and Randy Zavada of Re/Max Realty Group represented the buyer.
RK
SARASOTA-MANATEE
Goodwill buys office
in Palmer Ranch area
BUYER: Goodwill Industries–Manasota Inc. (principals: Donald Roberts, Clifford Walters, Richard Fawley, Don Lawson and Bob Richardson), Bradenton
SELLER: Joan Druker as successor trustee of the Arthur Smith Trust
PROPERTY: 8447 S. Tamiami Trail, Sarasota
PRICE: $1.13 million
LAW FIRM ON DEED: Blalock Walters Held & Johnson PA, Bradenton
PLANS, DESCRIPTION: Goodwill Industries–Manasota purchased a 4,000-square-foot former Re/Max office on U.S. 41 in Palmer Ranch for $1.13 million. The nonprofit organization plans to use it as a neighborhood donation center to replace what it operated in a trailer in a nearby Target store parking lot.
"We want to be in there by June the first," says Rev. Don Roberts, president and CEO of Goodwill Industries–Manasota. "It really only requires some minor modifications. We plan to open the donations center first because that helps us pay the bills. Eventually, we plan to have our Job Connection people and our GoodPartner Coaches there."
Roberts expects to be fully operational in the new store by the end of the year. The new location is one of 19 planned capital acquisitions for Goodwill Industries–Manasota as part of its new major capital development plan, according to Roberts.
Goodwill Industries–Manasota mortgaged the store to the former owner Joan Druker as successor trustee of the Arthur Smith Trust for $925,000.
Peninsula Bank
plans North Port branch
BUYER: Peninsula Bank, Englewood
SELLER: North Port Gateway LLC
PROPERTY: U.S. 41 and Aidan Lane, North Port
PRICE: $900,000
PREVIOUS PRICE: $3.11 million, January 2006 (included additional property)
LAW FIRM ON DEED: Roetzel & Andress LPA, Orlando
PLANS, DESCRIPTION: Peninsula Bank purchased an acre parcel in the North Port Gateway East for $900,000. The bank has filed for a building permit to build a 5,000-square-foot bank branch in the shopping center.
"We're planning to open towards the last quarter of 2008," says Robert Granicz, vice chairman for the bank. "The branch will be about 3,000 square feet, and we also plan to house some administrative offices there. That will be our first North Port branch. We're in Punta Gorda, Englewood and we have two [branches] in the Sarasota area. This is just designed to improve the continuity of services for our customers."
The bank has not yet chosen a general contractor for the project. With the North Port branch and a planned Royal Palm Beach branch, the bank is scheduled to grow to 14 locations in the next 12 months.
Sarasota entrepreneur buys Fruitville Taco Bell
BUYER: Franklin Investment and Realty Co. (principal John Schwenker), Sarasota
SELLER: John Magocs
PROPERTY: 5557 Fruitville Road, Sarasota
PRICE: $1.7 million
PREVIOUS PRICE: $1.84 million, October 2005
TITLE FIRM ON DEED: MSC Title Inc., Sarasota
PLANS, DESCRIPTION: Franklin Investment and Realty Co., a company headed by John Schwenker in Sarasota, purchased a 2,055-square-foot Taco Bell restaurant in Sarasota for $1.7 million. Colliers Arnold in Fort Myers had marketed the property as an investment property; Schwenker could not be reached to confirm his intentions for the property by the time of publication.
Franklin Investment and Realty mortgaged the property to Insignia Bank for $200,000.
Etc...
• Southern Cross Contracting Inc. has reached the halfway point in construction of the Sterling Park Office Building at 2900 Bee Ridge Road, Sarasota. The 14,000-square-foot office building features space for a maximum of eight tenants. Skirball Group Inc. designed the new building, and Weber Engineering & Surveying Inc. was the civil engineer. Lee DeLieto of Michael Saunders and Co. is handling leasing.
• Precise Ultrasound has moved its practice facility from St. Petersburg to 2005 Manatee Ave. West, Bradenton. The company specializes in diagnostic imaging, including abdominal, obsterical, gynecological, vascular, echocardiogram and 3D/4D ultrasound. The company reports it plans to continue to serve Pinellas County, but will concentrate on expanding its reach into Manatee and Sarasota counties.
TAMPA BAY
Miami investors acquire Tampa apartments
BUYER: Sabina Properties (principals: Mitchel Sabina and Alexander Ramirez), Miami Lakes
SELLER: Marquis Apartments LLC
PROPERTY: 2609 Gemni Court, Tampa
PRICE: $7.85 million
PREVIOUS PRICE: $6.5 million, October 2007
TITLE FIRM ON DEED: Metropolitan Title Insurance Agency Co., Hialeah
PLANS, DESCRIPTION: Miami Lakes entrepreneurs Mitchel Sabina and Alexander Ramirez purchased the 140-unit Marquis Apartments in Tampa for $7.85 million equal to $56,071.43 per unit or $64.60 per square foot. The new owners plan to keep the complex as a rental property and perform some minor improvements such as additional landscaping, Ramirez says.
"It was pretty well maintained," he says. "It was in a well-established neighborhood and seemed like very peaceful place. We plan to retain the existing management."
The apartment complex, built in 1969 and renovated in 2000, features 14 two-story buildings, a pool area, courtyard and laundry facility.
Ramirez says the partners own a number of other apartment properties but he declined to provide more specifics or details on any other businesses the partners are involved in.
Tim Johnson of Realty Asset Advisors represented the seller and Frank Leto of Great American Realty represented the buyer.
"The Marquis Apartment community is well located in the Central Tampa submarket - near both major transportation routes and area shopping," Johnson said in a press release. "The Marquis Apartments traded competitively at 95% of the marketed price and will offer the new owner immediate upside through both rent growth and operational expense reductions."
The new owners, which operated as Sabina Properties for the transaction, mortgaged the property to TotalBank for $6.28 million.
Jerry Ulm auto dealer
buys Circuit City store
BUYER: Jerry Ulm Dodge Inc. (principal: Gerald, Carolyn and Vena Ulm), Tampa
SELLER: LW Tampa 857 LLC
PROPERTY: 2710 N. Dale Mabry Highway, Tampa
PRICE: $7.2 million
PREVIOUS PRICE: $6.3 million
LAW FIRM ON DEED: Shutts & Bowen LLP, Tampa
PLANS, DESCRIPTION: Tampa's Jerry Ulm Dodge Chrysler Jeep purchased the 35,000-square-foot Circuit City store next to its dealership for $7.2 million. The dealership plans to convert the store into a parts warehouse and automotive service facility.
"We currently have a wholesale distribution parts and vehicle storage lot on Laurel [and Ward streets] in Westshore," owner Jerry Ulm says. "We have an about 18,000-square-foot warehouse there. This [Dale Mabry site] is one of those pieces we've been interested in acquiring for a while. We're going to be consolidating over here ... and we'll be selling off the Laurel Street property."
Ulm says the dealership is already working on the permitting to renovate the former Circuit City building, and Suncoast Auto Builders in Clearwater will be the general contractor.
The property at Laurel and Ward streets features a 1.55-acres parcel housing the warehouse and a vacant 2.37-acre lot. The two lots appraised for a total of $4.88 million. Ulm is marketing the two properties at www.wardlaurel.com.
"That area is particularly hot right now," Ulm says. "The storage lot already has its site work and stormwater retention [done] and is ready to be developed. We'll sell them individually or as a package. The retail automotive industry nationally and locally has been a bit of a challenge of lately, but we're moving forward and in spite of the difficult times we know things will improve. We're simply making an investment in a difficult economic environment that we believe will pay good returns in the future."
Odyssey, Nure International
buy Springwood Villas
BUYER: Springwood Villas LLC (principal: Odyssey U.S.A. Inc. and Nure International LLC), Palm Harbor
SELLER: FSPG LLC
PROPERTY: 5228 Springwood Blvd., Pinellas Park
PRICE: $2.83 million
PREVIOUS PRICE: $2.55 million, February 2005
TITLE FIRM ON DEED: Sanders Title Co., St. Petersburg
PLANS, DESCRIPTION: Springwood Villas LLC, a joint company of John Hall's Odyssey U.S.A. Inc. in Palm Harbor and Vineet Gupta's Nure International LLC in Clearwater, purchased the 51-unit Springwood Villas Apartment complex in Pinellas Park for $2.83 million. The real estate research firm Costar Group reports that the 35,955-square-foot complex was built in 1985. Calls to Nure International were not returned prior to publication.
The new owners obtained a $1.91 million mortgage from Washington Mutual.
PORT RICHEY HOTEL
Stuart-based Bayview Construction Corp. has been awarded a $5.7-million contract by Maya Hotels Inc. to build a 78-room Hampton Inn & Suites on U.S. 19 in Port Richey. Site work for the four-story, 51,156-square-foot hotel has already begun, and completion is scheduled for November. Bayview has been the general contractor for a number of hotels/motels including a 79-room Holiday Inn Express in Stuart; a 120-room Courtyard by Marriott in Stuart; and a 55-room Country Inn & Suites in Fort Pierce.
Etc...
• WilsonMiller Inc. leased 8,000 square feet of space in the Utek Corp. office center from Utek Real Estate Holdings Inc., a subsidiary of Tampa's Utek Corp. The building is located at 2109 E. Palm Ave. in Tampa.
• Harkins Development Corp., the development and general contracting division of Orlando-based Harkins Cos., has broken ground for the $2.4-million, three-building, 12,000-square-foot Bright Horizons Family Solutions childcare and early education center at 5171 Cypress Preserve Drive in Tampa.
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