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Commercial Real Estate Briefs
by Sean Roth | Real Estate Editor
Tampa Bay
LifeLink Foundation Inc.
develops Crosstown offices
BUYER: Lifelink Foundation Inc., Tampa
SELLER: Crescent Resources LLC
PROPERTY: bordered by the Lee Roy Selmon Expressway and U.S. Highway 301, Brandon
PRICE: $4.65 million
LAW FIRM ON DEED: Pohl & Short PA, Winter Park
PLANS, DESCRIPTION: The non-profit LifeLink Foundation Inc. purchased 10 acres in the Crosstown Center, which borders the Lee Roy Selmon Expressway and U.S. 301 in Brandon, for $4.65 million.
The LifeLink Foundation works to facilitate organ and tissue donation and operates the LifeLink Tissue Bank. The nonprofit plans to develop a 55,000-square foot office building on the Crosstown site to house its LifeLink Tissue Bank, which is currently in a 30,000-square-foot former light-manufacturing plant on Waters Avenue.
"That's where we make tissue grafts out of donated tissue," says Jennifer Krouse, manager of Public Relations for LifeLink Foundation. "We have another building on Waters that houses some administration staff. Our end goal is to have everyone move out to the new facility."
Krouse says the new building, which is scheduled for completion in October 2009, is designed to allow the non-profit to expand later on. Skanska USA will be the general contractor for the Crosstown building, and Reynolds, Smith and Hill Inc. of Tampa designed it. The LifeLink Foundation is funding the construction through a Hillsborough County government tax-exempt bond.
Andy May and Bruce Erhardt of Cushman & Wakefield represented the buyer.
Excelsior LaSalle fund
buys Lutz apartment
BUYER: ELPF Tampa LLC (Excelsior LaSalle Property Fund Inc.) (80% tenant-in-common interest) and LIC Tampa (LaSalle U.S. Holdings II LLC) (20%), Chicago
SELLER: Campus Lodge of Tampa Ltd.
PROPERTY: 15115 Livingston Ave., Lutz
PRICE: $42.59 million
PREVIOUS PRICE: $1.7 million, September 1999
LAW FIRM ON DEED: Paul Hastings Janofsky & Walker LLP, Chicago
PLANS, DESCRIPTION: Excelsior LaSalle Property Fund Inc., an investment fund managed by Chicago-based LaSalle Investment Management Inc., purchased Campus Lodge Tampa apartments with LaSalle U.S. Holdings II LLC for $42.59 million.
The 312-unit/1,068-bedroom apartment complex located near the University of South Florida was built in 2001. The property was roughly 98% occupied at the time of the sale.
The Lutz complex was the last of five student housing complexes Excelsior LaSalle and LaSalle U.S. Holdings purchased in portfolio from St. Augustine-based FortGroup Development Corp. for a total of $148.5 million. The total portfolio featured 1,524 units equal to 4,477 beds. The other four properties include the 504-unit Cabana Beach in Gainesville; 276-unit Cabana Beach in San Marcos, Texas; 192-unit Campus Lodge in Columbia, Mo.; and 240-unit Lodge of Athens in Athens, Ga.
Dorothy Jackman of Marcus & Millichap Real Estate Investment Services in Tampa and Peter Katz of Marcus & Millichap in Phoenix handled the portfolio sale.
Jackman says the closing of the Lutz property was likely delayed because of a loan assumption associated with the sale.
Sterling University Housing
redevelops University Pointe
BUYER: Sterling USF LP (principals: Jack, T.H. and Brian Dinerstein and Tom and John Caltagirone), Houston
SELLER: Pointe Investments Tampa LLC
PROPERTY: 13725 Plaza Court, Tampa
PRICE: $11.15 million
PREVIOUS PRICE: $20.1 million, May 2006 (includes additional property)
LAW FIRM ON DEED: Carlos M. Machado PA, Coral Gables
PLANS, DESCRIPTION: Sterling University Housing, a sub-company of Houston-based The Dinerstein Cos., purchased the southern half of University Pointe Apartments in Tampa for $11.15 million.
The new ownership is demolishing the existing buildings on the 10-acre site and plans to develop a four-story complex of buildings containing about 740 beds. The new apartment development, which will have roughly 200 units, will feature Sterling University in its name.
The development, which will feature three- and four-bedroom units, is scheduled to open by August 2009.
"We're very excited to be doing a deal associated with the University of South Florida," says Brian Dinerstein, principal of The Dinerstein Cos. "It has great students and demographics, and I love the proximity to campus."
Sterling University Housing, which specializes in building and managing off-campus student housing, has built 48 developments in 26 states.
Sterling USF LP mortgaged the property to JP Morgan Chase Bank for $29.05 million.
Meanwhile, The Dinerstein Cos. are currently still in the permitting process to develop a 390-unit apartment complex on 5.7 acres of vacant land in the Westshore area north Interstate 275 and west of the Dale Mabry Highway in Tampa.
"We're shooting for that to be done in the first quarter of 2010," Dinerstein says.
Etc...
• Sage Software, a software and services provider, has renewed and expanded its lease agreement at the Baker Building in Baypoint Commerce Center. Sage Software will occupy a total of more than 60,000 square feet by early 2010. Sage Software has been a tenant in the Baker Building since June 1998, when it leased 31,000 square feet. The company's new 10-year lease renewal will start on Jan. 1.
Formerly the Koger Center, Baypoint Commerce Center is a 700,000-square-foot, 15-building office park with suites available from 150 to 20,000 square feet. The Baker Building, located at 888 Executive Center Drive in St. Petersburg, totals more than 73,000 square feet of office space. Taylor & Mathis is the exclusive leasing and management company for Baypoint Commerce Center.
SARASOTA-MANATEE
IHOP franchise holder
converts Venice Durango
BUYER: Sunshine Realty Partners LP (Sunshine Restaurant Holdings LLC), North Miami Beach
SELLER: Durango Real Estate Venice Inc.
PROPERTY: 4353 S. Tamiami Trail, Venice
PRICE: $1.75 million
PREVIOUS PRICE: $450,000, October 1998
LAW FIRM ON DEED: Lowndes Drosdick Doster Kantor & Reed PA, Orlando
PLANS, DESCRIPTION: Sunshine Restaurant Partners LLC, an affiliate of Atlanta-based Argonne Capital Group LLC, purchased a 4,900-square-foot Durango Steakhouse on U.S. 41 in Venice for $1.75 million.
"We're planning to covert it into an IHOP," says Karl Jaeger, managing director at Argonne Capital. "We're looking to expand and grow the IHOP brand."
Last year, Sunshine Restaurant Partners purchased the operations and development rights for IHOP throughout Florida and a portion of Georgia from FMS Management Systems.
The new ownership plans to renovate the property and open towards the end of June.
"It's not too tough of a conversion on the inside from our perspective," says Dan Enea, executive vice president for Sunshine Restaurant Partners. "The building was in really good shape. We've wanted to get into Venice for a while now. There aren't a lot of IHOPs between Fort Myers and Sarasota. Part of our strategy is to grow to fill in those holes."
Sunshine Restaurant Partners averages eight new stores in Florida a year.
Re/Max Alliance Group
named state's top
Re/Max Alliance Group has been named the top Re/Max brokerage in Florida after generating the highest total office volume and total transactions in 2007.
The firm had 3,280 transactions for the year. Re/Max Alliance Group is a full-service real estate brokerage with 10 offices and 400 agents covering Manatee, Sarasota and Charlotte counties.
Re/Max Alliance was formed earlier this year after Re/Max Properties and Re/Max Gulfstream Realty announced plans to merge companies. Tim and Judy Crowley founded Re/Max Properties in 1989. David Coupland and Ron Travis started Re/Max Gulfstream Realty in 1992. Peter Crowley, former president of Re/Max Properties, because president of the joint firm.
"This award is a direct result of the strength of our sales associates and their ability to shine in any kind of market" Crowley, said in a press release. "We are fortunate to have such a wonderful team of associates."
NY message therapist
buys small Cortez center
BUYER: Criscay Management Corp. aka Criscay Realty Inc. (principal: Glenn Gallo), Lynbrook, N.Y.
SELLER: J&G Management LLC
PROPERTY: 7004-7026 W. Cortez Road, Bradenton
PRICE: $1.7 million
PREVIOUS PRICE: $1.1 million, July 2003
LAW FIRM ON DEED: Barnes Walker Title Inc., Bradenton
PLANS, DESCRIPTION: Criscay Management Corp., a company headed by massage therapist Glen Gallo of Lynbrook, N.Y., and now part of the Gallo Mester Chiropractic Office in Bradenton, purchased a 13,500-square-foot retail center on Cortez Road for $1.7 million. Gallo Mester Chiropractic occupies unit 7018 Cortez Road in the center. Gallo did not return calls for comment prior to publication.
Criscay Management Corp. mortgaged the center to Regions Bank for $1.1 million.
Etc...
• Core Construction Services Southeast Inc. will start work in the next 30 days on two major renovation projects in Bradenton and Gainesville. The firm was awarded a more than $4 million contract to renovate DeSoto Towers, an assisted living facility in Bradenton.
Work on that development will include upgrading mechanical systems with new energy-efficient equipment and installing hurricane-proof windows.
Core Construction was also recently awarded a contract to provide additions and renovations at a 60,000-square-foot senior center in Gainesville.
Lee-Collier
Fort Myers fund buys Coral Lakes homes
BUYER: Universal Venture Fund LLC (principal: O.J. Buigas), Fort Myers
SELLER: Tousa Homes Florida LP successor by merger to EH/Transeastern LLC
PROPERTY: various lots in Coral Lakes, phase D and tract 3, Cape Coral
PRICE: $13.5 million
LAW FIRM ON DEED: Greenberg Traurig PA, West Palm Beach
PLANS, DESCRIPTION: A fund, headed by O.J. Buigas of the Fort Myers-based private equity investment firm Private Equity Group LLC, purchased 116 completed homes in Coral Lakes from Engle Homes parent Tousa Inc. for $13.5 million or an average of $116,379 per home.
Tousa, which is also known as Technical Olympic USA, filed for Chapter 11 bankruptcy protection in January. The purchase included 82 single-family homes and 34 town houses.
Buigas retained real estate broker Denny Grimes of Denny Grimes & Co. to remarket the properties for significantly less than they had previously been listed for.
"We originally started pricing them at in $80,000s for townhomes to the low $200,000s," Grimes says. "Before the prices tended to run from $130,000 to $450,000s. We sold 90 homes in five days. These were homes at a compelling price that people couldn't say no to. We had 50 people in the sales center, and we [hadn't] even run an ad yet."
The new ownership had planned to sell off the properties in 30 days or less, but Grimes says no one anticipated the buyer demand the liquidation prices sparked. As of March 26, 91 of the 116 properties had been sold and the sole remaining product line was a group of four-bedroom homes priced from the $190,000s.
"That part of Cape Coral is generally considered upscale," Grimes says. "This just shows that it's not that buyers are being elusive. They've been right where the sellers left them waiting for some rational value."
Coral Lakes is a 580-acre gated community that features an indoor pool, 72,000-square-foot clubhouse, sports complex and 15 lakes.
Developer Deltona Corp.
buys 112 Cape Coral lots
BUYER: The Deltona Corp., Ocala
SELLER: Contrarian Equities LLC
PROPERTY: 2917 and 2916 N.W. 24th Ave., 2125 N.W. 27th St., 406 EL Dorado Blvd. N., 500 N.W. Third Lane, 2521 S.W. First Terrace, 3004 S.W. 10th Place, 3700 N.E. 14th Place and 916 N.E., Ninth Terrace and additional lots, Cape Coral
PRICE: $1.79 million
TITLE FIRM ON DEED: Exceptional Title & Escrow Services LLC, Port Charlotte
PLANS, DESCRIPTION: Ocala-based residential developer The Deltona Corp. continued its bet that buying in Cape Coral now will position the company well for the future uptick in residential demand.
The company purchased 112 home lots in Cape Coral from Contrarian Equities LLC for $1.79 million or an average of $15,982 per lot. The average price proved a considerable discount compared to what Deltona paid for 812 lots in Cape Coral just four months ago. In November the developer paid $16.24 million for 812 parcels from K. Hovnanian First Homes, a price that equates to $20,000 a lot.
"Everything that we are buying right now is priced rather low," says Beth Fisher, manager of the Marion Oaks office of Deltona Corp. "We aren't planning to develop any of it at this time. We're just getting ready for the market to turn around so we're already in the right place when its that right time."
The Deltona Corp. previously developed Deltona Lakes, Spring Hill, Citrus Springs, St. Augustine Shores, Marco Island, Pine Ridge, Seminole Woods, Tierra Verde and Sunny Hills.
John Bowman Inc. buys flex building
BUYER: Owen Avenue LLC (principal: John Bowman), Naples
SELLER: Reynaert Management Group Inc.
PROPERTY: 508 Owen Ave. N., Lehigh Acres
PRICE: $1.7 million
PREVIOUS PRICE: $220,000, January 2005
LAW FIRM ON DEED: Duncan & Associates PA, Fort Myers
PLANS, DESCRIPTION: Naples-based John Bowman Inc./Bowman Equipment purchased a12,000-square-foot flex building in Westgate Industrial Park for $1.7 million.
The company specializes in steel fabrication and erection and currently operates from 6201 Lee Ann Lane.
Calls to John Bowman Inc. were not returned prior to publication.
The recently constructed building features 8,000 square feet of warehouse space and 2,000 square feet of office space on the first floor and another 2,000 square feet of office or showroom space on the second level, according to marketing material for the property.
The purchase entity Owen Avenue LLC took out a $1.87 million mortgage with Fifth Third Bank and two $50,000 mortgages with Douglas Vincent Reynaert and Repco Development Inc.
Etc...
• The Capital Grille will occupy an 8,000-square-foot freestanding building in the Naples lifestyle center development The Mercato. Located on 53 acres at the intersection of U.S. 41 N. and Vanderbilt Beach Road, The Mercato is scheduled to open in early 2009. The project is a joint venture of The Lutgert Cos. and the Barron Collier Cos. of Naples.
• Partners Pete Emidy and Chris Eichhorn have opened Econ Inc., a commercial general contracting company, in Bonita Springs. Emidy will be president of the firm and Eichhorn, vice president of construction. The company will offer complete building services from budgeting to project coordination and owner counsel.
• Stevens Construction Inc. completed the interior build-out of Azul Cosmetic Surgery and Medical Spa in Bonita Springs, a practice of Dr. Patrick Flaharty. Stevens Construction also built the Azul Cosmetic Surgery and Medical Spa's main office and the St. Mark's Ambulatory Surgical Center, Fort Myers.
• Farmboy Fabrications LLC leased 3,000 square feet of flex space at 6220 Topaz Court, Fort Myers from Darius Cochran. Debbie Swain of Coldwell Banker Commercial NRT and Darius Cochran of the Re/Max Realty Team handled the transaction.
• Fort Myers-based J.L. Wallace Inc. has begun construction on the clubhouse at Heritage Bay, a new community at 10188 Heritage Bay Blvd. in Naples. The 37,380-square-foot, two-story clubhouse will include a full-service restaurant, several saunas, a golf pro shop, golf bag storage, card room, bar and grill area and a second-story balcony overlooking the golf course. Titsch and Associates provided architectural design services for the clubhouse.
• Gates Special Projects Division has completed the 14,172-square-foot interior demolition and remodel at the Richard Milburn Academy, a charter high school on Evans Avenue in Fort Myers. The building was completely renovated to include classrooms, a cafeteria, administrative offices, and restrooms. The remodel also included upgrades to the mechanical, electrical and plumbing systems as well as a new fire sprinkler system. Architecture Inc. of Fort Myers designed the project.
• Brooks & Freund has begun construction on two commercial buildings at Alico Lakes Village located on Interstate Commerce Drive near the intersection of Interstate 75 and Alico Road in Estero. The first building is two-story, 47,840 square feet and the second building is 10,030 square feet. The buildings are mixed use and will house office, retail and restaurant space. Southwest Florida Investment Group LLC is the developer for the complex. Ledy Design Group provided architectural design services. Construction is scheduled to be complete in July.
• Construction on the clubhouse at Somerset, a new community within The Plantation, is now complete. Gora/McGahey Associates in Architecture designed the 30,000-square-foot clubhouse. It features a dining room and lounge, men's and women's lockers, billiard/card room, pro shop, cart storage and meeting rooms, as well as offices for golf operations and administration.
• Brooks & Freund has begun construction on a golf maintenance building that serves the Centex community of The Plantation-Somerset located just east of Interstate 75 at Daniels Road. The 9,600-square-foot golf maintenance facility also includes two golf shelters and a bag drop area.
• Owen-Ames-Kimball Co. has completed construction of the office park infrastructure and the first office building at the Forum Corporate Park. The 60,000-square-foot, three-story building, designed by the architectural firm of Cooper Carry, is the first phase of what is expected to be a six-phase, multi-building complex on a 39-acre site. Atlanta-based developer Songy Partners LLC is developing the complex. The park is southeast of the Interstate-75 interchange at State Road 82.
• McGarvey Development has completed construction of Ad Systems' new corporate headquarters at 14580 Global Parkway in the International Commerce Park. The two-story building features 37,344 square feet of flex space that will be occupied by Ad Systems and Lamar.
• Gulfcoast Furniture Installation Inc. leased 4,000 square feet of office/warehouse space at 5500 Division Drive, Fort Myers from William P. McMahon Revocable Living Trust. Todd Holman and John Kremski, CCIM of Gates D'Alessandro & Woodyard negotiated the transaction.
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