Commercial Real Estate Briefs

By Business Observer Staff
| 6:00 p.m. August 31, 2007
| 2 Free Articles Remaining!

Charlotte–Lee–Collier

by Sean Roth | Real Estate Editor

LEE-COLLIER

Miami family buys Seville Apartments

BUYER: ICM Seville LLC (principals: Eduardo Rodriguez and Armando Montero), Coconut Grove

SELLER: Seville Apartments of Ft. Myers LLC

PROPERTY: 7330-7371 Pinnacle Pines Drive, Fort Myers

PRICE: $4.2 million

PREVIOUS PRICE: $3.6 million, May 2004

LAW FIRM ON DEED: Sheppard Brett Hersch Kinsey & Hill PA, Fort Myers

PLANS, DESCRIPTION: A Miami-area family, operating as ICM Seville LLC, purchased the 60-unit Seville Apartments complex from Benjamin Boatright for $4.2 million.

Darron Kattan, Andrew Wright and Francesco Carriera of Marcus & Millichap in Tampa, and John Garner of the in San Diego office represented the seller. Andrew Bethke of Marcus Millichap's Miami office represented the buyer.

"The new owner is going to have to reposition about 10 vacant units," Kattan says. "It has a very low cap rate right off the bat, but once it's stabilized, it should have about a 7% cap. They need to make management improvements."

The property isn't expected to need many physical improvements in the near future, according to Kattan.

The same family also owns the Palm Vista Apartments in Fort Myers.

ICM Seville LLC mortgaged the Seville Apartments to Santa Fe River Co. Limited for $4.2 million.

Investment group plans

Gridley Medical Building

BUYER: Stratton Associates LLC (principal: Dennis Lynch), Naples

SELLER: 12100 East Trail LLC

PROPERTY: 12100 Tamiami Trail E., Naples

PRICE: $2.478 million

PREVIOUS PRICE: $4.34 million, March 2005

LAW FIRM ON DEED: Salvatori & Wood PL, Naples

PLANS, DESCRIPTION: An investment group headed by attorney Dennis Lynch of Naples, purchased 3.67 acres on the south side of Tamiami Trail across from the entrance to Lely Resort and Country Club for $2.48 million as part of an 11-acre acquisition by the group. The 11-acre property adjoins a new office building called the Equestrian Professional Center and continues to Habitat Road, according to Christopher Lynch, a real estate associate with Stratton Associates LLC.

"On the property closest to the Equestrian Professional Center we're planning a 38,000-square-foot, three-story medical building," Lynch says. "It will be the Gridley Medical Building."

He expects the required building approvals to push the start of construction work into mid 2008 for a scheduled completion towards the end of 2008.

"We're going to get that first one up and see where the market falls," Lynch says. "We already have 40% accounted for. We're expecting it will be attractive to doctors who want to use Physicians Regional Hospital. It's becoming an emerging housing market. We're seeing a lot of traffic coming from the Marco area. It's an under-serviced market."

Stratton Associates LLC mortgaged the 3.67 acres to Busey Bank for $1.67 million.

Developer begins work

on Lehigh mixed-use project

Sonny and Rick Johnston's Johnston & Johnston LLC expects to start infrastructure work this week on a 300,000-square-foot mixed-used development on Lee Boulevard east of State Road 82 in Lehigh Acres called Stonewood Crossing. The development sits on 36 acres about five miles from Interstate 75.

Infrastructure work is expected to take four to five months, putting the start of vertical construction around the first the quarter of 2008.

The first building of the development, planned for the northeast corner of the project, is designed to be a two-story 54,000-square-foot flex structure. Following the first building, the development is scheduled to feature 109,750 square feet of office space, 111,300 square feet of inline retail, two stand-alone restaurants, a bank site and a convenience store with gas pumps. The development site plan also offers an option to create a 14,000-square-foot drug store site and/or an 160-room hotel near one of the two planned lakes.

Jim Boback and Chuck Smith of the Boback Commercial Group with Re/Max Realty Group's Commercial Division in Fort Myers are marketing the development.

"Our main asset is location," Bobeck says. "It is in a rapidly developing corridor with frontage on the six-lane Lee Boulevard. We're looking to do leasing and/or build-to-suit arraignments. Any arraignments for a site pad would be a ground lease. They're really going for a downtown village feel of a main commercial corridor."

Bobeck estimates the rental rate for retail space at $20 to $22 range, flex at $10 to $12 and office in the $20 range.

Architecture One in Fort Myers designed the project.

ETC.

• MGME Bonita Springs LLC has purchased 12,397 square feet of office space in Via Del Rey Office Buildings at 3780 and 3800 Via Del Rey, in Bonita Springs from Quinton Grady Revocable Trust for $2.5 million. Scott R. Dunnuck and George B. Atkinson, both of CB Richard Ellis, Fort Myers-Naples represented the buyer, and Premier Properties of Southwest Florida represented the seller.

• Commerce Lakes Partners LLC purchased 5.25 acres in Westbury Industrial Park at 3793 Ironbridge Boulevard, in Fort Myers from Lyndon Investments U.S.A. Inc. for $1.19 million. Robert Johnston and Jerry Messonnier, both of CB Richard Ellis Fort Myers-Naples, brokered the transaction.

• TLTR LLC has purchased 3,086 square feet of industrial space in Veronica Business Park at 4331 Veronica S. Shoemaker Blvd. in Fort Myers from Veronica Business Park LLC for $478,330. Robert Johnston, Jerry Messonnier, and Derek Bornhorst, all of CB Richard Ellis, Fort Myers-Naples brokered the transaction.

• Pump It Up, a children's indoor inflatable private party franchise business, leased 10,991 square feet of industrial space in Veronica Business Park at 4331 Veronica S. Shoemaker Boulevard, in Fort Myers from Veronica Business Park LLC. Robert Johnston, Jerry Messonnier, and Derek Bornhorst, all of CB Richard Ellis, Fort Myers-Naples represented the landlord, and Stephanie Miller of Select Real Estate represented the tenant.

• Old Republic National Title Insurance Co. leased 3,607 square feet of office space at 14260 Metropolis Ave. in Fort Myers from EM Holdings LLC. Randal Mercer of CB Richard Ellis, Fort Myers-Naples represented the landlord, and Paula Buffa of GVA Advantis represented the tenant.

• William Thompson and Jay Gelosi leased 3,250 square feet of retail space in Carolwood Plaza at 11921 Saradrienne Lane, in Bonita Springs from Hovland Real Estate. Glenda Fortune, Larry Foster, Bill Young and Dan O'Berski, all of CB Richard Ellis, Fort Myers-Naples represented the tenant, and Eric Moglevang of Hovland Real Estate represented the landlord.

• Fort Myers-based J.L. Wallace Inc. started construction on the Country Lakes Business Center, an industrial business center at 5701 Country Lakes Drive, Fort Myers. The project includes the construction of two tilt-wall buildings totaling 47,360 square feet. The buildings will offer both office and warehouse space. Construction is scheduled for completion in January 2008.

• Wing City Grille LLC purchased a 6,486-square-foot freestanding restaurant building, at 21331 S. Tamiami Trail, Estero, from Southwest Florida Real Estate Ventures Inc. for $2.75 million. Jim Garinger, CCIM of Colliers Arnold negotiated the transaction.

• Bonita Springs-based Heatherwood Construction was awarded a contract to build Palm Pavilion, an office and warehouse complex at 16558 San Carlos Blvd. in Fort Myers. The two-story, 40,400-square-foot building will have 14 office and warehouse suites on the first floor and 16 office suites on the second floor. Alliance Design Group, PA designed the building.

• Fort Myers-based Eagle Concrete Systems has begun concrete work on the Preferred Community Bank headquarters at 4391 Colonial Blvd., Fort Myers. The two-story headquarters will include 9,000 square feet of retail banking and office space. The structural concrete work is scheduled for completion in September. Architecture Inc. designed the building. Made in Rio is the general contractor.

• Bonita Springs-based Heatherwood Construction has started construction on the Kitson & Partners planning offices at 17841 Murdock Circle in Port Charlotte. Heatherwood will perform the interior build-out of an existing 3,000-square-foot building. Heatherwood constructed all 10 buildings at Murdock Professional Center, including Kitson & Partner's headquarters and the planning offices' shell. Olde McGuire Shook provided interior design services.

• Southwest Florida Lift leased a 7,500-square-foot office/warehouse space at 5681 Division Drive, Fort Myers, from 5681 Division LLC. Brad Henery of Coldwell Banker Commercial NRT and Cliff Wiersma of Market America Realty handled the transaction.

• J.L. Wallace Inc. has completed construction of the 11,200-square-foot Tarpon Springs Plaza Outlot six, a retail-shopping plaza on Tarpon Bay Boulevard in Naples.

• J. D. Cullen International Inc. leased 6,870 square feet of night-club space at 16520 S Tamiami Trail, units 2 and 3, Fort Myers from Island Park LLC. Owen O'Brien of Coldwell Banker Commercial NRT handled the transaction.

• Fort Myers-based Vanasse & Daylor LLP has been awarded a professional consulting service contract for the Summit Lakes residential project in Collier County. The 138-acre property is located on the south side of Immokalee Road, just east of Collier Boulevard. The proposed development will include fee-simple townhome units, a clubhouse, pool, basketball and tennis courts and multiple pocket parks. VanasseDaylor will provide civil engineering, transportation planning and landscape architecture services to the project developer, Waterways Homes of Naples, Florida.

• Gates D'Alessandro & Woodyard LLC has started leasing tenants for the new Lee West Center at 5705 Lee Boulevard in Lehigh Acres. With expected occupancy scheduled for January 2008, the center boasts a total of 30,185 square feet of office or retail space. The property also may potentially house a 20,000-square-foot restaurant.

• Construction has begun on the restoration of the historic The Red Brick Building on the corner of Evans and Martin Luther King, Jr. Boulevard in Fort Myers. The project was started by the City Council to both preserve one the building and at the same time provide needed space for the Public Works Department.

Wright Construction Group will restore the exterior architecture of the building, refurbish the brick and terra cotta, increase the size with a two-story 6,000-square-foot addition and convert it to an alternate Emergency Operations Center. The project also includes a back-up generator, additional parking for city employees and landscaping.

• Stevens Construction Inc. completed construction of the Captiva Provisions, a gourmet deli on the south end of the South Seas Island Resort at 14830 Captiva Drive in Chadwick's Square. Stevens Construction remodeled the interior of the 2,260-square-foot building using high-end finishes, including cherry wood trim, crown molding and porcelain tile flooring. The construction team also built a walk-in cooler and hung decorative lighting fixtures.

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Brooks & Freund has reached the mid-point in construction of phase I at Paseo, a planned 444-acre gated community at the northwest corner of Palomino Lane and Penzance Boulevard in South Fort Myers. Phase I includes 35 casita homes and town home buildings.

The two-story casitas range in size from 1,487 to more than 2,000 square feet and feature two to four bedrooms. The two- and three-story town homes feature attached one- and two-car garages and range in size from 1,432 to more than 2,000 square feet under air. Brooks & Freund will build 123 buildings total in Paseo, a Stock Development community.

Besides the residential offerings, Paseo includes a 26,000-square-foot Village Center featuring a resort island-style pool, a spa, a fitness center, a community movie theatre, a pub, an Internet cafe and a coffee shop and bistro. Architectural Network designed the development Construction is scheduled for completion January 2009.

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Eagle Concrete Systems completed concrete work on the Cape Coral Sports Authority athletic store in the Coral Walk Shops retail center, at 1760 Pine Island Road. Other retail stores in the shopping center include a Staples office supply store, Super Target, Starbucks, Panera Bread, Olive Garden and Chili's restaurant. Additional construction continues on the project. Designed by Phillips Partnership Architects, the 40,228-square-foot building is constructed of steel-reinforced concrete tilt-walls. Keene Construction Co. is the general contractor.

• Dr. Gregory Leach of Logical Investments LLC in Naples has opened the two-story, 28,000 square-foot medical center at 1250 Pine Ridge Road. The center is the new home of Advanced Medical Center on the first floor, with a 2,000 square foot suite on the second floor for Logical Investments LLC. The building still features another 3,676 square feet of medical space and 5,325 square feet of office space. D. Garrett Construction built the center.

• Fort Myers-based J.L. Wallace Inc. has started the renovation and expansion of the National Guard Armory at 3405 Marion St. in Fort Myers. The project includes the renovation of the existing 10,520-square-foot National Guard Armory and a 2,500-square-foot expansion. The expansion will create a new training area, add storage and expand the mechanical and electrical rooms. The bathroom facilities, offices, supply areas and storage rooms will be renovated, and the electrical and plumbing systems will be replaced. In addition, J.L. Wallace will demolish an existing one-story structure east of the armory building and replace it with a new motor pool storage and maintenance bay building. The renovation is schedule for completion in November.

• Stevens Construction Inc. has begun renovation of a 15,000-square-foot office building at 4571 Colonial Blvd. Land Solutions Inc. awarded the construction contract. To allow space for additional tenants, Burt Hill/Pollock Krieg Architects Inc. redesigned the building's interior. Stevens Construction will convert the single existing office into three tenant spaces. Office space is being offered for purchase or lease. The project is scheduled for completion by late summer.

SARASOTA-MANATEE

Tennessee hoteliers overhauling Sleep Inn

BUYER: AP Hotel Management LLC (50%), Bradenton and Rees 610 LLC (50%), Marietta, Ga.

SELLER: Lotus Cleaners LLC

PROPERTY: 900 University Parkway, Sarasota

PRICE: $3.56 million

PREVIOUS PRICE: $3.775 million, September 2006

TITLE FIRM ON DEED: Barnes Walker Title Inc., Bradenton

PLANS, DESCRIPTION: Hoteliers Anna Arun and Arun Patel sold some of their Tennessee hotels and purchased the 80-room Sleep Inn in Sarasota for $3.56 million.

"We're completely renovating it," Arun says. "We're adding new fixtures, bedding and wall coverings. Some of the renovations were done by the prior owner, but we will be completing them. We're also looking at some exterior finishes. The property currently doesn't have an exercise or fitness room so we're looking at adding that and I'm also planning to double the capacity of the breakfast area."

The couple is said to still be evaluating the local market with an eye toward future ventures.

"We still have several other hotels [in Tennessee]," Arun says. "We prefer to concentrate on a single market we know well. So once we get a handle on this market in a year or so we may sell those properties and start looking for other ventures down here."

The new owners plan to target the hotel towards small business and mid-sized corporate travelers.

"We're competing against the Courtyard Marriott and the Hyatt so I think we should be able to position ourselves with a lower price point than them to reach that more budget-conscious traveler," Arun says.

Diablo Performance

moving to Rosemary District

BUYER: Sarasota Capital Appreciation One LLC (principal: Curtiss Cogan), Maitland

SELLER: Lotus USA Inc.

PROPERTY: 1318 10th St., Sarasota

PRICE: $1.95 million and

PREVIOUS PRICE: $500,000, November 2004

LAW FIRM ON DEED: Graham Builder Jones Pratt & Marks LLP, Winter Park

PLANS, DESCRIPTION: Maitland-based Cogan Development LLC purchased the former Ice House, a 17,121-square-foot building in the Rosemary District area of downtown Sarasota, and a nearby vacant parcel for $1.95 million.

The former Ice House building will be the future home of Diablo Performance/Diablo Chop Shop, a custom design, metal fabrication and manufacturing firm for custom motorcycles, that is relocating from Orlando.

"We're going to have to do some exterior and aesthetic improvements, new fencing and some renovations to the parking lot," says Chris Cogan, president of Cogan Development "It's not going to require that much interior work."

Cogan Development is still evaluating its plans for the half-acre vacant lot next door, but Cogan says it is being considered for a possible 10,000-square-foot restaurant.

"We like the Rosemary District because of the future potential from things like the Proscenium and City Place - if they ever happen - and the Broadway Promenade," Cogan says. "More of these things are coming into that area. The big problem is that the Salvation Army needs to police themselves a little better before the immediate area can be revitalized."

City of Sarasota mulls over downtown parking garage

The Sarasota City Commission is considering plans to build the first-ever city-owned parking garage in the downtown on less than a half-acre parcel across First Street from City Hall.

Sarasota city parking manager Bob Kamper and the Downtown Merchants Association hired Tampa-based DKS Associates to determine if a parking garage could be even built on the small site, and the design group came back with three possible designs.

The 184-space project is estimated to cost about $4 million, which could partially come from a fund already set aside to pay for building public parking facilities. The project could also receive funding from a user fee.

At its most recent meeting, city commissions put off any decisions on the project, but asked for information on all three designs in time for its next scheduled meeting on Sept. 4.

Etc...

• The Sandbar Restaurant is renovating its deck. During the renovation the restaurant will offer waterfront dining under its new wedding pavilion. Ed Chiles, of the Chiles Restaurant, expects the construction to take eight to 10 weeks.

• Sarasota-based Willis A. Smith Construction has completed renovations of Southside Elementary School in Sarasota. The renovations included 20 classrooms, an administrative area, conference room, reception area, school clinic, custodial and storage areas. Old ceilings, flooring, lighting and air conditioning were replaced. The entire building was also repainted. In addition, the old courtyard at the center of the historic building complex has been re-landscaped.

• Normandin Enterprises LLC purchased a 8,900-square-foot industrial manufacturing building in the Centre Park Industrial Subdivision, 2206 72nd Drive E., Sarasota, from Keith and Marilyn Goldstein for $975,000. Rico Boeras of Preferred Commercial Inc. represented the buyer.

• Bob Rowe, recently of Rowe-Lechner Structures LLC, is now doing business again as Rowe Structures Inc. in Sarasota. Rowe-Lechner was established two years ago to facilitate the Hacienda Del Mar project in Placida, which is nearing completion. Rowe Structures, a construction company specializing in concrete structures, will celebrate its 25th anniversary in September. Its past projects include Regent Place, Sarabande Tessera, the Heart Center, 1250 Medical Plaza and the Silverstein Institute.

• Prince, a Palmetto-based general contractor, was recently awarded the Florida Transportation Builders' Association's 2007 "Best in Construction" award for the U.S. 41/State Road 45 project in Hernando County. A committee comprised of individuals from the Florida Department of Transportation and the Federal Highway Administration selected the project as the best construction project in the "Urban" category.

The project consisted of widening a 3.2 mile section of U.S. 41 from two to four lanes from Hviezdoslav Street to Powell Road. Construction was completed on October 2006.

• Universal Windows Solutions has broken ground on its new 40,000-square-foot headquarters on Lena Road right off State Road 64, just a mile east of Interstate 75 in Bradenton.

• Sarasota-based brokerage Michael Saunders & Co. announced several leadership and divisional changes designed to enhance its core services. Ann Stickel has been named to the newly-created position of vice president of affiliated services. Stickel, currently the divisional head of MS&C Mortgage, will move up to oversee the new division of affiliated services, which is structured to unify the related services of MS&C Mortgage, MS&C Title and the company's Division of Relocation Services.

Similarly, Beth Ann McFadyen has accepted the position of relocation director, that division's highest ranking position. McFadyen steps into her new position after a successful six-year tenure as the unit's assistant relocation director. Saunders has also created a Division of Luxury Marketing to be headed by Ann Runyon.

TAMPA BAY

Laramar Group buys Clearwater's Bay Park

BUYER: Bay Park Partners LLC (The Laramar Group), Chicago

SELLER: Bay Park LP

PROPERTY: 101 South Old Coachman Road, Clearwater

PRICE: $25.98 million

LAW FIRM ON DEED: Broad and Cassel, Boca Raton

PLANS, DESCRIPTION: Chicago real estate investment and management company The Laramar Group purchased the 228-unit Bay Park at Clearwater Apartments for $26 million. Bay Park's former owner had previously positioned it as a condominium, but as of the sale, none of the units had been sold. The Laramar Group plans to operate the complex as an apartment

Ron Roan, vice president of acquisitions for Laramar's regional office in Palm Beach Gardens, says that the deal was indicative of how buyers still see rental properties as a good income position to gauge the real estate market and the overall economy.

"This targets people that want high-quality living without the risks of the current ownership market," Roan says. "In Florida there is still a wide affordability gap. Plus Pinellas is one of the most built-out counties in Florida."

The former owner had already started doing major renovations to the interiors of the units, including granite countertops and new lighting, which Laramar plans to continue. The company also plans to add an Internet cafe, upgraded entertainment center, further improve the irrigation system and landscaping, repave the parking lot and make external improvements to the exterior. The apartment complex already features tennis courts, a sand volleyball court, picnic areas, ponds, fountains, beaches, a dog run, a heated pool and Jacuzzi, a clubhouse, a theater room and a fitness center.

Aside from the prior improvements, the other net effect of the former condominium conversion business plan is a high vacancy rate of roughly 50%.

"It was a distressed sale; the former owner was having a hard time with the payments," Roan says. We think it was a good price for all parties. We were able to close quickly and gave them what we saw as a very fair price."

The Laramar Group recently opened a new Palm Beach Gardens office to focus on acquiring multi-family properties in Florida. Bay Park was officially purchased through a recently closed $350-million investment fund called the Laramar Multi-Family Value Fund.

"This is the third property in Florida we've closed under the new fund," Roan says. "We have one in Coconut Creek in Broward County, the Hillsborough Bay Club, and we also closed on The Park Baldwin Palms in Orlando. We are still looking throughout the state for opportunities. We still have quite a bit of money to invest from the fund. I would love to find another deal or two in Florida before the end of the year."

Miami Beach apartment owners

acquire Sun Pointe Place

BUYER: Sunpointe Place Holdings LLC (principal: Dorvidor Management Co.), Minneapolis

SELLER: Sun-Pointe Holdings LLC

PROPERTY: 701 East Bay Drive, Largo

PRICE: $8.185 million

LAW FIRM ON DEED: Frank Weinberg & Black PL, Plantation

PLANS, DESCRIPTION: Miami Beach investors Spencer and Vanessa Bartram purchased the 140-unit Sun Pointe Place Apartments in Largo for $8.19 million. Irene Bartrom, president of the management company Minneapolis-based Dorvidor Management Co., says the new owners were attracted to the rental because of its proximity to other properties owned by the Bartrams.

"They already own Gulf Terrace on East Bay Drive, Imperial Village in Seminole and Logarto of Dunedin," says Irene Bartrom. "We believe and have seen the impact of growing the scale in a particular area. Sun Pointe is unusual in that all of its utilities are included in the rent; the units are cooled through a large central chiller system instead of individual AC units. They're also all one-bedroom units so this offers people, who might not otherwise be able to afford it, the opportunity to live on their own without a roommate."

The owners are still evaluating what if any improvements are needed to the facility, according to Bartrom. At the time of its sale, the apartment had a vacancy rate of 3%. Sunpointe Place Holdings LLC mortgaged the complex to Mortgage Electronic Registration Systems Inc. for $6.87 million.

Pebb Enterprises buys Citrus Park outparcel

BUYER: Pebb Enterprises Citrus Park LLC (principals: Paul, Bruce and Eleanor Weiner and Jeffrey and Barbara Rosenberg), Fort Lauderdale

SELLER: Citrus Park Outparcel LLC

PROPERTY: 8506 Citrus Park Drive, Tampa

PRICE: $3.45 million

PREVIOUS PRICE: $675,000, December 2004

LAW FIRM ON DEED: James L. Case PA, Fort Lauderale

PLANS, DESCRIPTION: Fort Lauderdale-based real estate investment firm Pebb Enterprises purchased a 7,966-square-foot outparcel building of the 340,000-square-foot Plaza at Citrus Park for $3.45 million. GameStop Corp. leases the building, which is located across the street from the 1.1-milion-square-foot Westfield Shoppingtown Citrus Park mall, for the company's GameStop and MovieStop stores. The two stores have lease agreements for the outparcel through 2016; a 10% rent increase is allowed in 2011. Based on its current annual rental of $238,980, the purchase equates to a capitalization rate of 6.93%.

"It's hard to find good real estate in front of large regional malls," says Jared Weiner, principal with Pebb Enterprises. "We felt it was a good price. We've traditionally looked for real estate in Broward and Palm Beach, but now we are starting to look at other areas throughout the state, including Tampa. We also typically look for larger tenants or grocery-anchored retail, but the real estate in this deal was so good we couldn't pass it up. "

Weiner says the company is still looking for other properties in high growth areas such as Tampa, Sarasota and New Port Richey.

Etc...

• Einstein Bros. Bagels leased 2,662 square feet of retail space, at U.S. 19 North and East Bay Drive, Largo, from Nineteen and East Bay Retail LLC. Garrett Williams of Colliers Arnold represented the tenant.

• Equant leased 21,665 square feet of office space in Bay Vista Office Park, at 5741 Rio Vista Drive in Clearwater from Bay Vista TIC. Alan Feldshue and Melanie Jackson of Colliers Arnold represented the tenant.

• Passport Marine leased a 3,910-square-foot retail building at the 3433 Tyrone Blvd., St. Petersburg, from Mark LaPrade. Elliott Ross and Chris Bowers of the Ross Realty Group represented the landlord.

• Renaisse Inc. is leasing 4,746- square-feet in Eastlake Centre, at 6213 E. Hillsborough Ave., Tampa. from Orfus East Lake LLC. Broker Patty Malia of the Ross Realty Group represented the lessor.

• Franklin Street Financial has leased a 2,079-square-foot office at Watermark 7, 5420 S. Bay Center, Tampa, from NAIDIP Watermark, LLP. James C. Moler of the Ross Realty Group represented the lessor.

• Cutting Edge Composites LLC leased 2,040 square feet of industrial space in the Kno-Mar Tool Building, 14525 62nd Street N., Clearwater, from Kno-Mar Tool and Mold. Avi Adler of the Ross Realty Group represented the lessor.

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Representatives from Phillips Development & Realty LLC have completed the construction financing for Le Jardin, a 401-unit apartment community in Tampa's Westshore business district. The $69 million financing deal is the second largest in PDR's history. Le Jardin is the company's most fiscally significant project in the Tampa market to date and is proving to be PDR's largest development ever based on the number of units per phase.

Contributing lenders include Fifth Third Bank, US Bank and Compass Bank. Ameritone Properties of Englewood, Colo., a division of Archstone-Smith provided mezzanine funding.

• The Ross Realty Group has been appointed to lease and manage the 165,000-square- foot Cypress Point Office Park. The office park, at Linebaugh and North Dale Mabry Highway in Tampa, features six office buildings and is owned by Tomorrow VIII Cypress LP. The park currently houses more than 100 tenants. The Ross Realty Group Ross Realty agents James Moler and Avi Adler will be in charge of leasing the property.