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Business Observer Friday, Feb. 8, 2008 12 years ago

Commercial Real Estate Briefs

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Shaw Development moves to Lee CountyBrauvin Real Estate buys Lehigh dialysis centerdurpos Buyhomebuilder's officeBoston, Sarasota investors buy Waldemere PlazaCalifornia company, othersbuy Manatee Town CenterSarasota investors buy, lease Center CourtPrudential, CLW buy Tampa buildingsHallandale investor buys Skipper PalmsAtria Senior Living buys Baypoint Village

Commercial Real Estate Briefs

by Sean Roth | Real Estate Editor

LEE-COLLIER

Shaw Development moves to Lee County

BUYER: Shaw Aero Realty Corp., Naples

SELLER: Noland Properties Inc.

PROPERTY: 25190 Bernwood Drive, Bonita Springs

PRICE: $6.33 million

PREVIOUS PRICE: $1.4 million, February 2001

TITLE FIRM ON DEED: Fidelity National Title, Bonita Springs

PLANS, DESCRIPTION: Shaw Aero Realty Corp. purchased a 50,665-square-foot building on six acres in the Bernwood Business Park from Noland Properties for $6.33 million.

The building was acquired to house Shaw Development, a formerly Naples-based fuel-system manufacturer focused on ground-based vehicles. The company does work for John Deere, Caterpillar and the U.S. military.

The new purchase follows Cleveland, Ohio-based Parker Hannifin Corp.'s acquisition of Shaw Development's sister company, aeronautics-equipment manufacturer Shaw Aero Devices, in November and the sale in December of Shaw Aero Devices existing Shaw Boulevard headquarters, which also housed Shaw Development in 27,000 square feet.

"Our next step is to properly plan the site for the future," says Kevin Hawkesworth, president and CEO. "Things have been tight for a while so now we are looking to stretch a little bit...add some capabilities such as expanding our testing.

"We're expecting to do quite a bit of rehab to the building. It's really a big warehouse box. The facility needs air-conditioning. We want to take this time to revaluate our workflow. We want to design the building around what is best for our type of growth not just based on what we've done in the past."

Another big attraction for the company was the ability to expand the building on the site to about 72,000 square feet.

Shaw Development's average growth rate is 20% and it currently employs 75.

Randal Mercer of CB Richard Ellis, Fort Myers-Naples handled the transaction.

Brauvin Real Estate

buys Lehigh dialysis center

BUYER: Brauvin Net Capital LLC, Chicago

SELLER: Westminster West Florida LLC

PROPERTY: 301 Elva Ave. N., Lehigh Acres

PRICE: $1.22 million

PREVIOUS PRICE: $856,000, May 2002

LAW FIRM ON DEED: Quarles & Brady LLP, Naples

PLANS, DESCRIPTION: Chicago real estate investment firm Brauvin Real Estate purchased a 5,400-square-foot medical office building on Elva Avenue in Lehigh Acres for $1.22 million.

"It's operated as a dialysis center," says John Siragusa, asset manager for Brauvin Real Estate. "It was purchased with the lease in place."

Brauvin, which houses a number of REITs, finances sale/leaseback purchases for primarily retail property. As of 2007, the company had acquired more than 200 net lease properties in 32 states.

durpos Buy

homebuilder's office

BUYER: Clark Durpo Jr. and Clark Durpo Sr., Sanibel

SELLER: Development Cape Coral LLC

PROPERTY: 1707 Cape Coral Parkway, Cape Coral

PRICE: $1.75 million

PREVIOUS PRICE: $700,000

LAW FIRM ON DEED: Law Offices of Kent A. Skrivan PLLC, Naples

PLANS, DESCRIPTION: Greensboro, Ga., property owners Clark "Chip" Durpo Jr. and Clark Durpo Sr., continue to move their holdings to the Lee County market.

The Durpos purchased an 8,582 square-foot office building on Cape Coral Parkway between 17th Avenue and 47th Street for $1.75 million. The building is currently leased to David Weekley Homes, but the homebuilder is in the last year of its lease.

"We would certainly prefer to keep the current tenant, but I have uses for the building if I have to do something else with it," says "Chip" Durpo Jr.

"We liked the location and the frontage. It was also one of the largest tracts in that area," he said. "But the real push for me was a 1031 Exchange for some of our holdings [in Georgia]. Another thing that makes that an attractive building is that its prime for redevelopment. We could probably build a 55,000-square-foot building there with road frontage on three sides."

The father-son ownership team started diversifying into the Cape Coral-Sanibel-Fort Myers market after acquiring its first local property, a shopping center in Sanibel, several years ago. The proceeds from that shopping center eventually led to the Durpos most prominent acquisition, the 18-hole former Bay Beach Golf Club now known as the Fort Myers Beach Golf Club. The Durpos also own Chip's Sanibel Steakhouse and have rented space for an upscale restaurant, 850 Lafayette, at 850 Lafayette in Cape Coral.

The Durpos mortgaged the property to Piedmont Community Bank for $1.54 million.

Jim Garinger, Andrew Falde, Karen Johnson-Crowther and Lindsey Schmoyer of Colliers Arnold represented the seller. Dave Ramage of Re/Max represented the buyer.

Etc...

• Compass Construction, Inc. was selected by the City of Fort Myers to build phase I of Trailhead Park. The project will break ground in early February and calls for 2.72 acres of wooded land to be cleared to make room for three covered picnic pavilions, restroom facilities, a children's playground area, an exercise area, lighted parking areas and a shell walking path. Located near Verconia Shoemaker Blvd. and Winkler Avenue, the facility is scheduled to be completed in July.

• McGarvey Development has completed construction of the first of four office buildings at Eastlinks Business Park at 12550 Professional Park Drive in the Gateway area of south Fort Myers. The building features a total of 30,000 square feet of office space. Three additional office buildings are planned for a total of 174,000 square feet of space. In addition, the Eastlinks Business Park will feature three industrial/flex buildings with 173,000 square feet of space.

• Professional Building Systems has completed the Ave Maria University's Bookstore, at La Piazza in the town center. Designed by OMS Architecture, the 4,000-square-foot store is nearly twice the size of its previous temporary location. Professional Building Systems completed the construction in less than three months.

Currently, the firm is building EPN Urgent Care, Cilantro Tamales, Beckner Jewelry and Island Bike Shop.

• Fort Myers-based J.L. Wallace Inc. has been awarded a contract to build two 13,000-square-foot buildings for Sportboats Marine Inc., a marine retailer at 11250 Summerlin Square Drive in Fort Myers. Sportboats Marine will use one building for boat displays and sales and the second for service and a canvas shop. Construction is expected to start in early this year with completion in September.

• Vernon Halverson and Cindy Carfore purchased an 8,250-square-foot building at 11615 Chitwood Dr., Fort Myers from Robert Rockwell for $746,000. Doug Steele and Honorà Jacobus of Gates, D'Alessandro & Woodyard handled the transaction.

• Flor Services Corp. purchased a 3,008-square-foot office/warehouse space at 5651 Halifax Ave., Fort Myers from Carla Benton for $350,000. John Kremski Todd Holman and Thomas E. Woodyard of Gates D'Alessandro & Woodyard negotiating the transaction.

• The Fort Myers division of Orlando-based Tri-City Electrical Contractors Inc. has started on $2.7-million worth of work on a new 89,394-square-foot Immokalee Career Center in Naples through a contract with Kraft Construction. The project consists of two one-story buildings, a three-story classroom building and a new chiller plant building. Completion is scheduled for October 2008.

SARASOTA-MANATEE

Boston, Sarasota investors buy Waldemere Plaza

Land Tenant: Waldemere Ventures LLC (principals: Brad Lerner, Paul Marcus and Jonathan Davis), Sarasota

Landlord: Sarasota County Public Hospital Board

PROPERTY: 1921 Waldemere St., Sarasota

PRICE: $22.27 million

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

PLANS, DESCRIPTION: Boston-based Davis Marcus Partners and Waldemere Plaza Associates LLC, an investment group made up of Sarasota physicians and headed by Dr. Brad Lerner of LernerCohen Healthcare, purchased the eight-story 150,000-square-foot Waldemere Medical Plaza and a 99-year land lease from the Sarasota County Public Hospital Board for $22.27 million.

Waldemere Medical Plaza, which is located on the Sarasota Memorial Hospital campus and is connected to the hospital through an enclosed walkway, was built in 1990.

The purchase/lease puts an end to a request for proposal process that began in 2006.

The RFP required proposals to create a business plan for the building that would both pay the hospital district full fair market value for its land lease while at the same time involving the building's existing tenant physician groups in the building ownership.

Even with all the requirements, the building made sense, according to Mark Stroud, president of Davis Marcus' Florida Region, because of the quality of the property.

"There's a certain comfort level of having a good long-term investment like this," Stroud says. "It's in overall good shape. We've budgeted $2.5 to $3 million to replace the common areas, do some exterior renovations and roof repairs and to make other building equipment repairs, such as to the elevator systems. So in the next six to eight months, this will essentially be a brand new building."

Stroud is marketing the vacant tenant space in the range of $22 a square foot, triple net.

Davis Marcus Partners hasn't done a lot in Florida so far, according to Stroud. The company has amassed slightly more than 300,000 square feet, principally in the Naples market. But the company has plans to buy more.

"I'd love to add more than a million to two million square feet over the next five years," Stroud says.

Davis Marcus Partners currently owns more than five million square feet of office, medical office, retail and industrial properties and is developing another $250-million worth.

California company, others

buy Manatee Town Center

BUYER: EJ-Manatee LLC (45.3609% interest), Rebuild Manatee LLC (5.1546%), Kinninger-Manatee LLC (19.8969%), Peck-Manatee LLC (10.1031%) and ML-Manatee LLC (19.4845%),

SELLER: Manatee Town Center Inc.

PROPERTY: 5101, 5209, 5153, 5121, 5201, 5207, 5261, 5257, 5253, 5249, 5245, 5237, 5233, 5229, 5225, 5221, 5217, 5213, 5205, 5177, 5173, 5169, 5161, 5157, 5149, 5145, 5141, 5137, 5133, 5129, 5125, 5117, 5113, 5109, 5105 and 5101 E. 33rd St., Bradenton

PRICE: $9.8 million

PROPERTY: a portion of East 33rd Street, Bradenton

PRICE: $450,000

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

PLANS, DESCRIPTION: Several investors and tenants in common (TICs) joined with Joseph Mogel of Manhattan Beach, Calif.'s EJ-Manatee LLC to purchase Manatee Town Center in Bradenton for $10.25 million or $122.48 a square foot.

Built in 1990, the 80,013-square-foot Manatee Town Center is anchored by a 45,780-square-foot Sweetbay grocery store and also houses a 4,200-square-foot Blockbuster, a 6,720-square-foot Dollar General, a 7,500-square-foot Education Time, a 2,200-square-foot The Recipe Box and a 1,413-square-foot #1 China Kitchen. The purchase also included an additional 3.2 acres of vacant land on the north end of the property.

David Wells of the Wells Retail Group of Marcus and Millichap's Tampa office handled the transaction.

Wells says the deal has been in the works since June when the subprime capitol problems nearly killed it. In a short period of time, EJ-Manatee's mortgage loan interest rate rose 0.75 points and the loan to value available was severely reduced.

"Eventually the priced had be adjusted to compensate for the loan," Wells says.

The same California majority buyer went by EJ Partners to buy the 80,599-square-foot Twelve Oaks Plaza shopping center in Bradenton for $11.2 million in late 2006.

Martin Ensbury, president of ML Commercial Properties Inc. in Manhattan Beach, Calif., assisted Mogel in finding additional investors for the purchase and is himself a member of the ownership group.

Sarasota investors

buy, lease Center Court

BUYER: R&J Center Court LLC (principals: Robert and Jane Waechter), Sarasota

SELLER: James Keller as trustee of the Florida Land Trust #Kell-1

PROPERTY: 233 Center Court, Venice

PRICE: $1.9 million

PREVIOUS PRICE: $1.5 million

LAW FIRM ON DEED: Livingston Patterson Strickland & Siegel PA, Sarasota

PLANS, DESCRIPTION: Robert and Jane Waechter of Sarasota purchased a 28,000-square-foot storefront/warehouse in Venice west of the extension of Center Road for $1.9 million. The building has 24 unit spaces and is currently 90% occupied.

"We're planning to clean it up and put the vacant space back on the market," Robert Waechter says. "We only have one vacancy right now and one potential vacancy." The property is being marketed for $9 a square foot.

Waechter says the building was well maintained, however, he does plans to make some cosmetic improvements.

"I'm optimistic that we are in a temporary slump and that this property is posed to benefit from an upturn in the real estate market," Waechter says.

R&J Center Court LLC mortgaged the building to Insignia Bank for $1.52 million and took out a second mortgage for $150,000 from the former owner Florida Land Trust #Kell-1.

Etc...

• Travis Merck leased 3,818 square feet of retail space in 3703 N. Washington Blvd., Sarasota from 3703 N. Washington LLC for two years. Anthony Migliore of Coldwell Banker Commercial NRT represented both sides of the transactions.

TAMPA BAY

Prudential, CLW

buy Tampa buildings

BUYER: WCOT Thompson & Benjamin LLC (Prudential Real Estate Investors), Atlanta

SELLER: King's Park II LLC

PROPERTY: 5411 and 5505 Johns Road and 5602 Thompson Center Court, Tampa

PRICE: $7.13 million

PREVIOUS PRICE: $6.1 million, December 2005 and $480,000, December 1997 and $1.61 million, January 2006

LAW FIRM ON DEED: Alston & Bird LLP, Chicago

PLANS, DESCRIPTION: An investment group made up of Tampa's CLW Real Estate Services Group and majority owned by Prudential Realty Advisors purchased two 30,000-square-foot buildings and a 15,000-square-foot building in Thompson Center II for $7.13 million.

The two single-story Johns Road flex buildings are dock-high and the 15,000-square-foot Thompson Center Court building is at grade level.

In September, WCOT Thompson & Benjamin purchased the seven-building Thompson Center on Benjamin Road and five buildings in the nearby Benjamin Center development for $47 million.

"This adds 75,000 square feet to our portfolio," says Ross Kirk, managing member of CLW Industrial Group. "That brings our total to 565,000 square feet in a submarket of Tampa that we believe is very strong. Being able to acquire 15 buildings in this submarket in about a year's time in the face of this level of competition is something I am very pleased with."

The officers of CLW Real Estate Services Group have a strong connection to the buildings the group has acquired. Kirk was formerly a partner in Thompson Kirk Properties, which developed, built and managed Thompson Center II. Kirk was also part of the group that developed the original Thompson Center. CLW's Lou Varsames formerly worked for Towermarc, the developer of Benjamin Center.

Hallandale investor

buys Skipper Palms

BUYER: Skipper Palms Plaza LLC (Shaul Rikman), Hallandale

SELLER: Uirt Skipper Palms LLC

PROPERTY: 2526 E. Skipper Road and 2598 E. Bearss Ave., Tampa

PRICE: $8 million

PREVIOUS PRICE: $3.7 million, February 2000 and $750,000, May 1999

LAW FIRM ON DEED: Alan J. Marcus Esq., Aventura

PLANS, DESCRIPTION: An investment group headed by Shaul Rikman, manager of Hallandale-based Isram Realty & Management Inc., purchased Skipper Palms Shopping Center for $8 million.

Skipper Palms Shopping Center is an 86,355-square-foot, Winn-Dixie anchored strip center at the intersection of East Bearss Avenue and Livingston Avenue.

Rikman did not return calls for comment.

The real estate research firm CoStar Group reports the center is 95.1% occupied. A marketing circular for the property says the center houses a Palm Dry Cleaners, Rent-Way Inc., Super Dollar Store, Jackson Hewitt Tax Service, Ace Cash Express, Liquor Depot, Elite Nails, Fantastic Sam's, Quick Linq Communication, China Wok and M.A.B. Paints & Coatings and Checkers and Sonic outparcels.

The purchase entity Skipper Palms Plaza LLC mortgaged the Skipper Palms to Israel Discount Bank of New York for $5.76 million.

Atria Senior Living

buys Baypoint Village

BUYER: Atria Baypoint Village LLC, Louisville, Ky.

SELLER: Nationwide Health Properties Inc.

PROPERTY: 7927 State Road 52 and vacant commercial land, Hudson

PRICE: $18.5 million

TITLE FIRM ON DEED: Fidelity National Title.

PLANS, DESCRIPTION: Louisville, Ky.-based Atria Senior Living Group purchased the Atria Baypoint Village retirement community from Newport Beach, Calif.-based Nationwide Health Properties Inc. for $18.5 million.

Atria Senior Living Group has operated and managed Atria Baypoint Village since Atria's merger with a sister company, ARV Assisted Living, in 2003. Both companies were subsidiaries of Prometheus Assisted Living LLC. Atria Baypoint Village has 232 apartment units, which range from 300 to 800 square feet, and houses about 230 residents. Atria Baypoint Village features a swimming pool, jacuzzi, ice cream parlor and game room.

Officials with Atria Senior Living Group say the company has no immediate plans to change the property.

Atria Senior Living Group is the third largest retirement/assisted-living service provider in the United States employing about 8,000 people. The company owns or operates more than 130 communities in 27 states.

The purchase entity Atria Baypoint Village LLC mortgaged the property to Red Mortgage Capital for $18.5 million.

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