Commercial Real Estate Briefs

By Business Observer Staff
| 6:00 p.m. December 14, 2007
| 2 Free Articles Remaining!

Charlotte–Lee–Collier

by Sean Roth | Real Estate Editor

LEE-COLLIER

Cameratta buys Cypress Shadows

BUYER: Cypress Shadows Acquisition LLC (principal: Joe Cameratta), Fort Myers

SELLER: Cypress Shadow Development LLC

PROPERTY: 13230 Corkscrew Road and additional land, Estero

PRICE: $28 million

PREVIOUS PRICE: $5.8 million, December 2003

LAW FIRM ON DEED: Bilzin Sumberg Baena Price & Axelrod LLP, Miami

PLANS, DESCRIPTION: Cleveland-based developer Cameratta Properties purchased 500 acres (350 buildable) for the planned Cypress Shadows development in Estero from homebuilder Lennar Corp. for $28 million.

The purchase also included a fully entitled home subdivision, engineering drawings and mitigation credits.

"The next step was the construction work," says Ray Blacksmith, president of Cameratta Properties, "but Lennar was looking to reduce their portfolio of undeveloped land. The location is just fabulous. It's just right down the street from the Miromar Outlets and the Town Center shopping mall. It's a mile from [Interstate] 75. Estero is a tremendous market."

The developer plans to revise the site plan for the development to reduce the overall unit density by 30%. Overall, the developer plans to drop the number of multi-family units from 670 to 200 and increase the number of single-family home lots from 100 to about 320.

"We're going to do more single-family estate lots," Blacksmith says. "We believe that is a clientele that is not impacted by the current market."

Cameratta Properties also plans to eliminate a planned 18-hole golf course from the development plans in favor of a clubhouse with gathering rooms, dinning facilities, several tennis courts, a bowling alley, a spa, pools and meeting space.

The developer, which is also considering changing the name, plans to start construction on the project in late 2008.

Cameratta Properties' purchase entity Cypress Shadows Acquisition LLC, mortgage the property to TIB Bank for $18.2 million.

Northern Trust

expands in Fort Myers

BUYER: Northern Trust NA, Chicago

SELLER: Hadge & Associates LLC

PROPERTY: 7960 Summerlin Lakes Drive, Fort Myers

PRICE: $3.68 million

PREVIOUS PRICE: $2.05 million, February 2005

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

PLANS, DESCRIPTION: Northern Trust purchased 3.25 acres at the corner of Summerlin Lakes and Cypress Lake drives for $3.68 million. The bank plans to develop a two-story, 15,000-square-foot bank building on the site to replace its current 9,000-square-foot office on nearby College Parkway.

"It's not even a mile away, which is one of the reasons we especially liked the site," says Sandy Robinson, president of the Fort Myers office. "We've been in Fort Myers for 15 years in the same facility over that time. Once we get into the new facility, this older one will probably be offered for sale. We just need the space. We have been using any nook and cranny."

The bank is still developing its plans with the goal of breaking ground in early 2008.

Real estate investors buy Naples marinas

BUYER: Capri Marina Partners LLC (principal: Steve Hemberger), Covington Ky.

SELLER: Peggy Huegel

PROPERTY: 278 Capri Blvd., Naples

PRICE: $4.5 million

PREVIOUS PRICE: $55,000, April 1989

LAW FIRM ON DEED: Law office of Jamie B. Greusel, Marco Island

PLANS, DESCRIPTION: Cincinnati-area investors Steve Hemberger, Thomas Hoffman, Robert Coletti and Gordon Rich purchased the 24 wet-slip Snook Bay Marina in Naples for $4.5 million.

Hemberger, a partner with the Covington, Ky.-based retail developer Anchor Properties Inc., already personally owns the adjacent 11 wet-slip Isles of Capri Marina. He and his partners plan to combine and improve the two properties.

Hemberger says the new ownership plans to upgrade the existing docks, access points, landscaping and marina building.

"We're also planning to expand the food service for (the deli) the Capri Cafe," he says.

"We'll continue to run a boat rental business out of there. We'll [also] probably rent out the small office building. We all have homes down there and felt it was a great opportunity because of all the growth in that area of Southwest Florida."

The partners mortgaged Snook Bay Marina to Fifth Third Bank for $1.3 million.

Anchor Properties has developed more than 100 retail developments throughout Ohio, Kentucky, Indiana, Michigan and western Pennsylvania equivalent to more than 2.5 million square feet of retail space.

Etc...

• DebtX, loan sale advisors for commercial debt, has announced plans to sell $26 million in home loans secured by properties in suburban Fort Myers on Dec. 13, 2007. The transaction involves the sale of 100 loans in single-family subdivisions in Cape Coral, Lehigh Acres and Northpoint near Fort Myers. The company says the average FICO score of the borrowers in portfolio being sold is 692, the average loan balance is $261,000 and the average value of the home was $360,000 at funding.

• Orlando-based Tilt-Con Corp. has opened a Fort Myers office at 1325 Lynwood Ave. Tilt-Con focuses on foundations, slab-on-grade and tilt-up concrete wall panels. The company, which also has a Tamarac office in Broward County, has constructed several projects along the Gulf Coast including: the Sarasota II office building; USF Crosley Campus Academic Building in Sarasota; the Hillsborough County School Board's Ancillary Office Facility; Summerfield Crossing Elementary School; Tampa Oaks II office building; and Ring Power's Riverview, Phase II, a Caterpillar equipment dealership.

Tilt-Con reported $90 million in revenue in 2006.

• Fort Myers-based J.L. Wallace Inc. has completed construction of Southwest Capital Bank's new headquarters at 12670 Creekside Lane, Fort Myers. The builder renovated part of the existing office building and converted the approximately 14,000-square-foot first floor into administrative offices for Southwest Capital Bank. The new facility includes a lobby for customer counter service, a three-lane drive-through addition and other finishes.

• Tire Centers LLC leased 11,900 square feet of warehouse space at 5321 Dr. Martin Luther King Jr. Blvd. from Palm Property Management Inc. Todd P. Holman and John Kremski of Gates D'Alessandro & Woodyard Realtors negotiated the transaction.

• C & F Movers Inc. leased 3,000 square feet of office/warehouse space at 3195B Commerce Parkway in North Port. Honorà Jacobus and Steve Wood of Gates D'Alessandro & Woodyard Realtors negotiated the transaction.

• Brooks & Freund completed construction of the Forum Centre Shops at the main entrance to The Forum at Fort Myers, a planned 706-acre mixed-use development. The project included construction of a 21,432-square-foot strip center with 16 tenant spaces. Boca Architect Corp. designed the building.

• Coastal Door & Hardware Inc. leased 7,800 square feet of office/warehouse space at the Alico Industrial Center from Cary B. Collins. Honorà Jacobus of Gates D'Alessandro & Woodyard Realtors negotiated the transaction.

• WP 12610 LLC purchased a 3,954-square-foot office condo suite 1 for: $607,000 and a 1,837-squaer-foot office condo for $268,000 at The World Plaza in Fort Myers from Christopher and Nancy Parker. Steve Wood of Gates D'Alessandro & Woodyard negotiated the transaction.

• Attorney's Title Insurance Fund Inc. leased 9,467 square feet in Fairfax Center II at 4310 Metro Parkway in Fort Myers from Beazer East Inc. Randal L. Mercer of CB Richard Ellis, Fort Myers-Naples represented the landlord, and John Esposito and Chris Harak of Studley Inc. represented the tenant.

• Rotech leased 5,000 square feet in Collier Park of Commerce at 2975 Horseshoe Drive in Naples, from CPOC Realty LLC. Doris Taylor of CB Richard Ellis, Fort Myers-Naples represented the landlord, and the Welsh Cos. Florida represented the tenant.

• Washington Mutual Bank PA leased 4,387 square feet in Fairfax Center II at 4310 Metro Parkway in Fort Myers from Beazer East Inc. Randal L. Mercer of CB Richard Ellis, Fort Myers-Naples represented the landlord, and Sheryl Bisogno of CB Richard Ellis of Irvine, Calif., represented the tenant.

• Adam's Dry Cleaners leased 2,100 square feet of retail space at 10341-10351 Bonita Beach Road, suite 118, Bonita Springs from Quality State Investment LLC. Clint Sherwood of Investment Properties Corp. handled the transaction.

• Holton Holdings of Naples LLC purchased a 3,098-square-foot office building at 8985 Fontana Del Sol Way from Lucky Stars LLC. Craig D. Timmins of Investment Properties Corp. negotiated the transaction.

• Gora McGahey Associates in Architecture has designed phase VI of the Miromar Outlet Mall in Estero. The 90,000-square-foot addition, which will house Last Call by Nieman Marcus, is slated for completion during the first quarter of 2008. The new retail space features fountain courtyards and covered walkways. Last Call by Nieman Marcus will occupy 28,000 square feet of the additional space.

Upon completion of the addition, the Miromar Outlet Mall will have about 630,000 square feet of retail space and 160 shops. CC Turner, General Contractor of Fort Myers is the construction manager.

• Cozmo, The School Inc. leased 6,676 square feet of retail space at 103 Bonita Plaza from Quality State Investment LLC. Patrick Fraley of Investment Properties Corp. negotiated the transaction.

SARASOTA-MANATEE

Arizona company buys mobile home park

BUYER: NHC-FL119 LLC, Scottsdale, Ariz.

SELLER: Southern Pines of Manatee Inc.

PROPERTY: 925 301 Blvd. E., Bradenton

PRICE: $2.93 million

LAW FIRM ON DEED: Gallagher & Kennedy PA, Phoenix, Ariz.

PLANS, DESCRIPTION: Carefree Property Management, a division of Scottsdale, Ariz.-based National Home Communities LLC/National RV Communities LLC, purchased the 10-acre, 107-site Southern Pines Mobile Park in Bradenton for nearly $3 million.

The company doesn't have any immediate plans for changes to the park's facilities, but will be upgrading its management, according to Taylor Kalander, who works for Carefree Property Management in acquisitions.

"It's not a troubled facility, but I know that some of the residents were upset about the way it was being managed," she says. "We will be self managing it. It has a lot of potential."

The company is looking to increase its portfolio of properties particularly in the Tampa area, Zephyrhills, Dade City, Clearwater and Lakeland, Kalander says.

Carefree Property Management and its sister company, Carefree Property Resorts, own 40 RV and mobile home parks.

The company mortgaged the mobile home park to General Electric Capital Corp. for $2.35 million.

Investment group

buys Cattlemen Road building

BUYER: AAP Asset Holdings LLC (principals: Anthony and Laurie Deloach), Sarasota

SELLER: 2031 Corp.

PROPERTY: 1155 Cattlemen Road, Sarasota

PRICE: $2.7 million

LAW FIRM ON DEED: Bowman George Scheb & Toale PA, Sarasota

PLANS, DESCRIPTION: An investment group headed by Anthony Deloach, president and owner of Sarasota's WES Industries, and his wife Laurie purchased an industrial building on Cattlemen Road for $2.7 million. The real estate research firm the CoStar Group describes the industrial/showroom building as 26,239 square feet and says it was built in 1997. Calls to Anthony Deloach were not returned prior to deadline.

Wes Industries manufactures water, wastewater, environmental remediation and contaminated-site cleanup products.

AAP Asset Holdings mortgaged the property to Whitney National Bank for $2.16 million.

Sarasota developer

plans Fairway Grande Hotel

The growing list of hotel projects proposed for the Sarasota and Manatee counties market, hasn't scared off Sarasota developer Robert Morey II's Fairway Grande Hotel development.

Morey says his project, which is still in the pre-application portion of the planning process, calls for 300 hotel rooms and 90,000 square feet of retail and restaurant space for the northeast corner of Fruitville Road and Tamiami Trail - excluding a city owned parcel for a proposed roundabout - in downtown Sarasota.

In January, Morey's Fairway Grande Development LLC purchased the former Nello's building, the 12-unit Holland House apartment building, a home and a vacant lot for $10.7 million from Robert Martin's Sarasota Grand Central LLC.

"Right now we're looking at 18 stories on the portion [near Tamiami Trail] zoned Downtown Bayfront and five-stories on the portion that's Downtown Edge," Morey says. "We probably won't have a site for nine months. Without any inside knowledge of the other project, it's my feeling that we should be able to get in the ground first. We're also planning to create something that is a focal point with something of its own synergies."

Wilson Miller is designing the project. Morey expects to announce a new development partner for the project in the next few weeks.

Etc...

• Sarasota-based Michael Saunders & Co. has reached an alliance with London-based Mayfair International Realty. As part of the agreement, Michael Saunders & Co. listings for $250,000 and above will be listed on Mayfair International Web site, Mayfairinternationalrealty.com. Mayfair International will also list of Michael Saunders & Co.'s properties, marketed for more than $1 million, to the site for Country Life Magazine, countrylife.co.uk.

TAMPA BAY

Senior Housing Properties

buys Harbour Island Club

BUYER: SNH Well Properties Trust (principals: Barry and Adam Portnoy, David Hegarty, Richard Doyle and Jennifer Clark), Newton, Mass.

SELLER: Well-Prop (Multi) LLC

PROPERTY: 900 S. Harbour Island Blvd., Tampa

PRICE: $9.11 million

PREVIOUS PRICE: $3,900,000, June 1997

LAW FIRM ON DEED: Reed Smith LLP, New York City

PLANS, DESCRIPTION: Newton, Mass.-based senior housing REIT Senior Housing Properties Trust purchased the Harbour Island Athletic Club in Tampa for $9.11 million.

The purchase, according to Tim Bonang, manager of investor relations for Senior Housing Properties Trust, is just part of the REIT's larger expansion into other healthcare properties.

Senior Housing Properties Trust purchased a total of six high-end health club faculties under the Wellbridge brand, including the Harbour Island Athletic Club, from Starmark Holdings LLC for a total $76.8 million.

"We've pretty much only owned senior living facilities, including assisted living and independent living communities," Bonang says. "We felt this would fit into the healthcare spectrum for us. We particularly liked these properties because they're located in very high-end communities and have a history of growing membership levels."

The purchase is strictly an investment for Senior Housing Properties. Starmark Wellbridge Management LLC will continue to lease the properties in triple net lease.

The Harbour Island Athletic Club features a basketball gymnasium, outdoor swimming pools, 15 clay tennis courts, a day spa, pro shop, nursery, kids playground, a child car center and outdoor tiki bar

Senior Housing Properties Trust owns $1.8 billion worth of senior living properties in 32 states.

New York firm

buys apartments

BUYER: Deva Apartments LLC, Maspeth, N.Y.

SELLER: Holiday Oaks LLC

PROPERTY: 5126 N. Habana Ave., Tampa

PRICE: $2.1 million

PREVIOUS PRICE: $1.4 million, August 2004

LAW FIRM ON DEED: Joseph R. Kalish PA, Tampa

PLANS, DESCRIPTION: Deva Apartments LLC of Maspeth, N.Y. purchased the Holiday Oaks Apartments on Habana Avenue in Tampa for $2.1 million.

Attempts to contact the owners of Deva Apartments LLC or officials at the Tampa apartment complex were unsuccessful. The real estate research firm CoStar Group reported the property as a 38-unit, 22,800-square-foot complex that was built in 1981. The purchase price equates to an average of $55,263 per unit.

Deva Apartments took out a mortgage with WA Mutual Bank for $1.58 million and with the former owners for $210,000.

Ashley Furniture

plans warehouse expansion

BUYER: Ashley Furniture Industries Inc. (principals: Ronald and Todd Wanek, Ben and Charles Vogel, Dale Barneson and Paulette Rippley), Arcadia, Wis.

SELLER: Richardson Development & Holdings LLC

PROPERTY: a portion of Williams Road in the Lakewood Village West Area, Brandon

PRICE: $5.68 million

PREVIOUS PRICE: $3.87 million, January 2006

TITLE FIRM ON DEED: Florida Title LLC, West Palm Beach

PLANS, DESCRIPTION: Arcadia, Wis.-based retailer Ashley Furniture Industries Inc. purchased 14 acres next to its existing 120,000-square-foot warehouse building at 3120 Williams Road for $5.68 million. The company acquired the property to expand the existing warehouse to eventually grow it to 400,000 square feet.

"We're still in the planning stages," says Gary Colby, senior real estate manager Ashley Furniture. "We're probably looking at starting in a year to 18 months. It will probably take another eight months to a year to build."

Colby says the warehouse will serve as a central distribution facility for the retailer's expansion along the Interstate 4 corridor from Tampa to Orlando.

Ashley Furniture currently has Tampa area homestores in Pinellas Park, Brandon and Wesley Chapel.

Seminole Music owner

buys Freddy's Plaza

BUYER: Account Management Solutions Inc. (principal: Robert Troke), Seminole

SELLER: Freddys Plaza Seminole LLC

PROPERTY: 10720 74th Ave. N., Seminole

PRICE: $2.8 million

PREVIOUS PRICE: $1.19 million, August 1999

PLANS, DESCRIPTION: Robert Troke, president of Seminole Music, purchased the 34,662-square-foot Freddy's Plaza retail neighborhood building in Seminole for $2.8 million. Along with Seminole Music, the center also houses a 7,925-square-foot Dollar General store, the Audibel Hearing Center and Tropical Smoothie Cafe, according to the real estate research firm the CoStar Group.

Troke's purchase entity, Account Management Solutions Inc., mortgaged the building to First Community Bank America for $1.45 million.

Etc...

• Grubb & Ellis-Commercial Florida has been selected to manage leasing at the 85,000-square-foot Lakeside Offices at Park Place. The $17 million, three-story building is being constructed on a 6.2-acre site, at 355 Park Place Blvd., north of State Road 60 and east of U.S. 19. The building is scheduled for completion in the third quarter. Tom Kennedy, vice president of the office services group in Grubb & Ellis's Tampa office, has been appointed to lead the project.

• Office Suites Plus has leased 15,706 square feet at the Horizon building in Tampa Bay Park. Office Suites Plus operates a network of full-service office suites. Bill Reeves, Andy May and Barry Oaks of Cushman & Wakefield and Laurie Alden of Highwoods Properties brokered the transaction.

• 801 W. Bay LLC purchased a 5,125-square-foot freestanding retail building at 1101 Cleveland St., Clearwater from Michael Preston Trust for $805,000. Carol Warren of Colliers Arnold represented the seller.

• OTH Services, Inc. sublet 17,234 square feet of office space in Woodland Corporate Center at 8001 Woodland Center Blvd., Tampa from Option One Mortgage Corp. Mary Clare Codd of Colliers Arnold represented the sub-lessor, and Scott Garlick of Cushman & Wakefield represented sublessee.

• Media Lab leased 14,980 square feet of flex space in Hampton Oaks Business Park at 5904 Hampton Oaks Parkway, Tampa. Mary Clare Codd of Colliers Arnold represented the landlord.

• Verizon Wireless leased 5,000 square feet of retail space at 6900 U.S. 19 N., Pinellas Park from APP of Florida LLC. Ben McLeish of Colliers Arnold and Abby Huls of Staubach Co. represented the tenant. Stacey Gilham of The Shopping Center Group represented the landlord.

• Botanica International Florist leased a 3,434-square-foot freestanding retail building at 4062 Henderson Blvd., Tampa from Margot Marcadis as trustee. Ben McLeish of Colliers Arnold represented the tenant. Michelle German of Jacob Real Estate Services represented the landlord.

• ThermoFisher Scientific Inc. leased 3,220 square feet of flex space in Hampton Oaks Business Park at 5907 Hampton Oaks Parkway, Tampa. Mary Clare Codd of Colliers Arnold represented the landlord, and Mia Jarrell of Grubb & Ellis represented the tenant.

• Northwest Engineering leased 2,600 square feet of industrial warehouse space in Sunstate Commerce Center at 8409 Sunstate St., Tampa from WSI Sunstate Industrial IV LLC. Scott Altieri of Colliers Arnold represented the landlord.

• Tampa-based Latemi R.E. Corp. purchased an office building at 1911 W. Martin Luther King Blvd. in Tampa from Temple Park Inc. in Tampa for $423,900 or $203.21 per square foot. Lauren Geller and Paula Buffa of GVA Advantis represented the seller. The 2,086-square-foot building was constructed in 1966 and is less than a mile from St. Joseph's Hospital.

• Mike Milano, CCIM, MAI, Joe Montgomery, and Tony D'Ambrosio of Colliers International represented Camreal European Management Inc. in the sale of a southeast portfolio totaling $30.3 million. The properties included Lake City Commons in Atlanta, Ga.; Cooper Oaks Crossing in Arlington, Texas; and Curry Ford East in Orlando.

• Sunray Holiday LLC purchased Holiday Centre, a 67,363-square-foot retail center, at 4645 Sunray Drive, Holiday from Schmidt Investment LLP for $8.5 million. Mike Milano, Bill Fraser, and Cynthia Shelton of Colliers Arnold represented the seller.

• S&R Perry Properties LLC purchased an 8,061-square-foot freestanding retail building at 2616 S. MacDill Ave., Tampa, from Botanica International Florist for $1.5 million. Ben McLeish of Colliers Arnold represented the seller, and Charles Clifton of Coldwell Banker NRT represented the buyer.

• Pollo Tropical leased 3,250 square feet of retail space in Lake Walden Square at West Alexander Street and James L Redman Parkway, Plant City from Developers Diversified Realty. Jim Kovacs and Garrett Williams of Colliers Arnold represented the tenant, and Ryan Fisher of Developers Diversified Realty represented the landlord.