Commercial Real Estate Briefs

By Business Observer Staff
| 6:00 p.m. June 25, 2007
| 2 Free Articles Remaining!

Manatee-Sarasota

by Sean Roth | Real Estate Editor

SARASOTA-MANATEE

Investment company buys Sarasota Commerce Center

BUYER: Osprey Commerce Center LLC (Osprey SA Ltd.), Brighton, Mich.

SELLER: DA Commerce Center LLC

PROPERTY: 100 Arthur Andersen Parkway, Sarasota

PRICE: $15.65 million

PREVIOUS PRICE: $9.95 million, May 2001

LAW FIRM ON DEED: Norton Hammersley Lopez & Skokos PA, Sarasota

PLANS, DESCRIPTION: Brighton, Mich., real estate investment company Osprey S.A. Ltd. purchased one of the former Arthur Andersen buildings, the 81,118-square-foot Sarasota Commerce Center I, for $15.65 million

The center, which was built in 1991, currently houses Computer Science Corp., Sarasota County government, State Farm Insurance and Blue Cross and Blue Shield of Florida. As of the sale, the building had 20,000 square feet of vacant space.

CBRE represented the seller, Rahway, N.J. -based real estate investment, development and management firm Denholtz Associates. Osprey Real Estate Services LLC represented the buyer and will be handling the leasing of the property for the new ownership.

Osprey SA, and its sister companies with developer/builder/investor Fred Starling, owns, manages and leases more than 2.6 million square feet in the greater Tampa Bay area.

In a release, Starling called the center a well-located asset that should fit well into Osprey's other real estate interests such as Live Oak Corporate Center, Cattleridge Business Parks and Sarasota City Center. Other Osprey properties include Castille at Carillon in St. Petersburg, LakeView at Hidden River and Palm Court at Hidden River and Tampa Oaks in Tampa.

Publix Super Markets closes

on Charlotte distribution site

BUYER: Publix Super Markets Inc., Lakeland

SELLER: Charlotte County Airport Authority FKA

PROPERTY: 26855, 27091, 28000 and 27101 Airport Road, 27125 and 27197 Beechcraft Ave., 7569, 7637 and 8145 Golf Course Blvd . and 8000, 8150 and 8250Skylane Way, Punta Gorda

PRICE: $7.67 million

PLANS, DESCRIPTION: Lakeland-based supermarket chain Publix Super Markets Inc. purchased 87 acres from Charlotte County Airport Authority for $7.67 million to develop its long-proposed new distribution facility. Although several news reports had pegged the center at about 900,000 square feet, Shannon Patten, a spokesperson for Publix says that the size and employment impact of the new facility is still being evaluated.

"The scope is still being developed," Patten says. "Until we finalize our plans we won't know how big it will be or how large of a geographic area it can serve."

Publix is expected to receive some job creation funding and will likely receive state assistance because of the site's location near a brownfield, according to Gary Quill, executive director with the Charlotte County Airport Authority.

Manatee County buys Perico land for preservation

BUYER: Manatee County

SELLER: Hayden Lane I Ltd.

PROPERTY: 12100 and 11700 W. Manatee Ave., Bradenton on Perico Island

PRICE: $6 million

LAW FIRM ON DEED: Lewis Longman Walker PA, West Palm Beach

PLANS, DESCRIPTION: Manatee Fruit Co. sold about 180 acres on Perico Island east of the St. Joe Co.'s SevenShores condominium project to Manatee County for $6 million. Whiting Preston says the sale was part of the years-old negotiated development settlement that eventually ended the county's legal opposition to SevenShores. The land is being set aside for preservation. "I think the county negotiated a very good price," Preston says. "The appraisal was for double that number."

Triton Cos. plans Hyatt

fractional on Siesta Key

BUYER: CRP/Triton Siesta Key Property Owner LLC, Rochester, Mich.

SELLER: Marcella Dale Nelson, individually and as trustee

PROPERTY: 1019, 1017, 1013, 1011, 1009, 1005, 1003 and 1001 Seaside Drive, Siesta Key

PRICE: $3.35 million

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

PLANS, DESCRIPTION: The Triton Cos. purchased the 50-unit Sea Castle on Siesta Key for $3.35 million. Further, the company announced it has inked a deal with the Hyatt Corp. to demolish the resort and redevelop it as a 45-unit fractional-ownership luxury residential property. The working name for the new developer is The Hyatt Residence Beach Club at Siesta Key. Demolition and construction of the new resort is scheduled to start early next year.

"The construction side of the equation is going to be more than $100 million," says Brent Virkus, president and founder of Triton Cos. "We expect it to include two stories of parking under four-stores of residential. It's going to take a couple of years to built it; we are currently projecting completion in mid-2009."

Triton is working Hoyt Architects to design the Siesta property.

Although, the new property will not have any hotel rooms, Virkus does anticipate a rental program.

Triton and RBS Cos. are also planning to develop the One Palm condominium and retail project on Palm Avenue in downtown Sarasota. Vertical construction is currently scheduled to start in October.

In other news, Virkus reported the company is moving its headquarters from Rochester, Mich. to the M&I Bank building in downtown Sarasota.

Lowe's home improvement

store headed to Palmer Ranch

The vacant land between a former Albertsons store on Central Sarasota Parkway and the Bella Villino condos is slated for a Lowe's home improvement store.

Lowe's is looking to put in a 138,000-square foot store on the 20 acres site. While most Lowe's stores are 160,000-170,000 square feet, the smaller parcel necessitated a smaller retail footprint.

The store will face Central Sarasota Parkway across the street from Potter Park and is expected to have more than 450 parking spots. Lowe's lead consultant Steve Henry says construction will likely start in the next 12 to18 months.

Core builds

in West Palm

Core Construction Services Southeast Inc. was recently awarded a $4.5 million contract to renovate the historic assisted living facility on Datura Street in West Palm Beach.

John Wiseman, president of Core Florida, said the work at Palm Beach Assisted Living Facility includes a complete renovation of the four-story, 45,000-square-foot facility, which was originally constructed in 1924.

The project calls for Core to provide interior demolition, construction of fire stairwells, improvements to the plumbing, electrical and HVAC systems, room renovations and aesthetic improvements.

Etc...

• Ron Travis and Dave Coupland, co-owners of RE/MAX Gulfstream, plan to open the brokerages seventh office at 1481 Main St., in downtown Sarasota near Pineapple Square. The new office, which will have more than 4,500 square feet of space, will replace the current Wolf Camera location.

The new Gulfstream office will be its second location in downtown Sarasota. In 2006, Gulfstream acquired the former RE/MAX Suncoast office at 1751 Mound Street. The firm currently has more than 210 associates in six offices.

• Big Bamboo Creative Inc. leased 2,200 square feet of office/studio space at 7359 International Place, Suites 206 and 207, Sarasota. Patricia Tan of Keller Williams Realty represented the tenant, and Steve Pimlott of Interstate Commercial Brokers represented the landlord.

• Pineapple Square Properties LLC relocated its sales office for the City Place Residences at Pineapple Square to 1480 Main Street in downtown Sarasota. The move was designed to allow Hyde Park Prime Steakhouse to occupy the former Ovo Cafe at the corner of State Street and Lemon Avenue. City Place is planned as a $180 million, 13-story building with 157 residential units. City Place will feature outdoor grilling and covered cabana area, a pool and spa, fitness center, and a theatre/media room. Units are being listed in the $500,000s.

• Kellogg & Kimsey Inc. recently completed San Marco Plaza in Lakewood Ranch. The plaza is a 61,000-square-foot Mediterranean-style mixed-use project consisting of four buildings and a bell tower. The street level space will include various retail shops and a dinner theater with office condominiums on the second level.

• Kellogg & Kimsey Inc. broke ground on two Kohl's Department Stores. The St. Petersburg location is a 98,344-square-foot single-story building, and the Tallahassee location is a two-story 101,576-square-foot building.

• Blue Bell Creameries purchased 2.2 acres on Woodlawn Drive in Punta Gorda from I-Park of ACC LLC for $598,960. Bill Mankin of Colliers Arnold represented the buyer, and Bruce Younker of RE/MAX Properties of Sarasota represented the seller.

• The Sarasota branch office of the geotechnical and consulting engineering practice Ardaman & Associates was selected by Sarasota County School District for a continuing service contract.

• Sarasota County's Environmentally Sensitive Lands Protection Program acquired 62 acres in the Myakka Pines protection site for $1.2 million.

• Rolsafe International LLC leased 2,000 square feet at 4050 N. Washington Blvd., Sarasota from RW Properties LLC. The property will be used for a construction business office. John McClain of Merritt Realty Resources Corp. represented the tenant, and Marcia Cuttler of American Property Group of Sarasota Inc. represented the landlord.

• Smart Cookie Design leased 2,240 square feet of retail space at 2523 Stickney Point, Sarasota from Southby Partnership. Marcia Cuttler of American Property Group of Sarasota Inc. handled the transaction.

LEE-COLLIER

Timberstone Group buys,

redevelops Avenue Shops

BUYER: TGI Fort Myers 41 LLC (principal: Timberstone Group Inc.), Holland, Ohio

SELLER: WPRM LLC

PROPERTY: 11601-801 S. Cleveland Ave., Fort Myers

PRICE: $22 million

PREVIOUS PRICE: $15.75 million, April 2003

PLANS, DESCRIPTION: Holland, Ohio-based developer Timberstone Group Inc. purchased the 238,000-square-foot shopping center the Avenue Shops on U.S. 41 in Fort Myers for $22 million. The developer plans to demolish half the retail space and replace it with 120,000-square-feet of new retail. The remaining older retail in the center will also be refurbished. At completion the planned open-air center will feature 260,000 square feet of retail space.

"[We're planning to start] as soon as possible on the additions," says Michael J. Denman, a principal with Timberstone. "We're hoping to file our site plans in September, so we're probably looking at six months to a year for permits. We are in process right now of interviewing three local architects and several G.C.s. Our first thought was the building's up front didn't provide a good line of site off the street for anything in the back. A second problem was there was no major draw for the B stores. Now we are trying to bring in more traffic by adding anchors."

The developer is said to be looking at an electronics store and a grocery store as potential new tenants. Current tenants in the center include: Goodwill Industries, a FedEx/Kinko's and Honey Baked Ham along with several other smaller tenants. The developer is listing the larger box spaces for $18 to $20 a square foot, triple net, the smaller shop spaces for $20 to $35 a square foot, triple net and is leasing the outparcels for $160,000 a year.

Denman says this is the developer's first Florida purchase, but it likely won't be its last.

"We are working on three other parcels in that area," Denman says. "We have been researching the Fort Myers market for about two years before we finally decided to pull the trigger."

Fort Myers was on the company's radar screen because some 95% of its employees come from the development group that built the Kash N' Karry-anchored shopping center on Daniels Parkway, Denman says.

"We really enjoyed our experience in Fort Myers the last time," Denman says, "so we knew this was one of the places we wanted to grow."

Including the land purchase and expected construction costs, Timberstone expects to spend $45 to $50 million on the center.

Garden Street Iron & Metal buys adjacent

land, plans expansion, new grinder

BUYER: Garden Street Iron & Metal Inc. of Southwest Florida (principals: Robert and Margaret Weber and Earl Weber Sr.), Cape Coral

SELLER: Robbins Manufacturing Co.

PROPERTY: 3250 Metro Parkway, Fort Myers

PRICE: $3 million

PREVIOUS PRICE: $104,500, July 1987

LAW FIRM ON DEED: Hill Ward & Henderson PA, Tampa

PLANS, DESCRIPTION: Local scrap processor/recycler Garden Street Iron & Metal purchased 11 acres next to its existing Fort Myers location for $3 million. The 11-acre site houses a 15,000-square-foot and a separate 2,400-square-foot industrial building and an office building.

The main reason for the purchase, says Earl Weber Sr., owner of Garden Street Iron & Metal, was feeding the company's need to grow.

"We're planning to put an auto shredder conveyer facility that will be like nothing else in Southwest Florida," Weber says. "That should definitely bring in more business."

The shredder, which occupies 3.5 acres, can grind up everything from vehicles to washing machines and separates the resulting metal components.

The additional land, which brings Garden Street Iron & Metal's total footprint to 21 acres, is expected to allow the company to hire an additional 10 people.

The recycler operates facilities in New Haven, Ohio; Naples, Cape Coral and Fort Myers.

NorthStar buys

funeral home

BUYER: Northstar Cemetery Services of Florida LLC (principal: W. Mark Hamilton), Houston

SELLER: SCI Funeral Services of Florida Inc.

PROPERTY: 3453 Hancock Bridge Parkway, North Fort Myers

PRICE: $8.9 million

PREVIOUS PRICE: $725,000, June 2004

PLANS, DESCRIPTION: Houston-based NorthStar Memorial Group purchased the North Fort Myers Funeral Home on Hancock Bridge Parkway for $8.9 million. NorthStar Memorial Group acquired the property from the largest funeral home and cemetery chain, Service Corp. International, as part of SCI's FTC ordered divesture that allows SCI to buy the second largest funeral home/cemetery company, Cincinnati-based Alderwoods Group Inc. The North Fort Myers property features a 6,255-square-foot building built in 1982, according to the real estate reach firm the CoStar Group.

NorthStar Memorial Group officials did not return calls for comment prior to deadline.

Etc...

• Lennar Homes awarded J.L. Wallace Inc. a contract to build a guardhouse at River Strand Golf and Country Club in Heritage Harbour at 170 River Strand Blvd. in Bradenton. The 743-square-foot guardhouse will be constructed with concrete block and roof tile over pre-engineered roof trusses. Fawley Bryant Architects Inc. will design the building.

• Pulte Homes has agreed to occupy 6,975 square feet in the Firenze Building in La Piazza, the town center in Ave Maria from the Barron Collier Cos. for a new residential sales office, fitness center and conference facilities. The new office is scheduled to open in the fall. Other tenants committed to La Piazza include: Legatus (2,553 square feet), WilsonMiller (2,600), Cilantro Tamales – a Mexican restaurant (2,145), Sanibel Bean (2,366), DHM Inc. (2,400) and the Follett Bookstore (3,942). The Town of Ave Maria in eastern Collier County is projected to encompass 11,000 residences over the next decade.

• Stevens Construction Inc. has completed construction of a 5,250-square-foot addition to the B&I Contractors manufacturing facility at 2701 Prince Street in Fort Myers. The Fort Myers-based contractor also remodeled 13,240 square feet of office space inside the 42,000-square-foot manufacturing facility.

• CJL Enterprise Property LLC purchased a 2,520-square-foot office building in International Center at 6811 Porto Fino Circle from KJR LLC for $675,000. Karen Johnson-Crowther of Colliers Arnold represented the seller, and Denise Chambra of Daugherty & Carr represented the buyer.

• Filthy Rich leased 2,030 square feet of retail space in Marquesa Shopping Center at the southeast corner of Livingston Road and Pine Ridge Road in Naples from Marquesa Plaza LLC. Karen Johnson-Crowther, Charlene Greenblatt, Salli Jones Doyon, and Lindsey Schmoyer of Colliers Arnold represented the tenant. Erik Mogelvang of Hovland Real Estate represented the landlord.

• The Southwest Florida Addiction Services awarded the construction contract for its new Detoxification Center and Outpatient Treatment Center to Owen Ames Kimball Co. in Fort Myers. The 44,000-square-foot center will be built on land on Evans Avenue provided by the City of Fort Myers under a long-term lease. The four-acre parcel also will include room for outpatient counseling offices.The new facility will replace the existing 25-bed facility on Dixie Parkway in downtown Fort Myers that is housed in a 47-year-old converted motel. Burt Hill/Pollock Krieg Architects Inc. of Fort Myers is said to be in the final design stages.

• RJ McCormack Architect Inc. has been certified as a Minority Business Enterprise by the State of Florida.

• Commercial Alliance Group, a Sanford-based real estate development financial services firm, has closed on a second round of funding for the La Vita condominium project in Fort Myers. The second round consisted of a $2.475 million advance and the first funding of a $3.3-million mezzanine loan funded by CAG.

Commercial Alliance Group was named the financing agent for the $160 million project in January. The firm has committed to provide up to $10 million in mezzanine financing and is arranging the additional capital necessary to develop the project.

The 448 condominium apartments are being built in 16 eight-story buildings on the 18.8-acre site at the southeast corner of Colonial Boulevard and Metro Parkway.

• Double M Ventures LLC purchased a 1,498-square-foot industrial warehouse condominium in Sunset Plaza Annex at 10821 Sunset Plaza Circle, Fort Myers, from Nicholas Ruland and Milton Maxwell for $225,000. Jim Garinger and Andrew Falde of Colliers Arnold negotiated the transaction.

• McGarvey Development has finished leasing the Renaissance Center, a three-story, 65,000-square-foot office building, at 9530 Marketplace Road in Fort Myers.

The final 3,685 square feet of office space was leased to Metropolitan Life Insurance Co. Kathleen Hart of Jones, Land & LaSalle, and Charles Jans of McGarvey Development negotiated the lease. Other tenants in the Renaissance Center include Ameriprise Financial Services, Encore Mortgage Solutions, Gulfshore Insurance, Junior Achievement, Larsen Allen, Metropolitan Life Insurance Co., Noble Title & Trust and Robert Half International. McGarvey Development's corporate headquarters occupies the top floor of the office building.

• Taylor-Pansing Inc. completed construction on the Cape Coral Arts League Building. The addition/remodel project is located at 516 Cultural Parkway in Cape Coral.

• Taylor-Pansing Inc. completed the renovation of the Hancock Bridge Parkway Office Building. The project consisted of a complete exterior renovation and 2 interior units being remodeled. The 10-unit, 12,600-square-foot office building is located at 3443 Hancock Bridge Parkway in Cape Coral.

TAMPA BAY

Developer plans Wesley Chapel center

BUYER: Commonwealth Center Wesley Chapel (principal: Tim Safransky and Dr. Jeffrey Miller), Tampa

SELLER: Specialty Restaurants Corp.

PROPERTY: Property at State Road 54 and Old Pasco Road, Wesley Chapel

PRICE: $1.475 million

PLANS, DESCRIPTION: Tampa-based real estate developer CommonWealth Development of Florida LLC purchased land at State Road 54 and Old Pasco Road in Wesley Chapel for $1.48 million. CommonWealth plans to build a 22,000-square-foot retail center on the site.

"They've already started on the site work and should be starting [vertical] construction soon," says Tony Menendez, of Haskel Realty Group, who is in charge of leasing the center. "It's looking like we will be complete there in the second or third quarter of 2008."

Menendez is pre-leasing the retail space for $28 a square foot, triple net.

"The big attributes for the area are the households -the household income - and the traffic counts," Menendez says.

CommonWealth Development mortgaged the property to Specialty Restaurants for $1.55 million.

Fifth Third Bank buys

land for Pasco branch

BUYER: Fifth Third Bank, Cincinnati

SELLER: Crest Development Enterprises LLC

PROPERTY: State Road 54 and Grand Boulevard

PRICE: $2.1 million

PREVIOUS PRICE: $1.2 million, July 2006

LAW FIRM ON DEED: Hill Ward & Henderson Pa, Tampa

PLANS, DESCRIPTION: Cincinnati-based Fifth Third Bank purchased a vacant parcel near the intersection of State Road 54 and Grand Boulevard for $2.1 million. The bank plans to develop the site into what will likely be its fifth branch in Pasco County by the middle of 2008. The new bank is expected to encompass 4,200 square feet with three drive-through lanes.

Brian Keenan, president CEO Fifth Third Tampa Bay, expects construction on the bank will start early next year.

"For the moment, we don't have any locations north of Palm Harbor in Pinellas County," Keenan says. "We already have a number of customers that bank with us and travel the 20 miles to our nearest branch. But with the bank's purchase of [R-G] Crown we'll be picking up two locations up there in the third quarter. We're also building a new center near County Line [Road] and Del Mabry. We also have another one that's going up at 56th and Bruce B. Downs [Boulevard]."

Largo investors buy

Clearwater office building

BUYER: Piccadilly Square LLC (principals: Jozef and Eva Wasilewski), Largo

SELLER: Aspen Property Inc.

PROPERTY: 2495 Enterprise Road, Clearwater

PRICE: $1.6 million

PREVIOUS PRICE: $1.05 million

PLANS, DESCRIPTION: Largo's Jozef and Eva Wasilewski purchased a two-story, 15,400-square-foot office building in Clearwater for $1.6 million. The building currently houses Bayada Nurses, Auto Internet, Ascentia Home Health Care, Dr. Beth Hanrahan's medical practice, Integrated Systems Group and Architrave. The building, which was purchased as an investment, is presently 100% occupied. The purchase was part of 1031 tax exchange.

The Wasilewskies mortgaged the property to Colonial bank for $1.2 million.

Etc...

• Seattle's PMC Enterprises II purchased the Starbuck's Strip Center in Largo from Patrick O'Shea for $2.365 million. Jeff Spilman of Marcus & Millichap's Tampa, Florida office represented the seller, and Larry Corkins of Marcus & Millichap's Seattle, Washington office represented the buyer.

• Triple Creek LLC, a joint venture of Centex Homes and M/I Homes, has started land development for Triple Creek, a 1,000-acre master-planned community being developed off Balm Riverview Road in southern Hillsborough County. The community will eventually feature 2,045 single-family residences and townhomes, a town center and a clubhouse

• Auto Club Insurance Co. of Florida leased 26,678 square feet of office space at Hidden River Three, 14055 Riveredge Drive in Tampa. Sharon Bragg, commercial leasing associate for Crescent Resources in Tampa, negotiated the lease agreement representing the landlord, Hidden River Three Owner LLC. Chris Heller of the Duncan Cos. represented the tenant. The 150,060-square-foot Hidden River Three office building is 97% leased.

• Multinational Automated Clearing House Americas Inc. leased 4,138 square feet of office space in the SunTrust Financial Centre at 401 E. Jackson St., Tampa from Wind Realty Partners. Claire Calzon of Colliers Arnold represented the landlord, and Phil Weber of CB Richard Ellis represented the tenant.