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Commercial Real Estate Briefs
by Sean Roth | Real Estate Editor
LEE-COLLIER
Developer plans Charlotte resort
BUYER: Gasparilla Sound Club LLC (principal: Michael Summers), Palm Beach Gardens
SELLER: Boca Norte LLC
PROPERTY: 12580 Placida Road, Placida
PRICE: $34 million
PREVIOUS PRICE: $13.6 million, May 2001
PLANS, DESCRIPTION: An investment group, made up of several Gasparilla Island residents and headed by Michael Summers of Palm Beach Gardens, purchased the 40-acre former Mercury Marine Testing Center for $34 million.
The property near Gasparilla Boulevard sits next to the intercoastal waterway and was formerly used by boat builder Mercury Marine to test boat motors and hull designs. Mercury Marine operated a machine shop, marina and a private hotel on the property.
"Right now we're conducting a feasibility study," Summers says. "Our plans are really preliminary, but we're looking to see how we can best utilize the natural amenities and the tremendous views. This is not going to stay an industrial site. We're plan to develop it as the first luxury resort in Charlotte County."
Summers says he will likely have more concrete development plans ready in about three months, but he's not waiting to build community support for the project.
"We believe this will be a huge economic boon for the county," Summer says, "and we're hoping to have the community come out in support of that."
The property is divided into three zonings: commercial, industrial and residential. But so far in its planning, the developer believes it will be able to fit the project's multiple facets into those existing zonings, Summers says.
Michael Lynch and Alan Gruber with MLPA Realty Inc. in Placida/Cape Coral and Brett Dubois of Dubois Realty handled the transaction.
The investment group Gasparilla Sound Club LLC mortgaged the property to the former owner Boca Norte LLC for $32.3 million.
Massachusetts hotel owner
buys Marco building
BUYER: 11222 Tamiami LLC (principal: John Hynes), West Yarmouth, Mass.
SELLER: Marco Office Supply Furniture & Printing Inc.
PROPERTY: 11222 Tamiami Trail E., Naples
PRICE: $2.2 million
PREVIOUS PRICE: $950,000, August 2005
LAW FIRM ON DEED: Conroy Conroy & Durant PA, Naples
PLANS, DESCRIPTION: Massachusetts hotelier John Hynes bought a 9,900-square-foot showroom/industrial building on Tamiami Trail East near Tamiami Court and Maple Lane in Naples for $2.2 million.
The building, which was built in 1992, is the home of retailer Marco Office Supply Furniture & Printing.
"They're planning to stay on as a tenant there for the near future," Hynes says. "It was just an investment for us. I have a home down on Marco Island. I think that section of [U.S.] 41 is going to be a very good area."
The real estate research firm Costar Group describes the makeup of the building as 1,176 square feet of air-conditioned showroom, 5,148 square feet of air-conditioned warehouse space and 2,640 square feet of additional warehouse space with three garages and a loading dock.
Hynes is best known for the Cape Cod area 138-room Irish-themed hotel, the Irish Village. He also owns several other smaller hotels in Massachusetts.
Hynes' purchase entity 11222 Tamiami LLC mortgaged the property to Boston's Faneuil Investors Group for $1.85 million.
Fifth Third Bank plans
22nd Lee County branch
BUYER: Fifth Third Bank, Cincinnati, Ohio
SELLER: Collier Florida Properties LLC
PROPERTY: 17100 S. Tamiami Trail, Fort Myers
PRICE: $2.66 million
PREVIOUS PRICE: $1.3 million, July 2007
LAW FIRM ON DEED: Akerman Senterfitt, Fort Lauderdale
PLANS, DESCRIPTION: Fifth Third Bank purchased a two-acre commercial parcel on Tamiami Trail south of Alico Road for $2.66 million. The bank plans to develop one of its prototype branch offices on the site.
"We have no definitive timeline for that branch," says Tim Mackay, senior vice president retail executive for South Florida with Fifth Third. "We'll likely look to start that in the third or fourth quarter of 2008 for an opening in late '08 or early 2009."
The branch will likely be the bank's 22nd location in Lee County, Mackay says.
"In general we look at rooftops, typically in the three- to five-mile area," Mackay says. "We look at the number of business as well as traffic counts and projected population and business growth over the next five to 10 years."
Strathmore Development
buys Center of Bonita Springs
BUYER: Center of Bonita Partners LLC (Strathmore Development Co.), East Lansing, Mich.
SELLER: Center of Bonita Springs Inc.
PROPERTY: 3250-3300 Bonita Beach Road SW, Bonita Springs
PRICE: $41 million
PREVIOUS PRICE: $5 million, April 1986
LAW FIRM ON DEED: Law Offices of Daren Rubenfeld PA, West Palm Beach
BUYER: Tamiami Investment Properties LLC, (Strathmore Development Co.), East Lansing, Mich.
SELLER: Bailey Co. LLP
PROPERTY: 27890 S. Tamiami Trail, Bonita Springs
PRICE: $2 million
PREVIOUS PRICE: $750,000, February 1991
LAW FIRM ON DEED: Roetzel & Andress LPA, Fort Myers
PLANS, DESCRIPTION: East Lansing, Mich.-based developer Strathmore Development Co. purchased the existing 310,000-square-foot Center of Bonita Springs retail shopping center and the former Arby's drive-in restaurant for $43 million.
The developer plans to improve the exterior facade of the center, renovate the parking lot and landscaping and demolish the Arby's site. The 30-acre center, located at the northwest corner of U.S. 41 and Bonita Beach Road, is currently anchored by a Publix Supermarket, Bealls Department Store and K-Mart. Deerbrook will manage the redevelopment of the center.
Strathmore Development mortgaged the center for a first and second mortgage to National City Bank totaling $42.4 million.
Etc...
• Naples-based Professional Building Systems has started the interior renovation and addition work for the St. Hillary's Episcopal Church on McGregor Boulevard. Designed by Victor Latavish the renovated church will include tile floors laid in a paved brick pattern, cypress wood ceiling, as well as natural oak doors with coordinating red oak trim. A covered walkway that encircles the church will be partially enclosed with bronze finished storefront windows and doors.
The goal of the project is to modernize the church's interior and expand its seating capacity. The renovation is scheduled for completion in March.
• Naples-based real estate brokerage Downing-Frye Realty Inc. reports that The Marlene Graham Team has opened two additional full-service sales offices in Naples at 1170 Third St. S., Unit B-101, in the Third Street Plaza and at 1179 Eighth St. S. near Crayton Cove.
• Daniyar Investments Inc. purchased a 2,986-square-foot building at 681 Goodlette Road N., Suite 110, Naples from Katayon Morovati for $600,000. Jay Crandall of Coldwell Banker Commercial NRT and Ursula Langley of Beach-to-Bay Properties handled the transaction.
• Design work is complete and construction is set to begin on phase II of the Guadalupe Center. Gora McGahey Associates in Architecture has designed both phases of the community center. The new, 14,275-square-foot building will house eight daycare classrooms, an administration area with four offices and a large, workspace, a nursing clinic, kitchen and dining room.
SARASOTA-MANATEE
Longboat Key Club buys Longboat Key Moorings
BUYER: Longboat Key Club
SELLER: Longboat Key Marina Associates Ltd.
PROPERTY: 2600 Harbourside Drive, Longboat Key
PRICE: $8 million
PREVIOUS PRICE: $9.1 million, October 1989
PLANS, DESCRIPTION: The Longboat Key Club purchased the Longboat Key Moorings for $8 million. The Moorings Condominium Association's 270 boat slips were not included in the current offer.
"The purchase of the Moorings is a logical extension for the Longboat Key Club," Key Club General Manager Michael Welly says. "This is simply the next strategic step in our overall master plan to create the number one club, resort, and golfing community in Florida. Members and guests will now have access to a full marina and yacht services."
The Key Club previously operated the marina several years ago when Arvida Corp. owned both properties. When Arvida sold the properties in 1989, it sold the club and the marina separately.
Welly plans to open a Key Club restaurant on the site vacated by Cafe on the Bay, which moved to the Centre Shops more than two years ago. The restaurant will offer Alfresco dining and is scheduled to open in the spring.
The $8 million cash deal, which was accepted by Bill Vernon, managing partner of Longboat Key Marina Associates Ltd., also includes the purchase of 37 boat slips, a slip rental business, a boat-brokerage business, a fuel station, a boat service business, a deli store and two swimming pools. In exchange, Vernon also receives the boat slip he currently occupies valued at $400,000.
It took 18 months and three contracts to reach a deal. Contract talks for the Key Club's second offer stalled this summer after slip-permitting and title issues arose and a deadline for the purchase of the property expired in June.
Slip owners had a right of first refusal while the contract was in a due diligence period, but voted against matching the Key Club's offer because each slip owner would have been assessed about $30,000 for the total purchase price.
Slip owners and visitors will now be able to use services of the Key Club, which include suites, a 45-hole golf course, a golf school, 38 tennis courts, a fitness center, the newly opened Island House Spa, four restaurants and a private beach.
-Reported by Kurt Schultheis of the Longboat Observer
Lapensee Plumbing
buys Re/Max office
BUYER: Signature LLC (principals: James and Karen Lapensee), Holmes Beach
SELLER: Golden Kodiak Investments LLC
PROPERTY: 401 Manatee Ave., Holmes Beach
PRICE: $1.25 million
TITLE FIRM ON DEED: Masters Title Services of Manatee Inc., Bradenton
PLANS, DESCRIPTION: Karen and Michael Lapensee, co-owners of Holmes Beach-based Lapensee Plumbing Inc., along with their son Greg Lapensee, purchased the 4,200-square-foot former Re/Max Gulfstream office on Holmes Beach for $1.25 million. The Lapensees plan to renovate the building and then relocate their plumbing business and design showroom into the new building.
"This is going to more than double our size," Karen Lapensee says. "We need all the elbow room we can get. We've looked at that building for years. It's got a great position at the entryway onto Manatee Avenue and with all the tropical foliage it's really quite attractive. There've been a couple sales in between, but when it came up for sale again we decided to jump on it."
The business has also leased space for the past 22 years and the new building offered the owners an opportunity to own its office property.
The new owners plan to dedicate most of the additional space to increasing the products displayed in the company's design center.
After reconfiguring the interior and removing many of the separator walls, the Lapensees expect to move the 21-person business to the new location toward the end of January.
The Lapensee's Signature LLC mortgaged the property to Wachovia Bank NA for $1 million.
Sarasota's K2M
buys, markets bank office
BUYER: K2M 5100 Cortez LLC, Sarasota
SELLER: Regions Bank fka Liberty National Bank
PROPERTY: 5100 Cortez Road W., Bradenton
PRICE: $1.3 million
LAW FIRM ON DEED: Norton Hammersley Lopez & Skokos PA, Sarasota
PLANS, DESCRIPTION: Sarasota real estate investment firm K2M acquired the 4,632-square-foot former Regions Bank branch on Cortez Road in Bradenton for $1.3 million. The property was purchased as an investment according to Richard Kingan, a partner in K2M. The new ownership is already looking to sell or lease the property.
"We're looking to put another bank in there," Kingan says. "We thought it was a just a great location on Cortez Road. It's in a high trafficked area, and it's got good access and visibility."
K2M is an investment/real estate/marketing firm that combines Kingan's experience as a broker for CB Richard Ellis Inc.; Larry Mau, a land development and engineering consultant and the former director of transportation for Manatee County; and Edward Ketchum, a former army officer and contractor for the Special Operations Command at McDill Air Force Base.
Etc...
• Bradenton-based Wagner Realty has merged with the business brokerage CR Parker & Co. and has acquired New Concepts Properties. New Concepts will relocate to the Wagner Realty office at Wildewood Springs on Cortez Road West.
Triton Cos. revises
One Palm project
Developer Brent Virkus and his Triton Cos. are still pushing forward with plans for downtown Sarasota's One Palm, albeit with hotel rooms instead of condominiums.
Virkus says the design for 240 Pineapple Ave. is still somewhat fluid, but at this point it looks likely that the 10-story development will feature 295 hotel rooms, an outdoor bar and pool deck, a spa, meeting space and a restaurant. The development will also likely feature a separate parking structure. Virkus hopes to be able to announce a flag for the hotel in the next 30 days.
"We tried to keep a similar look because it was pretty well received by the city," Virkus says. "We're looking to start in September of 2008. My construction manager expects (construction) to take 18 months or just slightly more."
One Palm was previously planned as a 100-condominium development.
TAMPA BAY
UCH develops Pasco care center
BUYER: University Community Hospital (principals: Robert Anderson, Alma Bryant, Henry Ennis and Jose Vivero), Tampa
SELLER: Connerton LLC
PROPERTY: A portion of U.S. 41 north of the U.S. 41/State Road 54 interchange in Pasco County
PRICE: $5.09 million
PLANS, DESCRIPTION: Tampa-based four-hospital health care system University Community Health purchased 38 acres on U.S. 41 in the Connerton Employment Center for $5.09 million.
University Community Health plans to develop a 50-bed long-term acute care facility on the site.
The 48,000-square-foot facility will feature 50 private rooms, an operating room for minor procedures, a chapel, gift shop, dinning facilities and a courtyard.
"The property is getting cleared as we speak," says Norm Stein, president and CEO of University Community Health. "We have a lot of things to get to get the site ready for (vertical) construction to begin in the first part of the year. We already have a certificate of need from the state."
Stein says the company was attracted to the site because of its central location in Pasco County and nearby population growth.
The new facility should fill a growing need for long-term care beds and be more cost effective than housing those same patients in hospital intensive-care wards, Stein says. The architect for the project is Gobbell Hayes Partners Inc. of Nashville.
University Community Health operates the 431-bed University Community Hospital in Tampa, the 120-bed University Community Hospital-Corrollwood in Tampa, the Pepin Heart Hospital & Dr. Kiran C. Patel Research Institute in Tampa and the 168-bed Helen Ellis Memorial Hospital in Tarpon Springs.
Two Australian firms
buy senior-living centers
BUYER: FKP Tampa Senior Living LLC, Roanoke, Vir.
SELLER: Tamsun Al Investment LLC
PROPERTY: 1513 W. Fletcher Ave., Tampa
PRICE: $2.27 million
BUYER: FKP Sun City Center Senior Living,
SELLER: Tamsun Al Investors LLC
PROPERTY: 758 Cortaro Drive, Sun City
PRICE: $2.22 million
PREVIOUS PRICE: $1.5 million, October 2004
LAW FIRM ON DEED: Smith Gambrell & Russell LLP, Jacksonville
PLANS, DESCRIPTION: Queensland, Australia-based real estate and investment firm FKP Property Group and Sydney, Australia-based Macquarie Group Limited acquired two Hillsborough County senior living facilities for a total of $4.48 million.
The purchase of Benton House in Sun City Center and Beacon Pointe in Tampa was just part of FKP Property Group/Macquarie Group's acquisition of eight assisted- and independent-living facilities with a total of 522 beds for $113 million.
Four of the facilities were in Florida, two in Tennessee and one each in Georgia and South Carolina.
The 25,993-square-foot Benton House in Sun City Center houses 28 assisted-living beds and 14 memory-care (mild Alzheimer's disease or other forms of dementia) beds, and the 21,140-square-foot Beacon Pointe in Tampa contains 32 memory-care beds.
FKP Property Group/Macquarie Group mortgaged the two facilities to Greystone Servicing Corp Inc. for $4.6 million.
Praedium Group
buys Palm Island Club
BUYER: Palm Island Tampa Associates LLC, New York City
SELLER: Palm Island Group LLC
PROPERTY: 13800 Bruce B Downs Blvd., Tampa
PRICE: $20.43 million
PREVIOUS PRICE: $11.1 million, September 1999
LAW FIRM ON DEED: Salas Ede Peterson & Lage LLC, Miami
PLANS, DESCRIPTION: New York City-based The Praedium Group LLC purchased the 320-unit Palm Island Club Apartments in Tampa for $20.43 million. Officials with The Praedium Group did not return calls for comment.
Real estate research firm CoStar Group reports that the 283,597-square-foot complex sits on 11.5 acres and was built in 1972.
Costar says the facility features laundry facilities, a playground, pool and tennis, racquetball and basketball courts.
The Praedium Group's purchase entity, Palm Island Tampa Associates LLC, mortgaged the property to Wells Fargo Bank for $18.12 million.
The Praedium Group has been in a buying mode lately.
In September, the firm acquired the 75,100-square-foot Sweetbay Supermarket-anchored The Marketplace at Cypress Creek shopping center in Ruskin, the 86,000-square-foot Palm Lake at Tampa Palms three-story office building in Tampa and the six-building, 107,540-square-foot industrial flex building Airport Corporate Center in Tampa for a total of $32.7 million.
The Praedium Group is a real estate firm focused on underperforming or undervalued properties priced less than $75 million. The company has invested more than $6.5 billion.
Etc...
• The Harbour Island Neighborhood Association Inc. in Tampa awarded Florida Southern Roofing Inc. a $1.4 million roofing contract. The re-roofing project involves installation of 180,000 square-feet of Altusa Clay tile on 21 buildings.
• Pack-M LLC agreed to a new, long-term lease for 27,256 square feet at 8601 Somerset Drive in Largo from Clearwater-based Workman Properties Inc. Jeffrey C. Bardin, Scott Nelson and Tim Hague of GVA Advantis represented the tenant.
• White Lodging has announced the opening of the Embassy Suites Tampa Brandon. The 147-suite hotel is located at 10220 Palm River Road in Brandon and will be managed by White Lodging of Merrillville, Indiana.
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