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Commercial Real Estate Briefs
by Sean Roth | Real Estate Editor
SARASOTA-MANATEE
Covrus International, Svenson
acquire final piece of Sanctuary Cove
=BUYER: Sanctuary Residential Partners East LLC (principals: Timothy Morris and Linda Svenson), Bradenton
SELLER: Boma LLC
PROPERTY: 5.89 acres, parcel D East, parcel 9, SEC 18 19-34S-18E on the Ellenton Riverfront East of U.S. 301, Palmetto
PRICE: $5.39 million
BUYER: Sanctuary Development Partners East LLC (principals: Timothy Morris and Linda Svenson), Bradenton
SELLER: Boma LLC
PROPERTY: 4.85 acres, parcel D East, parcel 8, SEC 18 and 19-34S-18E on the Ellenton Riverfront East of U.S. 301, Palmetto
PRICE: $4.41 million
LAW FIRM ON DEED: Icard, Merrill, Cullis, Timm, Furen & Ginsburg, P.A, Sarasota
PLANS, DESCRIPTION: Six months after site work began, Covrus International and Svenson Enterprises Inc. have acquired the final 11 acres for its 223-acre Sanctuary Cove $9.8 million. Sanctuary Cove is waterfront residential development, just east of Riviera Dunes, projected to house 801 multi-family units - in a mixture of 12-story and four-story buildings, 252 single-family home lots and 200,000 square feet of commercial space. The development was planned originally without the 11 acres, but they were added later during the master planning.
"We waited to close until we had completed all the state and federal permitting on the site," says Tim Vining, a principal with Corvus International. "We got our final [U.S.] Army Corps of Engineers permit in August. We didn't originally plan to include it but during the conceptual site plan part of planning we decided it would be a very nice addition."
The additional 11 acres will be the site of five river-estate single-family home lots and two condominium buildings.
The developer is scheduled to finish site work for the entire project by May. Home builders scheduled to start models in December include John Cannon Homes, Lee Wetherington Homes and M. Pete McNabb Inc./Arthur Rutenberg Homes.
"We shifted our overall time frames about six months [later, because of the market]," Vining says, "so we will be coming online in the '08-'09 season instead of the '07-'08 season.
Home units are expected to range in price from $500,000 to $4 million.
St. Louis-based firm
buys San Marco building
BUYER: FAE Town Center SPE LLC, St. Louis
SELLER: Sembler BtS Partnership #3 Ltd.
PROPERTY: 9105 Town Center Parkway in San Marco Lakewood Ranch
PRICE: $4.79 million
PREVIOUS PRICE: $1.3 million, March 2006
LAW FIRM ON DEED: Greensfelder Hemker & Gale PC, St. Louis
PLANS, DESCRIPTION: St. Louis-based medical developer/property management firm Land Dynamics Inc. purchased the RBC Centura office building in Lakewood Ranch for $4.8 million. The 3,222-square-foot building, which sits on 0.8 of an acre, was marketed as an investment by the Atlanta and Orlando offices of CB Richard Ellis. Calls to the St. Louis firm were not returned prior to deadline.
Kauffman, partners
eye Bayou project
Bayou Associates Limited, an investment group managed by Sarasota developer Dr. Mark Kauffman, is moving forward with plans to develop a 10,000-square-foot retail/office building, on South Osprey Avenue across the street from the Metro Cafe in downtown Sarasota, called Bayou Annex.
Agents with Abbey Realty & Management expect to break ground in less than a year on the five-unit building. According to Diane Lawson, the property's commercial listing agent, the lease rate is expected to run about $24 a square foot.
Royal Senior Care buys Palmer Club
BUYER: RSC Palmer Club LLC, North Miami Beach
SELLER: Sarasota Palmer Ranch HC Partners LP
PROPERTY: 3749 Sarasota Square Blvd., Sarasota
PRICE: $5.72 million
PREVIOUS PRICE: $2.4 million, May 2001
LAW FIRM ON DEED: McNamara & Carver PA, Tampa
PLANS, DESCRIPTION: North Miami Beach-based Royal Senior Care LLC purchased the 75-room Palmer Club At Prestancia in Palmer Ranch for $5.7 million. The facility features both assisted and independent living apartments and includes meals, housekeeping, personal laundry, transportation, utilities, concierge services and more. So far the ownership change has had no affect on Palmer Club's management or employees.
"This may mean some sprucing up," says Jo Dvorak, marketing director for the Palmer Club. "That probably would mean nothing more than painting. The building is in excellent shape."
Etc...
• Hadco Properties & Development LLC purchased a 2,173-square-foot professional office building at 2844 Proctor Road, Sarasota from Downwind LLC for $569,000. Marcia Cuttler PA of American Property Group of Sarasota Inc. handled both sides of the transactions.
• The Gemesis Corp. has announced plans to expand its 30,000-square-foot headquarters at 7040 Professional Parkway East, Lakewood Ranch.
• Snavely Siesta Associates LLC, owners of Summer Cove on Siesta, have introduced a new incentive program offering buyers a full money back guarantee on residences in the luxury condominium community. If a buyer is not satisfied with their residence in Summer Cove, Snavely Siesta Associates will buy the residence back for its total purchased price.
On the bay side of Siesta Key with Gulf-to-Bay views, Summer Cove features a total of 45 residences, which range from 2,100 to 3,800 square feet. The historic Summerhouse restaurant building will serve as the development's clubhouse and was recently awarded a historic designation from Sarasota County.
• 7400 South Trail LLC purchased a 10,380-square-foot retail/office building at 7400 South Tamiami Trail in Sarasota from Casey Holdings LLC for $2.56 million. Ian Black and Steve Horn of Ian Black Real Estate and Tony Veldkamp and Barbara Baseman of Michael Saunders & Co. handled the transaction.
• Gateway Financial Holdings of Florida Inc. purchased a former Regions Bank at 6204 North Lockwood Ridge Road in Sarasota from Alabama 1031 Property Exchange Inc. for $3.56 million. Ian Black and Steve Horn of Ian Black Real Estate represented Gateway Financial in the transaction.
• Gateway Financial Holdings of Florida Inc. purchased a former AmSouth Bank at 2100 Manatee Ave. W. in Bradenton from Alabama 1031 Property Exchange Inc. for $3.3 million. Ian Black and Steve Horn of Ian Black Real Estate represented Gateway Financial in the transaction.
• Venice HMA Inc. leased 4,451 square feet in Oaks Plaza at 3884 Central Sarasota Parkway, Sarasota from BLDG Sarasota LLC for five years. Debbie Anglin and Steve Horn of Ian Black Real Estate and Debra Lichter of Michael Saunders handled the transaction.
• HNTB leased 3,112 square feet from LWR Equity Holdings LLC for four years at 6371 Business Blvd. in Sarasota. Debbie Anglin of Ian Black Real Estate and Tom Streck with Bosshardt Realty handled the transaction.
TAMPA BAY
Lakeland developer plans Trinity retail center
BUYER: Odyssey VI Commercial DP V LLC (principals: Lawrence Maxwell and William Drost), Lakeland
SELLER: Sunfield Homes Inc.
PROPERTY: Intersection of Little Road and Mitchell Boulevard, Trinity
PRICE: $5.72 million
LAW FIRM ON DEED: Hobby & Hobby PA, New Port Richey
PLANS, DESCRIPTION: Lakeland-based Century Cos.' Century Development Co. purchased several acres at the southeast corner of Little Road and Mitchell Boulevard for $5.72 million. The company plans to develop the property as Century Shoppes of Trinity, a 65,000-square-foot retail center with various outparcels. Based on early negotiations, the center will likely be anchored by a 32,000-square-foot regional fitness center.
"We still need to finalize our permits and plans," says Bill Drost, senior vice president of Century Realty Funds. "We're hoping to break ground the first part of 2008. We're probably looking at a completion in late 2008 or early 2009."
The Century Cos. also operates its own leasing entity Century Retail, which will market the property. Pre-construction rental rates are running in the high $20s, Drost says.
The Century Cos. already owns the 25,000-square-foot Trinity Commons at Mitchell Boulevard nearby. Drost says Century's success there spurred it to work on more retail in the area.
"Trinity is a very fast growing area," Drost says. "A lot of that attention has been focused on the [200,000-square-foot retail/office] Trinity Town Center. We should complement them nicely. They have more of a downtown feel with a two-story parking garage and a lot of square feet. We're more of a traditional retail center. We don't see each other as competition; there is room in the market for both projects."
Odyssey VI Commercial DP V LLC mortgaged the property to former owner Sunfield Homes for $4.72 million.
Turtle Cove Marina ownership
preparing for expansion
BUYER: Turtle Cove Group LLC (principal: Edward Speath), New Port Richey
SELLER: Paul and Susan Wissler
PROPERTY: property on Lutean Shores, Tarpon Springs
PRICE: $4.75 million
PLANS, DESCRIPTION: Turtle Cove Group LLC, an investment group composed of Edward Spaeth and Dan Bicz, acquired 1.25 acres next to the Turtle Cove Marina, which the group already owns, for $4.75 million. The purchase was one of three parcels the group plans to acquire for a total of 2.5 acres as part of its plans to expand the marina. The firm purchased the marina property itself at 601 Roosevelt in June 2006 for $2.6 million.
"We've really been cleaning it up," Bicz says. "Now with this additional land, we are moving forward with the $19-million expansion."
The new ownership plans to develop a million-dollar clubhouse and pool, a new 200-unit dry storage facility and an additional 50 wet slips. At completion, the dockominium/rackominium project is expected to have a total of roughly 340 dry slips and 70 wet slips.
"The marina is going to be eco friendly. We are doing a lot of clean up in partnership with the city," Bicz says. "We are also trying to keep the prices lower than the other marinas in the market. We're selling slips for $100,000 on up. Our highest slips are less expensive than most other marina's lowest cost-slips. We can do this because we got an excellent deal for the property."
The investment group plans to break ground sometime in the next quarter, pending final design and permitting approval.
Turtle Cove Group LLC mortgaged the land to M&I Marshall & Isley Bank for $10.5 million.
Investor buys Clearwater's
Brookside Gardens
BUYER: Albako LLC (principals: Vladimir Jacaj and Flamur Syla), Clearwater
SELLER: Tuskawilla LLC
PROPERTY: 1123 Pinellas Ave., Clearwater
PRICE: $2.25 million
TITLE FIRM ON DEED: Atlas Crest Inc., Clearwater
PLANS, DESCRIPTION: Investor Vladimir Jacaj's Albako LLC purchased the 41-unit Brookside Gardens in Clearwater for $2.25 million.
Robert Jinks and Michael Regan of Marcus & Millichap's Tampa office handled the transaction. The seller has owned the property since 2005.
"We worked with the seller when they bought it a couple years ago," Regan says. "The former owner lived out of the area and made some moves that didn't end up working, including looking for tax credit opportunities. Those changes ended up taking the property from 54 units down to about 41 units."
At the same time, with small units in the 350-square-foot range, the property has typically attracted a transient renter, which required an extremely careful management that at the time the property didn't have, Regan says. With an average 17-20 economic vacancies, he says, the property was virtually unsellable until the former owner found the right manager, which turned out to be an employee of Rent First Realty in Tampa. The new manager was able to reduce the vacancy to two to three units and to cut down on the turn around time required between renters.
Etc...
• The world's largest freestanding Alzheimer's research facility, the Johnnie B. Byrd, Sr. Alzheimer's Center & Research Institute in Tampa, is scheduled to have its public grand opening on Saturday, Sept. 15. Construction on the seven-story building, at 4001 E. Fletcher Ave., Tampa, began in 2004. The 108,000-square-foot facility features 60,000 square feet of laboratory research space, 20,000 square feet of clinical research space and 2,000 square feet for education and community space.
Staff began moving into the facility in the spring. The facility's fourth floor is under construction now and should be ready for occupancy by November.
Researchers at the center will investigate bio-chemical markers for Alzheimer's, the effects of environmental enrichment on brain function, the genetic link between Down syndrome and Alzheimer' and the therapeutic effects of caffeine. A future Magnetic Resonance Imaging/Positron Emission Tomography scan suite is planned for the second floor.
LEE-COLLIER
Bonita Springs investor
buys McGregor Design Center
BUYER: Terra Design Center LLC, Fort Myers
SELLER: McGregor Properties Partnership and McGregor Boulevard Center Ltd.
PROPERTY: 13251, 13261, 13161 and 13211 McGregor Blvd., Fort Myers
PRICE: $10.5 million
PREVIOUS PRICE: $1.03 million, May 1996 and $475,000, May 1999
LAW FIRM ON DEED: Trenam Kemker Scharf Barkin Frye O'Neill & Mullis PA, Tampa
PLANS, DESCRIPTION: Bonita Springs-based investment group Terra Investments purchased the McGregor Design Center, on McGregor Boulevard, just south of College Parkway in Fort Myers, for $10.5 million.
The 44,037-square-foot retail center features: Spada Wellness Center, Spada Day Spa, First Watch Restaurant, Melting Pot, The Pottery Garden, Blu-Aqua Pools, Eagle Cleaners, Exit Realty, Gallery of Kitchens, Gulfshore Bakery, Helene Skin Care, Prudential, Reality Executives, Sahara Hookah Lounge, Sweet Bean Cafe, and Total Look Salon. The property is now being managed by Owners Agency in Fort Myers.
"The new owner was very pleased with the area and the center's performance," says Paula Wormuth, owner of Owners Agency. The purchase price equated to a 7.5% capitalization rate. The center is currently 98% occupied.
The building was built by Mel-RE Construction Management Inc. Cindy Stratton of Mel-Re Associates Inc. co-brokered the sale with VIP Commercial TCN Worldwide.
Terra Design Center LLC mortgaged the center to Principal Life Insurance Co. for $7 million.
Wing City Grille buys site
BUYER: Wing City Grille LLC (principals: Shannon Carlson and William Kenny), Fort Myers
SELLER: Southwest Florida Real Estate Ventures Inc.
PROPERTY: 21331 S. Tamiami Trail, Estero
PRICE: $2.75 million
PREVIOUS PRICE: $2.25 million, May 2004
LAW FIRM ON DEED: David E. Leigh PA, Naples
PLANS, DESCRIPTION: After about five weeks in operation, Steve Carlson and William Kenny, owners of the Wing City Grille, have purchased its 6,500-square-foot building near Corkscrew Road for $2.75 million.
"We had planned on leasing it," says Andrew Carlson, assistant general manager. "It's just a gorgeous building and was really the perfect location for us." The building can seat 175.
The Estero restaurant is the second location for the restaurant brand; the other restaurant is located in Fedonia, N.Y.
"They're planning to do more in Florida," Carlson says. "They're looking in Orlando and Tampa Bay." Wing City Grille LL mortgaged the property to Bank of Florida Southwest for $2.15 million. Jim Garinger, CCIM, of Colliers Arnold handled the transaction.
TA Associates acquires
Punta Gorda Crossings
BUYER: Fund VIII Punta Gorda Crossing LLC (principal: The Realty Associates Fund VIII LP), Boston
SELLER: Plaza Venezia Orlando LLC
PROPERTY: 2310 Tamiami Trail, Punta Gorda
PRICE: $10.75 million
PREVIOUS PRICE: $9.69 million, November 2005
LAW FIRM ON DEED: Greenberg Traurig PA, Miami
PLANS, DESCRIPTION: A fund managed by Boston-based real estate equity firm TA Associates Realty purchased the 63,660-square-foot Punta Gorda Crossings Shopping Center for $10.75 million. The real estate research firm the Costar Group Inc. says that as of its last review of the center, it was fully leased. Further the research firm reports the center is anchored by a Publix Super Market and also houses Blockbuster, RadioShack, Monty's Pizza and Pies and Plates.
TA Associates Realty owns a number of properties in the Gulf Coast and particularly in the Tampa area. In Hillsborough County alone, the group or its funds owns a 410,000-square-foot warehouse/distribution building in Tampa East Industrial Park, the 96,491-square-foot, class-B President's Plaza II office building and the 352-unit Bermuda Lake Apartments in Brandon.
Etc...
• Fort Myers-based J.L. Wallace Inc. has begun construction on the Fitness Center and Chickee Bar at Heritage Bay. Developed by Lennar Homes, the new community is located at 10168 Heritage Bay Blvd. in Naples. The 7,986-square-foot fitness center will include a workout room, aerobics room, salon, massage parlor and a 2,000-square-foot swimming pool with spa. Tisch and Associates designed the project.
• Brooks & Freund was awarded a contract to build Shoppes at the Forest, at 16237 and 16234 S. Tamiami Trail in Fort Myers. The project includes construction of a 12,984-square-foot Mediterranean-style building with six 2,150-square-foot retail units. The developer of the project is Shoppes at the Forest LLC, and Lloyd Mandel is the managing member. Quattrone & Associates will provide engineering services. Sheeley Architects provided architectural design services. Construction is scheduled for completion in January.
• Fort Myers-based Eagle Concrete Systems has started the concrete work on the 16,323-square-foot Hopgood Building at Mercantile Avenue between Industrial and Commercial boulevards, Naples. Eagle Concrete is building the office and warehouse facility with steel-reinforced, concrete blocks. The project will include a wholesale fish packaging plant, freezer and office space. Disney & Associates designed the structure, and The Torrey Co. is the general contractor.
The structural concrete work is scheduled for completion by September.
• Frank DePena purchased a two-story, 3,060-square-foot office building at 1951 Grove Ave., Fort Myers from Grove Avenue LLC for $440,000. Adam Palmer of Coldwell Banker Commercial NRT handled the transaction.
• Eagle Concrete Systems has completed concrete work on the Forum Center Shops in the Home Depot Center at Forum Boulevard and Dynasty Drive. The shopping plaza offers 21,432 square feet of retail space and was laid out for 16 tenants. Designed by BAC Boca Architects Corporation, the building structure was built with tilt-wall construction.
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