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Commercial Real Estate Briefs
by Sean Roth | Real Estate Editor
SARASOTA-MANATEE
Enterprise Associates brings Marquee to Bradenton
Sam Hamad's Enterprise Associates of Sarasota LLC announced plans to develop a two-towered mixed-use project at the corner of 7th Street West and 3rd Avenue in downtown Bradenton. As currently conceived, the Metro Marquee will feature 138 condominium units - with 21 designated for workforce housing - 9,200 square feet of retail, restaurant space, a 30,000-square-foot undisclosed grocery store and 46,000 square feet of office space.
Enterprise Associates officials expect the first phase of the project, an 18-story building tower with 72 of the residential units and the restaurant and retail space, to take 18-24 months to build. The remaining two phases include a 21-story building with the remaining 66 residential units and in the final phase, the grocery store and office space.
Enterprise Associates of Sarasota purchased the site, which included an apartment complex and four duplexes, in January of 2006 for $4.29 million. Sarasota's The ADP Group designed the development.
Enterprise Associates' proposal is scheduled to go before the Bradenton Architectural Review Board on June 26.
Hamad's company has developed several Sarasota projects, including Marquee En Ville and 1517 State Street. It is also currently planning the 15-unit Marquee on the Bay condominium for 1301 Main Street in downtown Sarasota.
Warm Mineral Springs developer adds town center concept
BUYER: Ortiz/Majorca Partners LLC (principal: Edward Ullmann), North Port
SELLER: BG Elmwood LLC
PROPERTY: 12601, 12641 and 12649 S. Tamiami Trail, Zamora and Trionfo avenues, Dorado Drive, Capilla Lane, Majorca Place and 450 Ortiz Blvd., North Port
PRICE: $1.5 million
TITLE FIRM ON DEED: Fidelity National Title, Dallas
PLANS, DESCRIPTION: Edward Ullmann purchased 16 acres on U.S. 41 and Ortiz Boulevard in North Port for $1.5 million. The vacant property joins 80.4 acres Ullmann already owns associated with The Springs Original Fountain of Youth for a planned redevelopment and expansion project.
Ullmann has been in discussions to redevelop the 1950s era Warm Mineral Springs Day Spa in a residential, office, retail and spa project for more seven years. Following the residential-market decline and the additional land, Ullmann says he's nearly ready to file a new master plan with the city for the revised project.
In its first phase, Ullmann says, he will build a new 8,000- to 10,000- square-foot day spa.
"We'll consolidate some of our existing facilities and double our capacity for retail and office space," Ullmann says. "We're getting very, very close to breaking ground. I'm hoping to open that new day spa in January. The business climate has actually improved our chances. Before there was a large inventory of residential housing that was in effect competing with boutique projects like ours."
In the second phase, Ullmann plans to develop a 38,000-square-foot institute for aqua medicine spa with overnight housing facililties, a restaurant and conference space. That would be followed by development of a destination spa with hotel rooms, additional restaurants, more conference space and standalone residential space, which will likely be villas. At the same time, Ullmann plans to develop a town center on the 16-acre site of 70,000 square feet of office, retail and potentially condominium space.
Ullmann's Ortiz/Majorca Partners LLC mortgaged the 16-acre portion of the land to Colonial Bank NA for $975,000.
Murdock Village proposals near important deadline
The controversial Charlotte County redevelopment of Murdock Village, a 1,200-acre site bordered by U.S. 41 and State Road 776 in Port Charlotte, could finally have an official developer in about a month.
Charlotte County government purchased or took through eminent domain the parcels making up Murdock Village to redevelop what officials called a blighted property at an estimated cost of $92 million. The county planned to sell that large tract as a redevelopment site to developers for a town center.
However, the project has been plagued for several years by low developer demand, Hurricane Charley, which heavily damaged the region and sapped county coffers, and a general decline in residential market demand.
In recent days the project's future has looked more positive, as Babcock Ranch-developer Kitson & Partners negotiated a development agreement with the county staff for the site.
Kitson & Partners proposed developing 533 apartment units, plus town homes or condominium space, and 1.456 million square feet of commercial space, including 294,000 square feet of stand-alone retail, 725,000 square feet of town center retail, 260,000 square feet of town center office and 177,000 square feet of Municipal/Civic space.
The proposal offered the county two payment options: a straight graduated $82-million payout and plan where the county would receive $10 million less from the developer in exchange for a percentage of the home sale revenue.
LEE-COLLIER
Developers buy land for Partners Cove
BUYER: Partners Development LLC (principals: Clyde Quinby and Thomas Kukk), Naples
SELLER: Kubry Lopez Inc.
PROPERTY: a portion of tract N, Town of Everglades
PRICE: $1.6 million
LAW FIRM ON DEED: James H. Siesky, Esq., Naples
PLANS, DESCRIPTION: Naples businessmen Clyde Quinby and Thomas Kukk purchased three acres on Copeland Avenue between Everglades City and Chokoloskee Island in Collier County for $1.6 million. The partners plan to develop 47 residential units on the site in a mixture of triplexes and duplexes. The development has been named Partners Cove.
"We're already under construction,'' Quinby says. "The infrastructure is already 90% complete and by the end of the month we should have pilings in the ground. On top of that we already have 12 units under contract."
Quinby attributed the early sales success to the project's location on a canal.
"It's waterfront and that is still so rare that it always does well," he says.
The partners plan to stagger construction of the individual buildings and are starting with 15 units. Units in the development are being listed from $575,000 to $675,000. The contractor for the development is the Hemming Group of Naples.
The new owners Partners Development LLC mortgaged the project to Bank of America NA for $7.5 million.
Encore Bank buys offices to remodel and lease
BUYER: Encore Bank, Fort Myers
SELLER: The Brothers of S.C. LLC
PROPERTY: 7920 Summerlin Lakes Drive, Fort Myers
PRICE: $2.975 million
PREVIOUS PRICE: $2.2 million, June 2000
LAW FIRM ON DEED: Robert D. Royston Jr. PA, Fort Myers
PLANS, DESCRIPTION: Houston-based Encore Bank purchased a 10,000-square-foot office building near the southeast corner of Cypress Lake Drive and Summerlin Road in the Reflection Lakes Commercial Center for $2.98 million, or $297.50 a square foot. The building is currently fully leased to Raymond James Financial through November.
Randal Mercer of CB Richard Ellis, Fort Myers-Naples handled the transaction.
"After Raymond James' lease is up they're planning to gut the interior and completely remodel it," Mercer says. "Their preliminary plans call for them to have 3,000 square feet of office space available for lease on the open market."
No opening date for the new center has been announced, but it expected to occur in the first quarter of 2008.
Mercer says the building's location offered Encore a rare opportunity to be in the center of Lee County's financial district.
"This is one of the few buildings that has been for sale in the financial services district," Mercer says. "All of [the buildings in the district] have long-term leases in place with tenants and this was one of the few properties in that area that could actually by used by a buyer."
Fort Myers' Dupree family acquires two office buildings
BUYER: J&G Leisure Inc. (principals: Jack, Gail and David Dupree), Fort Myers
SELLER: Jarvis Development LLC
PROPERTY: 12460 Brantley Commons Court, Fort Myers
PRICE: $1.95 million
SELLER: Jarvis Development LLC
PROPERTY: 12468 Brantley Commons Court, Fort Myers
PRICE: $712,500
TITLE FIRM ON DEED: Warranty Title Solutions LLC, Fort Myers
PLANS, DESCRIPTION: Jack, Gail and David Dupree purchased two buildings - a total of 11,200 square feet - on Brantley Commons Court for $2.66 million. The Duprees plan to lease the smaller 3,000-square-foot building at 12468 to Jack Dupree's Dupre Enterprises. Dupre Enterprises, an international broker of urethane foam, trim and other products, currently leases space at 12791 World Plaza Lane. The company employs eight.
"The larger one was more of a speculative buy, and we are planning to lease it out," Dupre says. "We're offering it build to suit. I liked what the developer and architect did with the park so I thought it was a great opportunity to invest in two well-built new buildings in an ideal location. It was also the prefect time, because I needed to rollover a 1031 sale into something."
The 8,400-square-foot building can be subdivided and is being listed by Gary Tasman of Cushman and Wakefield. Dupre says interior construction on the smaller building is scheduled to start soon, and Dupre Enterprises should occupy it in September.
Gregg A. Fous and Ron Campbell of Market America Realty & Investments Inc. handled the transaction.
TAMPA BAY
Ryan Cos. US buys 380 acres for corporate park
BUYER: South Shore Corporate Park LLC (principal: Ryan Cos. US Inc.), Minneapolis
SELLER: Artesian Farms Inc.
PROPERTY: 380 acres south of 19th Avenue Northeast and west of Interstate 75, Ruskin
PRICE: $27.92 million
LAW FIRM ON DEED: Fowler White Boggs Banker PA, Tampa
PLANS, DESCRIPTION: The Ryan Cos. US Inc. purchase 380 acres south of 19th Avenue Northeast near the Villages of Cypress Creek for $28 million with plans to develop it as a 2.7-million-square-foot industrial/office park South Shore Corporate Park.
"We're planning to develop it over the next five to seven years," says Kent Carlson, president of Ryan Southeast. "In mid-July we are planning to start on our first building, a 90,000-square-foot warehouse building. We expect to have that building ready by January of 2008."
The Ryan Cos. will act as its own general contractor. WilsonMiller Inc. is the engineering firm for the project, and Horton Harley and Carter Architects is the architect. The developer has retained CB Richard Ellis to market the park.
As for the future development of the park, Carlson says the market will dictate much of the timing and that the company plans to build buildings both speculatively and for contracted buyers.
The Dickman family, which previously owned the land, took the project through the Development of Regional Impact process starting back in 2001, Carlson says, so the property already has most of its entitlements.
While, the Ryan Cos. has developed other developments in Florida, including buildings for Target in Oldsmar and Cape Coral, the South Shore Corporate Park is easily its largest project to date in the state. Ryan Cos. has regional offices in Minneapolis, Chicago, Phoenix, San Diego and Tampa, as well as Cedar Rapids, Davenport and Des Moines, Iowa.
Ryan Cos. mortgaged the property to the Oak Brook, Ill.-based REIT Inland American Real Estate Trust I for $38.8 million.
Kenyon & Partners moving to Sabal Industrial Park
BUYER: C&E Property Management Inc. (principals: Dean Kenyon, Teddy Hansen Sr., Budwin Brace, Shawn Jeffrey and Henry Dilport), Tampa
SELLER: HLH Holdings LLC
PROPERTY: 3203 Queen Palm Drive, Tampa
PRICE: $1.85 million
PREVIOUS PRICE: $1.568 million July 2005
LAW FIRM ON DEED: Holcomb & Mayts PA, Tampa
PLANS, DESCRIPTION: Tampa-based Kenyon & Partners Inc. purchased a 25,000-square-foot warehouse/office/showroom building in Sabal Industrial Park for $1.85 million. Kenyon & Partners has already relocated to the new facility from three separate buildings its previously occupied in Ybor City.
"We had roughly 12,000 square feet out there," says Gill Corriveau, an accountant with Kenyon & Partners. "This gives us access to I-75, U.S. 301 and I-4. We're both an engineering and a construction firm, and this gives us the space we needed for both of the companies. We won't use all of the warehouse [space] to start, but we should eventually fill it."
The firm's C&E Property Management Inc. mortgaged the property to Bank of America for $785,868.
Barfield Bay buys Brookside
BUYER: Brookside Tampa LLC (principal: Barfield Bay Holdings Inc.), Naples
SELLER: Brookside Tampa Apartments, Ltd.
PROPERTY: 5008 Sierra Place, Tampa
PRICE: $17.75 million
PREVIOUS PRICE: $12.086 million, July 2003
LAW FIRM ON DEED: Berger Singerman PA, Boca Raton
PLANS, DESCRIPTION: Naples-based apartment consolidator/operator Barfield Bay Properties Inc. purchased the 354-unit Brookside Apartments in Tampa for $17.75 million or $50,141 per unit. The purchase follows Barfield Bay's acquisition of the 180-unit Brentwood Place Apartments in Temple Terrace for $10.5 million, or $58,333 per unit May 15. Limited liability companies headed by Ronald Eisenberg of Boca Raton formerly owned both apartment complexes.
Andrew Wright, director of Marcus & Millichap's National Multi Housing Group in Tampa, and Darron Kattan, a senior investment associate in the firm's Tampa office, handled the transaction.
"[The new owners] plan to spend a little bit on improving the landscaping, exterior clean up and roof work," Kattan says. "They're planning to invest about $1 million in it over the next 12 months."
The Brookside Apartments complex was 92% occupied at the time of the sale, according to Kattan.
Barfield Bay is now one of the largest private owners of apartments in the Tampa Bay area. The company currently owns some 5,000 units.
Kattan says neither Brentwood nor Brookside was listed for sale and they approached the former owner because of difficulties the former had experienced trying to buying additional rental properties in Tampa.
"He was actually wanting to shift to properties in Atlanta," Kattan says.
Barfield Bay mortgaged the apartment complex to Colonial Bank NA for $16.67 million.
Etc...
• First Charter Funding sublet 3,495 square feet of office space in Harborview Plaza at 3031 N. Rocky Point Drive in Tampa from TEKsystems. Mary Clare Codd of Colliers Arnold Commercial Real Estate Services represented the sub-lessor, and Chad Rupp of The Staubach Co. represented the sub-lessee.
• GEA Power Cooling Inc. of Lakewood, Colo., leased 2,328 square feet in Colonial Center Bayside, 17755-57 U.S. 19 N. in Clearwater from Colonial Properties Trust. Tom Kennedy, and Richard Andretta in Grubb & Ellis Commercial Florida's Office Group in Tampa represented the landlord.
• Risk Placement Services Inc. of Lutz leased 3,500 square feet of office space in building 7 of SunLake Professional Center, 18950 N. Dale Mabry Highway in Lutz, from Tampa Bay Property Co. Richard Andretta in Grubb & Ellis Commercial Florida's Office Group in Tampa represented the tenant.
• St. Petersburg-based developer the Sembler Co. plans to develop Commercial Boulevard Shoppes, a redevelopment project in Lauderhill, on at the southwest corner of Commercial Boulevard and University Boulevard. Commercial Boulevard Shoppes is currently planned as a 75,000-square-foot center featuring PetSmart, Office Max, Mattress Giant, Chili's, Fifth Third Bank and more. Site work will begin this summer with an estimated opening date of first quarter 2008.
• CBRE Melody arranged financing of $110 million for River City Marketplace in Jacksonville. The financing was a 10-year interest-only loan at a fixed rate of 5.43%. Michael Strober, director, for CBRE Melody in Tampa secured the funding for the transaction through JP Morgan. River City Marketplace is a power retail center that was built in 2006 with a net-rentable area of more than 850,000 square feet
• Co-founders Tim Johnson and Jay Crotty have formed Realty Asset Advisors LLC in Tampa. The firm specializes in commercial real estate investment sales market, with a primary focus on multifamily and retail properties. Realty Asset Advisors LLC will also offer market research services and specialized consulting services. Johnson and Crotty previously worked together as agents with Marcus & Millichap Real Estate Investment Services Co. of Florida and were consistently ranked among the top performers in Florida.
• Lee Ford and Associates purchased a two-story, 3,735-square-foot office building at1821 Sahlman Drive in Tampa from the Tampa-based Parker Properties Partnership for $715,000, or $191.43 a square foot. Paula Buffa of GVA Advantis represented the seller, and Tourtelot Brothers Inc. represented the buyer.
• West Logistics Group increased its long-term lease in building A of Meadow Creek Distribution Center in Tampa by 25,284 square feet to a total of 100,254 square feet. Jeff Bardin of GVA Advantis negotiated the transaction on behalf of the landlord EastMeadow Distribution Center LLC. Colliers Arnold represented the tenant. Meadow Creek Distribution Center consists of two single-story multi-tenanted distribution buildings totaling 265,340 square feet at 1206 and 1210 U.S. 301 N.
• Triple Creek LLC – a joint venture of Centex Homes and M/I Homes – is planning a 2,041-home, master-planned community off Balm Riverview Road in the Riverview area of southern Hillsborough County. Called Triple Creek, the 1,000-acre, gated community will offer single-family homes and townhomes. The developer also plans to build a town center and a clubhouse with roughly 6,000 square feet of space.
• Lakeland's Odyssey (II) DP I LLC purchased the 27,575-square-foot, four-building retail and office development Bloomingdale Commons in Brandon from Barclay Group for $8.3 million or $301 per square foot. Larry Randolph and Brad C. Luger of GVA Advantis and Maia Dale of Marcus & Millichap Real Estate Investment Services' Atlanta office and Nick Ledvora of the Marcus & Millichap Orlando office represented the seller. The property is 89% leased with tenants that include Apex Mortgage, Firehouse Subs and Carvel Ice Cream.
• Johnson & Associates LLC purchased a 0.88-acre site on Citrus Park Drive in Tampa from Citrus Park Ventures LLC. Ben McLeish of Colliers Arnold represented the buyer.
• HomeGoods leased 25,000 square feet of retail space in Van Dyke Commons at North Dale Mabry and Van Dyke Road, Lutz, from CDE Enterprises LLC. Jim Kovacs of Colliers Arnold represented the tenant.
• Optima Technologies LLC purchased a 36,840-square-foot industrial warehouse at 6400 Columbus Ave., Tampa, from ProLogis for $1.7 million. Scott Altieri, Rick Brugge, and John Gerlach of Colliers Arnold represented the seller. Tom Gola of Prudential CRES represented the buyer.
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