Commercial Real Estate Briefs

By Business Observer Staff
| 6:00 p.m. November 16, 2007
| 2 Free Articles Remaining!

Charlotte–Lee–Collier

by Sean Roth | Real Estate Editor

LEE-COLLIER

TB&W Enterprises acquire

Bonita Springs development

BUYER: BBR Development Partners LLC (principals: Leeanne and Ronen Graziani and Raul and Gabriela Saad), Naples

SELLER: Elias Brothers Communities Four Inc.

PROPERTY: 11761-11781 Bonita Beach Road S.E., Bonita Springs

PRICE: $3.84 million

PREVIOUS PRICE: $4 million, August 2005

LAW FIRM ON DEED: James A Pilon PA, Naples

PLANS, DESCRIPTION: An investment group headed by the owners of Naples-based TB&W Enterprises of South Florida LLC (Leeanne and Ronen Graziani and Raul and Gabriela Saad) purchased 10 acres near the intersection of Bonita Beach Road and Livingston Road and less than a mile west of Interstate 75 for $3.84 million.

Residential builder Elias Brothers Communities had planned to develop the property prior to the residential demand crash as its new headquarters. The former owner developed a site plan for a 138,000-square-foot complex of office buildings on the site with additional medical office and retail space and had started work on the foundation and elevator shaft for the first building before selling the property.

"The permits have expired so we have to renew them and bring the plans up to code," says Ronen Graziani. "We're working on that now. (The purchase price) was a steal. We got $650,000 back at closing, and it's already appraised for $7.5 million. That let us put two years of carrying costs upfront. You can get some nice deals right now if you have the capital to close the deal. The buyer needed a closing in just six weeks."

An investment firm, developer and brokerage TB&W Enterprises, specializes in putting together investment groups for real estate ventures. Along with working on its construction approvals, TB&W Enterprises and Raul Saad, also a broker with Patagonia Realty, have started marketing the first building. Space in the three-story, 50,000-square-foot building is being listed for sale for $220 a square foot, and lease options are also being considered for around $25 a square foot. The developer will also consider joint ventures.

The second building is planned as a twin of the first building, according to Graziani. As currently conceived, the development is approved for roughly 10,000 square feet of retail space and 28,000 square feet of medical space, but Graziani says that the developer has wiggle room to adjust some of the proportions throughout the development based on tenant needs.

The new ownership mortgaged the property to TIB Bank for $3.84 million.

Investment group

buys 40 acres in Charlotte

BUYER: Jones Loop 40 LLC (principal: Jeffrey Hunt), Naples

SELLER: SW Florida Land Twenty LLC

PROPERTY: 27350 and 27360 Jones Loop Road, Punta Gorda

PRICE: $3.09 million

PREVIOUS PRICE: $1.6 million, December 2005

LAW FIRM ON DEED: Bolanos Truxton PA, Fort Myers

PLANS, DESCRIPTION: An investment group headed by Jeff Hunt, president of the Naples-based general contractor/home builder EHC Inc., acquired 40 acres of commercial land on Jones Loop Road in the Enterprise Charlotte Airport Park for $3 million.

Hunt found the site when he was searching for an office in Charlotte County for his construction company. With the residential downturn reducing EHC's overall office space needs, Hunt is looking instead at the property as an investment.

"The market is ripe in that area to do something," Hunt says. "Right now, we are just in the process of deciding exactly what we'll do there. We'll probably be looking eventually to subdivided it into smaller, more manageable parcels."

Apart from the economic activity at the airport and the planned new distribution-based development it has inspired, Hunt says having the land in the Enterprise Charlotte Airport Park gives a certainty to the area surrounding his property.

EHC, which does commercial, heavy highway and residential work, is currently working as a subcontractor for several new school construction projects in Charlotte County. The investment entity Jones Loop 40 LLC mortgaged the property to Reliance Bank FSB for $2.16 million.

RLR Investments buys

Royal Shell Vacations

BUYER: RLR Investments LLC, Wilmington, Ohio

SELLER: Royal Shell Vacations Inc.

PROPERTY: 1547 Periwinkle Way, Sanibel

PRICE: $2.13 million

PREVIOUS PRICE: $990,000, July 2006

SELLER: Safety Street Warehouses LLC

PROPERTY: 10801 Sunset Plaza Circle, units 1A, 1B and 1F, Fort Myers

PRICE: $1.2 million

PREVIOUS PRICE: $470,600 and $274,000, March 2006

SELLER: Janny Titan LLC

PROPERTY: 1456 Periwinkle Way, Sanibel,

PRICE: $1.2 million

PREVIOUS PRICE: $1.14 million

TITLE FIRM ON DEED: Barrier Island Title Services Inc., Sanibel

PLANS, DESCRIPTION: RLR Investments LLC, a private national real estate investment firm with offices in Wilmington, Ohio and Sanibel, bought the stock and real estate of Royal Shell Vacations Inc. in Sanibel.

The acquisition included the sale of the former Barrier Island Pharmacy building at 1456 Periwinkle Way, the former Brew Pub at 1547 Periwinkle Way and an off-site laundry plant in three condominium warehouse units in Sunset Plaza for a total of $4.5 million. Other financial terms of the transaction were not disclosed.

The deal included the stock of Royal Shell Vacations Inc., Quality Guest Linen Services Inc. and Royal Shell Property Management Inc. The companies, which employ 31 people, service about 400 rental contracts and manages property associations on Sanibel and Captiva Island.

The companies, founded by Randy and Kim Bacik, reported more than $16.5 million in revenue for 2006.

"The corporate acquisition will give RLR opportunities in the area of real estate rentals and property management, as well as compliment our existing business of real estate sales, through our sister company, Preferred Properties of the Islands Inc.," Donald DeLuca, vice president and general counsel of RLR Investments, said in a press release. "In turn, the leads generated through rentals and management will compliment real estate sales."

RLR is an investment company of the Ralph L. Roberts family. RLR's holdings include warehouses, shopping centers, hospitality properties. Roberts is also the founder of R & L Carriers Inc., one of the largest privately owned, national trucking companies. RLR's current holdings on the islands, include Tahitian Gardens, The Villages Shops, The Old Sanibel Shoppes, Tarpon Bay Center, Town Center and The Island Grocery.

RLR Investments mortgaged the former Brew Pub location to Randall Bacik, trustee of the Randall J. Bacik Trust for $1.75 million and the Sunset Plaza units to Kimberlee S. Bacik, trustee of the Kimberlee S. Bacik Trust for $1.75 million.

Etc...

• Dance Life of Florida LLC leased 4,000 square feet of retail space in Bay Crossings at 26251 South Tamiami Trail, Bonita Springs from Monroe Management Co. Inc. The Retail Team of Karen Johnson-Crowther, Charlene Greenblatt, Salli Jones-Doyon, and Lindsey Schmoyer of Colliers Arnold handled the transaction.

• Kid Zoo LLC leased 2,500 square feet of retail space in Bay Crossings at 26251 S. Tamiami Trail, Bonita Springs from Monroe Management Co. Inc. The Retail Team of Karen Johnson-Crowther, Charlene Greenblatt, Salli Jones-Doyon, and Lindsey Schmoyer of Colliers Arnold negotiated the transaction.

• DeAngelis Diamond Construction Inc will be the construction manager for the Liberty Youth Ranch being developed on 156 acres in Bonita Springs. The Liberty Youth Ranch will provide a permanent home for abused, abandoned, neglected or orphaned children.

• Ideal Marble & Tile Inc. leased 3,204 square feet of industrial space at 2100 Trade Center Way Unit G from JCG Partnership.

• Bonita Springs-based Heatherwood Construction has begun construction and site work for the corporate headquarters of Creative Events & Taylor Rental in Fort Myers. Once complete, the 60,000-square-foot facility in Alico Industrial Park will be the largest event rental facility in Southwest Florida. Odle McGuire Shook provided architectural design services.

• DRS Logistics LLC & Marcos Sanchez leased 5,500 square feet of flex space unit 2 at Billy Creek Commerce Center from Sox Development Inc. Todd Holman of Gates D'Alessandro & Woodyard Realtors negotiating the transaction.

• Sunburn Digital Studios Inc. leased 2,425 square feet in unit 401 at Parker Commons Blvd., Fort Myers from Trilogy KKC LLP. Robyn Wright and Alex Wright of Gates D'Alessandro & Woodyard Realtors handled the transaction.

• Daniels Parkway Self Storage LLC purchased 3.1 acres at the northwest corner of Metro Parkway and Ben C. Pratt/Six Mile Cypress Parkway, wrapping around the Amereda Hess gas station from Amereda Hess Corp. for $1.75 million. Hal Arkin, senior broker with Gates D'Alessandro & Woodyard Realtors handled the transaction.

• Port Charlotte-based Obee's Franchise Systems Inc. has opened a new restaurant in Greensburg, Pa. This is the first of 20 locations that Obee's has contracted with the company's area developers for a three county region of Westmoreland, Indiana and Cambria counties in Pennsylvania. The new obee's is located at 5240 State Route 30 in Greensburg. The restaurant will be developed and owned by Bill and Candy Stewart

• O'Guin Decorative Arts, LLC leased 4,667 square feet of industrial space at 1786 Trade Center Way, unit 4 from 1786 Trade Center Way Unit 4 LLC. Christine Gonnering Martin of Investment Properties Corp. negotiated this transaction.

• Owen-Ames-Kimball Co. has completed construction of the Neil Armstrong replacement elementary school for the Charlotte County School District. The two-story, 112,000-square-foot school includes 41 classrooms and labs, a media center, and a multipurpose/dining area, as well as a separate physical education building, covered play area and two fenced playgrounds.

• Compass Construction Inc. of Cape Coral has started construction on the newest credit union for Suncoast Schools Federal Credit Union, in Cape Coral. The $1.5 million project is planned as a prototype for the bank's future branches throughout Florida. The facility will be a one story, 5,000-square-foot building.

• DRS Logistics LLC leased a 5,500-square-foot office/warehouse in Billy Creek Commerce Center at 5571 Zip Drive, unit 2, Fort Myers from Sox Development Inc. Bob O'Connor of One Source Commercial Realty, LLC negotiated the lease for the lessor, and Todd Holman of Gates D'Alessandro & Woodyard LLC represented the lessee.

• Sharks Den Billiards, Inc. has leased the former Art's Place Billiards at 2348 Pineland Avenue, Units C, D and E from VAC Realty Inc. Patrick Fraley of Investment Properties Corp. handled the transaction.

• Palm Aerospace LLC leased 7,500 square feet at 12935 Metro Parkway, Fort Myers from Jim Smith Electric Service Inc. Jim Boback of the Boback Commercial Group with the Re/Max Realty Group represented the landlord, and Lloyd Mandel, Mandel & Simms Real Estate Inc., represented the Tenant.

• Calkins & Kenyon Construction Inc. leased 2,060 square feet at 1205 Elizabeth St., Punta Gorda from Tracy and Janette Nelson. Carlos Acosta of the Boback Commercial Group with the Re/Max Realty Group handled the transaction.

• Consumer Source Holdings Inc. leased 3,521 square feet at 6360 Corporate Park Circle, Fort Myers from Moorestown LLC. Jim Boback of the Boback Commercial Group with the Re/Max Realty Group represented the landlord, and Bob White of Bob White Inc. represented the tenant.

• H&G Shady Oaks LLC purchased 4.51 acres of vacant land from Labelle Progressive Development LLC for $1.6 million, Thomas Woodyard of Gates D'Alessandro & Woodyard Realtors negotiated the transaction.

• Developer IAK Florida Builders LLC has selected RJ McCormack Architect Inc. to provide design, planning and architectural services for IAK's new $460 million dollar residential community in northwestern Cape Coral. San Souci, half a mile south of Charlotte Harbor off Burnt Store Road, will offer four distinct Mediterranean-style villages each featuring its own pool and spa, cabanas, recreation center and other appointments. The development will feature three 18-story condominiums, six five-story mid-rise buildings, plus villas and town homes.

McCormack will oversee a team of engineers from TKW Consulting Engineers, OCI Engineering, DRMP Inc., ASC Geosciences and W. Dexter Bender and Associates. Residents are scheduled to occupy homes in the development starting in 2010.

• Bonita Springs-based Heatherwood Construction has been awarded a contract to build the new corporate headquarters for First American Bank in Naples. The two-story building, in the Marquesa Plaza at 3360 Pine Ridge Road, will offer more than 26,000 square feet of office space. In addition to the bank, Marquesa Plaza will include a Starbucks, Wireless Toyz, Figaro's Pizzeria and other retail shops. Sheeley Architects provided architectural design services. Construction is expected to begin in early November, and its completion is scheduled for October 2008.

• Keene Construction Co. of Central Florida Inc. has awarded Fort Myers-based Eagle Concrete Systems a contract to complete the tilt-up concrete and masonry work on North Pointe Shoppes. Eagle Concrete Systems will complete tilt-up concrete work on five of the six retail buildings at 1803 Pine Island Road in Cape Coral. The concrete company will use a total of 85 tilt wall panels for the 88,410 square feet of retail space. North Pointe tenants will include AC Moore, Linens N' Things and PetSmart. Phillips Partnership designed the retail center. Concrete work is scheduled for completion in late November.

SARASOTA-MANATEE

Andersen Racing owners buy Palmetto track

BUYER: Andersen Florida LLC (principals: Daniel and John Andersen), Fairfield, N.J.

SELLER: Group Four LLC

PROPERTY: 10101 N. U.S. 41, Palmetto

PRICE: $2 million

PREVIOUS PRICE: $315,900, February 2002

TITLE FIRM ON DEED: First American Title Insurance Co., Bradenton

PLANS, DESCRIPTION: Dan and John Andersen, owners of Fairfield, N.J.-based Andersen Racing, purchased the 18-acre Group Four Test Track in Palmetto for $2 million. The facility on U.S. 41, which houses an 8,000-square-foot shop and 24 garages, has been renamed Andersen RacePark.

Andersen Racing operates three professional open-level racing teams: Indy Pro Series, Star Mazda and Formula 2000.

"Our Indy team has been operating there for the past full season, which led me to acquire it," Dan Andersen says. "It was really a natural fit for us. It's a popular test track with local kart drive, which could possible allow us to assist some of them to possibly move up to the next level. We may apply for a permit to increase the shop space in the future. The land is there already for it."

The Palmetto facility, which will eventually host all three racing teams, is a significant step up from the New Jersey facility, which had neither a track or garage space. While the racing teams will still test cars at several test tracks in the United States, the Palmetto facility is expected to offer the teams much more immediate initial testing on new cars.

"It also should help us to recruit," Andersen says. "New Jersey has a very high cost of living, which keeps the pay scale that I need to offer [the racing staff] to manage their cost of living high. Florida is less expensive, and the climate is very attractive."

Andersen, who owns a home on Captiva Island, will be staying in New Jersey to manage his construction company Anderson Interior Contracting.

Andersen Florida LLC took out an initial mortgaged with SunTrust Bank for $1.2 million and a second mortgaged with the former ownership for $400,000.

Possible buyer probes

School Avenue site

After two years of planning and negotiations with homeowners in Sarasota's Alta Vista neighborhood, developer Ron Burks is looking to sell his School Avenue property.

The 9.5-acre parcel includes several industrial warehouses and an abandoned Scotty's store. Burkes had pitch it as a 10-story 400-unit condominium project.

On Oct. 25, one potential buyer, Glen Bartosh, chief operating officer for Nashville, Tenn.-based apartment/condominium firm Bristol Development Group, met with 40 residents to discuss developing the site. Bristol Development's proposal was a four-story, 237-unit apartment complex with a pool and exercise facility. The units would primarily consist of 800-square-foot one-bedroom rentals.

In 2006, city commissioners approved rezoning the property from downtown edge to downtown core, which allowed Burkes the zoning his project needed. However, neighborhood and anti-growth opponents lobbied the State Department of Community Affairs, which eventually rejected the comprehensive plan change.

Bartosh described the planning on the property as very early. Bristol Development currently owns and operates five apartment communities in Tennessee, Arkansas and Texas. Three more complexes are under construction in Tennessee and Florida.

-Reporting by Heidi Kurpiela of the Sarasota Observer

Kaplan, Bennett eye State Road 64 developments

Jacyn Beacon Realty, a corporation composed of Sarasota real estate investor Marvin Kaplan and state Sen. Mike Bennett, is working through the necessary approvals to develop both of the northern sides of the Lorraine Road and State Road 64 interchange with new retail space.

On the northeast corner of the intersection, the developers have applied to rezone 1.22 acres from general agricultural to neighborhood commercial-medium. Kaplan expects the site to eventual become a gas station.

Further, the partners - Bennett also owns an electrical company - plan to develop a 56,000-square-foot strip center on the northwestern parcel.

Kaplan is hopeful that construction can begin on the eastern parcel before the end of the year while construction on the western parcel will likely start in the first quarter of 2008.

Nearby, the developers are also rezoning land at the northeast corner of Rye Road and State Road 64 for a 35,000-square-foot office building and a 4,600-sqaure-foot bank branch.

"There's not that much in that area yet, but there's a lot of homes all around it," Kaplan says.

Benderson's university center

passes Planning Commission

Mega retail developer Benderson Development Co. Inc. has passed one of the first approval hurdles for its planned University Park Center shopping center.

The development, proposed for 30 acres on the northwest corner of University Parkway and Honore Avenue in Sarasota, received a recommendation of approval from the Manatee County planning commission. As conceived the 223,000-square-foot center will be anchored by a Kohl's department store and the first Fresh Market grocery in the Sarasota-Manatee counties market.

"If everything falls into place, we should break ground there by early 2008," says Mark Chait, director of Florida leasing for Benderson Development. "We're looking at completion in about a year after that." The developer has announced no other tenants for the project.

The University Parkway and Honore Avenue intersection is proving a popular site. Burton Katzman Development Co. is already developing University Professional Park, an 85,000-square-foot office development, on 12-acre at the southwest corner of the intersection.

Etc...

• Michael Saunders & Co. of Sarasota and Halstead Property LLC of New York City have reached an exclusive new trans-Atlantic affiliation with the European Real Estate Network, or EREN. The strategic alliance is intended to cross-market properties between Southwest Florida, New York and the 10 European countries represented by EREN. It is the first time in EREN's history that American companies have been invited to become affiliate members.

"With an ever-increasing share of today's buyers of luxury homes and condominiums in Southwest Florida coming to us from major European markets, this is yet another valuable international connection that brings our sellers into contact with a large and important pool of qualified, well-capitalized buyers," Michael Saunders, president of the 31-year old real estate enterprise company, in a press release.

In 2005, a group of 20 of the European luxury real estate companies joined together to form EREN, whose principal mission is to promote business between its members.

• Hawk's Nest Construction Inc., a 12-year-old Sarasota general contracting firm, has opened two new divisions providing exterior designs, hurricane-safety upgrades and home and condominium repairs. To accommodate the new operations, Hawk's Nest Construction has remodeled its facilities at 4525A S. Tamiami Trail, at the corner of U.S. 41 and Field Road in Sarasota.

The company's exterior designs division, Exterior Designs by Monita, specializes in unique exterior features including custom-designed pergolas, firepits, fireplaces, paved terraces, and outdoor kitchens and bars. The company's hurricane-safety and home repair division, Safe Homes/Home Repair by Craig, is a certified contractor in the My Safe Florida Home program, a government-funded initiative to offers matching funds to homeowners who make their homes more hurricane resistant.

• Naples-based Orion Bank has opened of its first Manatee County full-service banking center at 5310 State Road 64 East in Bradenton.

The Bradenton office will be a new two-story, 10,000-square-foot building. In addition to the full-service banking center, the location will house the bank's commercial and residential lending teams for that market.

• CORE Construction Services, Southeast Inc. has completed the $3.8 million, 9,000-square-foot sales and preview center at Artisan Lakes, the new master planned community Taylor Woodrow is developing off Moccasin Wallow Road and Interstate 75 in Palmetto.

Artisan Lakes will ultimately feature 1,850 single-family homes with three amenities facilities for residents and more than one million square feet of commercial and retail space. Construction has started on phase one of the development.

• Compass Communities, a division of Sarasota-based FMO Companies Inc., has started construction on the first homes at Largo Preserve, a 36-acre neighborhood of 483 townhomes on Price Boulevard near Toledo Blade Boulevard in North Port. The first building of six residences should be completed next month. Residents are expected to take occupancy in January. The residences are in the first of 11 buildings planned for phase one.

• with rendering

Site work has been completed and vertical construction has kicked off on the first buildings in the Bradenton Boat Club, a rackominium project on a five-acre Bradenton Beach site. The development will eventually feature a total of 22 wetslips and 272 dry storage slips in three hurricane-resistant buildings. The facility will feature, security and seven-day a week access, boat rinse and engine flush, restrooms with shower facilities, on-site fuel, a fish cleaning station, and two custom forklifts for boat loading and unloading. Presale prices for the slips will start at $65,000. The new facility is scheduled to open in March 2008.

• Dr. Soordal Oum Prakash and Dr. Shanthi Prakash purchased a 3,200-square-foot medical office building at 5937 Beneva Road, Sarasota from Jeffrey and Rebecca Van Praag for $730,000. Rico Boeras of Preferred Commercial Inc. represented the seller, and John Petitti of Central Park Realty represented the buyer.

• Tuttle Animal Medical Clinic has moved to a new location, just across from the Ed Smith Stadium. The new clinic is located 1090 N. Tuttle Ave., Sarasota, on the southeast corner of 12th Street and Tuttle Avenue. The new facility is a full-service veterinary hospital.

TAMPA BAY

Chicago firm buys Adagio Apartments

BUYER: Adagio Apartments LLC (principals: Blackhawk Apartment Opportunity Fund LLC), Tampa

SELLER: City National Bank Florida

PROPERTY: 3600 E. Fletcher Ave., Tampa

PRICE: $4.35 million

PREVIOUS PRICE: $2.9 million, August 2003

LAW FIRM ON DEED: William E. Schockett, Esq., Miami

PLANS, DESCRIPTION: Chicago-based private investment firm Blackhawk Realty Advisors Inc. purchased the 84-unit Adagio Apartments on Fletcher Avenue in Tampa from City National Bank of Florida for $4.35 million, or an average of $51,800 per unit.

Robert Goldfinger and Elizabeth Calleja in the Tampa office of Marcus & Millichap handled both sides in the transaction.

Blackhawk Realty Advisors owns the nearby Sunset Square apartments at 12708 Bruce B. Downs Blvd., Tampa.

"They had some economies of scale there that they felt would apply," Goldfinger says. "There were a lot of people interested in that asset. They're a company that always plans on certain improvements. It's generally in good condition, but they're planning on adding value to it."

The new ownership will also likely look to increase the rent structure, Goldfinger says. As of the sale, the apartment complex had an occupancy rate in the high 90s. At its present condition, occupancy and rental rate, the purchase equated to an about 6.5% capitalization rate, according to Goldfinger.

Blackhawk Realty's ownership entity Adagio Apartments LLC mortgaged the property to Prudential Multifamily Mortgage Inc. for $3.3 million.

Lake City hotelier

invests in Wesley Chapel ER

BUYER: Heta Riya LLC (principal: Rajeshkumar Patel) , Lake City

SELLER: Principal Property Investment LLC

PROPERTY: 5504 Gateway Blvd., Wesley Chapel

PRICE: $2.19 million

PREVIOUS PRICE: $225,000, July 2000

LAW FIRM ON DEED: Terry McDavid, Lake City

PLANS, DESCRIPTION: Rajeshkumar "Raj" Patel purchased the 10,000-square-foot Bay Area Urgent Care facility in Wesley Chapel for $2.19 million.

Patel, who currently owns and operates a Best Western Inn in Lake City, will continue to lease the building to the private emergency care operator.

"I just saw it as an investment," Patel says. "It's in a good location, and there is tremendous growth all around it. I also thought it was very fairly priced. Bay Area has a five-year lease."

The purchase equates to a capitalization rate of 8%, and is Patel's first medical investment.

Heta Riya LLC mortgaged the building in Saddlebrook Corporate Center to Colonial Bank for $1.75 million.

Seven One Seven Parking

acquires Tampa parking lot

BUYER: 609 Cumberland Property LLC (principals: Jason and John Accardi), Tampa

SELLER: Imperial Nurseries Inc.

PROPERTY: 609 Cumberland Ave., Tampa

PRICE: $2.05

PREVIOUS PRICE: $1.5 million, February 1997

FIRM ON DEED: Land America Financial Group Inc., Tampa

PLANS, DESCRIPTION: Tampa-based Seven One Seven Parking Services Inc. purchased a 0.77-acre parking lot on the site of the former Shelly Tractor & Equipment Company in Tampa for $2.05 million. Officials with Seven One Seven did not return calls.

Seven One Seven Parking Services Inc. and its division, Seven One Seven Parking Enterprises, operate several parking and transportation related business services, including valet parking, shuttle services, garage and lot management, parking consulting and corporate and private parking services.

The new owner, legally known as 609 Cumberland Property LLC, mortgaged the site to Colonial Bank for $1.74 million.

Etc...

• Pollo Tropical purchased a 31,050-square-foot piece of land at 3134 Tampa Road, Oldsmar from Sailer Family Trust. Jim Kovacs and Garrett Williams of Colliers Arnold represented the buyer. Ray Meadows of Berkeley Investment Advisors represented the seller.

• LI Investment LLC purchased a 22,232-square-foot industrial building, at 5012 E. Broadway Ave., Tampa from Laymond Holdings Trust for $1.13 million. Mark McKell and Ron Sparks of Colliers Arnold represented the seller.

• Verizon Wireless leased 4,000 square feet of retail space on Citrus Park Drive, Tampa from Johnson Citrus LLC. Ben McLeish of Colliers Arnold represented the tenant.

• Chitester Management Systems leased 2,524 square feet of office space in Centrepointe at 5100 W. Lemon St., Tampa from USAA Real Estate Co. Mary Clare Codd of Colliers Arnold represented the tenant, and Lou Payas of USAA Real Estate Co. represented the landlord.

• Starting in early December, Tampa-based Vertical IT will occupy 8,700 square feet of space at East Tampa LLC's 187,000-square-foot office building called Lakeview Office Center. The building is located at 6700 Lakeview Drive in the Corporex Office Park near the Martin Luther King Boulevard exit off Interstate 4 in east Tampa. Vertical IT is an outsourced IT resource for small to medium businesses in Florida. Cypress Creek Capital is the managing partner for the development group that owns the building, and Taylor & Mathis is the exclusive leasing and management company for both the Lakeview Office Center and the Eastpoint office building.

The Ross Realty Group has been appointed to lease and manage the 154,984-square-foot Pinebrook Business Center near Belcher and Bryan Dairy roads in the Gateway business district in Largo. Pinebrook is comprised of six buildings and is zoned for light manufacturing. Keystone Property Group, a Pennsylvania-based real estate investment group, recently purchased the complex. The Ross Realty Group currently manages more than 2.4 million square feet of office, industrial and retail space throughout the Tampa Bay area. Ross Realty agent Avi Adler will be in charge of leasing the property.

• Hallmark Development of Florida is developing a new multi-story office building in Clearwater that it plans to offer as Pinellas County's first for-lease green office building. The $17 million Lakeside Offices at Park Place will have 85,000 square feet of space on three floors at 355 Park Place Blvd., 100 yards north of State Road 60.

Founded 42 years ago by Daniel Engelhardt, Hallmark Development of Florida has developed about 630,000 square feet of office and service-center space. Hallmark also manages dozens of commercial properties, including Roosevelt Lakes Office Park in the Feather Sound area and Enterprise Office Center in the Countryside area, both in Pinellas County.

• After $1.7 million in renovations, Sheila C. Johnson and her hospitality company, Salamander Hospitality, have reopened the Innisbrook Resort and Golf Club Island Course. Johnson and Salamander Hospitality purchased Innisbrook in July and immediately began renovating the Island Course. The course has since been overseeded and is said to be in tournament condition. The new ownership plans to construct a 12,000-square-foot luxury spa at the resort by late 2008. There will also be a new 4,000-square-foot, state-of-the-art fitness area and the Tennis and Fitness Center will undergo full renovations with added seating. Innisbrook's three clubhouses and restaurants are also on the resort's list of immediate and substantial improvements to be completed prior to the end of 2008. Innisbrook's 65,000 square feet of meeting space will also receive an extensive makeover.

• Keller Williams Realty Inc. signed a new lease agreement for 18,000 square feet at Buschwood Office Park, a 169,925-square-foot office building at the corner of Himes Avenue and Busch Boulevard. CB Richard Ellis' Roxanne Kemph negotiated the leases on behalf of the landlord, and Bill Obregon and Michael Fisher of CB Richard Ellis represented the tenants.

• AutoTrader.com signed a new lease for 10,000 square feet at The Pointe, a 250,000-square-foot office building on Rocky Point Drive from TIAA-CREF. CB Richard Ellis' Roxanne Kemph negotiated the leases on behalf of the landlord, and Bill Obregon and Michael Fisher of CB Richard Ellis represented the tenants.

• Caribbean-based Sagicor Life Insurance Co. leased 18,000 square feet at One MetroCenter, 4010 Boy Scout Blvd. from Metropolitan Life Insurance. CB Richard Ellis' Roxanne Kemph represented the tenant. Angela Odell with Taylor & Mathis represented the landlord.

• Illinois-based home flooring and installation company Empire Today LLC has leased 76,500 square feet of industrial space in a distribution center at Sabal Park, a 1,000-acre business park located along Interstate 75. Empire Today is relocating from a smaller, existing facility nearby. The company currently leases 324,000 square feet in facilities throughout the United State from ProLogis.