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Commercial Real Estate Briefs
by Sean Roth | Real Estate Editor
LEE-COLLIER
First American plans Fort Myers branch
BUYER: First American Bank, Fort Dodge Iowa
SELLER: Richard VanArsdel
PROPERTY: 9311 College Parkway, Fort Myers
PRICE: $2.86 million
TITLE FIRM ON DEED: Fidelity National Title Insurance Co., Fort Myers
PLANS, DESCRIPTION: Clive, Iowa-based First American Bank purchased an 8,000-square-foot office building near College Parkway and McGregor Boulevard for $2.86 million. The bank plans to renovate the building to create a 5,000-square-foot bank branch with a drive-through and separate leasable space.
"We're hoping to be open there by March," says Paul Waltz, chief operating office for First American Bank. "It's going to replace an existing location we have on College Parkway."
Temporarily, the bank will occupy some of the planned tenants space on the west side of the building while work continues on its permanent space on the east side.
Because of its strong commercial business, Waltz says the drive-by traffic surrounding the property was less important to the site selection than finding a central location. The bank branch is expected to accommodate 12 to 13 employees. The bank has not yet selected a general contractor.
In 2005, the bank opened its first office in Naples, and in April 2006, it further expanded it presence in Florida with the purchase of Pelican National Bank of Naples.
The bank currently has five locations in South Florida but is expected to grow to six by the end of 2008. The bank has a total of 22 branches nationwide.
Gregg A. Fous of Market America Realty and Investments Inc. brokered the transaction.
R&S Development
gears up for Sandalwood
BUYER: Livingston Road Development LLC (principal: Mark Rasmus), Bonita Springs
SELLER: R&S Development of SW FL LLC
PROPERTY: Livingston Road, Naples
PRICE: $5.38 million
PREVIOUS PRICE: $1.91 million and $1.7 million, September 2004
LAW FIRM ON DEED: Abel Band Chartered, Sarasota
PLANS, DESCRIPTION: Bonita Springs-based R&S Development Co. transferred 20 acres north of North Naples Middle School on Livingston Road to another development entity it owns in preparation for developing the property. R&S Development, a partnership of Bonita Springs developer and contractor Mark Rasmus and Brit Svoboda of Corporate Realty and Development Inc., plans to develop 57 single-family lots on the site, Svoboda says.
"We should be able to break ground there in the next few weeks," Svoboda says. "We've owned that site for about three years. We looking for delivery next summer."
Called Sandalwood, the home development, which is located next to a wildlife preserve, will feature lots priced from $250,000 to $350,000.
Deangelis construction
buys Alico industrial building
BUYER: DDCI Alico Road LLC (principal: Deangelis Diamond Construction Inc.), Naples
SELLER: Neekaytan Sharma
PROPERTY: 17131 Alico Center Road, Fort Myers
PRICE: $1.1 million
PREVIOUS PRICE: $102,000, July 1998
TITLE FIRM ON DEED: DHI Title of Florida Inc., Fort Myers
PLANS, DESCRIPTION: Naples-based general contractor Deangelis Diamond Construction Inc. purchased a 12,000-square-foot warehouse building for $1.1 million. The building previously housed Sherwin Williams Paints. Officials with DeAngelis Diamond Construction confirmed the purchase, but declined to comment further on the property or its future use.
Deangelis Diamond Construction's DDCI Alico Road LLC mortgaged the property to Wachovia Bank NA for $825,000.
Etc...
• Owen-Ames-Kimball Co. was recognized by the Florida Department of Transportation with the 2007 Outstanding Commercial Service Airport Project Award for the Southwest International Airport Runway 6-24 Rehabilitation project. The award highlighted O-A-K, the Lee County Port Authority and Hole Montes for outstanding achievements in airport aesthetics, safety and service.
Southwest Florida International Airport is the only single-runway, medium-hub airport in the United States. Airport staff, FDOT and O-A-K worked with the Federal Aviation Administration to develop a plan to rehabilitate the single runway while maintaining normal airport operations. The decision was made to convert a taxiway into a runway, which was used temporarily while the runway rehabilitation took place. The project was also completed ahead of schedule.
• Construction has begun on Daniels Commons, a five-acre office park at Daniels Parkway and Appaloosa Lane in Fort Myers. The office park includes four one- and two-story office buildings, and occupancy is scheduled for the summer of 2008. Community Engineering Services Inc. provided the civil engineering and surveying services for the project.
The development will feature two one-story office buildings of about 11,025 square feet, with one zoned for medical office users. The office park will also offer a two-story building with fully built-out, turnkey office condominiums.
• Project Help Inc. has leased 4,444 square feet of space in the Collier Business Plaza at 3050 N. Horseshoe Drive in Naples from CPOC Realty LLC. Doris Taylor of CB Richard Ellis Fort Myers-Naples represented the landlord, and Jacques Groenteman of John R. Wood represented the tenant.
TAMPA BAY
Michigan investors buy Royal Oaks Center
BUYER: Key Partners ROV LLC (principal: David Rubin), Farmington Hills, Mich.
SELLER: Royal Oaks Brandon Ltd.
PROPERTY: 3210 Lithia Pinecrest Road, Valrico
PRICE: $13.85 million
PREVIOUS PRICE: $5.45 million, October 2002
PLANS, DESCRIPTION: Farmington Hills, Mich.-based real estate investment company Cambridge Investors purchased the 89,201-square-foot Royal Oaks Shopping Center in Valrico for $14 million.
The retail center is anchored by Lifestyle Family Fitness and Harbor Freight, but also houses Prudential Tropical Realty, Pizza Hut, Pinch A Penny and Allstate. At the purchase, the center was 97% occupied and had just 2,800 square feet vacant.
The investment company was particularly attracted to the property because of the strong growth market in the Tampa bay area, according to Michael Stoller, vice president of acquisitions for Cambridge Investors, and the potential upside of the property.
"Currently, many of its leases are below market," Stoller says. "So a lot of that upside will come through rental increases over the long term. It is really well maintained, and we have no real plans right now for any capital expenditures right out of the gates."
Cambridge Investors already owns the 141,337-square-foot Crosswinds in St. Petersburg, the 75,155-square-foot Morningside in Dade City and the 148,591-square-foot Landings Retail Center in Sarasota. Cambridge, which focuses on retail and medical-office properties, owns a portfolio of commercial real estate valued at more than $130 million.
Cambridge Investors' limited liability company Key Partners ROV LLC mortgaged the shopping center back to its former owner, Royal Oaks Brandon Ltd., for $4.09 million.
Golden Aluminum Extrusion
buys Plant City plant
BUYER: GAE Plant City LLC (Golden Aluminum Extrusion LLC), Plant City
SELLER: Plant City Extrusions Corp.
PROPERTY: 1650 Alumax Circle, Plant City
PRICE: $7.05 million
PREVIOUS PRICE: $675,000, May 1990
LAW FIRM ON DEED: Karina Livshin Esq., Pittsburgh
PLANS, DESCRIPTION: The investment group Golden Aluminum Extrusion LLC purchased the business assets of Excel Extrusions Inc., a subsidiary of Alcoa Aluminum Inc., including its Warren, Ohio and Plant City plants. The 350,000-square-foot Plant City facility, which sits on a 30-acre site was purchased for $7 million and is serving as the main office for the company.
The Plant City facility has a long history of creating aluminum products starting in 1970 when it was owned by Alumax Extrusions, a subsidiary of Alumax Inc.
"We're focused on growing it back to where it was with Alumax," says Allen Cain, president for Golden Aluminum Extrusion LLC, referring to the period in the early '90s when Alumax was one of the largest Aluminum companies in North America and had the largest manufacturing capacity in the industry. "We're working on diversifying our product line for the future. We recently reorganized our workforce to achieve greater efficiencies. We're just focused on improving the quality and delivery cost. We're in this to improve the operations long-term."
Following several workforce changes and other refinements, such as the introduction of Lean manufacturing techniques, the company has been able to improve the capacity at the Plant City plant by 60%, according to Cain. The company currently employs 150 people at the plant.
The plant produces custom-made soft aluminum products targeted at the building/construction and automotive industries.
Golden Aluminum Extrusion LLC is owned by Golden Metals, which also owns Golden Aluminum Inc.
Tampa dealership group
buys Precision Kia
BUYER: Pasco Motorcars LLC, Wesley Chapel
SELLER: Century Auto Co. LLC
PROPERTY: 28539, 28551, 28555, 28605 and 28611 State Road 54, Wesley Chapel
PRICE: $5.75 million
PREVIOUS PRICE: $1.43 million, July 2003
TITLE FIRM ON DEED: Bayshore Title Insurance Co., Tampa
PLANS, DESCRIPTION: Frank Morsani's Tampa-based dealership group Automotive Investments Inc. purchased the business assets and real estate of the Precision Kia dealership in Wesley Chapel. Morsani declined to comment on the price paid for the business assets, but the purchase price for the property was $5.75 million.
"We're not planning to change much as far as the facilities; we just liked the dynamics of the auto business at Kia," Morsani says.
Having divested all but one other dealership, Tyrone Square Mazda in St. Petersburg, Morsani says he was looking for particular opportunities such as the Kia dealership.
Pasco Motorcars LLC mortgaged the site to Regions Bank for $4.6 million.
Etc...
• Jacobson Protective Shutter has been awarded a contract from the Hillsborough County Real Estate Department to install hurricane shutters on dozens of Hillsborough County fire stations and fire-marshal buildings, making it the company's largest single project ever.
The shutter installation contract is part of a hurricane-hardening project for 40 fire stations and two fire-marshal buildings. Managed by the Tampa branch of Cutler Associates - a general-contracting and construction-management firm - the project also includes installing generators and hurricane-rated bay doors.
Jacobson Protective Shutter will outfit 36 of the fire stations and both fire-marshal buildings with aluminum shutters. Jacobson Protective Shutter has completed the first phase of shutter installation on 18 fire stations and the fire-marshal buildings. The second phase will begin by the end of this year. Jacobson Protective Shutter is the hurricane-shutter division of Jacobson Window Co.
SARASOTA-MANATEE
Mattison's group expands to Tamiami Trail
BUYER: Mattison's 41 LLC, Longboat
SELLER: Patapis Investments of Sarasota LP
PROPERTY: 7275 S. Tamiami Trail, Sarasota
PRICE: $3.5 million
PREVIOUS PRICE: $1.84 million, March 2005
LAW FIRM ON DEED: Abel Band Chartered, Sarasota
PLANS, DESCRIPTION: Restaurateur Paul Mattison is gearing up to grow his restaurant chain to four locations with the acquisition of a 10,000-square-foot former Lone Star Steakhouse restaurant on U.S. 41 for $3.5 million.
The new fine dinning restaurant will seat 229 people inside and another 30 outside.
Mattison is currently focused on making the cosmetic renovations and equipment changes to open the planned 6,300-square-foot restaurant portion of the building. Once that area's completed and the restaurant is operational, the restaurateur plans to turn his attention to renovating 1,500 square feet to house his business offices, which currently occupy a leased location behind the Mattison's Steakhouse at The Plaza on Longboat Key. The restaurant will also feature space for catering, which Mattison had previously run entirely out of his steakhouse.
"We were just busting at the seams (with catering)," Mattison says. "We've had to bring a refrigerated trailer in to handle some of that need. This is just a great opportunity to give that piece of the business more breathing room."
The restaurant is scheduled to open Nov. 15.
Mattison says that while he hadn't been a frequent Lone Star customer, he thinks much of its difficulties prior to closing related to area competition and shouldn't affect his restaurant.
"Just driving by it seemed that the Lone Star never seemed to be that busy," Mattison says. "My first thought was that there are a whole run of casual dinning steakhouses in that area. I've also heard people say that the (Lone Star) company is downsizing."
Mattison currently operates Mattison's Steakhouse at the Plaza on Longboat Key, Mattison's City Grille in downtown Sarasota and Mattison's Riverside in downtown Bradenton.
Mattison's 41 LLC took out a first and second mortgaged on the property with First Priority Bank for a total of $3.25 million.
Naples hotel group
buys land for Hyatt Place
BUYER: Bay Winds Lodging Sarasota LLC, Naples
SELLER: AU Parkway LLC
PROPERTY: 960 University Parkway, Sarasota
PRICE: $2.2 million
PREVIOUS PRICE: $720,000, October 2004
LAW FIRM ON DEED: Icard Merrill Cullis Timm Furen & Ginsburg PA, Sarasota
PLANS, DESCRIPTION: An investment group headed by Tom White and his father Ron White of Naples purchased nearly three acres south of the entrance to the Sarasota-Bradenton International Airport and across from an existing Courtyard by Marriott for $2.2 million.
The new owners are hoping to break ground in December or January on a 114-room, three-story Hyatt Place hotel. The hotel, which will feature a pool and exercise facility, is targeting a December 2008 opening.
"There is no question that the growth at the airport made it an attractive site," says Tom White. "We think that all the growth at the airport, at the colleges, with the redevelopment zone and even in downtown - all that proliferation is really beneficial. Hyatt Place appeals to people seeking a contemporary select product. We're looking forward to exceeding the expectations of the community."
Naples-based DeAngelis Diamond Construction Inc. will be the general contractor for the hotel.
The same investment group currently owns the Hawthorn Suites - Naples, which is operated by White's Lodging LLC.
Center for Premier Dentistry
moving to Clark Road
BUYER: Center for Premier Dentistry Inc. (Scott Dickinson and Jason Swartz), Sarasota
SELLER: Rosin Way Office Park LLC
PROPERTY: 5100 Station Way, units F101-F125, Sarasota
PRICE: $1.14 million
LAW FIRM ON DEED: Kirk Pinkerton PA, Sarasota
PLANS, DESCRIPTION: The Center for Premier Dentistry purchased 4,500 square feet in building F of Clark Station at Honore Avenue and Clark Road in Sarasota for $1.14 million. The practice is owned by Dr. Scott Dickinson and Dr. Jason Swartz.
"We're scheduled to be in by February the first," says Dickinson. "We're in about 6,000 square feet (at 3951 Swift Road, Sarasota), but all but 3,200 square feet isn't useable. It was just a poorly planned and designed building. We'll be much happier (at Clark Station.)"
Along with helping the Center for Premier Dentistry control its costs and build equity, Dickinson says that owning its building should also improve its ability to recruit new dentists.
John Harshman, president of Harshman & Co. Inc., represented the buyer, and Barry D. Edwards & Associates Inc. represented the seller.
The practice mortgaged the property to RBC Centura Bank for $1.45 million.
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