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Commercial Real Estate Briefs
by Sean Roth | Real Estate Editor
SARASOTA-MANATEE
Sarasota's MPL Lodgings buys Siesta Key hotel
BUYER: MPL Lodgings Inc. (principals: Michael Lepore and Maria and Edward Bankemper), Sarasota
SELLER: Thi IV Sarasota Hie LLC
PROPERTY: 6600 S. Tamiami Trail, Sarasota
PRICE: $11.7 million
PREVIOUS PRICE: $10.6 million, August 2005
LAW FIRM ON DEED: Icard Merrill Cullis Timm Furen & Ginsburg PA, Sarasota
PLANS, DESCRIPTION: Ahead of a planned Radisson Hotel at Cattlemen and Fruitville roads in Sarasota, Michael Lepore and his daughter and son-in law, Maria and Ed Bankemper, are trying their hands at the hotel business with the Holiday Inn Express Siesta Key.
MPL Lodgings, an offshoot of Lepore's real estate development company MPL Properties, purchased the 131-room hotel on Tamiami Trail and Stickney Point for $11.7 million.
"It just went through a two-year renovation, but we're still planning to take it up a couple steps," Lepore says. "We're planning to upgrade the rooms bringing them closer to the level of where we will be with the Radisson with things like flat-screen TVs. From a business standpoint, the hotel already gets a decent tourism clientele, but we'll be focused on attracting more business travelers."
A Big Al's restaurant sits next to the hotel, but was not part of the sale.
The Holiday Inn Express will be one of Lepore's first true hospitality ventures. Lepore and Jamie Meades, past president of Resort Hospitality Management, led an $8 million renovation of the Palm Bay Club on Siesta Key, which reported quadrupled revenues Meades is serving as director of operations for MPL Lodgings, and Junelle Samblanet, general manager of the Holiday Inn Express for the past year and a half, will also remain with the hotel
Lepore says that construction approvals for the Radisson are currently tied up in concurrency issues, which will likely delay the start date for the hotel for another six to eight months. The Radisson is slated to open in about two years.
MPL Lodgings mortgaged the site to Century Bank FSB for $7.9 million and took out a second mortgaged with the former ownership Thi IV Sarasota Hie LLC for $1.6 million.
Gettel Automotive Acura
start date nears
Sarasota-based dealership chain Gettel Automotive plans to start construction soon on its new planned Gettel Acura dealership, east of an existing Lexus dealership at 4913 Clark Road. The new five-acre site will offer the Acura dealership roughly double the space of its current Bee Ridge Road site, and its relocation will let Acura's current neighbor, Gettel Hyundai, grow as well.
"The building size will be the biggest difference," owner Jim Gettel says. "Dealerships today need five or six acres. Right now it's on less than two acres and has eight service bays. We'll probably demolish the current Acura office to give Hyundai more parking and service areas.
The planned two-story 40,249-square-foot dealership building will have 20 service bays. The move also put the dealership on a luxury dealership row that has developed on that section of Clark Road, which includes Wilde Lexus of Sarasota, Wilde Jaguar of Sarasota, Land Rover Southpointe and others.
"Anybody that is shopping for a European or Japanese luxury car is going to be looking in that area," Gettel says. "We designed that building to reflect our customers' interests and efficient service."
The dealership facility is scheduled for completion in the fourth quarter of 2008. Gettel expects the new location to accommodate his Acura dealership through at least 2020.
Kellogg & Kimsey Inc. is the contractor for the project, and Tampa-based Hartmann Architecture Inc. designed the building.
North American Properties
plans Bee Ridge center
Cincinnati-based retail developer North American Properties has filed a site plan to develop a shopping center, currently dubbed the Publix at Bee Ridge, at 8250 Bee Ridge Road, Sarasota. The neighborhood center will house a 29,000-square foot Publix Super Market plus an additional 19,000 square feet of retail shops. The development will also feature two outparcels of less than 5,000 square feet each.
The leasing agent for the space will be Ryan Joyce with North American Properties' Fort Myers office.
The developer purchased the 13-acre property, which is located at southwest corner of the intersection of Bee Ridge Road and Bee Ridge Extension across from The Hammocks and Rothenbach Park, in February of 2005 for $1.8 million.
Etc...
• The commercial real estate investment group Lassabria LLC purchased a 5,040-square-foot office space in Clark Station Development, 5236 Station Way, Sarasota, from Rosin Way Office Park LLC for $1.35 million. Bob Brillon of the Thomason/Brillon Interests with Countree Wide Realty Inc. represented the buyer, and Barry D. Edwards & Associates Inc. represented the seller.
• Beall's Inc. has completed its move in to a new 149,000-square-foot corporate office facility at 700 13th Ave. E., Bradenton. The facility, which Beall's purchased from Tropicana in December, has been named the E. R. Beall Center, after the son of company founder R.M. Beall, and father to Bob Beall, currently chairman of Beall's Inc.
• The Charles & Chase Group Inc. has begun construction on the Lorraine Corners Retail Center. Fawley Bryant Architects designed the 22,000-square-foot complex, at the corner of State Road 70 and Lorraine Road in Bradenton. It's scheduled to open in early 2008.
• Sarasota County Early Childhood Mental Health Partnership leased 3,588 square feet at 1751 Mound St., suite 205 in Sarasota, from Bayou Associates Ltd. for three years. Lori Conable of Ian Black Real Estate and Jessica Barzell of Abbey Realty, LLC handled the transaction.
LEE-COLLIER
Lutgert Development starts Tavira development
BUYER: Tavira at Bonita Bay Inc. (principals: Michael Hoyt, Richard Baker and Howard Gutman), Naples
SELLER: Bonita Bay Properties Inc.
PROPERTY: 4851 Bonita Bay Blvd., Bonita Springs
PRICE: $10.01 million
PREVIOUS PRICE: $7.3 million, January 1985
TITLE FIRM ON DEED: Tarpon Title Services LLC, Bonita Springs
PLANS, DESCRIPTION: Naples-based Lutgert Development purchased 6.5 acres on Estero Bay from the Bonita Bay Group for $10 million. The property will house the company's planned 90-unit Tavira at Bonita Bay condominium tower.
"We filed the notice of commencement so we're technically already under construction," says Richard J. Baker, president of Lutgert Development. "We've got a lot foundation work that needs to go in before we can vertical. We're working to have it completed by September of 2009. We're doing very well [with presales] considering the market right now."
Baker says the development is 45% to 50% presold. The remaining units are being marketed for $1.5 million to $2.6 million a unit.
Naples-based Boran Craig Barber Engel Construction Co. Inc. is the contractor, and Smith Barnes Santiesteban Architecture Inc. designed the building. Lutgert Development mortgaged the development to Bank of America NA for $114.6 million.
Foster & Foster Actuaries
relocating to Parker Commons
BUYER: Go Hawks Investments LLC (principal: Bradley Heinrichs), Fort Myers
SELLER: PC Six LLC
PROPERTY: 3420 Parker Commons Blvd., unit 101, 102, 103 and 104, Fort Myers
PRICE: $1.2 million
PREVIOUS PRICE: $1.44 million, September 2006
TITLE FIRM ON DEED: Sand Dollar Title Group Inc., Naples
PLANS, DESCRIPTION: Go Hawks Investments LLC purchased four units in the Parker Commons Office Park, totaling 5,000 square feet of office space, for $1.2 million. The company managed by Bradley Heinrichs, president of Foster & Foster Consulting Actuaries Inc., plans to use the space to house the actuarial-consulting firm, which currently occupies space on Corporate Court in Park of Commerce.
"It's starting to get pretty cramped over here," says Heinrichs. Following the build out of the space, Foster & Foster will likely move in June. The firm will occupy two-thirds of the building.
Go Hawks Investments LLC mortgaged the property to Florida Gulf Bank for $1.2 million.
Lee County locals
open Sanibel Sweet Treats
BUYER: Island Partners LLC (principals: Ted and Jim Iannelli and Joe and Kathleen Whitcraft), Sanibel
SELLER: 2430 Holding Co.
PROPERTY: 2430 Periwinkle Way, Sanibel
PRICE: $2.12 million
PREVIOUS PRICE: $891,000
TITLE FIRM ON DEED: Team Title Insurance Inc., Fort Myers
PLANS, DESCRIPTION: Friends and business partners Ted and Jim Iannelli and Joe and Kathleen Whitcraft purchased a 5,300-square-foot retail/office building on Sanibel Island for $2.12 million.
The two couples, with assistance from the Iannelli's sons, Sean and Scott Iannelli, plan to convert the building's retail space, which was formerly Andrea's Gourmet Market and Delicatessen, into Sanibel Sweet Treats and Gourmet Eatery.
The Iannelli family, which owns and operates the Windjammer restaurant in Fort Myers, will be operating the new business, which will focus on gourmet ice-cream, high-end chocolate, gelato and carry out meals.
The Whitcrafts are best known in business as the owners of the Chantilly, Va.-based Award Crafters, an award, trophy, executive gift and incentive manufacturer, which specializes in government, association and military work.
"We've been wanting to partner with the Iannelli family for a while now," Kathleen Whitcraft says. "This was just a wonderful location right on Periwinkle in a beautiful building with good parking and visibility. Plus it had rental income from the separate office space so when it became available we quickly snapped it up."
The new owners are adding new equipment to handle the chilled portion of the new business and hope to open the new store in mid-November. The company is considering adding catering sometime in the near future.
Etc...
• The United States Postal Service leased 28,000 square feet of flex space in Mid Cape Corporate Center at 79 Mid Cape Terrace, Cape Coral, from Mid Cape Associates LLC. Jim Tamblyn of Colliers Arnold represented the tenant, and Matt Price of McGarvey Development represented the landlord.
• Bateman Contracting purchased 2.06 acres of industrial land at 3260 Cargo St. with a development order in place from V-V Ventures LLC for $525,000. Pamela Van Vleck of VIP Commercial-TCN Worldwide negotiated the transaction.
• Centertown LLC awarded Glory Homes LLC a contract to build the 66,000-square-foot Daniels Commons office park at 13350 Appaloosa Lane off Daniels Parkway in Fort Myers. Designed by architect Greg Goertler, the office park will consist of four office condominium buildings on a five-acre parcel. The single- and two-story buildings will range in size from 11,025 to 22,050 square feet. One of the buildings will be designated for health care offices.
TAMPA BAY
Shamrock-Hostmark buys Westshore Doubletree
BUYER: Shamrock-Hostmark Tampa Westshore Hotel LLC, Burbank, Calif.
SELLER: Encore Tampa Westshore LLC
PROPERTY: 4500 W. Cypress St., Tampa
PRICE: $26.4 million
PREVIOUS PRICE: $25.6 million
LAW FIRM ON DEED: Bingham McCutchen LLP, East Palo Alto, Calif.
PLANS, DESCRIPTION: The Shamrock-Hostmark Hotel Fund LP, a co-sponsored real estate fund of Shamrock Holdings of California Inc. and Hostmark Hospitality Group, purchased the 489-room Doubletree Hotel Tampa Westshore Airport on Cypress Street for $26.4 million.
"The fund is aimed at acquiring properties with value added opportunities," says Jerome Cataldo, executive vice president of development for Hostmark Hospitality Group. "So fitting that strategy, we will be spending $13 million on capital improvements. We're renovating all the guest rooms, the public areas and meeting space. The hotel recently had a multi-million renovation of some of the rooms; we will be completing that renovation. We feel very strongly about the marketplace, and its great future competing in that market."
The improvements will likely take a year to a year and a half to complete.
The hotel features 16,000 square feet of meeting space, a 24-hour fitness center, three restaurants and lounges and a pool/spa area. Cataldo says the fund is a "medium time-period holder of real estate" and that it would look to maximize and stabilize the property before it considers a sale.
Hostmark Hospitality Group is taking over management of the hotel.
The real estate fund mortgaged the hotel to GE Capital for $37 million.
Asbury Automotive Group takes over three Tampa dealerships
BUYER: C&O Properties Ltd. (principal: Asbury Villanova LLC), Jacksonville
SELLER: Sanford L. Woods, as trustee
PROPERTY: 9816 Adamo Drive, Brandon
PRICE: $7 million
PREVIOUS PRICE: $3.2 million, December 1994
BUYER: CAR AAG FL DOD LLC, McLean, Va.
SELLER: Woods Family Limited Partnership
PROPERTY: 9207 Adamo Drive, Brandon and U.S. Highway North,
PRICE: $15 million
PREVIOUS PRICE: $2.4 million, September 2005
BUYER: CAR AAG FL HON LLC, McLean, Va.
SELLER: Woods Family Limited Partnership
PROPERTY: 31200 U.S. Highway North, Palm Harbor
PRICE: $10 million
PREVIOUS PRICE: $2.8 million, July 2001
LAW FIRM ON DEED: Hill Ward & Henderson PA, Tampa
PLANS, DESCRIPTION: Coggin Used Cars in Jacksonville purchased Brandon Volkswagen property for $7 million and Capital Automotive in McLean, Va. purchased Braden Dodge and a Honda dealership site for a total of $25 million. The three dealerships are being operated under New York City-based Asbury Automotive Group Inc.'s Courtesy Automotive Group brand.
"They were all owned by Sandy Woods," says Allen Levenson, vice president of sales and marketing for Asbury Automotive Group, who explained that Asbury had acquired the dealership operations. "The staff will largely stay the same with the exception of Mr. Woods will not be staying involved. We like the market. Tampa is a great, growing market."
Levenson expects few changes for the dealerships. The Volkswagen dealership operates 20 service bays, Honda has 28 and Dodge has 44. The three dealerships employ 150 people.
Including the additional three locations, the Courtesy Group now houses 10 dealerships. Asbury Automotive owns 93 dealerships encompassing 124 franchises across 35 different brands.
Xcelience acquires
Laurel Street building
BUYER: Goldshard LLC (principal: Pat Duffy), Tampa
SELLER: 5415 W. Laurel LLC
PROPERTY: 5415 W. Laurel St., Tampa
PRICE: $4.8 million
PREVIOUS PRICE: $4.05 May 2006
LAW FIRM ON DEED: Weisman Brodie Starr & Margolies PA, Boca Raton
PLANS, DESCRIPTION: An investment group comprised of the owners of Xcelience and J. Patrick Duffy, president of the Clearwater-based real estate brokerage Colliers Arnold, purchased a 24,000-square-foot flex building on Laurel Street for $4.8 million. Xcelience, a Tampa-based clinical research company, has been a tenant in the building since 2006. The building features 7,167 square feet of office space and 16,723 square feet of warehousing or lab space.
"Their landlord was interested in selling the property, and Xcelience preferred to be an owner rather than lease," says Duffy. "They also ran the math and with paying 7% sales tax on the rent it was already better to buy than rent."
Duffy handled the transaction.
Etc...
• ProLogis the world's largest owner, manager and developer of distribution facilities pre-leased more than 117,000 square feet in Tampa to Bunzl Distribution, a supplier of disposable paper and plastic packing materials. The company will occupy a center under construction in Sabal Park, a 1,000-acre business park on Interstate 75. The facility is scheduled for completion in mid-200. Bunzl is a long-time ProLogis customer, and leases more than 675,000 square feet in nine U.S. markets.
• Chadwell Supply Inc. leased 41,797 square feet of industrial space at 6612 E. Adamo Drive, Tampa from Antinori Properties II LLC. Mark McKell of Colliers Arnold represented the landlord.
• Altaquip LLC leased 25,600 square feet of industrial space in Ruthven Business Park II at 3115 Drane Field Road, Lakeland from Ruthven Business Park II LLC. Edward Miller and Dolores Seymour of Colliers Arnold represented the tenant. Greg Ruthven of The Ruthvens represented the landlord.
• Office Depot leased 21,300 square feet of retail space on U.S. 27 and Polk City Road, Haines City from Heart of Florida Properties. Jim Kovacs of Colliers Arnold represented the tenant.
• HA TIEN Oriental Market leased 2,400 square feet of retail space in Brandon Crossings at State Road 60 and Falkenburg Road, Brandon, from Brandon Crossings LLC. Lisa McCaffrey of Colliers Arnold represented the landlord.
• 118 Central, LLC purchased a 2,700-square-foot office building at 118 Central Ave. W., Winter Haven, from RMC Partners Ltd. for $215,000. Christopher Leonard of Colliers Arnold represented the seller.
• Bella Pucci leased 3,000 square feet of office space at 807 Park St., Clearwater from Glenn T. Warren, Dale R. Warren, and William C. Klingensmith d/b/a Park Street Properties. Carol Warren, CCIM, of Colliers Arnold represented the landlord.
• St. Petersburg-based developer for Town/Brookhaven, a mixed-use development in Atlanta. the development will feature 600,000 square feet of retail space, 150,000 square feet of office space, 1,560 residential units and a dozen or more local restaurants. Town/Brookhaven is scheduled for completion by late spring 2009. The development is expected to cost $500 million to develop.
• Sagicor Life Insurance Co. leased 18,000 square feet at One MetroCenter in Westshore. The financial services provider, based in Barbados, is expanding its presence in the U.S.' domestic life insurance market. The new location will be Sagicor's U.S. corporate office and the southeast regional sales office for Sagicor Life Insurance Co. Inc.
Roxanne Kemph, vice president with CB Richard Ellis represented the tenant, and Angela Odell with Taylor & Mathis represented the landlord.
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