Commercial Real Estate Briefs

By Business Observer Staff
| 6:00 p.m. July 27, 2007
| 2 Free Articles Remaining!

Charlotte–Lee–Collier

by Sean Roth | Real Estate Editor

LEE-COLLIER

Publix Supermarkets

buys Lehigh's Crossroads

BUYER: Crossroads Lehigh LLC (principals: Charles Jenkins Jr., John Attaway Jr., David Phillips and John Frazier), Lakeland

SELLER: Apex LLC

PROPERTY: 5781 Lee Blvd., Lehigh Acres

PRICE: $16.35 million

PREVIOUS PRICE: $2.46 million, December 2001 (includes additional parcels)

LAW FIRM ON DEED: Graydon Head & Ritchey LLP, Cincinnati, Ohio

PLANS, DESCRIPTION: Lakeland-based grocery giant Publix Supermarkets purchased the 120,000-square-foot Crossroads Shopping Center at the intersection of State Road 82 and Colonial Boulevard for $16.35 million. The grocery-store chain already operates a 45,000-square-foot store in the center, which opened in May of 2004.

"This isn't something we do frequently but we do it in situations were it makes good business sense," says Shannon Patten, a spokesperson for Publix Supermarkets. "It is important for us to make investments that make sense for our stockholders and associates. We typically look for situations where this offers us additional flexibility to manage our property and enhance our stores. We typically only acquire shopping centers that have a Publix."

Patten says that the Crossroads Shopping Center is so new that no improvements or enhancements are being planned.

As of its most recent appraisal, the real estate research firm CoStar Group reported the center was fully leased and also housed a 7,900-square-foot Blockbuster rental store, a 1,000-square-foot State Farm insurance office and a 1,250-square-foot Subway restaurant.

Partnership starts infrastructure

for 90-acre Meridian Center

Realco-Greenwich LLC, a joint venture of Miami's Greenwich Development Group and the Bonita Lakes-based Realco Group has started construction on Meridian Center, a mixed-use commercial development on 90 acres fronting Ben Hill Griffin Parkway near Southwest Florida International Airport and Florida Gulf Coast University in Fort Myers.

The first phase I of the project will feature all of the infrastructure development for the site and is scheduled for completion by the end of the year. Hoar Construction is the general contractor.

"As the site work progresses, we'll start selling some of the commercial parcels available for development," Greenwich CEO Ernesto Lopes said in a press release announcing the project's groundbreaking.

The project's second phase calls for development of 600,000 to 700,000 square feet of office, retail, industrial and hotel space. The layout for the second phase is still being planned. Cushman and Wakefield's Fort Myers office will market the space.

The new project marks the three-year-old Greenwich Development Group's first development in the Gulf Coast, according to company spokesperson Steven Ferreiro of PR Concepts Inc.

"Greenwich is diversifying its development and growing statewide with plans to eventually grow into a national developer," he says. "So far all of its developments have been commercial."

FGCU foundation

buys marine research facility

BUYER: Florida Gulf Coast University Foundation Inc., Fort Myers

SELLER: Bonita Beach Plantation Resort LLC

PROPERTY: 5164 Bonita Beach Road S.W., Bonita Springs

PRICE: $2.75 million

PREVIOUS PRICE: $2.55 million, January 2006

LAW FIRM ON DEED: Law Offices of Richardson & Sellers PA, Bonita Springs

PLANS, DESCRIPTION: The Florida Gulf Coast University Foundation purchased an acre and a half of land and three existing three buildings on Bonita Beach Road for $2.75 million.

"The property is surrounded by water on two sides," says Steve Magiera, vice president of advancement for Florida Gulf Coast University and foundation executive director. "We bought it for our Marine and Ecology Sciences department to use it as a research station and classrooms. Some of the three buildings have apartments in them, and we can use those to house visiting professors."

The property also features 11 boat slips and three boatlifts. The university is still developing its plans to renovate and reconfigure the three buildings. The new property is 15 to 20 minutes by car from the Florida Gulf Coast University campus.

"The [former] owners were very, very generous to us," says Magiera. "We have two appraisals: one for $3.9 million and the other for $3.875 million. So we saved a little over a million [dollars]."

Etc...

• Five Guys Famous Burgers and Fries leased 2,083 square feet in The Towers at 2612 Santa Barbra Blvd. in Cape Coral from Hinks & Associates. The Retail Team of Karen Johnson-Crowther, Charlene Greenblatt, Salli Jones-Doyon, and Lindsey Schmoyer of Colliers Arnold represented the tenant. Todd Hilstead of Hinks & Associates represented the landlord.

• Fort Myers-based J.L. Wallace Inc. has completed construction of the administrative building at Pine Key Condominiums at 1055 Hancock Creek Blvd. South in Cape Coral. The project included the construction of a 1,196-square-foot building.

• Architecture Inc. of Fort Myers has been contracted to design and manage the implementation of 25 new branches for Fifth Third Bank across the state. The company will handle the design and initial site feasibility, through the construction documents and administration. Each building will be about 4,200 square feet with four drive-through teller lanes and one ATM lane.

• Paradise Rock LLC purchased office units 1109 and 1110 in 2661 Northbrook Plaza Drive, Naples from Northbrook Professional Village LLC for $1.05 million. Denise DaSilveira of Gates D'Alessandro & Woodyard LLC negotiated the transaction

• Sunderland Associates LLC purchased 3.7 acres at 12200 and 12250 Tamiami Trail East, in Naples from 12100 East Trail LLC for $2.6 million. Scott R. Dunnuck and George B. Atkinson both of CB Richard Ellis, Fort Myers-Naples represented the seller, and Dennis J. Lynch, P.A. represented the buyer.

• Grafton Associates LLC purchased 3.7 acres of land at 12150 Tamiami Trail East, in Naples from 12100 East Trail LLC for $2.2 million. Scott R. Dunnuck and George B. Atkinson both of CB Richard Ellis, Fort Myers-Naples represented the seller, and Dennis J. Lynch, P.A. represented the buyer.

• Knotts Plastering Inc. purchased an 11,980-square-foot industrial building at 10915 Enterprise Ave., Bonita Springs from Gulf Commercial Inc. for $1.7 million. Scott R. Dunnuck and George B. Atkinson both of CB Richard Ellis, Fort Myers-Naples represented the seller, and Mike Carr Jr. of Coldwell Banker Commercial represented the buyer.

• Fifth Third Bank Corp. has purchased 1.52 acres at The Shops of North Cape at Del Prado Boulevard and Kismet Road, in Cape Coral from KISM LLC for $1.48 million. Larry Foster, CCIM and Bill Young of CB Richard Ellis, Fort Myers-Naples represented the buyer, and Halvorsen Development represented the seller.

• MDG Downtown Partners awarded Bonita Springs-based Heatherwood Construction the contract to redevelop office condominiums at First Street Center in the Fort Myers River District. The center is located at the corner of First and Lee streets. Heatherwood will construct exterior improvement to an existing three-story building, including installation of specialty canopies, new windows and sunscreens, landscaping of the courtyard and the addition of a new elevator tower.

• Eagle Concrete Systems completed concrete work for a building in Tarpon Springs Plaza at 2405 Tarpon Bay Blvd. Designed by RSP Architects, the six one-story buildings are constructed of concrete blocks. J.L. Wallace Inc. is the general contractor. The 11,200-square-foot outlet includes an AmSouth Bank, Panera Bread, Quiznos, Starbucks and Steak'n Shake. The plaza is expected to open in July.

• Stevens Construction Inc. has started construction of a 4,000-square-foot Florida Gulf Bank branch office in the Coconut Point Mall complex at the corner of Coconut Road and U.S. Route 41 in Estero.

Parker/Mudgett/Smith Architects Inc. redesigned the one-story prototype bank branch in Mediterranean-style to blend in with the architecture of Coconut Point Mall. The building is scheduled for completion later this year.

• Brooks & Freund has been awarded a contract to build the condominium offices at Borgata Square, an office building at 2580 North Brook Plaza at the intersection of Interstate 75 and Immokalee Road. The three-story 27,000-square-foot building will have 24 Class-A office suites ranging from 695 to 1,256 square feet. Construction is expected to be complete in February 2008.

• Hutton Point LLC purchased a restaurant at 8990 Fontana Del Sol Way, Naples from Vanderbilt Beach Connection LLC for $3.7 million. John Humphrey of Coldwell Banker Commercial NRT represented the seller, and Jan Van Hogerwou of Royal Palm Realty of Naples Inc. represented the buyer.

• Brooks & Freund has started construction on new retail space at the Coconut Point Retail Center at 8350 Hospital Drive near the new Coconut Point mall. The 25,000-square-foot two-story building will serve as retail space for nine tenant spaces. Prospective tenants include a Mexican restaurant, a golf shop, a cell phone company and a jewelry store. Construction is expected by January 2008.

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Fort Myers-based J.L. Wallace Inc. started construction of a recreation center for The Reserve at Estero, a residential community by Toll Brothers at 19701 La Serena Drive in Estero. The 8,800-square-foot recreation center features an exercise room, administrative and meeting rooms, and shower and restroom facilities for the adjacent resort-style pool and spa.

• Hillcrest Bank Florida has moved into a larger corporate headquarters in the Pelican Bay Corporate Center at 8889 Pelican Bay Blvd., Suite 200, Naples. The new facilities are more than twice the size of the bank's previous offices and will accommodate the bank's current and future growth needs. Hillcrest Bank Florida has grown to about $100 million in total assets and $75 million in total deposits.

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Brooks & Freund has completed construction of a building for Reliance Bank at 14241 Metro Parkway in Fort Myers. The new building serves as the bank's corporate headquarters and is the company's second office in Lee County. The 8,500-square-foot building features offices, a second-floor boardroom, safety deposit vaults, a lobby service area, drive-thru service lanes and an ATM machine.

• Stevens Construction Inc. has completed renovation of 8,284 square feet of the Barkley Surgery Center, located on Barkley Circle off Summerlin Road in Fort Myers. Designed by Jason P. Tramonte Architect Inc., the renovation project focused on exterior improvements and the redesign of the interior particularly to maximize the useable space for the 12,200-square-foot ambulatory surgical center. Construction was completed in four phases, allowing the center to remain operational throughout the project.

• Crestview Park II Ltd, a division of The Carlisle Group in Miami purchased 10 acres in Arrowhead Reserve at Lake Trafford from Arrowhead Apartments II Ltd. Arrowhead Apartments II Ltd. is an MDG Capital Corp. company based in Naples. Crestview Park II Ltd plans to build six buildings, each with 16-units. This is the second tract of land at Arrowhead Reserve that The Carlisle Group has purchased. Construction on the first parcel is complete, with 208 rental apartments in 13 buildings, most of which are occupied. Ground breaking for the 96 apartments is expected to begin in September.

Arrowhead Reserve at Lake Trafford is a 307-acre planned unit development. Upon completion, the community will have 1,245 residences - Crestview Park's 304 apartments, 464 single-family homes, 188 townhomes and 289 condominiums.

• Gora McGahey Associates in Architecture has completed the design for Park Center, a two building complex on College Parkway in Fort Myers. Each of the two, two-story buildings encompasses 15,000 square feet of commercial/medical office space. The buildings will house the medical practices of Dr. Johnathan Daitch and Southwest Florida Oral Surgeons as well as an American Healthcare Administration (AHCA) certified surgery center. J. L. Wallace is the construction manager for the project. Park Center is scheduled for completion in early 2008.

• Stevens Construction has started construction on the interior space of the Azul Cosmetic Surgery and Medical Spa. Located in the Parker Commons office complex off Daniels Parkway in Fort Myers, the 7,500-square-foot building will include Dr. Patrick Flaharty's facial cosmetic surgery practice and medical spa and three additional suites. Sheeley Architects Inc designed the building.

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Eagle Concrete Systems completed 134,851 square feet of concrete work on the Cypress Woods Retail Center at 9370 Six Mile Cypress Parkway in Fort Myers. Wal-Mart and BJ's Wholesale Club anchor the Retail Center. Beall's Department Store, PetSmart, OfficeMax and A.C. Moore will occupy the remaining 134,851-square-foot shopping plaza. Construction is scheduled for completion in August.

Fisher designed the facility & Associates Inc. Benderson Development Company Inc. is the developer/general contractor.

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J.L. Wallace Inc. has completed construction of retail shops at Estero Town Commons in Estero Town Commons Place. The project featured two retail structures totaling more than 25,500 square feet. Additionally, the project includes related site concrete, site lighting, retaining walls and landscaping and irrigation work surrounding the shops and Lowe's Home Improvement Center.

• Nu-Cape Construction Co., a division of Owen-Ames-Kimball Co., has begun construction of a 4,100-square-foot build-out in Parker Commons for the new offices of Cardiology Consultants of Southwest Florida. The one-story space will have a patient waiting area, eight exam rooms, a nurses' station, physician offices, a lab and areas for procedures and specialized cardiac testing.

SARASOTA-MANATEE

Colonial Bank plans Nokomis branch

BUYER: Colonial Bank NA,

SELLER: Rod Holdings LLC

PROPERTY: 105 N. Tamiami Trail, Nokomis

PRICE: $1.3 million

PREVIOUS PRICE: $1.1 million, October 2005

LAW FIRM ON DEED: Kirk Pinkerton PA, Sarasota

PLANS, DESCRIPTION: Colonial Bank purchased a Chevron gas station site at the northwest corner of the intersection of Albee Road and U.S. 41 for $1.3 million. The bank plans to demolish the gas station facilities and start work on a branch location there by November 2008. The new branch is scheduled to open in the first or second quarter of 2009.

"The sellers have been doing environmental surveys there over the past couples of years, and [the site] has a clean bill of health," says Kathy Fruh, an executive assistant Colonial Bank.

The branch is expected to be 3,600 square feet with three drive-through lanes and one drive-up ATM. The new full-service branch will house five employees.

Colonial Bank of Southwest Florida, a division of the Montgomery, Ala.-based Colonial BancGroup, currently has 33 full-service offices and total assets of $1.4 billion. The bank plans to grow to more than 60 offices in Collier, Lee, Charlotte, Sarasota and Manatee counties in the next five years.

Anthony Migliore and Paul S. Klick III of Coldwell Banker Commercial NRT represented the buyer and Ray Rodriguez of FloridaRays Realty LLC represented the seller.

21st Century Oncology

opening Lakewood Ranch office

BUYER: Theriac Enterprises of Bradenton LLC (DDM LLC), Fort Myers

SELLER: Lakewood Ranch MOB II LLP

PROPERTY: 6310 Health Park Way, units 7-A-1 to 7-M-1

PRICE: $3.08 million

PLANS, DESCRIPTION: Radiation therapy centers operator Radiation Therapy Services Inc. purchased 10,720 square feet of office space in Lakewood Ranch Medical Office Building II from a company owned by NDC's Ron Allen and Gary Huggins and former Florida Senate President John McKay. The Fort Myers-based company plans to open a 21st Century Oncology radiation oncology practice from the space.

"[The hospital] was desirous of having practices on the campus that benefits the community and of course the hospital itself," says McKay, who is chairman of the hospital board, "and that one was judged to fit the bill. It is a company with an excellent reputation."

Ian Black Real Estate is now marketing the 49,773-square-foot Lakewood Ranch Medical Office Building II but was not involved in the transaction.

Radiation Therapy Services officials did not return calls for comment prior to publication. The new owner mortgaged the property to Florida Community Bank for $2.5 million.

Willis A. Smith Construction

awarded SCTI expansion

The School Board of Sarasota County has contracted with Sarasota-based Willis A. Smith Construction Inc. to create two "two-in-one" campuses for area students enrolled in technical programs in northern and southern Sarasota County. The facilities are designed to improve education for students by consolidating locations. The entire development has been projected out for four-and-a-half years and is budgeted to cost $140 million.

"This project is not just about a new building," Mellissa Morrow, Director of Career and Technical Education, said in a press release. "This is about addressing the county's economic needs and providing a conducive space to coach technical skills."

Construction of the schools will be divided into five phases between north and south locations and will consist of two high schools, two technical centers and adult education labs. Located at 4748 Beneva Road, the first phase of the north campus is scheduled for completion in the fall of 2008. The final phase is scheduled for completion in 2010. Existing portables and campus buildings on the north campus will be demolished for the new construction.

The south campus, located on 1130 Indian Hill Boulevard, Venice, will be adjacent to Manatee Community College, South County, and is to be completed in 2009.

Designed by SchenkelShultz Architecture, Tampa, the northern location will have nearly 70,000 square feet of class space for up to 600 students, and almost 350,000 square feet of technical training space spread over four on-campus buildings. A 77,000-square-foot high school will be added to the south campus.

SCTI offers 48 training programs on its 75-acre north campus. The new buildings are designed handle the capacity issues the center has been facing, as well as allowing for newer and more advanced technologies for several programs.

Area Dunkin' Donuts buildings up for sale

Local franchise owners Marvin Kaplan, Kevin Millard and Shawn Cabral have listed their five Dunkin' Donuts buildings in Sarasota, Hardee and Charlotte counties for sale. Dunkin' Donuts will stay on at all of the locations through 10- or 20-year triple net leases. Tom Geller of Calkain Realty Advisors, a division of Calkain Cos. Inc. is marketing the properties as a 24,779-square-foot total portfolio for $11.5 million or as individual properties.

The properties include: a 2,100-square-foot Sarasota store for $1.8 million; a 5,900-square-foot Dunkin' Donuts/Firehouse Subs building in Sarasota for $3.09 million; a 10,500-square-foot building in Punta Gorda for $2.5 million, a 4,000-square-foot Dunkin' Donuts/Baskin Robins, Subway in Port Charlotte for $2.3 million and a 2,279-square-foot outparcel building in Wauchula for $1.8 million. The total portfolio boasts a net operating income of $790,400, according to marketing materials.

"This is really designed to allow us to buy more real estate," Kaplan says. "We are planning to open another 25 Dunkin' Donuts in the next five years. We will be building in Arcadia by the end of the year."

The partners hold the Dunkin' Donuts franchise for Charlotte, Desoto, Hardee, Manatee and Sarasota counties.

In other news, Kaplan expects to hear in the next few weeks regarding the availability of franchise location in China prior to the 2008 Olympics in Beijing.

Etc...

• Owen-Ames-Kimball Co. has moved its Punta Gorda staff to a new location at 1877 Manzana Ave. in southern Punta Gorda. The company says additional space was needed to accommodate its growing staff. The new office provides 1,500 square feet of space.

• The Tampa Division Office of Tri-City Electrical Contractors, Inc. has completed work at the new 9,666-square-foot Fire Academy at Manatee Technical Institute in Bradenton under its contract with Beck.

• The Lucky Pelican Bistro leased 3,136 square feet in 6239 Lake Osprey Drive, Sarasota from Lake Osprey Village. Dawn FitzGerald of Hembree & Associates Inc. handled the transaction on both sides.

• Corporate Realty & Development Inc. has announced plans to develop Sandalwood Business Park, a 45,000-square-foot flex-business park at the junction of Interstate 75 and State Road 70. The site is pad-ready and construction is schedule to begin within the next 60 to 90 days. Sandalwood will offer units as small as 1,350 square feet. Investor units will range from one office to an entire building consisting of 17,600 square feet. Lease units will be available as well. Michael Grice, vice president of business development for Corporate Realty & Development Inc. will be marketing the space.

• Awareness Communications LLC leased 8,655 square feet in 5632 Bee Ridge Road, Sarasota from ADP Inc. Janet Robinson of Abbey Realty and Anthony Homer of Hembree & Associates Inc. handled the transaction.

• Oday Marogi and Dustin Meshberger leased 5,000 square feet at 7329 International Place, Sarasota from H.R. Williams Family Trust. Anthony Homer of Hembree & Associates Inc. handled the transaction.

• Palmetto Grove LLC purchased a self-storage business at 3151 Cooper Street, Punta Gorda from DMT Storage Facilities Inc. for $1.15 million. Gary D. Johnson of Coldwell Banker Commercial NRT and Re/Max Realty Group handled the transaction.

TAMPA BAY

GoldenTree, Cypress

Creek buy 501 Kennedy

BUYER: 501 East Kennedy Associates LLC (Cypress Creek Capital/Tampa Ltd.), Fort Lauderdale

SELLER: Decade 80-IX (42.4%), Decade 80-VII (27.6%) and Decade Companies Preferred Placement VIII (30%)

PROPERTY: 501 E. Kennedy Blvd., Tampa

PRICE: $45.8 million

PREVIOUS PRICE: $25 million, July 2002

LAW FIRM ON DEED: Quarles & Brady LLP, Milwaukee

PLANS, DESCRIPTION: Investment firms: Cypress Creek Capital and GoldenTree InSite Partners purchased a 19-story, 300,000-square-foot office building in downtown Tampa for $48.8 million. The new owners retained CB Richard Ellis to market and manage the property, which is located across from the city's courthouse.

At the time of the sale, the building was 75% leased, but based on contracts in hand, Anne-Marie Ayers, who is heading up leasing for CB Richard Ellis, expects the occupancy to grow in the next few days to 85% or 255,000 square feet. The law firm Fowler White Boggs Banker currently anchors the building.

The new ownership has announced plans to renovate the building's lobby, refurbish common spaces and improve the amenities. In addition, Ayers expects the new owners to rename the building. Rental rates at 501 Kennedy currently range from $21 to $25 a square foot.

"Tampa is experiencing a renewed sense of urbanism," Seth Werner, chairman and CEO of Cypress Creek Capital said in a press announcement. "Several residential and retail projects have recently been completed or are underway downtown. This trend should buoy the [Central Business District]'s office market in the coming years as it becomes more of a "live, work, play" environment."

The joint venture mortgaged the building to General Electric Capital Corp. for $40.5 million.

Baycare Health System

buys land for hospital

BUYER: Baycare Health System Inc. (principals: Stephen Mason, David Dunbar, William Tapp, George Catonis and Judy Mitchell), Clearwater

SELLER: SB Associates Ltd. Partner

PROPERTY: 20 acres, 27741 Stonecreek Way, Wesley Chapel

PRICE: $9.4 million

SELLER: Harrison Bennett Properties LLC

PROPERTY: vacant commercial in a portion of the Seven Oaks DRI

PRICE: $6.67 million

PLANS, DESCRIPTION: Clearwater's BayCare Health System purchased about 34.6 acres of vacant land near Interstate 75 between State Road 54 and 56 with frontage on Bruce B. Downs in the Seven Oaks area of Wesley Chapel for a total of $16.07 million.

The health system has filed a petition appealing its denial of a Certificate of Need (CON) with the Florida Agency for Health Care Administration in order to build a hospital on the site in conjunction with the University of South Florida. Baycare is locked in a CON fight with rivals Adventist Health System/University Community Hospital over building a hospital in southeast Pasco County. The agency previously denied several company proposals and approved Adventist/UCH's proposal for an 80-bed CON hospital on State Road 54, across from Saddlebrook Resort. Baycare is requesting a CON for 130 beds.

The administrative law hearing and debate over the CON is expected to delay any decision over which hospital will be developed for the next six months to a year.

Baycare and USF are marketing their proposed hospital as a teaching hospital with additional residency programs.

"Florida offers very few residency opportunities," says Amy Lovett, a spokesperson for Baycare. "Generally, doctors live where they go through their residency program. So in this way, we could meet the healthcare community needs and the need for additional avenues for medical education."

The non-profit BayCare currently operates nine hospitals in the Tampa Bay area and employs 17,000 people.

Calif.'s Pacificia Cos.

acquires Sun City residence

BUYER: Pacifica Sun City LP (principal: Pac Sun City Inc.), San Diego

PROPERTY: 3855 Upper Creek Drive, Ruskin

PRICE: $9 million

PREVIOUS PRICE: $3.24 million, January 1996

LAW FIRM ON DEED: Fowler White Boggs Banker PA, Tampa

PLANS, DESCRIPTION: San Diego-based real estate conglomerate Pacificia Cos. LLC purchased the 110-bed Sun City Retirement Residence assisted- and independent-living facility in Ruskin for $9 million. The purchase equates to a 7.75% capitalization rate or about $82,000 per bed.

Kenneth Carriero, CCIM, of Marcus & Millichap handled the transaction

"The price was really in the middle of the market [for assisted- or independent-living facilities]" Carriero says. "The cap rate was pretty good though. I would say that it was above average."

Carriero says Pacificia, which is primarily a hotel owner/manager, is expanding into the senior housing industry and will likely be making more purchases nationally. Officials for Pacificia did not return calls prior to deadline.

Etc...

• Creative Contractors has begun construction on the new Tarpon Springs Elementary School. Pinellas County Schools selected Creative Contractors to build the $23 million school at the corner of Disston Avenue and Pine Street in Tarpon Springs. The 110,000-square-foot school consists of six buildings including: classrooms, a library, cafeteria/multi-purpose room, art and skills laboratory, teacher planning areas and administrative offices.

The school is being designed and constructed to be more water and energy efficient with a focus on using recycled and locally manufactured materials.

• TEJ Properties purchased 2.8 acres in Timber Pines Centre at U.S. 19 and Timber Pines Drive in Spring Hill from Timber Pines Centre Ltd. for $862,500. Tom Chamblee, Colliers Arnold represented the seller.

• Provest LLC subleased 35,000 square feet of office space in Woodland Corporate Center at 4510-4550 Seedling Circle in Tampa from Option One Mortgage Corp. Mary Clare Codd of Colliers Arnold represented the sub-lessor. Jack Hoskins of CB Richard Ellis represented the sub-lessee.

• Global Medical Sales LLC leased 4,500 square feet of flex space in the Executive Industrial Park at 6091 Johns Road in Tampa from FR Executive LLC. Mary Clare Codd and Jeff Lanning of Colliers Arnold represented the landlord.

• eSuites Hotels LLC leased 3,323 square feet of flex space in Thompson Center at 6308 Benjamin Road in Tampa from First Industrial LP. Mary Clare Codd and Jeff Lanning of Colliers Arnold represented the landlord.

• GMF Property Venture Group LLC purchased Outlook Village, a 66-unit apartment complex on 8.61 acres at 6301 58th Street N. in Pinellas Park, from Outlook Village Inc. for $4.6 million. Jason Stanton, CCIM and John Stone, CCIM of Colliers Arnold represented the seller. David Kerr of High Point Real Estate Corp. represented the buyer.

• Suncoast Solutions leased 8,600 square feet of office space in Arbor Shoreline at 19337 U.S. 19 N. in Clearwater from Golden Shoreline Limited Partnership. Carol Warren, CCIM of Colliers Arnold represented the tenant.

• LuLu's Design leased 3,800 square feet at 2322 Lake Ave. in Largo from Drestin Land Holdings LLC. Carol Warren, CCIM of Colliers Arnold represented the tenant.

• Cynthia Stroup, DVM leased a 2,500-square-foot medial office building, located at 2402 West Bay Drive, Largo from Zena Lansky Trust. Carol Warren, CCIM of Colliers Arnold represented the landlord.

• Bank of America expanded its lease with American Financial Realty Trust adding 8,819 square feet of office space in the Bank of America Building at 125 Indian Rocks Road in Bellaire Bluffs. The building is now 100% occupied. Jim Stuckey of Colliers Arnold represented the landlord.

• Florida Business Interiors leased 5,327 square feet of office space in Ybor Square at 1300 East 8th Avenue in Tampa from Zybor Inc. Jeff Tolrud of Colliers Arnold represented the landlord. Kirk Donahoe of Coldwell Banker Commercial represented the tenant.

• Yuyama USA leased 3,323 square feet of flex space in Thompson Center I at 6308 Benjamin Road in Tampa from First Industrial Realty Trust Inc. Mary Clare Codd of Colliers Arnold represented the landlord.

• AAA Services purchased a 3,062-square-foot freestanding building at 405 South Seminole Blvd. in Largo from John Connell for $510,000. Pat Marzulli, CCIM, SIOR of Colliers Arnold represented the buyer. Chris Howell of Klein and Huechen represented the seller.

• Colliers Arnold leased 17,200 square feet of office space at Park Place at 311 Park Place Blvd. in Clearwater, from Glenborough Park Place LLC. Alan Feldshue of Colliers Arnold negotiated the transaction on behalf of Colliers Arnold.

• Eurotech leased 11,000 square feet of flex space in Sunstate Commerce Center at 4899 W. Waters Ave. in Tampa from WSI. Scott Altieri of Colliers Arnold represented the landlord. Jack Cohen of Carter & Associates represented the tenant.

• Cypress Mutligraphics South LLC leased 9,000 square feet of flex space in Meridian Gateway Center at 3340 Scherer Drive in St. Petersburg, from Meridian Cos. John Dunphy, CCIM, SIOR of Colliers Arnold represented the landlord, and Scott Clendening of Commercial Partners Realty represented the tenant.

• Sun Dental Labs leased 9,000 square feet of industrial space in Turtle Creek at 4908 Creekside Drive in Clearwater from First Industrial Realty Trust Inc. John Dunphy, CCIM, SIOR of Colliers Arnold represented the landlord, and Scott Clendening of Commercial Partners Realty represented the tenant.

• St. Luke's Cataract & Laser Institute has tapped Clearwater-based Klar and Klar Architects to convert a former bank building in St. Petersburg into medical offices for institute. Klar and Klar will provide architectural and interior-design services for renovating the 4,500-square-foot building at 9th Street and 94th Avenue North. The project is expected to cost about $1 million. The facility will include 12 examination rooms for ophthalmic assessment and consultations. Creative Contractors Inc. will be the general contractor for the project. The renovations are expected to be complete by late summer.

• Clearwater-based yacht charter company The Moorings has started on a more than $10 million improvement project to its flagship base in Road Town, Tortola. When completed, the Moorings village will be located on the southern end of the current property, which is being extended. The complex addition - designed to take advantage of the ocean views - will feature an open plaza with retail shops. The new retail shops will open onto an outdoor dining plaza, which overlook the harbor.

As part of this expansion, a new breakwater will be built to provide additional slip space and the new waterfront area on the main harbor. The new docks and jetty will allow for additional dockage of about 120 yachts and provide easier access for the beamier designs of the new monohulls and continually expanding fleet of catamarans. The project is scheduled for completion during the first quarter of 2008. OBM International through its office in The British Virgin Islands designed the improvements.