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Commercial Real Estate Briefs
COMMERCIAL REAL ESTATE SARASOTA-MANATEE by Sean Roth | Real Estate Editor
Hoffman Group buys half of Miramar
BUYER: Hoffman Two Properties LLC and Hoffman Three Properties LLC (principal: Alfred Hoffman Jr.), Fort Myers SELLER: OB Manatee LLCPROPERTY: various units on the northwest corner of the intersection of Lorraine Road and University Parkway, Lakewood Ranch PRICE: $6.4 millionLAW FIRM ON DEED: Abel Band Chartered, SarasotaPLANS, DESCRIPTION: Residential investment firm Fort Myers-based Hoffman Development Group purchased nearly half of the gated Miramar community in The Country Club at Lakewood Ranch for $6.4 million. The acquisition included 29 finished townhome and condominium units, 60 developed lots and a clubhouse.Hoffman Development Group is a new venture of well-known developer and investor Al Hoffman Jr., who led the one-time residential development juggernaut WCI Communities before leaving in 2005 to became U.S. Ambassador to Portugal. WCI Communities has since file for bankruptcy. Hoffman has partnered with another former WCI executive, Charles Brasington, who is serving as CEO and president of the company.Brasington says that shortly after the Gulf Coast Business Review published its story about the two partners' investment plans in July, he was introduced to the Miramar properties, which Orion Bank had taken back from Sarasota homebuilder Whitehall Homes. Miramar is Hoffman Development Group's first acquisition."We saw the quality of the work that was put into the community, and we knew we could turn around and sell it to end users at that foreclosure price," Brasington says. "Everybody wins. We closed on it 10 days ago and already we have five contracts. I've had three inquiries today alone. The reason is that end users are seeing that there's a deal here."The finished properties are set to start in the high $200,000s for the townhome units on a golf course and in the high $100,00s for the condominium units. Lakewood Ranch Realty has been retained to market the community."One of our keys to sales is Al's financial strength; he has ability to finish the project," Brasington says. "With my experience executing these project [as well] this should be no problem to pull off. Everybody is afraid to go in and with good reason, but our bet is paying off. You can buy a new home there with a warranty for nearly the same price as a foreclosure. Customers are going to be asking themselves would they rather risk losing 10% a year in a home or 10% in a single day in the stock market. I'm bullish about housing."In the next six months, Brasington expects to grow Hoffman Development Group to $35 million in annual sales. The investment group is looking for residential properties south of Interstate 4.The two purchase entities Hoffman Two Properties LLC and Hoffman Three Properties LLC mortgaged the property to Orion Bank for $4.68 million.Bradenton Land Development buys Cortez bank buildingBUYER: Bradenton Land Development LLC (principals: Frank Silverman and Michael Metzger), OrlandoSELLER: Wachovia Mortgage FSB formerly known as World Savings BankPROPERTY: 5858 Cortez Road W., BradentonPRICE: $840,000PREVIOUS PRICE: $260,000, December 1994LAW FIRM ON DEED: Smith Hulsey & Busey, JacksonvillePLANS, DESCRIPTION: Bradenton Land Development LLC, a limited liability company headed by Michael Metzger and Frank Silverman, owners of the Orlando firm Vision Development and Management, purchased the 3,877-square-foot former World Savings Bank branch on Cortez Road in Cortez Commons for $840,000, equal to an average of $217 per square foot of building space. The new ownership plans to lease the building to Trustco Bank. Vision Development and Management worked with Trustco Bank on other projects, and the bank reportedly was interested in entering the Bradenton market. Metzger and Silverman don't own any other properties in the Gulf Coast and are not actively looking to grow in the area, according to spokesperson for the development/property management firm. Bradenton Land Development mortgaged the property to Trustco Bank for $800,000.Kevin Fitzgerald of NAI Southwest Florida represented the seller, and John Hines of Marcus and Millichap's Orlando office represented the buyer.ETC. ...Starwood Land Venturesadds new division presidentBradenton-based Starwood Land Ventures LLC has named Jon Rapaport president of the firm's Southeast Florida division. Rapaport will be based in North Palm Beach. Prior to joining Starwood Land Ventures, Rapaport owned and operated several residential development and homebuilding companies. He also served as president of K. Hovanian Cos.' Florida Division and in management roles at Arthur Rutenberg Homes and Ecclestone Signature Homes.Starwood Land Ventures is a residential real estate investment firm focused on land acquisition, development and financing. The firm is a controlled affiliate of Greenwich, CT-based Starwood Capital Group Global LLC. • High Output Engineering LLC leased 4,000 square feet at 5415 Ashton Court, Sarasota from Rick and Tom Frignoca. Jon Kleiber and Terry Eastman of Kleiber DeVito Real Estate handled the transaction.• SchenkelShultz Architecture in Sarasota designed the University of Central Florida's $8-million, 25,741-square-foot Career Services & Experiential Learning Center in Orlando. The facility will house the University's career counseling, career services, employer relations, and experiential learning departments. It will also include administrative space, conference rooms, interview rooms, resource labs and seminar rooms. The building, which is being built by PPI Construction Management in Orlando, is scheduled for competition in 2010. • Dr. Lee S. Mitchel leased 2,026 square feet of medical space at 1219 East Ave., Sarasota in Midtown Office Park from Geri G. Scott Revocable Trust for three years. Linda Emery of Barry D. Edwards & Associates and Dawn FitzGerald of Hembree & Associates handled the transaction.County, Palmer Ranch developerkick-off green fire stationSarasota County and the developer of Palmer Ranch community, Palmer Ranch Holdings Ltd., have started construction on Palmer Ranch Fire Rescue Station 15 at 9102 Bloomfield Blvd. in Sarasota. The project is scheduled to be one of four "green" fire stations planned for construction in the county in 2009. The station is scheduled for completion in early fall of 2009.The $4.5 million project calls for the extension of Bloomfield Boulevard to the east of Honore Avenue and the construction of an 8,600-square-foot building. The "green" features of the station include a system to capture rainwater to clean the apparatus bay and fill fire suppression tanks, a gray water system for toilets, solar hot water, energy-efficient appliances and lighting. BMK Architects of Sarasota designed the project. The contractor is Tower-OHL GroupCOMMERCIAL REAL ESTATE TAMPA BAY by Sean Roth | Real Estate EditorPublix buys land at Shoppes at the RoyaleBUYER: Publix Super Markets Inc., LakelandSELLER: Tyrone Crossings Investors LLCPROPERTY: 1500 66th St. N., St. PetersburgPRICE: $10.53 millionPREVIOUS PRICE: $5.1 million, September 2005PLANS, DESCRIPTION: Lakeland-based grocery giant Publix Super Markets Inc. purchased land in the Shoppes at the Royale retail center in St. Petersburg near Tyrone Square mall for $10.53 million. Publix plans to develop a two-level 45,000-square-foot Publix Super Market store on most of the property. "We purchased the land for the new Publix and some additional land for parking," says Shannon Patten, media and community relations for Publix. "We're going to have the store on the top level with a parking garage on the bottom. This is the same concept as our Treasure Island location."Tarpon Springs-based Hawkins Construction Inc. will be the general contractor for the new grocery store, which is tentatively scheduled to open in June. The new Publix will be a replacement store for an existing Publix in Market Place Shopping Center at 7044 22nd Ave. N., St. Petersburg. The average Publix employs 130 people.Dade City's Johns familybuys Brandon landBUYER: Kozhimala and Mary John (50% interest) and Terms LLC (principal: KT John) (50%), Dade CitySELLER: US 301 & Williams LLPROPERTY: bordered by U.S. Highway 301 and Williams Road, BrandonPRICE: $1.13 millionPREVIOUS PRICE: $710,000, August 2007LAW FIRM ON DEED: Hill Ward Henderson, Tampa PLANS, DESCRIPTION: Mary and Kozhimala "K.T." John in Dade City, purchased 8.27 acres of vacant land on U.S. 301 near Williams Road for $1.13 million, equal to an average of $136,034 an acre."We don't have all the details yet, but I'm considering developing a retail plaza and an auditorium, meeting area for functions," K.T. John says. "The size will depend, we'll submit to the county and see how much they'll allow. The previous owner had an approved plan for 80,000 square feet of industrial space."John says he was attracted to the property because of its central location in Tampa along a busy interstate.The new owners mortgaged the property to the former owner US 301 & Williams LLC for $850,000.Centerline Capital affiliatebuys Palm Grove ApartmentsBUYER: Alliance ES Palm Grove LLC, , Irving Texas SELLER: Alliance ES LP PROPERTY: 5039 Chalet Court, TampaPRICE: $10.73 millionPREVIOUS PRICE: $14.5 million, March 2006LAW FIRM ON DEED: Fulbright & Jaworski LLP, DallasPLANS, DESCRIPTION: Alliance ES Palm Grove LLC, an Irving Texas limited liability group affiliated with New York City-based real estate financial firm Centerline Capital Group, purchased the Palm Grove Apartments in Tampa for $10.73 million. A spokesperson for Centerline Capital Group disputed the company purchased the complex, but the deed and Florida Department of Corporations report the new ownership as Centerline Capital Group's Texas office.The real estate research firm the Costar Group reports that Palm Grove has 248 apartment units and was originally built in 1969. The 276,779-square-foot complex sits on a 13.42-acre site and features laundry facilities and a pool.A subsidiary of the public company Centerline Holding Co., Centerline Capital Group is an alternative asset manager that focuses on real estate and has more than $14 billion of assets under management. ETC...Nova Southeastern Universitygrows Tampa presenceFort Lauderdale-based Nova Southeastern University signed an 81,500-square-foot, 10-year lease at the Sabal Corporate Center at 3632 Queen Palm Drive in Tampa with the Orlando-based real-estate investment company Eola Capital.The three-story, suburban office building will serve as NSU's new Tampa Student Educational Center. NSU has other Student Educational Centers in Miami, West Palm Beach, Orlando, Jacksonville and Fort Myers. Jamie Puddicombe of Palmaple Corp. represented the tenant.NSU currently leases 41,000 square feet of office space in Eola Capital's Sabal Park Plaza building. The new space will double NSU's Tampa operation. NSU has 1,200 students in Tampa. The new site will offer a new anesthesiologist assistant degree through NSU's College of Allied Health and Nursing with classes scheduled to start in June. The Sabal Corporate Center building will be 100% occupied with the new lease. Eola Capital plans to make improvements to the space prior to contract commencement in the first quarter of 2009.• Jessthy Sager leased 2,510 square feet of industrial space at 4477 122nd Ave. N., unit J, Clearwater from Bayside Industrial Park LLC. Eric Croson of The Ross Realty Group represented the landlord.• A furniture and home accessories retailer has subleased 11,200 square feet of office space at 5806-B Breckenridge Parkway in Breckenridge VIII in Tampa from Cemex Inc. based in West Palm Beach. Mia Jarrell, vice president in the Grubb & Ellis|Commercial Florida's Office Group and associate Matthew Heikkinen represented Cemex.• Construction startson WaterGrass Elementary SchoolConstruction is under way on WaterGrass Elementary School, a green public school inside the master-planned community of WaterGrass on Curley Road in Wesley Chapel.The 88,000-square-foot school, which sits a 22.4-acre site, is designed to help serve the 2,000-home community.Clearwater-based Creative Contractors Inc. is the construction manager and the school is slated for an August to providing relief for Wesley Chapel Elementary School. The new school will house 760 students in grades K-5.The school will incorporate water-saving features ranging from dual-flush toilets to drought-resistant landscaping. In addition to classrooms, the school will have a library, art and music rooms, administrative offices, multipurpose cafeteria and recreation facilities.COMMERCIAL REAL ESTATE LEE-COLLIER by Sean Roth | Real Estate EditorFamily buys building for Guadalupe CenterBUYER: John and Joan Vatterott, individual and as trustees of The John and Joan Vatterott Family Foundation, NaplesSELLER: Eddy Hovey Designer Packing Inc.PROPERTY: 8100 Trail Blvd., NaplesPRICE: $1.4 millionLAW FIRM ON DEED: Stanley J. Lieberfarb PA, NaplesPLANS, DESCRIPTION: John and Joan Vatterott and The John and Joan Vatterott Family Foundation purchased a 6,922-square-foot retail building on a side street near U.S. 41 for $1.4 million, equal to an average of $202 per square foot of building space. The Vatterotts plan to lease the building, which was previously used by the former owner, Eddy Hovey Designer Packing Inc., to the Guadalupe Center of Immokalee. The building features nearly 5,000 square feet of retail space and 2,106 square feet of warehouse space."We had a retail location in Old Naples, but we were looking for a better location in North Naples because of all activity there," says Barbara Oppenheim, executive director of the Guadalupe Center. "We're going to be putting a consignment and upscale resale location there."Oppenheim says the Guadalupe Center is considering making changes to the signage and renovating the parking lot and front entrance.The nonprofit provides education to low-income children.William Gonnering of Investment Properties Corp. handled the transaction.Lee County Conservation 20/20 buys 572 acres on BuckinghamBUYER: Lee County, Fort MyersSELLER: Watermen-Equestrian Club LLCPROPERTY: on Buckingham Road bordered by Gulf Coast Center, Fort MyersPRICE: $12.58 millionPREVIOUS PRICE: $11.02 million, June 2004LAW FIRM ON DEED: Henderson Franklin Starnes & Holt PA, Fort MyersPLANS, DESCRIPTION: Lee County purchased 572 acres in the Buckingham Rural Community Preserve area between Buckingham Road and Gulf Coast Center for $12.58 million, equal to an average of $22,000 per acre. The acquisition was funded by the Conservation 20/20 Program, which taxes county property owners to acquire conservation land. "It had relatively intact vegetation and a healthy community of gopher tortoises," says Cathy Olson, Conservation 20/20 senior supervisor. "It was also large enough that we could provide some type of public recreation."The land currently features scrub, palmetto prairie, herbaceous wetlands, cypress wetlands, pine flatwoods and oak hammock.Lee County's Parks and Recreation department is considering allowing horseback riding, hiking and bird watching on the property.Since the first purchase in 1997, the county's Conservation 20/20 Program has acquired 94 properties for a total of 20,531 acres.Florida Shores Bank Southwestbuys future Englewood branchBUYER: Florida Shores Bank - Southwest (William Bacon, Jon Baldwin, David Dignam, John Dowd, N. Dale Kaper and James Kuhlman), VeniceSELLER: ARC WBEWFL0001 LLCPROPERTY: 1450 Placida Road, EnglewoodPRICE: $1.15 millionPREVIOUS PRICE: $1.5 million, July 2008LAW FIRM ON DEED: Wolf Block LLP, PhiladelphiaPLANS, DESCRIPTION: Venice-based Florida Shores Bank Southwest purchased a 3,800-square-foot former World Savings Bank branch in the Merchant's Crossing shopping center for $1.15 million. The bank plans to renovate the interior and exterior of the 10-year-old building and reopen it in February as a replacement for its existing Englewood location, currently 2960 S. McCall Road, Suite 112. The new facility will house four employees."The bank is looking forward to utilizing our new facility as a way to continue improving our commitment and services for the Englewood community," bank president Jim Kuhlman says. "We have surpassed our growth projection in our first year of operation, [and are] now approaching $100 million in assets."ETC...• Senior Home Care Inc. leased 2,480 square feet at 14421 Metropolis Ave in Fort Myers from Broho II LLC. Randal Mercer of CB Richard Ellis, Fort Myers-Naples represented the landlord, and Jay Crandall of Coldwell Banker Commercial represented the tenant.• Ear, Nose, & Throat Associates leased 5,205 square feet of medical office space at 14171 Metropolis Ave, unit 101 in Fort Myers for five years from Capricorn Realty Trust. Tom Woodyard and Robyn Wright of Woodyard & Associates LLC and Scott Robertson of Cushman & Wakefield of Florida handled the transaction.• Sunshine Structures Inc., has completed the structural shell system for the 31,000-square-foot Satellite High School Replacement at 398 Jackson Ave. in Satellite Beach. The Weitz Co., the general contractor, awarded Sunshine Structures a Design-build contract for the structural shell work on the two-story tilt-wall building. • QJR Partnership purchased a 3,000-square-foot medical building at 5220 Lee Blvd, Lehigh Acres. The new owner plans to operate the building as an eye clinic. Bob Reynolds and Joe Ferrao of NAI Southwest Florida represented both sides of the transaction. • with pic Owen-Ames-Kimball Co. completed construction of Florida Gulf Coast University's Lutgert College of Business at the Fort Myers campus. The 70,000-square-foot, four-story building sits at the University's front entrance. The building features a three-story atrium with a student lounge area, 10 classrooms, tiered case study rooms, computer labs, an executive training dining room, a student affairs suite, a career development suite and dean and faculty offices.Covanta waste-energy expansionwins Power Engineering awardThe first Energy-from-waste facility expansion built under the U.S. Environmental Protection Agency's New Source Performance Standards has been named 2008 "Project of the Year" in the renewable energy category by Power Engineering magazine. Covanta Energy, a wholly owned subsidiary of Covanta Holding Corp., has added the new unit to the Lee County Resource Recovery Facility in October 2007. The $120-million expansion increased the facility's capacity by 50%, allowing it to process an additional 636 tons of municipal waste per day. The facility now processes 1,836 tons of municipal solid waste daily, while generating up to 57.3 megawatts of electricity, enough energy to power 36,000 homes.
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