Brookline Development buys strip centerLane Co. buys Watermark 1Atria Senior Living Group assumes Amber Wood facilityBurton-Katzman Development planning Honore office projectNew York investor buys Cortez Village SquareBiggins buys industrial building for $2 millionCedar Bay Marina becomes yacht clubWayside Industrial acquires large Alico Road tractSenior Housing Properties Trust buys Buena Vida
Commercial Real Estate Briefs
by Sean Roth | Real Estate Editor
Brookline Development buys strip center
BUYER: BL-Marketplace LLC, Syracuse, N.Y.
SELLER: Triangle IV LP LLP
PROPERTY: 14759 N Dale Mabry Highway, Tampa
PRICE: $6.35 million
PREVIOUS PRICE: $136,000, January 1972
PLANS, DESCRIPTION: Syracuse, N.Y., developer Brookline Development Co. LLC purchased a 21,175-square-foot retail strip center on Dale Mabry Highway in Tampa for $6.35 million. The fully leased retail building is anchored by Souplantation, which occupies 7,500 square feet.
Brookline Development Co.'s limited liability company BL-Marketplace LLC mortgaged the property to Column Financial for $5.3 million.
Lane Co. buys Watermark 1
BUYER: WM II LP (principal Lane WMII LLC), Atlanta
SELLER: Naidip Watermark LLC
PROPERTY: 5340 W. Kennedy Blvd., Tampa
PRICE: $8.5 million
PREVIOUS PRICE: $4.8 million, February 1978
PLANS, DESCRIPTION: The Lane Company, an Atlanta-based multifamily real estate company purchased the 38,168-square-foot Class-C office building known as Watermark 1 from Harbert Management Corp. for $8.5 million. According to the real estate research company CoStar Group, the office, which was built in 1972, has recently faced major vacancy problems and was only 38.1% occupied. The building had two large vacancies totaling 23,635 square feet that was listed for an average rent of $19 a square foot.
WM II LP mortgaged the office building to Guaranty Bank for $27.85 million.
Atria Senior Living Group assumes Amber Wood facility
BUYER: ARV Assisted Living Inc. (John Moore, Mark Jessee, Julie Harding and Douglas Armstrong), Louisville Ky.
SELLER: Health Care Property Investment
PROPERTY: 11919 Nature Trail, Port Richey
PRICE: $6.75 million
PLANS, DESCRIPTION: Louisville, Ky.-based assisted living Atria Senior Living Group, purchased the Amber Wood retirement and assisted living facility in Port Richey for $6.75 million. Representatives from Atria Senior Living Group did not return calls prior to publication
Atria Senior Living Group owns about 129 assisted living/retirement facilities in 27 states. Atria already owned the Atria Baypoint Village in Hudson, Atria Evergreen Woods in Spring Hill and the Atria Windsor Woods in Hudson.
• Developer Joel Cantor, CEO of Cantor Development, says that the project management and construction firm of Bovis Lend Lease has been commissioned as the construction manager and general contractor for Signature Place, a mixed-use development at 100 First Ave. S. in St. Petersburg, The first residents are scheduled to move in 4th quarter of 2007. Project completion is scheduled for 4th quarter 2008.
• A Slice of Chicago Inc. purchased the business operations Leo's Restaurant, at 32922 U.S. 19 N., Palm Harbor from Ilrir Karruli for $75,000. Paul W. Hichens PA, Realtec Business Brokers and Zul Valji of Coldwell Banker Commercial NRT Inc., handled the transaction.
• Michael Lorigo, account executive for Largo Real Estate Advisors, Inc., arranged first mortgage financing in the amount of $3.3 million for Jasmine Plaza & Shoppes, a 78,785-square-foot retail center located along SW Highway 200 in Ocala. Michael Lorigo secured a 10-year fixed rate loan with a 20-year amortization schedule for the borrower. Jasmine Plaza and Shoppes is currently 97% occupied.
• Tampa-based BayStar Hotel Group LLC just completed a $750,000 cosmetic upgrade on its Holiday Inn - State Capitol East in Tallahassee. BayStar acquired the Holiday Inn - State Capitol East in February. Formed in 2000, BayStar Hotel Group is a privately held hotel company that develops, acquires, operates and/or sells hotels in the southeastern United States.
• Anesthesia Business Solutions Realty LLC purchased a 4,050-square-foot office condo at 5404 Hoover Road, suites 19, 20 and 21, Tampa from Stars & Strips Investments I LLC. James Parker, Michael Taylor and Carolyn White, of Coldwell Banker Commercial NRT Inc., and Keller Williams Realty of Brandon handled the transaction.
• Independent Electrical Contractors Inc. leased 3,135 square feet of office space at the Sunplex 4400 Building , 4400 140th Ave. N., Clearwater, from Sunplex Operating Associates LP. Broker James Moler of the Ross Realty Group represented the lessor.
• Sonny's Tire leased 5,200 square feet of retail space in Bloomingdale Towne Center at 10312 Bloomingdale Ave., Riverview from Mas Orfus Inc. Broker Mike Myers of the Ross Realty Group represented the lessor.
• Albinson & Corsmeier PA leased 2,567 square feet of office space in Newport Square at 4625 East Bay Drive, Clearwater from Newport Investments Inc. Broker Karin Stewart of the Ross Realty Group represented the lessor.
• Bay Area Motorworks leased 3,824 square feet of industrial space in Bayside Industrial Park at 12555 44th St. N., Clearwater from Bayside Industrial Park LLC. Broker Christine Hulbert of the Ross Realty Group represented the lessor.
• Windward Homes leased 4,322 square feet of retail space in Terrace Walk Plaza at 5741 E. Fowler Ave., Tampa from Terrace Walk Plaza. Broker Patty Malia, RPA of the Ross Realty Group represented the lessor.
• Commercial Services Group, Inc. leased 2,040 square feet of office space at Airport Business Center, building 4, at 14450 46th Street N., Clearwater from NAIDIP ABC LLC. Broker James C. Moler of the Ross Realty Group represented the lessor.
• Aluminum Service Inc. leased 59,049 square feet of industrial space in Trask Industrial Park at 9507 and 9511 N. Trask St., Tampa from Hard Asphalt LLC. Broker Patty Malia, RPA of the Ross Realty Group represented the lessor.
• Alltel Communications leased 73,030 square feet at NetPark, a two-story, multi-tenant, 919,405-square-foot office and technology center and is located at 5701 E. Hillsborough Ave. in Tampa, from NNN NetPark LLC. Mercedes Angell, Melissa Ackermann, and Mike Davis of Cushman & Wakefield negotiated the lease on behalf of the landlord.
• Cushman & Wakefield negotiated the sale of a 21-acre property located at the northwest corner or C.R. 491 and Modelwood Boulevard in Beverly Hills, Florida, for $1.44 million. This property will be Phase 2 of the Golden Gate Center development. The buyer was Golden Gate BH Partners Ltd. Bruce Erhardt and Patrick Berman of Cushman & Wakefield represented the seller Asheville Partners, Ltd.
• AnyDoc Software leased a 26,553-square-foot office at Tampa City Center in Tampa from Tampa City Center Associates. Andy May, Barry Oaks, and Bill Reeves, of Cushman & Wakefield, negotiated this transaction on behalf of the landlord.
• Network Synergy Inc. leased a 16,917-square-foot space at 5440 Mariner Street, Watermark 9 at Westshore in Tampa, from Watermark Properties No. 9 LLC. Andy May, Barry Oaks and Bill Reeves, of Cushman & Wakefield, negotiated the lease on behalf of the tenant.
• Barr, Murman & Tonelli PA renewed its 16,313-square-foot lease at Fifth Third Center, 201 E. Kennedy Boulevard in Tampa, from Terrace Tower Tampa LLC. Barry Oaks of Cushman & Wakefield negotiated the transaction on behalf of the tenant.
• Orlando-based Morgan & Morgan Law Firm PA will lease 32,000 square feet at the Tampa City Center in Tampa from Tampa City Center Associates. Andy May, Barry Oaks, and Bill Reeves, of Cushman & Wakefield negotiated the transaction on behalf of the landlord.
Burton-Katzman Development planning Honore office project
BUYER: B/K/G Honore LLC, Bingham Farms
SELLER: UPH Investment LLC, UPH Saslaw LLC, UPH Waters LLC and UPH Stephens LLC
PROPERTY: lots 4, 7 and 8, Sarasota Gardens, on Honore Avenue, Sarasota
PRICE: $5.17 million
LAW FIRM ON DEED: Vogler Ashton PLLC, Bradenton
PLANS, DESCRIPTION: Bingham Farms, Mich.-based family-owned developer Burton-Katzman Development Co. Inc. purchased several acres on the southwest corner of Honore Avenue and University Parkway in Sarasota for $5.17 million. According to Gregory Burcz, vice president of regional operations for Burton-Katzman Development, the new ownership plans to develop a two-building, office development totaling 88,000 square feet of space.
"The previous owner had taken the site plan through all the approvals," Burcz says. "That certainly reduces the development time associated with starting the project. We liked it because of the location. When you look at the future expansion for the community, I-75, Honore and Cattlemen [Road] are the big north south arteries."
Currently, the developer is working with engineers to tweak the site plan. Burcz is hopeful that construction could start on the project by the beginning of 2007.
At the same time, Burton-Katzman Development has a contract to acquire a brown-field site next to the L-3 Communications' building on Cattlemen Road south of Fruitville Road in Sarasota. The developer is also working on plans to develop a mixed-use office project on 50 acres in the I-4 corridor in Tampa.
B/K/G Honore LLC mortgaged the Honore and University site to Comerica Bank for $3.7 million.
New York investor buys Cortez Village Square
BUYER: Cortez Village Square LLC, Mill Neck, N.Y.
SELLER: Cortez Commercial LLC
PROPERTY: 6610, 6682, 6678, 6650, 6680, 6678, 6676, 6674, 6672, 6670, 6656, 6646, 6642, 6640, 6634, 6630, 6624, 6620, 6696, 6690, 6688, 6686 and 6684 W. Cortez Road, Bradenton
PRICE: $5 million
PREVIOUS PRICE: $3.3 million, January 2003
LAW FIRM ON DEED: Harrison Hendrickson & Kirkland PA, Bradenton
PLANS, DESCRIPTION: Real Estate investor Vincent Crisci, a resident of Mill Neck, N.Y., purchased the 36,566-square-foot Cortez Village Square retail center on Cortez Road in western Manatee County for $5 million. CoStar Group information reports that the facility, built in 1990, was fully leased. Tenants in the building include Anna Maria Oyster Bar, Blake Medical Center, Handytrac Systems Inc., House Call Medical Resources, Newport Westbay Ltd. and Optium Realty Corp.
Crisci has already amassed a significant portfolio of Gulf Coast properties. Earlier this year, Crisci purchased a group of medical office buildings at the southwest corner of Bahia Vista Street and Tuttle Avenue in Sarasota for $19 million. Last August, he purchased the seven-story 31,000-square-foot Skyline Building at 2600 Dr. Martin Luther King Jr. St. N. in St. Petersburg for $3.15 million.
Biggins buys industrial building for $2 million
BUYER: Eastside Village LLC (principal Joseph Biggins), Jupiter
SELLER: Roland Askins Jr. and Alan Roberts, individually and co-trustee of the 4555 Trust
PROPERTY: 2628 17th St., Sarasota
PRICE: $2 million
PREVIOUS PRICE: $1.8 million, January 2006
LAW FIRM ON DEED: Icard Merrill Cullis Timm Furen & Ginsburg PA, Sarasota
PLANS, DESCRIPTION: Joseph Biggins's Eastside Village LLC purchased an 11,354-square-foot class-C industrial building on 17th Street in Sarasota for $2 million. The industrial building was built in 1988. Eastside Village LLC mortgaged the property to the former owners, Roland Askins Jr. and Alan Roberts, individually and co-trustees of the 4555 Trust for $1.45 million.
• Construction is scheduled to start on Bay Street Village & Towncenter in Osprey on Oct. 3. The 45-acre mixed-use project, being developed by Crossgate Partners, will feature 550 condominium units, more than 103,000 square feet of commercial space and 25,000-square-foot public library.
• Taylor Woodrow plans to start construction of a 9,000-square-foot sales and preview center in Artisan Lakes off Interstate 75 and Moccasin Wallow Road in Manatee County by Oct. 1. Ervin, Lovett & Miller, the Jacksonville architectural firm, designed the $4 million facility. Sarasota-based CORE Construction of Florida, is the general contractor.
• Kurt Lucas JKL Design Group has been selected as the interior designer for the One Palm luxury condominium in downtown Sarasota.
• Dietmar and Ursula Kemter purchased 4.1 acres of vacant land at 524-606 S. Tamiami Trail, Osprey from Osprey Business Park LLC for $2.99 million. Barry Seidel of American Property Group of Sarasota Inc. represented the seller, and Sheppard Investments LLC represented the buyer.
• AEA Partnership leased 5,350 square feet of retail and warehouse space at 2048 Bee Ridge Road, Sarasota from Hurricane Safe Products Inc. Barry Seidel of American Property Group of Sarasota Inc. handled the transaction.
• Formal Investments Inc. leased 4,000 square feet of retail space at 6979 S. Tamiami Trail, Sarasota, from All American Hot Tubs & Spas. Barry Seidel of American Property Group of Sarasota Inc. handled the transaction.
• Cape Surgery Center leased 6,735 square feet of medical office space at 1435 S. Tamiami Trail, Sarasota from Health Care Management Enterprises Inc. Barry Seidel of American Property Group of Sarasota Inc. handled the transaction.
• Angers Auto World Inc. leased 16,000 square feet of land and a 2,000-square-foot building at 5101 S. Tamiami Trail, Sarasota from Enterprise Rent A Car Inc. Barry Seidel of American Property Group of Sarasota Inc. handled the transaction.
Cedar Bay Marina becomes yacht club
BUYER: Cedar Bay Yacht Inc. (principals: Rich Fonte, Scott Hopkins, Harold Lee and Hank Kassigkeit), Ocean Ridge
SELLER: Factory Bay Marina of Marco LLC
PROPERTY: 705 Elkcam Circle E. in Marco Beach
PRICE: $14.95 million
PREVIOUS PRICE: $3.89 million, May 1997 and $130,000, July 1998
LAW FIRM ON DEED: Cheffy Passidomo Wilson & Johnson LLP, Naples
PLANS, DESCRIPTION: Nautical Ventures of Marco Island purchased the 355 dry-slip Cedar Bay Marina on Marco Island for about $15 million. Rich Fonte, managing partner for the development company, says Nautical Ventures plans to renovate the existing facility, expanding it onto some adjacent property and reposition the entire site as a private yacht club.
"This is like a country club where owners buy a share in the club, which eventually takes over ownership of the marina," Fonte says. "The only way to make a marina project economically viable is to set up an equity club or dockominium because of the tremendous cost of the dirt." The marina has been renamed Cedar Bay Yacht Club.
The marina's new owners plan to give the storage barn and landscaping a general facelift and to create a new 2,500-square-foot restaurant and shower/sauna space on the site.
"We also own an additional acre of land about a block away and third of an acre next door that we plan to use for the expansion," Fonte says. Eventually, Nautical Ventures plans to add another 450 to 560 dry slips.
This isn't Nautical Ventures' first foray into marina redevelopment; the owners' most recent marina project was the Sunset Harbour Yacht Club in Miami Beach.
The new ownership, Cedar Bay Yacht Inc., mortgaged the marina to Textron Financial Corp. for $14.7 million.
Club equity memberships currently range from $77,000 to about $200,000.
Wayside Industrial acquires large Alico Road tract
BUYER: Wayside Industrial Inc. (principals Neil Braverman, William Van Meter and Philip Graffy), Naples
SELLER: Alico Industrial Park LLC
PROPERTY: on Lee and Alico roads, Fort Myers
PRICE: $36 million
PREVIOUS PRICE: $4.17 million March 2003
LAW FIRM ON DEED: Thomas F. Kiesel, Esq., Fort Myers
PLANS, DESCRIPTION: Naples-based Wayside Industrial Inc., an industrial real estate investment subsidiary of developer Brynwood Corp., purchased about 118 acres of raw land near the intersection of Lee and Alico roads in southeastern Lee County. Officials with Wayside Industrial say the company will be subdividing portions of the site for eventual sale. The majority of the site is zoned for heavy industrial uses with a few less intense zoned properties at the southern and northern tips of the parcel. VIP Commercial will handle sales of the lots.
Wayside Industrial Inc. mortgaged the property back to the former owner Alico Industrial Park for $18.25 million.
Senior Housing Properties Trust buys Buena Vida
BUYER: SNH/LTA Properties Trust (principals: Gerard Martin and Barry Portnoy), Newton, Mass.
SELLER: Citation Mortgage VIII LP
PROPERTY: 8901 Tamiami Trail E., Naples
PRICE: $5.6 million
LAW FIRM ON DEED: Sullivan & Worcester LLP, Boston
PLANS, DESCRIPTION: Senior Housing Properties Trust, a Newtown, Mass.-based real-estate investment trust that focuses on independent-living, assisted-living and continuing-care retirement communities and nursing homes, purchased the 144-unit Buena Vida assisted living facility in Naples for $5.6 million. As with many of its more recent purchases, Senior Housing Properties Trust turned over operations of the Naples center to Five Star Property Care.
"It's really attractive because of its location first in Naples and within Naples right off a major thoroughfare [Tamiami Trail]," says Tim Bonang, manager of investor relations for Senior Housing Properties Trust. "We also looked at it as a diamond in the rough and have already allocated some money for upfront improvements. We're looking at things like better signage, cleaning up the grounds and some additional interior and exterior work."
Bonang says the new ownership has allocated an initial $2 million.
Prior to the acquisition, Senior Housing Properties Trust owned 188 properties nationally and 11 properties in Florida, including Coral Oaks of Palm Harbor, Stratford Court of Palm Harbor, Calusa Harbor in Fort Myers, Sterling House in Fort Myers and Springwood Court in Fort Myers.
• Nu-Cape Construction Company, a division of Grand Rapids, Mich.-based Owen-Ames-Kimball Company (OAK), completed construction management for renovation of The Heart Group's offices at Healthpark Medical Center. Located on the third floor of Medical Plaza One near Lee Memorial Hospital System's Healthpark campus, the renovation included new interior framing, finishes and modification to the existing mechanical systems. The renovated space included a large waiting room, 10 new exam rooms, a nurse's station, laboratory, research and a larger cardiac stress testing area.
• Naples-based Pelican Bay Development and KB Investment Holdings of Clearwater sold off the Shoppes at Quail Roost, a 73,550-square-foot upscale retail center at S.E. 200th St. and 128th Ave. in South Miami to Equity One for $15.4 million. The facility was 95% leased at the time of the sale. Mike Milano and Bill Fraser, of Colliers Arnold, negotiated the sale.
• Construction has been toped off for the high-rise condominium tower Jasmine Bay North in Estero. Projected completion of both Jasmine Bay North and Jasmine Bay South remain on target for mid 2007.