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Commercial Real Estate Briefs
COMMERCIAL REAL ESTATE lee-collier by Sean Roth | Real Estate Editor
Chiropractor, Realtor buy Punta Gorda Club
BUYER: Brian Lynch Investments LLC (principal: Kevin van Nostrand), Punta Gorda
SELLER: Ted Murray Tennis Inc.
PROPERTY: 2905 Tamiami Trail, Punta Gorda
PRICE: $2.5 million
PREVIOUS PRICE: $1.7 million, November 1999
LAW FIRM ON DEED: McKinley Ittersagen Gunderson Berntsson & Wideikis PA, Port Charlotte
PLANS, DESCRIPTION: Chiropractor Kevin van Nostrand and Realtor Robert Sifrit purchased the 17,000-square-foot Punta Gorda Club tennis and fitness center in Punta Gorda for $2.5 million. The facility, which sits on three-and-a-half acres on U.S. 41 features a large central building surrounded by six tennis courts and a practice court. Van Nostrand's medical practice, Spinal Health and Rehab, has occupied a leased space in the center for the past two years.
"This really was the next logical step for me, to purchase the facility for our growth," van Nostrand says. "We're going to give it a complete overhaul with new landscaping, equipment and resurfacing the tennis courts. We're going to make it a great club that will be even more community oriented."
Longer term, van Nostrand is considering adding a large spa to the fitness center."
Williams Scotsman moving,
consolidating operations
BUYER: Williams Scotsman Inc. (principals: Robert Singer, Richard Shuttie, Gerard Holthaus, Joseph Donegan and Maynard Becker), Baltimore
SELLER: Three Oaks-Alico 59 LLC
PROPERTY: a portion of land near Three Oaks Parkway and Oriole Road extension, Fort Myers
PRICE: $6.64 million
LAW FIRM ON DEED: Law Office of Joseph M. Madden Jr. LLC, Fort Myers
PLANS, DESCRIPTION: Baltimore-based modular and storage company Williams Scotsman purchased 20 acres of land in Three Oaks Commerce Park near an existing Williams Scotsman office for $6.64 million. Williams Scotsman plans to develop the property to house two modular buildings for completion in 2009 or 2010, according to Eric Anderson, south Florida area manager for Williams Scotsman.
Currently, Williams Scotsman has one branch office in Fort Myers and rents two additional lots to store its fleet. When the new facility is completed, it will house all of the company's local operations. The company plans to eventually sell off its current Fort Myers branch office at 16131 Old U.S. 41 near Tamiami Trail and Youngquist Road.
Anderson says the decision to buy the property and relocate the company's operations was made because the company expects growth in the region.
Williams Scotsman owns a fleet of more than 121,000 mobile offices, classrooms and storage units and also is a building contractor.
Charlotte County buys
1,600 acres of Ryals Ranch
BUYER: Charlotte County, Port Charlotte
SELLER: Ryals Citrus and Cattle LLC
PROPERTY: 1,600 acres of Ryals Ranch in northern Charlotte County
PRICE: $26.45 million
LAW FIRM ON DEED: McKinley Ittersagen Gunderson Berntsson & Wideikis PA, Port Charlotte
PLANS, DESCRIPTION: Charlotte County has made its largest and most expensive conservation purchase ever. The county government acquired 1,600 acres of the Ryals Citrus and Cattle Ranch, which straddles Shell Creek, for $26.45 million equal to roughly $16,000 an acre. As part of the transaction, the Ryals family agreed to manage the property for free under a three-year lease. In addition to general management, such as prescribed burns and removing exotic vegetation, the Ryals family is also responsible for creating recreation trails, parking lots and an access road. The owners of Ryals Ranch will also continue to graze cattle on the property.
"This alone saves us about $50,000 a year in manpower costs," says Andy Stevens, natural resources division manager for Charlotte County. "This site was chosen by Conservation Charlotte, a new program the county started in November of 2006. It scored the highest from an environmental standpoint, because it's one of the most pristine pieces of Charlotte County. It has been really well maintained for decades. Plus the Prairie Creek runs through it, which means there's watershed protection there as well."
The county attempted to acquire the property through the less expensive method of conservation easements, Stevens says, but the landowners weren't interested. In addition, the Ryals family said it was receiving interest from developers.
In 2006, residents approved a referendum allowing county government to collect an additional tax from property owners to purchase environmentally sensitive lands.
The entire ranch features an 80-acre citrus grove, several hundred acres of wetlands and 1,800 acres of Florida scrubland.
Cape Coral issues RFPs,
for two city-owned sites
The City of Cape Coral is making an aggressive move to diversify the city's commercial industry and spur new economic development. The city has issued two requests for proposals seeking developers to build a hotel and ice rink adjacent to the city's Sun Splash Family Waterpark and an academic village and research park in the northeast section of the city. In both cases, the city owns the land and will offer developers a low-price land lease to help minimize development costs.
"The city is in a strong position to spur new development and now is the perfect time for companies to make a move to Cape Coral," Mike Jackson, executive director of the Cape's Economic Development office, said in a press release. "We are prepared to partner with companies to streamline the process and make development cost effective. We have the land, available workforce and the commitment to ensure these projects are successful."
The city is seeking proposals for private development of an academic village that would contain a university or consortium of universities. The village could include a research park, a higher education park to focus on technology and science curricula, facilities for meetings and conferences and commercial amenities that would enhance the success of the final development.
In the second RFP, developers need their ice rink proposal to include a heat transfer system to allow the water park to heat its water and extend the season it is currently open. The hotel and ice rink coupled with the existing facilities is planned as a family recreation cluster.
The deadline for responding to the hotel/ice rink proposal is Oct. 30, while the academic village deadline is Dec. 23. Copies of the RFP are available online at demandstar.com or by calling (239) 574-0831.
Etc...
• Aqua Water Corp. leased 2,000 square feet of office space at 963 Fourth Ave. S., Naples from Joyce Weakley Shore. Paige Eber of Investment Properties Corp. handled the transaction.
• Accounting/tax planning firm Wiltshire Whitley Richardson & English PA has relocated its office to 5249 Summerlin Commons Blvd., suite 100, off Boy Scout Drive near Summerlin Road.
• J. Raymond Construction Corp. has awarded Fort Myers-based Eagle Concrete Systems a contract to complete concrete and masonry work for Six Mile Cypress Retail 100, a new retail center located at 8291 Dani Drive, Fort Myers. Eagle will provide concrete pads, footing, slab and walls for the 15,995-square-foot building. The Scott Partnership provided the design.
• Workplace Resource of Southwest Florida leased 3,652 square feet of office space at 8771 College Parkway, building II in Fort Myers from Medsup Development LLC. Stan Stouder and Randal Mercer, both of CB Richard Ellis, Fort Myers-Naples brokered the transaction
• The law firm Porter Wright Morris & Arthur LLP plans to relocate its local offices to The Mercato, a lifestyle center in Naples. Porter Wright will occupy 14,000 square feet in an office building that is scheduled to open in 2009.
Construction begins on new
shopping center in Naples
Construction has started on Dolphin Plaza, a new neighborhood shopping and dining center at the northeast corner of Santa Barbara and Davis Boulevards in Naples.
The development will feature 133,000 square feet of retail, restaurant and office space. The plaza, which is being developed by Crifasi Enterprises, will feature a 40,000 square-foot anchor. Richard L. Bowen and Associates is the project architect, and Phoenix Associates of South Florida Inc. is the general contractor. Construction is scheduled to be complete by late summer of 2009.
COMMERCIAL REAL ESTATE Sarasota-Manatee by Sean Roth | Real Estate Editor
Dock N Dine LLC buys Sarasota's Coasters
BUYER: Dock N Dine LLC (manager: Mark Fliss), Sarasota
SELLER: George Perreault and Kenneth Myer individually and as co-trustees of the George C. Perreault Charitable Remainder Unitrust No. 2
PROPERTY:1538 Stickney Point Road, Sarasota
PRICE: $4.2 million
PREVIOUS PRICE: $1.35 million, March 1998
LAW FIRM ON DEED: Abel Band Chartered, Sarasota
PLANS, DESCRIPTION: One of the first pieces of the Boatyard Commercial Center has sold. The investment group Dock N Dine LLC purchased the 7,811-square-foot Coasters waterfront restaurant building and its liquor license from local real estate owner George Perreault for $4.2 million.
Angelia Young of A. Young Realty Group Inc. represented the seller, and Kenny Harnden of Weichert Realtors on the Circle represented the buyer.
"The new company is looking to turn it around ... to make it into a great waterfront restaurant," Young says.
Not much is known at this point about the new ownership. Young says the group is headed by a former Cape Cod restaurateur that has since moved to the area. Calls to Dock N Dine LLC's registered agent, Perreault and Harnden were not retuned as of press time.
Perreault has subdivided the balance of the 20,000-square-foot Boatyard Commercial Center for sale as 17 different units.
The remaining units range in size from 180 to 5,100 square feet and are being marketing by Young for $99,000 to $1 million.
The entire development is zoned commercial intensive.
"We're looking to lease the boat slips right now, but may sell them too later on," Young says.
Dock N Dine LLC mortgaged the property to the former owner for $3.9 million.
Tucson, Ariz., investors
buy Pods Sarasota warehouse
BUYER: Daryl and Melvin Ross, Tucson, Arz.
SELLER: Pods of Sarasota LLC
PROPERTY: 8161 E. 25th Court, Sarasota
PRICE: $1.13 million
PREVIOUS PRICE: $174,000, December 2002
TITLE FIRM ON DEED: MSC Title Inc., Sarasota
PLANS, DESCRIPTION: Real estate investors Daryl and Melvin Ross, Tucson, Arz., purchased a 17,196-square-foot warehouse building in SRQ Park of Commerce for $1.13 million. The warehouse currently houses the portable storage-container company and former building owner Pods of Southwest Florida, which agreed to lease the building back for at least four more years. The property generates an annual net operating income of $95,200.
Robert Drane of Re/Max Alliance Group represented the seller, and Lee DeLieto Sr. at the Commercial Group at Michael Saunders & Co. represented the buyer.
"It was a triple net investment," Drane says. "The buyer doesn't plan to do anything with it except collect the checks."
The Rosses mortgaged the acre property to Insignia Bank for $843,000.
Ringling Pointe developers
demolish former school building
Sarasota developer Dr. Mark Kauffman and officials with the architectural firm The ADP Group of Sarasota have started work on the planned four-story office building Ringling Pointe. Demolition of the former home of Sarasota School of Massage Therapy building at 1932 Ringling Ave. started a few weeks ago, four months later than Kauffman first anticipated when the Review originally reported the project in January.
The Sarasota School of Massage Therapy moved to a location on Whitfield Avenue in March.
The 30,000-square-foot Ringling Pointe will feature ground floor retail or a bank, and The ADP Group is expected to occupy the top two levels.
Kauffman originally hoped to use the building to inspire demand for a 110,000-square-foot office complex with a possible hotel and a six-story parking garage called Ringling Tower. Calls to Kauffman were not returned prior to deadline.
- Heidi Kurpiela of the Sarasota Observer contributed to this brief
Etc...
• Health Care Management Enterprises Inc. leased 3,250 square feet of office/warehouse space at 2088 58th Ave. Circle E., Bradenton in Pines II Industrial Park from Ritchie Enterprises Inc. Jeff Button of Richardson Kleiber Walter, The Kleiber Group Partners handled the transaction.
• Kimark LLC leased a 7,632-square-foot retail store at 4625 S. Tamiami Trail, Sarasota from Martin Realty Investments Inc. Barry Seidel of American Property Group of Sarasota Inc. handled the transaction.
• Jimmy Dimitris Tavern leased a 4,800-square-foot restaurant at 3900 Clark Road, Sarasota from Tamiami Trail Investments Inc. Barry Seidel of American Property Group of Sarasota Inc. handled the transaction.
• Kroakie's Karaoke leased 4,000 square feet of retail space at 4400 S. Tamiami Trail from Richard D. Smith, as trustee. Barry Seidel of American Property Group of Sarasota Inc. handled the transaction.
• with pic of East Ridge Middle School, Clermont
The Sarasota office of SchenkelShultz Architecture designed Lake County Schools' new $41.6-million, 169,942-square-foot East Ridge Middle School in Clermont. The school features a three-story classroom building; a three-story media center/science building; a bridge connecting the classroom and media/science buildings; 39 classrooms and six resource rooms; a music suite with four practice rooms, band, vocal and ensemble rooms; a 25,500-square-foot dining/multi-purpose space with an open stage; a gymnasium; four vocational labs and administration offices.
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