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Commercial Real Estate Briefs
by Sean Roth | Real Estate Editor
Lee-Collier
Safe-Start Inc. changes
Fort Myers warehouse
BUYER: Beacman LLC (principals: Edward Safee and Cory Tattoli), St. Petersburg
SELLER: Barton-Georgia Corp.
PROPERTY: 2081 Beacon Manor Drive, Fort Myers
PRICE: $1.2 million
PREVIOUS PRICE: $720,000, May 2001
LAW FIRM ON DEED: Sheppard Brett Stewart Hersch Kinsey & Hill PA, Fort Myers
PLANS, DESCRIPTION: The owners of St. Petersburg-based wholesaler Safe-Start Inc. purchased a 20,200-square-foot warehouse building near U.S. 41 in Fort Myers for $1.2 million. The new site will replace a much smaller, 4,000-square-foot building the company owns at 3459 Dr. Martin Luther King Jr. Blvd.
"Basically that other building was not sufficient to take care of all our potential business down there," says Tommy Sudderth, CFO for Safe-Start. "A portion of the new building is being leased out now. This gives us room to expand and a better location. There's a lot more commercial traffic around there. We found at our Macon, Ga., location that when we went to a bigger building- possibly as a coincidence - that we were able to grow our business in that area. It's somewhat the fishbowl mentality; the larger the space, the larger the potential growth we can have."
Sudderth says the company has needed the extra space for quite a while and will be adding employees in the new location.
Safe-Start is a wholesaler of tires, batteries and wheels with six locations in Florida and one in Georgia.
The new owners purchase entity Beacman LLC mortgaged the Beacon Manor Drive property to Bank of America for $1.02 million.
Collex Collision Experts
buys Cape Coral repair shop
BUYER: Gagliano Holdings 2 LLC (principals: John, Richard and Robert Gagliano and Grace Lopez), Naples
SELLER: Bellizzi Enterprises Inc.
PROPERTY: 919 S.E. 14th Ave. and 1403 S.E. 10th St., Cape Coral
PRICE: $1.45 million
LAW FIRM ON DEED: Warchol Merchant Rollings Buckley & Pohl LLP, Cape Coral
PLANS, DESCRIPTION: Gagliano Holdings 2 LLC, a limited liability company housing the ownership of Clinton Township, Mich.-based Collex Collision Experts, purchased the 10,743-square-foot Auto Body Clinic building on 10th Street and a 2,366-square-foot storage building on 14th Avenue in Cape Coral for $1.45 million.
Collex Collision Experts plans to open the main building as its third location in Florida, according to John Gagliano, president and founder of Collex. The auto-repair chain already owns a location at 12791 Metro Parkway in Fort Myers and a second store at 1851 Pine Ridge Road, Naples. The new owners are currently renovating the Cape Coral building, adding staff and equipment and training employees on Collex's processes.
"We plan to go anywhere our customers need us," Gagliano says. "We do like the Southwest Florida market in particular. Our business is all about people. It's a credit to all employees that we've been able to hire and attract the best people in the trade to drive our growth."
The new store is scheduled to open this week. Gagliano, who owns a home in Naples, says the company plans to add locations heading north along the west coast of Florida. It is also possible, Gagliano says, that he may move Collex's corporate headquarters to Southwest Florida.
"There's a good possibility that could happen," he says. "If we decide to take that step we would have to make the transition very slow and cautiously to make sure we retain our top performers."
Collex mortgaged the properties to LaSalle Bank Midwest NA for $1.35 million.
Associates in Cosmetic
Surgery buys back building
BUYER: Brueck Golosow & Kim LLC, Fort Myers
SELLER: Henmir Holdings LLC
PROPERTY: 3700 Central Ave., Fort Myers
PRICE: $2.65 million
PREVIOUS PRICE: $2.4 million, February 2007
LAW FIRM ON DEED: Kevin F. Jursinski PA, Fort Myers
PLANS, DESCRIPTION: The Fort Myers plastic surgery medical practice Associates in Cosmetic Surgery purchased its current home, a three-story, 16,215-square-foot medical office building on Central Avenue south of Carrell Road, for $2.65 million. Dr. Robert Brueck, a plastic surgeon owner of Associates in Cosmetic Surgery, was also part of the original ownership group with John Hugill that developed the building in 1980 and sold it a year later for $119,200.
The medical practice plans to start an extensive renovation of both the interior and exterior of the building in August.
Brueck Golosow & Kim LLC mortgaged the building to Florida Gulf Bank for $3 million.
Etc...
• The Collier County Tax Collector leased 2,777 square feet of space in Wilson Plaza at 50 Wilson Boulevard South in Naples from Gulfstream Retail Investments LLC. Bill Young, Larry Foster and Dan O'Berski, all of CB Richard Ellis Fort Myers-Naples, brokered the transaction.
• Florida Lifestyle Homes of Fort Myers Inc. has started construction of an office/warehouse in the Andrea Lane industrial complex at 2180 Andrea Lane, Fort Myers. The project includes the construction of a 12,640-square-foot metal/stucco building. The building features five units, about 2,500-square-foot each. Jimmy Gustafson of Florida Lifestyle Homes is project manager, and E.A.H. Investment LLC is the owner. Construction is expected to be completed in the fall. William Mankin with Colliers International will market the space.
• ATV Closeout Inc. and Daniel Sabo leased 6,300 square feet of warehouse and office space at 4656 Elevation Way from the Sylvia VanGiesen Trust. Todd Holman of Woodyard & Associates LLC handled the transaction.
• Shoot Straight Fort Myers Holding Co. LLC purchased a 9,398-square-foot building at 2418 Colonial Blvd. from 2418 Colonial Partners LLP for $1.6 million. Doug Olson of LandQwest Commercial and Alex Wright and Robyn Wright of Woodyard & Associates LLC negotiated the transaction.
• Montgomery Cabinetry Co. and Paul Montgomery leased 7,500 square feet of office and warehouse space at 5571 Zip Drive, Unit 1 from Sox Development Inc. Todd Holman and Tom Woodyard of Woodyard & Associates LLC handled the transaction.
• Princeton Doors Inc. and Miguel Jimenez leased 2,624 square feet of office and warehouse space at 12331 Towne Lake Dr., unit 6 from Sox Development Inc. Todd Holman and Tom Woodyard of Woodyard & Associates LLC handled the transaction.
SARASOTA-MANATEE
Investors buy, renovate former D&W building
BUYER: Tennessee Land Investment Inc., Sarasota
SELLER: Amy Donald
PROPERTY: 2856 Clark Road, Sarasota
PRICE: $1.58 million
LAW FIRM ON DEED: Thomas C. Tyler Jr. PA, Venice
PLANS, DESCRIPTION: A group of investors using the limited liability name of Tennessee Land Investment Inc. purchased the 7,000-square-foot former D&W Tire & Automotive building on Clark Road near Swift Road for $1.58 million. The new owners plan to refurbish the building into a traditional retail strip center.
"We're planning to start the renovation and the tenant build-outs in August," says Massimo Rastrelli, project manager for Tennessee Land Investment.
"We're planning to make it look just like a new retail strip center. We're working with the county right now, going through the land regulations. We'll probably start going out with [Letters of Intent] in the next few week."
Stan Tignor with Tignor Group PA Architects and Engineers Sarasota designed the project; the new ownership also hired John Cavoli with Cavoli Engineering Inc.
Rastrelli says the investment group was attracted to the site largely because of the area's large traffic count. He is marketing space in the center for $27 a square foot triple net with $4 CAMS.
FP&L buys 8 acres for
Manasota Industrial substation
BUYER: Florida Power & Light Co., Juno Beach
SELLER: Sarah Burnett Moore, Mark Burnett and Northern Trust as trustees of the Herman Burnett Residual Trust and between Sarah Burnett Moore and Northern Trust NA as trustees of the Elizabeth Burnett Currier Trust
PROPERTY: a portion of 47th Terrace, Bradenton also known as the corner of lot 7, Manasota Industrial Park, phase C
PRICE: $1.19 million
LAW FIRM ON DEED: Dye Deitrich Petruff & St. Paul PL, Bradenton
PLANS, DESCRIPTION: Florida Power & Light Co. purchased eight acres in the Manasota Industrial Park for $1.19 million.
The company plans to build a new electrical distribution substation on the site to meet growing demand from nearby commercial and industrial developments. The new substation, which will also improve the electrical reliability of the entire area, is near existing transmission lines, according to Sharon Bennett with Florida Power & Light.
FPL will serve as its own contractor for the project, which is tentatively scheduled to be in service in 2013.
Doctors Hospital plans medical
office scheduled to open in July
Doctors Hospital of Sarasota is preparing to grow on to a four-acres parcel it owns north of the 147-bed hospital's main campus.
The hospital, which has owned a vacant Baptist church at 3450 Cattlemen Road since mid-2004, is in the approval process to replace it with a two-story 48,532-square-foot medical office building.
The office building will offer a walkway to the hospital over a small creek that separates the two properties.
"We plan to start in January of 2009," says Lyn Cassan, marketing director for the hospital. "We're working for delivery in July of 2009.
The hospital is working with developer Tom Dabney of Gulf Coast Property Services Inc. to handle constructing the office building. Gulf Coast Property Services previously developed the main Doctors Hospital campus.
Etc...
• American Insurance Agencies Direct Inc. leased 2,200 square feet at Towles Court Pavilion at 200 S. Washington Blvd. Janet Robinson of Abbey Realty LLC handled the transaction.
• Nurse on Call Inc. agreed to a five-year lease for 2,700 square feet of office space at 7222 S. Tamiami Trail, suites 105 and 106, Sarasota from Branson Corp. Barry Seidel of American Property Group of Sarasota Inc. handled the transaction.
• Bumper 2 Bumper Inc. lease 2,260 square feet of flex space at 5652 Jason Lee Place, Sarasota from Jason Lee Place Inc. Barry Seidel of American Property Group of Sarasota Inc. handled the transaction.
• I.D.T. Group Inc. dba DaVinci Kitchens leased 3,600 square feet of retail space at 7222 S. Tamiami Trail, suites 107 and 108, Sarasota from Branson Corp. Barry Seidel and Marcia Cuttler, both of American Property Group of Sarasota Inc., handled the transaction.
• Sallin Properties US Inc. agreed to a five-year lease of 3,750 square feet at 7216 24th Court E., Sarasota in Centre Park Industrial Subdivision from Packing Equipment & Partners Inc. Rico Boeras PA of Preferred Commercial Inc. handled the transaction.
TAMPA BAY
Stuart S. Golding Co.
renovates building for V.A.
BUYER: Bruce B Downs Professional Center LLC (principals: Loren Pollack and David Scher), Clearwater
SELLER: Kadima Medical Properties LLC
PROPERTY: 12210 Bruce B Downs Blvd., Tampa
PRICE: $3.4 million
PREVIOUS PRICE: $2.09 million, May 1998
LAW FIRM ON DEED: Levy Holm Pellegrino & Drath LLP, New York
PLANS, DESCRIPTION: Clearwater-based developer the Stuart S. Golding Co. purchased a 16,200-square-foot medical office building on Bruce B. Downs Boulevard in Tampa for $3.4 million. The former owner previously had lost the building's tenant and was unable to find additional financing while it was marketing the space.
"It was a really good price," says Kris Horneland, a partner with the Stuart S. Golding Co. "But, we had to come in and do a 30-day closing. The main attraction was the Bruce B. Downs frontage. The building was also in exceptional shape."
The new ownership plans to start gutting and renovating the building's interior in about a week. The entire building is being leased to the Veterans Health Administration. Horneland says the developer is also considering constructing an additional building on the site.
"The V.A. is in expansion mode," Horneland says. "We're doing three projects for them right now."
Stuart S. Golding Co.'s purchase entity Bruce B Downs Professional Center LLC mortgaged the property to Branch Banking & Trust for $3.36 million.
Etc...
• Hennessy Construction Services has landed a new $2.44-million contract with the YMCA of Greater St. Petersburg to build a Childs Park YMCA Community Center at 601 45th St. S. in St. Petersburg. The 15,000-square-foot building will include a multipurpose room, meeting rooms, a micro library, a St. Petersburg police substation and an office for the Junior Rattlers football league. The architect of record is Wannemacher Jensen Architects of St. Petersburg.
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