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Commerical Real Estate Briefs
by Sean Roth | Real Estate Editor
Sarasota / Manatee
NY groups pay $14.7 million for Oaks Plaza
BUYER: BLDG Sarasota LLC (84.8485% interest) (principal: Irving 2007 Manager LLC) and Bacael Sarasota LLC (15.1515%) (principal: Bacael 2007 Manager LLC, New York City
SELLER: Stone Civix Ltd.
PROPERTY: 3950 Central Sarasota Parkway, Sarasota
PRICE: $14.709 million
PREVIOUS PRICE: $1.88 million, April 1998
LAW FIRM ON DEED: Dunlap & Moran PA, Sarasota
PLANS, DESCRIPTION: A consortium of New York City investors purchased the 131,809-square-foot retail neighborhood shopping center Oaks Plaza for $14.7 million. The Albertsons-anchored center houses Babies "R" Us, Gymboree, GNC, Coldwell Banker and World Savings.
Ian Black Real Estate represented the buyers in the purchase and has taken over facilities management and leasing of the center. The center currently has 10,884 square feet of vacant space along with a still-leased but dark 60,000-square-foot Albertsons.
"[Private-equity firm] Cerberus actually controls that space," Black says. "Obviously someone is on that hook for that so everyone wants that filled with a retailer, but its out of our hands. Our hope is that with the new owners we can bring some fresh energy to the center. We believe they have the connections to be able to bring in good tenants."
Black says a 4,551-square-foot lease is pending for some of the smaller vacant space. The remainder of the vacant space is being marketed for $17 a square foot triple net.
The brokerage has no plans at this point to make changes to the center.
Critical Path Development planning flex building
Critical Path Development, a developer that includes several high-level officials with Sarasota's DooleyMack Constructors Inc., is pushing a plan to develop a 33,000-square-foot flex building at 1151 Sarasota Center Blvd. in Sarasota. The developer has filed a site plan with Sarasota County government to develop a single-story building on a two-acre parcel east of Interstate 75 near Fruitville Road.
"We're planning to offer 25 condo units," says Melissa McBride, an estimator with DooleyMack. "Optimistically, we are shooting to start in the middle of July. It will likely take a year [to complete.]" Unsurprisingly, DooleyMack will serve as the contractor for the project.
Proscenium developer signs deal with Nederlander
Karen Cook and Gary Moyer's Lion's Gate Development Inc. and Nederlander Worldwide Entertainment have reached a long-term agreement for Nederlander Worldwide Entertainment to manage and operate the theater to be built as part of The Proscenium, a planned mixed-use project projected.
The Nederlander family manages or owns theaters, stadiums, amphitheaters, and sports arenas, including an interest in the New York Yankees. Nederlander Worldwide Entertainment recently expanded its operations into China, with a performance and theater management joint venture.
The Sarasota deal is part of Nederlander Worldwide's plan to create a regional circuit of theaters for off-Broadway and smaller Broadway productions.
As currently conceived, The Proscenium will include a five-star 225-room hotel with 35,000 square feet of ballroom/meeting/exhibition space, and 50 hotel-branded condo residences. The remainder of the project will feature an 800-seat performing arts center, 125 residential units, 50 loft residences, 230,000 square feet of office space and 130,000 square feet of retail/restaurant/entertainment space.
RE/MAX Gulfstream leases 2nd downtown office
Ron Travis and Dave Coupland, co-owners of RE/MAX Gulfstream, plan to open the brokerages seventh office at 1481 Main St. in downtown Sarasota near Pineapple Square. The new office, more than 4,500 square feet of space, will replace the current Wolf Camera location.
The new Gulfstream office will be its second location in downtown Sarasota. In 2006, Gulfstream acquired the former RE/MAX Suncoast office at 1751 Mound St. The firm currently has more than 210 associates in six offices.
LandMark Bank to take three floors
LandMark Bank of Florida signed an agreement to occupy a new office building being developed just north of its existing downtown location at the intersection of Oak Street and South Washington Boulevard. Construction is now under way on the four-story, 20,000-square-foot building, which will become the bank's administrative center. Mark Kauffman is developing the building.
LandMark Bank will occupy three of the four floors, more than 16,000 square feet. The bank plans to retain its current downtown banking center, in effect creating a banking complex that stretches the entire front of South Washington Boulevard between Oak and Laurel streets. LandMark Bank officials expect to occupy the center toward the end of 2007.
Etc...
• Day Hagan Financial has moved its main office to 330 S. Orange Ave., in downtown Sarasota, opposite the Michael Saunders training facility. Partners Art Day, Don Hagan and Linda Brown provide client-centric wealth management services, and have offices in Sarasota, Florida and Aspen, Colorado.
• Sarasota County's Environmentally Sensitive Lands Protection Program purchased a 0.22-acre property in the Warm Mineral Springs area for $42,000. The site is located on the creek that flows from the springhead in the Warm Mineral Springs community.
The purchase will link to three other properties previously purchased by the ESLPP program, to complete a 1.5-acre contiguous block along the creek. The Sarasota Conservation Foundation and The Nature Conservancy aided in the purchase of the property as acquisition agents for ESLPP. Sarasota Conservation Foundation negotiated the contract and coordinated the due diligence
• Sarasota-based Westwater Construction has been chosen as one of the six builders for Lakewood Ranch's Country Club East village. The village will be east of Lorraine Road, south of the Ritz Golf Course and north of The Masters Avenue, and it will have a similar look and feel to The Country Club. A Rick Robbins designed course is scheduled to open in early 2008.
• Bankers Life and Casualty Company signed a 5,423-square-foot, five-year lease at Live Oak Corporate Center II in Sarasota. Kimberly Rogers with CB Richard Ellis in Sarasota represented the tenant, and Marcia Sevigny of Osprey Real Estate represented the landlord Osprey S.A. Ltd.
• Total Senior Home Health leased 2,992 square feet in EastGate Center at 5500 Bee Ridge Road, Sarasota. David Altwies of Real Estate Discovery Inc. was the tenant representative, and Diane Lawson and Janet Robinson of Sarasota Commercial Management represented the landlord.
• Sculpture Speciale-Rodin International Inc. leased 2,500 square feet of retail space at 18 South Boulevard of Presidents on St. Armand's Circle. Diane Lawson and Jessica Barzell of Sarasota Commercial Management were the tenant representatives.
• City of Sarasota leased 4,500 square feet in the Crisp Building at 1970 Main St., Sarasota. Jessica Barzell and Diane Lawson of Sarasota Commercial Management handled the transaction.
• Audet Properties Inc. purchased a half-acre site at 2710 Manatee Ave. E., Bradenton from Lawrence Carvell for $775,000. The new owner plans to develop a car wash on the site. Rico Boeras, P.A. of Preferred Commercial Inc. represented the seller.
• RCT Properties, LLC purchased the 2,355-square-foot former Latitudes 23.5 Coffee & Tea building at 2820 Clark Road, Sarasota from Beth Ann Fox for $825,000. Rico Boeras, P.A. of Preferred Commercial Inc. represented the seller, and Jason Grande with Sky Sotheby's International Realty represented the buyer.
• The Sarasota County Commission endorsed a plan to build a roundabout at the intersection of Jacaranda Boulevard and Venice Avenue in Venice. The roundabout will allow more constant traffic flow and require less land than a typical signalized intersection. It is estimated that the project will cost $3 million less by using a roundabout design.
LEE / COLLIER
Target buys land for super store
BUYER: Target Corp., Minneapolis
SELLER: Coconut Point Developers LLC
PROPERTY: tract SC-5, Coconut Point, Area 2, Estero
PRICE: $6.73 million
TITLE FIRM ON DEED: Interstate Title Services, West Palm Beach
PLANS, DESCRIPTION: Target Corp. purchased land next to Simon's new Coconut Point shopping center, on U.S. 41 between Corkscrew and Coconut roads, for a planned SuperTarget. SuperTargets, which sell groceries in addition to typical Target store fare, range from 175,000 to 225,000 square feet. Officials with Simon declined comment.
According to its Web site, Target operates about 1,500 stores in 47 states, including more than 175 SuperTarget stores.
The 500-acre Coconut Point master planned community will feature 90,000 square feet of office condominiums, 350 residential units and up to 1.2 million square feet of retail space, including a movie theater.
Fort Myers investors plan University Drive office
BUYER: 12700 University Drive LLC (principals: Randy and Arvey Krise, Izhak Rogowski, Calla Reid, Meir Daller and Rie Aihara), Cape Coral
SELLER: Glenridge Development LLC
PROPERTY: 12700 University Drive, Fort Myers
PRICE: $1.285 million
PREVIOUS PRICE: $873,000, April 2000
LAW FIRM ON DEED: Knott Consoer Ebelini Hart & Swett PA, Fort Myers
PLANS, DESCRIPTION: The investment group 12700 University Drive LLC purchased 1.5 acres on University Drive near College Parkway and Summerlin Road in Fort Myers with plans to develop an office building on the site.
"We're planning a 25,000-square-foot office condo building," says Randy Krise, CCIM, a principal in the group and broker/owner of the Fort Myers-based brokerage Krise Commercial Group LLC. "We have finished the engineering and all of our due diligence."
With several permitting and other governmental approval hurdles still ahead, Krise expects to start construction on the project in about six months. With an expected construction period of eight to 10 months, Krise envisions the building opening sometime around the fall of 2008. As currently designed, the building is divided into 10,000 square feet on the bottom floor and 15,000 square feet on the second level. Sheeley Architects Inc. designed the building.
Krise Commercial Group is listing the space for $380 to $400 a square foot.
"The best part of what we are offering is the location," Krise says. "It's one of the best corners in town. The Hilton Garden Inn is right behind it, and it has easy access to Cape Coral and down to Summerlin."
12700 University Drive LLC mortgaged the property to First Horizon Home Loan Corp. for $963,000.
Harbor Development Corp. invests in N. Fort Myers CVS
BUYER: Baldwin Florida LLC (principal: Jeffrey Gouchberg), Lynn, Mass.
SELLER: E Han Ltd.
PROPERTY: 4100 Hancock Bridge Parkway, North Fort Myers
PRICE: $3.36 million
PREVIOUS PRICE: $850,000, September 1998
LAW FIRM ON DEED: Jose A. Bolanos, Esq., Coral Gables
PLANS, DESCRIPTION: Harbor Development Corp., one of The Harbor Cos., purchased an 11,000-square-foot CVS/pharmacy building in North Fort Myers as part of a 1031 tax exchange for a property it sold in Pittsburgh. Harbor Development will hold the property, which is under a long-term lease to the drug store company, as an investment, according to Peter A. Bazzinotti, director of acquisition and development for Harbor Development.
"We're a Massachusetts company with lots of family and business ties to Florida," Bazzinotti says.
The majority of the company's Florida holdings are on the east coast. As for the company's future interest in the Gulf Coast, Bazzinotti says the firm is always looking to grow in areas where it already owns property.
Harbor Development mortgaged the building to Citigroup Global Markets Realty Corp. for $2.677 million.
Harbor Development buys, develops and manages apartment communities and retail shopping centers primarily in eastern Massachusetts, New Hampshire and Maine.
Colonial Bank headquartes
Gora McGahey Associates in Architecture has completed the design for the regional corporate headquarters of Colonial Bank. The headquarters building, serving the area from Manatee to Collier counties will be located at the southeast corner of Interstate 75 and Daniels Parkway in Fort Myers. Construction on the project has already begun, and Owen-Ames-Kimball Company is serving as the construction manager.
Etc...
• Burgess Engineering Inc. leased a 2,590-square-foot unit in Pinebrook Park at 12995 S. Cleveland Ave., suites 229-233 in Fort Myers from Harry Lowell. Todd Holman and Steve Wood of Gates D'Alessandro & Woodyard LLC handled the transaction.
• Michael Kosmidis and Stavros Stergiou purchased a 2,200-square-foot commercial condominium in Fort Myers Commerce Park at 10090 Intercom Drive, unit A10 from Fort Myers Commerce Park LLC for $365,000. Tim Colen of Gates D'Alessandro & Woodyard LLC represented the buyer, and Sperry Van Ness/JMK Realty Services represented the seller.
• Commerce Park Project LLP purchased two 2,200-square-foot commercial condominiums in Fort Myers Commerce Park at 10080 Intercom Drive, units B13 and B14 from Fort Myers Commerce Park LLC for $638,000. Tim Colen of Gates D'Alessandro & Woodyard LLC represented the buyer. Sperry Van Ness/JMK Realty Services represented the seller.
• Aristotellis and Mary Zoubouridis purchased a 2,200-square-foot commercial condominium in Fort Myers Commerce Park at 10080 Intercom Drive, unit B9 from Fort Myers Commerce Park LLC for $365,000. Tim Colen of Gates D'Alessandro & Woodyard LLC represented the buyer. Sperry Van Ness/JMK Realty Services represented the seller.
• Commerce Park Project, LLP purchased four, 2,200-square-foot commercial condominiums in Fort Myers Commerce Park at 10080 Intercom Drive, units B2-B5 from Fort Myers Commerce Park LLC for $1.287 million. Tim Colen of Gates D'Alessandro & Woodyard LLC represented the buyer. Sperry Van Ness/JMK Realty Services represented the seller.
• Britton Dudley purchased a 2,200-square-foot commercial condominium in Fort Myers Commerce Park at 10080 Intercom Drive, unit B1 from Fort Myers Commerce Park LLC for $385,000. Tim Colen of Gates D'Alessandro & Woodyard LLC represented the buyer, and Sperry Van Ness/JMK Realty Services represented the seller.
• Fort Myers-based J.L. Wallace Inc. completed construction on the maintenance building at the new Estero Community Park at 9200 Corkscrew Palms Blvd., Estero. The 2,200-square-foot, single-story maintenance building includes vehicle storage, a break room, offices and restrooms.
In 2006, J.L. Wallace completed construction on the rest of the park facilities, including a 41,000-square-foot community center.
TAMPA BAY
Inland acquires Brandon Centre South
BUYER: Inland American Brandon Centre LLC (Inland American Real Estate Trust Inc.), Oak Brook, Ill.
SELLER: Preston Oil Co. LP
PROPERTY: 1903 Lumsden Road, Brandon
PRICE: $6.5 million
LAW FIRM ON DEED: Baker Botts LLP, Dallas
PLANS, DESCRIPTION: Following the sale of Inland Retail Real Estate Trust to Developers Diversified, it appeared The Inland Real Estate Group of Cos. might not have much of an impact on the Gulf Coast. That assumption was wrong.
Inland American Real Estate Trust Inc. purchased the 132,000-square-foot neighborhood retail center Brandon Centre South for $6.5 million. The purchase was part of a portfolio package of 21 grocery-anchored retail properties the company recently acquired. The group of properties, dubbed the Six Pines portfolio, total 1.47 million square feet of retail space and cost Inland American $256.6 million. The majority of the centers were anchored by Tom Thumb and located in Texas.
The Brandon Centre South is anchored by the furnishings store Home Goods and also houses The Athletic Club Health & Wellness Center, the Village Inn, Bonefish Grill, Brandon Best Kitchen Inc., Cici's Pizza, Primus Clinic, Plato's Closet, Tropical Thai Restaurant and Sushi Bar, Burger King, Beneficial Florida Inc., Mark Woodside LLC, MetroPCS, Value Vision, Creative Cottage, Bayside Healthcare, Dollar Store of Brandon , Subway, Citifinancial, The UPS Store, H&R Block, Peck's Flame Broiled Chicken and Brandon Travelworld.
Inland's return to the Gulf Coast is not coincidental, according to Mark Youngman, of Inland Real Estate Acquisitions' Las Vegas office.
"We love the Tampa Bay area," Youngman says. "Florida has been a great market for us for many years. We hope to see more opportunities throughout Florida."
One difference between the REITs' current approach and Inland Retail Real Estate Trust is in the area of diversification. According to Youngman, instead of just focusing on retail shopping center properties, Inland American has expanded to target a broader range of income producing properties, such as industrial, office and multi-family properties.
Inland American is one of four REITs that are, or have been, sponsored by affiliates of The Inland Real Estate Group of Cos. Inc., which collectively owns and manages more than $17 billion in assets.
Clearwater investor acquires Starlight Plaza
BUYER: Merica LLC (principal: Terry Tsafatinos), Clearwater
SELLER: Make Us an Offer 2 LLC
PROPERTY: 8841 Park Blvd. and 7673 Starkey Road, Largo
PRICE: $6.05 million
PREVIOUS PRICE: $4.735 million, October 2004
TITLE FIRM ON DEED: Title One Services LLC, Tampa
PLANS, DESCRIPTION: Clearwater real estate investor Terry Tsafatinos purchased the 53,000-square-foot shopping center Starlight Plaza in Largo for $6 million. The three main tenants in the center are a 7,000-square-foot Perkins Restaurant and Bakery, a 10,000-square-foot Save-A-Lot grocery store and a 7,000-square-foot Family Dollar store.
Tsafatinos, who owns a number of different properties throughout the Tampa region, says the acquisition was part of a 1031 tax exchange. The center had a 15% vacancy at the time of the sale, and he is listing the remaining space for $8 to $10 a square foot triple net with CAMS.
Tsafatinos' Merica LLC mortgaged the center property to Morgan Stanley Mortgage for $3.9 million.
Trail America Tire & Wheel moves to Plant City
BUYER: Trail America Tire & Wheel LLC (principal: Hun Choe), Lakeland
SELLER: Alegra LLC
PROPERTY: 4021 S. Frontage Road, Plant City
PRICE: $2.3 million
PREVIOUS PRICE: $2.04 million, August 2006
LAW FIRM ON DEED: Fisher Butts Sechrest & Warner PA, Gainesville
PLANS, DESCRIPTION: Trail America Tire & Wheel purchased a 25,000-square-foot distribution center in Plant City and plans to relocate there from a leased location in Lakeland.
"It is about the same size as the one we are in now," says Terrie Wyly, operations manager for Trail America Tire & Wheel. "This was about giving us a new location that has better access to the Interstate [4] and greater visibility. It will also be something that we own."
The company plans only minor improvements, such as painting the building, prior to relocating from Lakeland.
Etc...
• Peter Kosoff MD purchased a 2,400-square-foot office building in Balm Riverview Office Park at 9406 Balm Riverview Road, Riverview, from Riverview Property Investors Partnership for $421,000.
• The Law Offices of Kevin Ambler PA expanded and renewed its lease with PT Associates, LP for a total of 4,521 square feet in Park Tower, at 400 North Tampa St., Tampa.
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