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Charlotte-Lee-Collier
Business Observer Monday, Jun. 19, 2006 12 years ago

Real Estate Briefs

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Signature Communities Inc. acquires Naples Vanderbilt InnWalport Properties buysCollier Boulevard SquareDRD Murdock Circle Executive CenterMichael Saunders office expands on Longboat KeyJohn McKay buys Parrish landLowe's buys land in North PortHotel industry veterans purchase Tampa blockVision 193 LLC buys 5th Avenue ApartmentsTarpon Restaurant Services buys Pappa's Riverside
by: Adam Hughes Staff Writer

Real Estate Briefs

LEE/COLLIER

Signature Communities Inc. acquires Naples Vanderbilt Inn

BUYER: VI Partnership Ltd., Naples

SELLER: Van-Dev Inc. and Vanderbilt Beach Association Ltd. Partnership

PROPERTY: 11125 Gulf Shore Drive, Naples

PRICE: $71.67 million

LAW FIRM ON DEED: Goodlette Coleman & Johnson PA, Naples

PLANS, DESCRIPTION: Signature Communities Inc. closed on the 33-year-old, 147-room Vanderbilt Inn in Naples for $71 million.

Representatives for Signature Communities did not return calls to confirm the scope of the purchase. Signature Communities has previously announced plans to develop what it is calling the Moraya Bay Beach Tower on Vanderbilt Beach. The five-acre site is near Delnor-Wiggins State Park. The 11-story, 72-unit Moraya Bay Beach Tower is expected to open sometime in 2008.

The developer mortgaged the property to the former owner, Van-Dev Inc. for $49 million.

Walport Properties buys

Collier Boulevard Square

BUYER: 951 MB LLC, St. Louis

SELLER: Collier Boulevard Commerce Park LLC

PROPERTY: 11985 Collier Blvd., Naples

PRICE: $6.8 million

PLANS, DESCRIPTION: St. Louis developer Walport Properties purchased the new 41,000-square-foot shopping center Collier Boulevard Square in Naples. The shopping center was 96% leased when it was acquired. Current tenants in the center include: Velocity Sports, Quiznos, California Nails, Comprehensive Health Center of Naples and Waterway Homes.

Walport has listed the center for sale on the commercial real estate Web site LoopNet for an asking price of $9 million. According to that listing, the center generates a gross income of $751,000, which works out to a net operating income of $600,254.

The new owner mortgaged the property to First Bank for $5.7 million.

DRD Murdock Circle Executive Center

DRD Development has broken ground on the 15-building office condominium park Murdock Circle Executive Center. As currently designed, the project will create a total of 112,032 square feet of office space at the intersection of Murdock Circle and Education Way in Port Charlotte, near the Charlotte County administration buildings and Interstate 75. The office complex is expected to be the largest office park in the county, according to the Economic Development Office of Charlotte County.

The first four buildings are scheduled for completion in mid-July, with the remainder later in the year. Eight buildings have already been pre-sold. The remaining offices are available for sale or lease prior to the interior build-out of each space. Each building can be divided into 1,000 to 2,500-square-foot offices.

DRD Development is a partnership between Dean DeGross, founder of Quality Homes and Marc Beshears, a representative for property owner Peace River Development. The founders also own and operate Town Center Title and DRD Realty Group, a real estate sales and marketing firm.

Etc...

• The Barron Collier Cos. of Naples announced plans to develop a new commercial and light industrial park in northeastern Collier County. The Business Park at Silver Strand will encompass 165 acres off Immokalee Road, halfway between the town of Ave Maria and Immokalee. The business park will allow for 300,000 square feet of commercial use and 700,000 square feet of light industrial use. Construction is scheduled to start in 2007. Lots will start at about $8 a square foot.

• Rock Dove-Peg, LLC awarded Fort Myers-based J.L. Wallace Inc. the contract to build waterfront condominiums at the new Tranquility Cove community at 1341 Rock Dove Court in Punta Gorda. The project includes construction of a four-story, 18-unit condominium building.

• Keith Campbell purchased an 8.5-acre parcel along with a 20,940-square-foot building at the corner of Joel Boulevard and David Avenue in Lehigh Acres from Admiral Lehigh Resort Limited for $2.15 million. Frank D'Alessandro and Tom Woodyard of D'Alessandro & Woodyard Inc. Commercial Realtors represented the seller and Mike Counts of Builder's Realty Services, Inc. represented the buyer.

• Lyndon Investments U.S.A. Inc. purchased a 30,050-square-foot industrial building at 13850 Treeline Ave. in Fort Myers from Cinnamon Pass LLC for $4.63 million. Robert Johnston and Jerry Messonnier, both of CB Richard Ellis, Fort Myers-Naples, brokered the transaction.

• Stiles Corp. leased 7,000 square feet of light industrial space at 6261 Metro Plantation in Fort Myers from Calvin Wible. Bud Cusack of Stiles Realty represented the tenant and Randal L. Mercer of CB Richard Ellis, Fort Myers-Naples, represented the landlord.

SARASOTA/MANATEE

Michael Saunders office expands on Longboat Key

BUYER: Michael Saunders and Co. (principal Michael Saunders), Sarasota

SELLER: 444 GMD LLC

PROPERTY: 444 Gulf of Mexico Drive,

Longboat Key

PRICE: $4.4 million

PREVIOUS PRICE: $687,500, January 2004

TITLE FIRM ON DEED: MSC Title Inc., Sarasota

PLANS, DESCRIPTION: Sarasota-based real estate brokerage Michael Saunders & Co. purchased a 10,000-square-foot office at 444 Gulf of Mexico Drive, with plans to use it to grow its existing office at 440 Gulf of Mexico Drive. The area features a row of three buildings that run from Gulf of Mexico Drive to the Gulf. Michael Saunders & Co., which already occupies the 8,000-square-foot building that fronts Gulf of Mexico, acquired the two-story building from Thomas Holmes for $4.4 million. Saunders associates will occupy the second floor of the building, formerly Holmes' office; the wealth-management firm Stanford Group Co. will continue to occupy the bottom level.

The company plans to open the office in the next two months.

The purchase follows the start of Michael Saunders & Co.'s three-month renovation of the former Island Juice and Java space at 3174 Gulf of Mexico Drive.

John McKay

buys Parrish land

BUYER: 301 Oxford LLP (principal John McKay), Bradenton

SELLER: Peter and Kim Vole

PROPERTY: 5111 Oxford Road, Parrish

PRICE: $2.5 million

PREVIOUS PRICE: $170,000, October 1992

LAW FIRM ON DEED: Blalock Walters Held & Johnson PA, Bradenton

PLANS, DESCRIPTION: Developer and former state senate president John McKay purchased about 20 acres of vacant land in Parrish.

"I'm going to see if we can improve it to include an office and residential project out there," McKay says. "Residential is doing quite well out in Parrish, but there is a considerable unmet need out there for office space."

McKay says the ideas are preliminary so far and that it is going to require an amendment to the Manatee County Comprehensive Plan plus a rezone to develop on the site. Construction of the project is at least two years away.

The new owner mortgaged the property to Freedom Bank for $1.58 million.

Lowe's buys land

in North Port

BUYER: Lowe's Home Centers Inc., Mooresville, N.C.

SELLER: Dennis Fullenkamp, Trustee

PROPERTY: 14701 S. Tamiami Trail, North Port

PRICE: $11 million

PREVIOUS PRICE: $1.8 million, October 1996

LAW FIRM ON DEED: Katz Barron Squitero Faust, Miami

PLANS, DESCRIPTION: Mooresville, N.C.-based home improvement giant Lowe's Cos. Inc. purchased 32 acres on Tamiami Trail in North Port from one of the city's largest landholders, Dennis Fullenkamp, for $11 million. Lowe's officials did not respond to calls seeking comment. Lowe's standard home improvement stores are 116,000 square feet and create 175 jobs.

TAMPA BAY

Hotel industry veterans purchase Tampa block

BUYER: Fuel Investment and Development LLC, Tampa

SELLER: Jeffrey Warren, Trustee

PROPERTY: 238 S. Franklin St., Tampa

PRICE: $2.76 million

SELLER: Joseph Redner

PROPERTY: 411 S. Florida Ave.,

PRICE: $2.4 million

SELLER: South Franklin Street Associates LLP

PROPERTY: 401 and 220 S. Florida Ave., Tampa

PRICE: $7.17 million

SELLER: Pine Properties LLC

PROPERTY: 228. S. Franklin St.

PRICE: $826,900

LAW FIRM ON DEED: Thomas A Smith, Esq., Tampa

PLANS, DESCRIPTION: Tampa investment group Fuel Investment and Development LLC acquired an entire city block in downtown Tampa, across from the Tampa Convention Center, for $13.15 million. The property includes a vacant lot, a night club and three three-story office buildings.

"We've assembled what I consider to be one of the crown jewel pieces in all of downtown Tampa," says Richard MacKizer, a partner in the deal. "It's just a shade under an acre, but you can't ask for a better location."

MacKizer, who describes the make-up of the investment group as a collection of hotel industry veterans, says the group is in talks with the city about what will be developed on the site. The investment group is also currently involved in developing the 58-unit Palms Luxury Town Homes in Citrus Park.

The vacant lot included in the purchase gained notoriety a few years ago because of its former owner, Joe Redner, who owns the Mons Venus and portions of two other strip clubs. After Redner purchased the site, the city removed adult businesses from the available allowable uses for the site.

Fuel Investment and Development mortgaged a portion of the property back to Redner for $800,000 and took out a $9.5 million mortgage with Broadway Bank for the remainder.

Vision 193 LLC buys

5th Avenue Apartments

BUYER: Vision 193 LLC (principal Miguel Soto), Hialeah

SELLER: 5th Avenue Apartments LTD

PROPERTY: 5676 5th Ave. N., St. Petersburg

PRICE: $16.5 million

PLANS, DESCRIPTION: Miguel Soto's Hialeah-based Vision 193 LLC purchased the 193-unit 5th Avenue Apartments in St. Petersburg for $16.5 million. The apartment complex, which has been improved since it was last sold in 2004, features eight four-story buildings on 6 acres.

The sales price breaks down to $85,492 per unit, or $103.62 per square foot.

Marcus & Millichap's The Goldfinger-Johnson-Crotty Group, of the Tampa office, represented the seller and Still Hunter and Evan Kristol of Marcus & Millichap's Fort Lauderdale office represented the buyer.

Jay Crotty says plans are already in the works to convert the property to condominiums. He says the complex was attractive because it was debt free and near Interstate 275.

Tarpon Restaurant Services

buys Pappa's Riverside

BUYER: Tarpon Restaurant Services LLC, Tampa

SELLER: MK and B Enterprises Inc.

PROPERTY: 10 Dodecanese Boulevard Tarpon Springs

PRICE: $6.25 million

PLANS, DESCRIPTION: Tampa investment group Tarpon Restaurant Services LLC purchased the 1,000-seat Pappa's Riverside Restaurant for $6 million. The registered agent for the group, Victor Holcomb, of the Tampa law firm of Holcomb & Mayts PA, did not return calls seeking comment.

The landmark restaurant, formerly owned by Louis Pappas, closed in September. Since then, the site has gone through a string of potential suitors, including St. Petersburg developer Grady Pridgen, who suggested a motel/condominium and retail development for the site.

Etc...

• Columbus, Ohio-based America's Body Co., a supplier and installer of truck bodies and equipment, purchased 18.7 acres in North Suncoast Industrial Park in Pasco County from K&M Properties of Florida LLC. Cushman & Wakefield's Tim Callahan and Chris Sass represented the buyer.

• Cantor Development started demolition of the 182,000-square-foot BayView Tower at 100 First Ave. S. in downtown St. Petersburg in order to start work on the planned 221-unit Signature Place condominium project.

• Creative Modular Buidlings Inc. purchased 1.1 acres at 4809 N. Hesperides St., Tampa, from Joseph Tomko and Cleve Burbage for $500,000. Marcus & Millichap and Coldwell Banker Commercial NRT Inc. handled the transaction.

• Jagged Peak Inc. subleased 9,788 square feet in the Feather Sound Corporate Center II, a six-story, 79,972 square foot center in Clearwater, from BMC Software Inc. Cushman & Wakefield negotiated the sublease.

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