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Business Observer Monday, May 29, 2006 13 years ago

Real Estate Briefs

HMA purchases Naples Cleveland ClinicMarriott Vacation Club to buy Marco Island RadissonBradenton investor ACQUIRES retail SPACERobb & Stucky plans aggressive expansionNeal Communities buys land for River's Song communityPremier to acquire Turnberry's second phaseRanch Realty plans MEDICAL/OFFICE parkSCI buys Northbay Commerce CenterInvestment group buys Missouri CrossingsCCMS 200-1 Corporex buys Lakecrest Office
by: Adam Hughes Staff Writer

Real Estate Briefs


HMA purchases Naples Cleveland Clinic

BUYER: Naples HMA Inc. (Timothy Parry, Robert Jay and Joshua Putter), Naples

SELLER: Cleveland Clinic Florida

PROPERTY: 6101 Pine Ridge Road, Naples

PRICE: $98 million

PREVIOUS PRICE: $2.5 million, September 1995, and $7.6 million, May 1997

PLANS, DESCRIPTION: Naples-based Health Management Associates Inc. acquired the former Cleveland Clinic hospital and clinic in Naples.

"The hospital offers HMA a strategic opportunity to enhance access to health care in Naples, in light of our Collier Regional Medical Center project being constructed in southeastern Collier County," Joseph Vumbacco, chief executive officer and vice chairman of HMA, says in an announcement.

The Cleveland Clinic in Naples, renamed Physicians Regional Medical Center, is a general acute-care hospital operating 83 licensed beds. The hospital is expected to serve about 300,000.

Physicians Regional is expected to maintain a long-term clinical affiliation with the Cleveland Clinic, although at this point the relationship details were still being worked out. Vumbacco says the relationship may include electronic medical record system and/or possible participation in the Cleveland-Clinic sponsored research.

After a deal for HMA to acquire the 189-bed Gulf Coast Medical Center is completed, the company will operate a total of 62 hospitals in 16 states with about 8,817 beds.

Marriott Vacation Club to

buy Marco Island Radisson

The hotel real estate investment trust Boykin Lodging Co. signed an agreement to sell the Radisson Suite Beach Resort-Marco Island to Orlando-based Marriott Vacation Club International for $58 million. The sale is scheduled to close on June 30.

Boykin Lodging currently owns an interest in 21 hotels containing a total of 5,871 rooms located in 13 states, and operating under brands such as Doubletree, Marriott, Hilton, Radisson, Embassy Suites, and Courtyard by Marriott.

Marriott Vacation Club sells timeshare rental properties.

Boykin Lodging officials talked to city officials about the possibility of converting the hotel into condominiums and the allowable building height of any redevelopment or addition.

Bradenton investor ACQUIRES retail SPACE

BUYER: Professional Place Pelican LLC (Robert Martin) Bradenton

SELLER: Meyers Realty Corp.

PROPERTY: 1026, 1048 and 1064 Pine Ridge Road, Naples.

PRICE: $7 million

PREVIOUS PRICE: $4.7 million, November 2000

PLANS, DESCRIPTION: Robert Martin of Bradenton purchased the 30,303-square-foot Pelican Place shopping center in Naples. The center, which is located at the southeast corner of Pine Ridge Road and U.S. 41 near the Waterside Shops at Pelican Bay, had one 1,500-square-foot vacancy at the time of closing.

Tenants in the center include the Pelican Larry Raw Bar & Grill, Floors Direct and Third Federal Savings and Loan.

Steve Horn of Ian Black Realty in Sarasota represented the buyer and Fred Kermani of CB Richard Ellis represented the seller.

Professional Place Pelican mortgaged the property to PNC Bank for $5.23 million.


• Southwest Florida Land & Investment Group LLC purchased about half an acre at 2350 Vanderbilt Beach Rd, Naples, from NDC LLC for $2.3 million. Jay Crandall of Coldwell Banker Commercial NRT and David Stevens of IPC handled the transaction.

• Naples-based WilsonMiller Inc. was ranked 145th out of the top 150 design firms in the U.S. by Engineering News Record, a publication for the engineering industry. The nationwide ratings survey ranked companies based on revenues for design services and projects performed in the 2005 calendar year.

• Fort Myers-based general contractor J.L. Wallace Inc. completed construction of an Arby's Restaurant on Pine Island Road, near Del Prado Parkway, in Cape Coral. The restaurant is the first Arby's in Cape Coral.

• MTL Realty Advisors Inc. purchased a 12,000-square-foot office building at 9180 Galleria Court, Building F, in Naples, from Meyers Realty Corp. for $3.3 million. Fred Kermani of CB Richard Ellis, Fort Myers-Naples, represented the seller, and David Stevens of IPC represented the buyer.

• Fort Myers-based Stevens Construction Inc. completed construction of the 5,451-square-foot, single-story Gear Medical Office Building, located on Barkley Circle in Fort Myers. The Dr. Robert Gear Jr. medical office encompasses 3,000 square feet. The remaining office space will be leased. Christopher J. Lee Architects Inc. designed the medical office building.

• Bonita Springs-based McGarvey Development has begun construction on an office building at Westlinks Business Park, 12801 Westlinks Drive, Fort Myers. The two-story building will house a total of 31,320 square feet of Class-A office space. The building is expected to be completed this summer.


Robb & Stucky plans aggressive expansion

BUYER: Swauk Co. LLC

SELLER: Robb and Stucky Limited LLLP (GE Commercial Finance Business Property Corp.), Bellevue, Wash.

PROPERTY: 7557 S. Tamiami Trail, plus additional land on Kai Drive, Sarasota

PRICE: $10.5 million

PREVIOUS PRICE: $4.6 million

ATTORNEY ON DEED: Denis Noah, Fort Myers

PLANS, DESCRIPTION: Fort Myers-based furniture and interior design retailer Robb & Stucky sold its Sarasota retail store to Stamford, Conn.-based GE Commercial Finance Business Property Corp.

Last month, the Review reported that Robb & Stucky sold its Fort Myers patio store to the $232-billion financial giant. The two local moves are part of an effort by the retailer to obtain additional capital through a sale-lease back arrangement with the new owner, enabling Robb & Stucky to open more stores.

"This is part of our aggressive expansion plan," says Eric Anderson, director of advertising for Robb & Stucky. "We are planning to open an interior and patio store in Orlando this July. New interiors and patio stores in Palm Beach Gardens in September or October."

Robb & Stucky currently has 10 interiors showrooms, seven patio showrooms and five outlet showrooms.

Neal Communities buys land

for River's Song community

BUYER: Commerce National Realty LLC (principals: Patrick Neal, James Schier and Dale Weidemiller), Bradenton

SELLER: Pine Bar Grove Inc.

PROPERTY: 5201 18th Ave. E., Bradenton

PRICE: $2.8 million

PREVIOUS PRICE: $200,300, March 1986

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

PLANS, DESCRIPTION: Bradenton-based home builder Neal Communities purchased 70 acres between state roads 64 and 70 near Morgan Johnson Road. The home builder plans to develop the land as River's Song, a mixture of townhomes and single family homes. The 206 units will be designed in a Charleston-style.

"It's going to have a very similar feel to The Harborage [on Braden River]," says Linda Gross, spokesperson for Neal Communities. "It will have a lot of walkways along the river and a dog park."

Neal Communities is expected to break ground in late 2006 or early 2007.

Premier to acquire

Turnberry's second phase

BUYER: Turnberry Trace LLC (principals: Mark Botts and J. Stuart Turnbull), North Port

SELLER: The Next Nine Golf and Grill Inc.

PROPERTY: 1201 Woodhaven Drive, North Port

PRICE: $1.75 million

PREVIOUS PRICE: $1.45 million, December 2003

TITLE FIRM ON DEED: Executive Title Insurance Services Inc., Port Charlotte

PLANS, DESCRIPTION: North Port-based Premier Communities Inc. purchased several acres of a golf course as part of its second phase of development for an infill villa community called Turnberry Trace. The home builder started construction on the infrastructure for the first phase of the community five months ago. Premier Communities plans to develop 60 units in the first phase and 60 in the second phase. Units in the development, which is being built along the Toledo Blade corridor, are priced from $250,000 to $300,000.

Turnberry Trace LLC mortgaged land in the second phase to Branch Banking for $1.5 million.

Ranch Realty plans MEDICAL/OFFICE park

Lakewood Ranch Commercial Realty plans to develop a Class-A 178,000-square-foot office and medical condominium park in the Town Center and Corporate Park in Lakewood Ranch, because of heavy demand for medical and office space in the master-planned community. The 14-acre Town Center Office and Medical Park will be located north of University Parkway, just east of Interstate 75 and will offer visibility from the interstate.

Phased construction is set to begin in late 2006 with a delivery date in the fourth quarter of 2007.

Designed by architecture firm HOK, the Town Center Office and Medical Park is designed as three, 36,000-square-foot, and one 70,000-square-foot office buildings. The center will also include a multi-level parking garage complex with more than 800 spaces.

John Swart, president of Lakewood Ranch Realty, says the company is talking to several medical research groups and private foundations as potential tenants.


• Real estate brokerage SKY Sotheby's International Realty formed two new business divisions: New Homes and Commercial Real Estate. The New Homes Division will be headed by CEO Brandyn Herbold and the Commercial Real Estate Division will be led by President Chad Roffers.

• Bradenton-based Solar Direct won a contract with the Hardee County School District for a project at Hardee Senior High. Solar Direct will design and install a Vortex solar pool heating system as well as a commercial grade cover and reel system for the complex pool.

• Bradenton-based home builder Bruce Williams Homes plans to start construction of 17 homes, priced from the $900,000s, in Hillsborough County in June. Peter D. Mason, vice president of sales and marketing at Bruce Williams Homes, said Lagomar at Andalucia, a waterfront community on the shores of Apollo Beach, will feature four- and five-bedroom single-family luxury homes that range from 3,000 square feet of living space to 4,000 square feet.


SCI buys Northbay Commerce Center

BUYER: SCI Northbay Commerce Fund 1-28 LLC

SELLER: MPG Racetrack Ltd. and MPG Northbay Racetrack Inc.

PROPERTY: 8975 Race Track Road and 13811 W. Hillsborough, Tampa

PRICE: $27.65 million

PLANS, DESCRIPTION: Los Angeles-based SCI Real Estate Investments, a company that operates by creating tenants-in-common partnerships, acquired the Northbay Commerce Center, a 97,613-square-foot grocery-anchored retail center in Tampa.

The company is currently offering tenant-in-common co-ownership positions for more than $300,000 per buyer.

"We anticipate Northbay Commerce Center will benefit from a rise in rental rates and declining vacancy rates as the demand for retail space in the area continues to increase faster than the supply," Scott Derrick, chief acquisitions officer for SCI, says in a press release announcing the sale. 

The Northbay Commerce Center is 90% occupied. The center is anchored by Publix and shadow-anchored by a Lowe's Home Improvement Center. National retailers include Starbucks, Pizza Hut, Verizon Wireless, Bank of America and Supercuts.

SCI was represented by Derrick and Andy Van Tuyle, SCI's chief investment officer, and the seller was represented by Mark Drazek of CB Richard Ellis.

SCI Real Estate Investments has acquired more than 120 properties in the past 12 years. With about $1 billion in closed portfolio acquisitions, SCI was recently listed as the seventh largest private retail buyer in the U.S. by New York City-based Real Capital Analytics Inc., and the company plans to acquire another $1 billion in property this year.

Investment group buys

Missouri Crossings

BUYER: Missouri Crossings LLC (principal Joseph Mogel), Clearwater

SELLER: American International Alliance

PROPERTY: 1660 Missouri Ave., Clearwater

PRICE: $5.1 million

PREVIOUS PRICE: $3.5 million, May 2004

PLANS, DESCRIPTION: Missouri Crossings LLC, owned by Clearwater's Joseph Mogel, purchased the 38,400-square-foot Missouri Crossings retail center in Clearwater. The sale represents a $132.81 per square foot price.

The 8-year-old center, which is located on 5.3 acres, is anchored by Office Depot. Other tenants include H&R Block, Metro PCS, Florida Blood Services, New China, US Auto Insurance, and Watermill Express.

David Wells, an associate investment agent with Marcus & Millichap Real Estate Investment Brokerage Co., handled the transaction.

"Missouri Crossings was positioned as an excellent stabilized multi-tenant play, that in combination with the credit strength behind Office Depot's lease allowed us to push the price into the sub-seven cap rate range," Wells says.

CCMS 200-1 Corporex

buys Lakecrest Office

BUYER: CCMS 200-1 Corporex Park

SELLER: Lakecrest Office Investment LLC

PROPERTY: 3710 Corporex Park Drive, Tampa

PRICE: $5.2 million

PLANS, DESCRIPTION: CCMS 200-1 Corporex Park purchased the three-story, 65,728-square-foot Lakecrest Office Building in Tampa. The building is situated on 3.68 acres, surrounded by the 136-acre Corporex Park at the intersection of Interstate 4 and Martin Luther King Boulevard. The Review was unable to contact the new owner prior to publication.


• The Tampa Division of Tri-City Electrical Contractors Inc. completed more than $700,000 of work at The Lodge at Hudson, a new 2-story, 7-building, 203,000-square-foot apartment complex in Pasco County under a contract with R.J. Bunbury Co.

• D.R. Horton's Tampa division plans to release 248 luxury condominiums, priced from the $200,000s, at The Club at Hidden River, located on Fletcher Avenue and Hidden River Parkway in Tampa. Units will range from 1,200 to 1,900 square feet. Ultimately, D.R. Horton plans to build 600 condominiums at The Club at Hidden River. 

• Cushman & Wakefield negotiated an 119,200-square-foot long-term lease renewal for Masonite Corp in Tampa. Masonite Corp., a producer of residential doors, is headquartered in Ontario, Canada. The landlord is Malvern, Pa.-based Liberty Property Trust.

• First Choice Supply of Tampa signed a lease agreement for 5,000 square feet in the Terrace Plaza and Kash n' Karry Shopping Center. Rocky Trading Co. will lease 3,990 square feet in the same retail center. Jo-Jo's Grill & Seafood LLC leased a 6,971-square-foot free standing retail building at 8615 N. 56th St., Temple Terrace. All three properties are owned by the city of Temple Terrace. Sheriar Khorsandian, senior vice president/principal at Grubb & Ellis Commercial Florida's Tampa, represented the city.

• Lakeland-based Publix Supermarkets announced plans to build a 28,000-square-foot store in Treasure Island. The location will be its first in Treasure Island. The company operates 879 grocery stores in five states: Florida Georgia, South Carolina, Alabama and Tennessee.

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