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Business Observer Sunday, May 7, 2006 13 years ago

Real Estate Briefs

Toll Brothers Inc. plans Palazzo VillageChico's buys land for expansionThrogmartin Co. breaks groundWaterford Cos. acquires land for Villa VenetoAmSouth buys building for Bayshore branchVision Homes builds Gladstone ParkSchickedanz Homes buys land for Wyndrush CondominiumsPublix acquires two parcels in Treasure IslandSafety Harbor investors buy PALM HARBOR Plaza
by: Adam Hughes Staff Writer

Real Estate Briefs


Toll Brothers Inc. plans Palazzo Village

BUYER: Toll FL V Ltd. Partnership, Horsham, Pa.

SELLER: Royal Wellington Holdings LLC

PROPERTY: At intersection of Valewood and Executive drives, Naples

PRICE: $19.2 million

PLANS, DESCRIPTION: Horsham, Pa.-based Toll Brothers Inc. acquired about 22 acres in Naples. The home builder plans to develop 136 coach homes on the site, says Gary Gasperich, senior project manager for Toll Brothers' Florida West Coast office. Groundbreaking on the community, which is called Palazzo Village at Quail Creek, will likely occur this fall. The gated community will feature a clubhouse with a pool and fitness center.

Chico's buys

land for expansion

BUYER: Chico's Retail Services Inc., Fort Myers

SELLER: Twosome Flex Associates LLC

PROPERTY: 6100-6190 Mid Metro Drive, Fort Myers

PRICE: $24 million

LAW FIRM ON DEED: Porter Wright Morris & Arthur LLP, Naples

PLANS, DESCRIPTION: Upscale retailer Chico's FAS Inc. purchased about 22 acres of property adjacent to its headquarters on Metro Parkway in Fort Myers for an expansion. The property includes seven existing buildings, a total of about 200,600 square feet of space, the majority of which is leased. A company press release says the acquisition was funded through the company's existing cash and marketable securities balances.

The company had previously acquired 105 acres of vacant land on Alico Road and Interstate 75 in Fort Myers for its new campus, but when the adjacent parcel became available, the company decided to expand its present 35-acre site.

Chico's officials consider the 105 acres an investment for future growth or eventual sale. The costs to expand to the adjacent parcel are expected to be lower than if Chico's had developed on the separate 105-acre site.

Throgmartin Co. breaks ground

The Throgmartin Co. started construction on Palazzo del Sol, a new luxury mid-rise condominium development in Fort Myers. The five-level condominium complex is on McGregor Boulevard, just south of Gladiolus Parkway. Units range in size from 1,039 to 2,032 square feet and start in the $300,000s.

The gated community will house 326 units. A garage is included for the two- and three-bedroom condominiums. The community will also feature a clubhouse with a wellness center and aerobic room, two separate pools and a walking trail.

The founders of the Throgmartin Co., Don and Ron Throgmartin, developed more than three million square feet of retail and commercial space in the Midwest.

Recent Throgmartin projects in Lee County include The Gardens at Beachwalk, a 320-unit condominium community in Fort Myers; and Blue Water Coach Homes in northwest Cape Coral.

Late last year, the Throgmartin Co. announced plans to develop a $500 million hotel and resort on the island of St. Croix in the U.S. Virgin Islands.


• Compass Construction Inc. of Cape Coral started construction on the newest development in the Shell Point Retirement Community - Eagles Preserve. Located on Shell Point Boulevard in the retirement community, the 10-building development is valued at $43 million. Doug Oliver of Compass Construction will serve as project manager, Steve Farmer is the general superintendent and Kathy Holt is project administrator.

• Kevin Hess, an account executive with Largo Capital Inc., arranged a $5.23 million first mortgage for Pelican Place, a 30,303-square-foot retail shopping center in Naples. The company secured a 10-year fixed rate loan with 3-years interest only and a 30-year amortization schedule for the borrower.

• Opus South Corp leased 3,919 square feet of space in Estero Commons, located at 9200 Corkscrew Road, Estero, from Graeme Hunter Trust and Roorda Estero Park Commons LLC. Larry Foster, Bill Young, and Anthony Jablonski, all of CB Richard Ellis, Fort Myers-Naples negotiated the transaction.

• Bonita Springs-based McGarvey Development started construction on a single-story Class-A office building at Riverview Corporate Center in Bonita Springs. The planned 7,025-square-foot building will have river views and is being leased for $20 a square foot plus operating expenses. McGarvey will provide furnished offices to tenant specifications, with an allowance of $35 per square foot. Bill Hess of McGarvey Development is project manager, and Dan Peters is superintendent. The building is set for completion in early summer.


Waterford Cos. acquires land for Villa Veneto

BUYER: Waterford at Villa Veneto LLC

SELLER: Renaissance Group of Venice LLC

PROPERTY: 649 Guild Drive, Venice

PRICE: $2.175 million

PREVIOUS PRICE: $375,000, July 2004

LAW FIRM ON DEED: Boone Boone Boone Koda & Frook PA

PLANS, DESCRIPTION: Mike Miller's Venice-based Waterford Cos. purchased the 8-unit former Country Club Apartments in Venice. Early last year, Waterford rezoned the 1.13-acre site to allow for up to 18 residential units to be developed per acre. The Waterford Cos. plans to demolish the existing structures and develop a 16-unit, two-story condominium complex, called Villa Veneto. The company is taking reservations for the units. The Waterford Cos. mortgaged the property to Fifth Third Bank for $5.4 million.

AmSouth buys building

for Bayshore branch

BUYER: AmSouth Bank, Birmingham, Ala.


PROPERTY: 6215 14th St. W., Bradenton

PRICE: $2.06 million

PREVIOUS PRICE: $1.1 million, March 2005

PLANS, DESCRIPTION: AmSouth Bank purchased a 3,800-square-foot building on 14th Street in Bayshore Gardens as part of the bank's extensive expansion plans. The branch is slated to open later this year and is one of 54 AmSouth offices expected to open in Florida this year.

AmSouth will open an additional six branches in the two-county market later this year, says Jerri Franz, an AmSouth spokesperson.

Vision Homes builds

Gladstone Park

BUYER: Vision Homes S.W. Florida Inc. (principals: Charles Nemec and Michael Padgett), Sarasota

SELLER: Gladstone Park Associates LLC

PROPERTY: Gladstone Street, Sarasota

PRICE: $1.44 million

LAWYER ON DEED: Kevin Kinney, counsel for Benderson Development Co. University

PLANS, DESCRIPTION: Sarasota's Vision Homes of Southwest Florida Inc. acquired a 13-acre infill site south of Bee Ridge Road and west of Beneva Road. The development, Gladstone Park, is planned as a community of 56 coach homes targeted at working professionals.

Michael Padgett, vice president of Vision Homes, says the main appeal of the property is it's only five miles from downtown Main Street. Another plus is that it's going be built according to "green" standards and sites will have enough room for outdoor pools, Padgett says.

Vision Homes has started construction on the first six homes in the first phase, which will consist of 16 homes.

The maintenance-free 2,650-square-foot homes are priced from the low $620,000s.


• With the passage of a hurricane shelter bill by the Florida Legislature, Sarasota County Emergency Management officials are searching for additional shelter space. The bill allows counties to use local infrastructure surtax funds to partner with builders and developers to construct shelters. The bill also allows counties to work together to develop regional shelters. Previous state rules only allowed counties to use the funds on publicly owned buildings.

• The Tampa-based environmental engineering firm of Scheda Ecological Associates opened an office at 6151 Lake Osprey Drive, Suite 324, in Lakewood Ranch.

• J&M Properties of Sarasota LLC purchased a 3,800-square-foot office/warehouse building at 5330 Ashton Court, Sarasota, from Brian Sehlke for $575,000. Bill and Jon Kleiber of Richardson Kleiber Walter the Kleiber Group Partnership handled the transaction.

• West Coast Shutter of Florida Inc. leased 8,500 square feet of office/warehouse space at 1847 61st St., Sarasota, from Siesta Dolphin LLC. Jon Kleiber of Richardson Kleiber Walter the Kleiber Group Partnership and David Pierce of Siesta Dolphin LLC handled the transaction.

• Medassist LLC purchased 4,851-square-foot Dimitri's Country Oven restaurant at 405 S. U.S. 41, Venice, from Idelson Ventures I LC for $1 million. The property was purchased as an investment and the tenant has signed a long-term lease. Paul Sands of VIP Commercial-TCN Worldwide negotiated the transaction.


Schickedanz Homes buys land

for Wyndrush Condominiums

BUYER: Schickedanz Bros. - Pinellas Ltd., New Port Richey

SELLER: Zephyrhills Apartment Associates LLC

PROPERTY: State Road 54 and Island Boulevard, Wesley Chapel

PRICE: $2.9 million

PLANS, DESCRIPTION: Schickedanz Homes purchased 12.5 acres at the northwest corner of State Road 54 and Island Boulevard behind a new Home Depot store, Wesley Chapel. Company President Gunther Flaig says the company plans to develop a two-story, 124-unit condominium complex, called Wyndrush Condominiums.

"It's designed as a mid-level suburban condominium," Flaig says. "Units will probably range from 1,400 to 1,600 square feet. The location is good. The price was OK. It was one of the only pieces of land already zoned for multifamily that I could find."

The community will include a pool and recreation center. Each unit, including the second-floor condos, will have a private garage. Construction is scheduled to start in October or November and will take about 30 months to complete. Flaig expects units in the gated community to cost sell for $200,000 to $300,000.

The company is developing a master-planned community, called The Wyndfields, nearby on State Road 54 on a 1,172-acre tract.

Publix acquires two parcels

in Treasure Island

BUYER: Publix Super Markets Inc.,

SELLER: B&B Supermarket Inc.

PROPERTY: 111 104th Ave., Treasure Island

PRICE: $4.4 million

SELLER: Lees Sunshine Vending Inc.

PROPERTY: 10359 Gulf Blvd., Treasure Island

PRICE: $5.5 million

PLANS, DESCRIPTION: Lakeland-based Publix Supermarkets purchased a former Topps Supermarket and a retail store in Treasure Island.

Shannon Patten, media and community relations manager for Publix, did not confirm the purchase or Publix's plans for the two sites.

Safety Harbor investors buy PALM HARBOR Plaza

BUYER: Springhill Partners LLC (principals Bruce and Penni Perez and Gail and James Potter), Safety Harbor

SELLER: SK Property LP

PROPERTY: 35209 U.S. 19 N., Palm Harbor

PRICE: $4.2 million

PLANS, DESCRIPTION: Springhill Partners purchased the 43,000-square-foot Palm Harbor Plaza as an investment. Janice Corbett, a real estate agent with who represented the new buyer, says the center has a 12,868-square-foot vacancy that the new owners want to fill.

"The property presented a huge upside," Corbett says. "It's located at the corner of Main and Main retail wise. It just needs a new anchor, more of a marketing effort and a new façade."

The new owners are looking for a restaurant to occupy the majority of the vacant space as the center's anchor. Corbett says the owners plan to work with the new tenant to redesign the center's exterior.

Corbett says the rental rate as-is is $16.50 a square foot with $5 CAMS.

Springhill Partners mortgaged the shopping center to Old Harbor Bank for $3.15 million


• Grubb & Ellis Commercial Florida, a commercial real estate firm with offices in Tampa, Orlando and Melbourne, handled 37 commercial real estate leasing and sales closed transactions in the Tampa Bay area during the first quarter of 2006. Stevens Tombrink, executive vice president and managing director of the Tampa Bay office, said the largest transaction during the first quarter was the sale of a 470,000-square-foot industrial building on Massaro Boulevard, Tampa. Grubb & Ellis Commercial Florida has 30 brokers.

• Modlin Evansville Property Management LLC of Tampa acquired 2.39 acres of undeveloped land at the northwest corner of Queen Palm and Cragmont drives, Tampa, from NCFLA Land Owner LLC of Tampa for $250,000. The buyer purchased the property in a 1031 exchange and is expected to hold it as an investment. Jeff Bardin, senior director of industrial services for Advantis Real Estate Services Co., represented the buyer.

• St. Petersburg's The Sembler Co. and Steven D. Bell & Co. are hosting a grand opening for Edgewood Retail District in Atlanta. Located at the intersection of Moreland Avenue and Caroline Street in the Edgewood community, the mixed-use shopping center is about 600,000-square-feet. The $150 million project was formerly known as the Atlanta Gas Light Complex, a fenced-off industrial gas facility. 

• Advantis Real Estate Services Co. negotiated 41,144 square feet of lease renewals in Bayport Plaza within the past month. Those deals include renewals for EMC Corp., Federal Insurance Co. and Sun Microsystems, as well as a lease expansion and extension for Gearbulk Inc.

• Tri-City Electrical Contractors Inc. completed $3.3 million of work for the Hillsborough County School Board's new multimillion-dollar, 218,000-square-foot PPP High School in Riverview, under a contract with The Beck Group.

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