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Real Estate Briefs
Sarasota/Manatee
Developers buy Nello's
for condo project
BUYER: Sarasota Grand Central LLC
INTERMEDIARY: Capital Force Inc.
SELLERS: Millerward Inc., Nellos of Sarasota Inc., E. John Lopez, Trustee and Holland House Apartments of Sarasota Inc.
PROPERTY: 1542 4th St. and various other land on Fourth Street running along Tamiami Trail, Sarasota
PRICE: $24.6 million
LAW FIRM ON DEED: John A. Yanchek PA, Sarasota
PLANS, DESCRIPTION: Developers Neil Hussani, Robert Martin and Michael Tringali have purchased 1.65 acres of land on Tamiami Trail across from the Sarasota Quay. The developers have suggested they plan to build an 18-story condominium building along with several smaller buildings. The development plan, which is slated to also include a mixture of retail and office space, is still being formulated.
First America Bank
buys Realtors' building
BUYER: First America Bank, Bradenton
SELLER: Manatee Association of Realtors Inc. and Manatee County Board of Realtors Inc.
PROPERTY: 2800 6th Ave. W., Bradenton
PRICE: $1.27 million
PREVIOUS PRICE: $48,000, October 1978
LAW FIRM ON DEED: Edward O. Reid Chartered, Bradenton
PLANS, DESCRIPTION: First America Bank has purchased the Manatee Association of Realtors' building on Manatee Avenue, next to an existing First America Bank building and an adjoining parking lot.
Michael Hogan, chief financial officer for First America Bank, says that in the short term the bank will lease it back to the Manatee Association of Realtors. A year to 18 months out, the Association of Realtors will relocate and the bank will start a major renovation of the building.
Ultimately, the former Realtors building is being planned as the office for the bank's administration operations.
"We intend to change the roofline and make it much more compatible with our bank building," Hogan says. As for the parking lot, Hogan says the bank plans to eventually fence it off and control access.
All totaled the renovation and repairs are slated to cost about $1.2 million.
At the same time, the board of First America Bank has raised another $10 million in equity in order to support the bank's expansion to a site east of I-75 on State Road 64 and another near Jacaranda Boulevard and Venice Avenue.
North Port developer
consolidates holdings
BUYER: Truman Park LLC (principal Frank Menke III), Sarasota
SELLER: Waterside Properties LLC, Lakeside Properties LLC and North Port Parkway LLC
PROPERTY: 137 acres near Hallmark Boulevard and East Price Boulevard, North Port
PRICE: $7.2 million
BUYER: Largo Preserve LLC (principal Frank Menke III), Sarasota
SELLER: North Port Hospital Holdings LLC, North Port ALF Complex LLC, North Port Restaurants LLC and North Port Parkway LLC
PROPERTY: 43 acres near Toledo Blade and East Price boulevards, North Port
PRICE: $4.758 million
LAW FIRM ON DEED: Lutz Bobo & Telfair PA, Sarasota
PLANS, DESCRIPTION: In two separate transactions, the Frank Menke Organization transferred about 190 acres of planned commercial development land along Price, Toledo Blade and Hallmark boulevards into two new entities: Truman Park LLC and Largo Preserve LLC. The company mortgaged the larger portion, about 137 acres, to First National Bank of Pennsylvania for $18 million. Representatives from the Frank Menke Organization did not respond before deadline.
Etc...
• Four Amigos 2 has purchased 1.67 acres in Centre Park, at 2224 72nd Terrace East, Sarasota, from Pacer Marine Inc. for $575,000. Greg Morgan of Morgan Realty Advisors Inc. represented the buyer, and Carl Wise of Preferred Commercial Inc. represented the seller.
• Bradenton-based Bruce Williams Homes closed on the sale of 333 new homes worth more than $101 million in six Bradenton-area neighborhoods in 2005. Peter D. Mason, vice president of sales and marketing at Bruce Williams Homes, says the average sale price of a Bruce Williams-built home last year was $345,000.
• Bradenton-based RSVP Associates, a real estate firm which specializing in country estate, equestrian and unique recreational properties, is expanding its operations into Naples. The company has hired Realtor Leonard A. DeCecchis to lead RSVP Associates' real estate services in Naples.
• Formella Construction has opened a new office in the Sarasota Industrial Park, on S.R. 70 in Bradenton.
Lee/Collier/Charlotte
North Fort Myers residents form co-op, buy village
BUYER: Horizon Village Co-op Inc.
SELLER: Mihevic Corp.
PROPERTY: 9200 Littleton Road, North Fort Myers
PRICE: $35 million
PREVIOUS PRICE: $9.2 million, December 1989
ATTORNEY ON DEED: Lutz, Bobo & Telfair, Sarasota
PLANS, DESCRIPTION: Residents of Horizon Village, an age-restricted community of 619 mobile homes in North Fort Myers, formed a co-op and bought the residential development on Littleton Road near U.S. 41 and Pine Island Road.
"The family that owned the property decided to sell and by statute we had the right of first refusal," says Raymond Bickowski, president of the co-op. The 119-acre community is home to about 1,000 residents, Bickowski estimates. Bickowski says the residents put the deal together in just under 100 days.
Horizon Village Co-Op Inc. mortgaged the property to Bank of America for $20.6 million.
Minnesota-based buyer buys lots in Bonita Springs
BUYER: Preserve Equity LLC
SELLER: Gates McVey FA Investments LLC
PROPERTY: 10650 and 10750 Dean Street, Bonita Springs
PRICE: $6.2 million
ATTORNEY ON DEED: Henderson, Franklin, Starnes & Holt, P.A., Fort Myers
PLANS, DESCRIPTION: A Minnesota-based buyer bought two vacant lots in Bonita Springs totaling 10.34 acres for $6.2 million. The address of the buyer was the same as that of the Rose Grengs Law Firm in Minneapolis, Minn. Grengs was a sole practitioner immigration attorney who recently retired, according to the company's receptionist. Grengs could not be reached.
The property is located near the intersection of Bonita Beach Road and Old U.S. 41 in Bonita Springs. The seller, Gates McVey, is a Naples-based construction company.
Preserve Equity LLC mortgaged the property to Boundary Waters Bank for $4 million and $359,500 to Gates McVey FA Investments LLC.
Grazing land sold in Alva
BUYER: Frank Helmerich II, Trustee
SELLER: Bob Little
PROPERTY: 19501 Witts End, Alva
PRICE: $5.3 million
ATTORNEY ON DEED: Thomas E. Mooray, Attorney, Fort Myers
PLANS, DESCRIPTION: Fort Myers resident Frank Helmerich bought 108 acres of grazing land in Alva for $5.3 million. Helmerich could not be reached, but real estate investors have been scouting land in Alva as the area in east Lee County shifts from agriculture uses to suburban development.
The land Helmerich purchased is located near State Road 80 and Joel Boulevard in Alva. State Road 80 is a major east-west connector road between Fort Myers and West Palm Beach and developers such as Bonita Bay Group have started acquiring land along that route as residential development pushes eastward from the coast.
Frank Helmerich II, Trustee, mortgaged the property to Bob Little for $3.5 million.
Etc...
• GP Investments LLC bought 13.2 acres in Fort Myers from Robert R. Stacy and Brenda B. Stacy for $3.4 million. Dan Sinclair of Sinclair Inc. represented the buyer and Stan Stouder of CB Richard Ellis represented the seller.
• Kuchakulla N. Reddy bought a 5.56-acre parcel at 11101 Summerlin Square Drive in Fort Myers from Gulf Waters RV Resort for $1.5 million. The new owners plan to redevelop the site for a hotel. Paul Sands and Mike Doyle of VIP Commercial-TCN Worldwide negotiated the transaction.
• Hendry Aluminum leased a 13,000-square-foot office and warehouse building in Billy Creek Commerce Center at 5571 Zip Drive in Fort Myers from Sox Development. Todd Holman of D'Alessandro & Woodyard negotiated the transaction.
• Rice Insulation & Glass leased a 10,000-square-foot office, warehouse and distribution building at 17411-17417 Jean Street in Fort Myers from Robert Brownlee. Bill Shuba of D'Alessandro & Woodyard negotiated the transaction.
• Great Southern Window & Door leased 7,146 square feet of industrial space at 2633 Martin Luther King Jr. Drive in Fort Myers from 2633 MLK LLC. Stan Stouder of CB Richard Ellis negotiated the transaction.
• B&I Contractors awarded Stevens Construction the contract to build a 5,520-square-foot addition to the B&I manufacturing facility on Prince Street in Fort Myers and remodel 20,000 square feet of office space.
Tampa
Affordable-housing foundation acquires apartment complex
BUYER: AHF-Bay Fund LLC, Miami
SELLER: Reliance-Waterman's Crossing LLC, Fort Lauderdale
PROPERTY: 4515 N. Rome Ave., Tampa
PRICE: $19.3 million
LAW FIRM ON DEED: Hunton & Williams LLP, Miami
PLANS, DESCRIPTIONS: The buyer is affiliated with Atlantic Housing Foundation Inc., a suburban Dallas promoter of affordable housing for low- and moderate-income families.
The foundation purchased the 403-unit Waterman's Crossing, a 33-year-old apartment complex along the Hillsborough River.
This transaction and four similar ones in Pinellas, Seminole and Broward counties were financed with $150.3 million in housing revenue bonds from the Capital Trust Agency, a quasi-municipal debt issuer in Gulf Breeze.
Atlanta developer to convert 400 St. Pete apartments
BUYER: McRae & Stolz St. Petersburg LLC, Atlanta
SELLER: Teachers Insurance and Annuity Association of America and affiliate
PROPERTY: 11850 Dr. Martin Luther King Jr. St. N., St. Petersburg
PRICE: $59.4 million
LAW FIRM ON DEED: Stites & Harbison PLLC, Atlanta
PLANS, DESCRIPTION: The buyer is affiliated with McRae & Stolz Inc., a real estate developer based in suburban Atlanta. The property is a 582-unit apartment building that was constructed in two phases in the late 1990s.
McRae has announced that almost 400 of the apartments are being converted to condominiums, with the remainder in the second phase staying as rental units for now.
Miami investors say they won't convert complex
BUYER: TGH Investments Inc. and Double H Inc., Miami
SELLER: Vista Da Lagoa Inc., Dunedin
PROPERTY: 555 Belcher Road, Largo
PRICE: $12.5 million
LAW FIRM ON DEED: Pastoriza Cole & Boniske PA, Miami
PLANS, DESCRIPTIONS: Michael C. Gomez, president of TGH Investments, says the Laguna Vista Apartments and Health Club won't be converted to condominiums.
"That may be the only rental property left within a 50-mile radius," jokes Gomez. The current management for the 235 apartments, which were built in 1980, is staying put. Gomez says condo conversions in South Florida, where he is based, have made rental dwellings scarcer and more valuable at the same time.
"Your area is going to follow that mold," says Gomez, who believes that scenario will help keep Laguna Vista near full occupancy for the near future. TGH Investments and Double H mortgaged the property for $9.5 million.
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