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Real Estate Briefs
Meridian, Hudson Realty
Buying Winn-Dixie Warehouse
BUYER: Meridian-Hudson McIntosh LLC (principal Steven Kossoff), Tampa
SELLER: Sarasota PTTA LLC
PROPERTY: 6100 McIntosh Road, Sarasota
PRICE: $30 million
PREVIOUS PRICE: $27 million, September 2005
LAW FIRM ON DEED: Bingham McCutchen LLP, Hartford CT
PLANS, DESCRIPTION: A joint venture of Tampa's Meridian Cos. and New York-based Hudson Realty Capital LLC purchased the about 900,000-square-foot former Winn Dixie distribution warehouse near Palmer Ranch. According to Steven Kossoff, president of the Meridian Cos. says the partners plan to renovate and subdivide the interior and exterior of the warehouse to lease or possible sell it to an expected six different tenants. Kossoff says at this point he does not expect a single tenant to take the space.
The new owners also have plans to develop an additional 12 to 13 single or two-story buildings up to a total of 200,000 square feet on vacant land on the 58-acre site.
Kossoff says he was attracted to the property because of the region's low vacancy rate of 4-6% for warehouse space, lack of available industrial land and location in a fast growing area.
The property will be listed by Cushman & Wakefield's Tampa office for a leasing asking price of $4.75 per square foot triple net.
The partnership has hired The ADP Group to redesign the building. The new owners mortgaged the property to Keybank for $27 million.
Group purchases apartment
next to Broadway
BUYER: Cocoanut at Broadway LLC, Sarasota
SELLER: Scott Storm
PROPERTY: 1045 Cocoanut Ave., Sarasota
PRICE: $3.75 million
PREVIOUS PRICE: $425,000, May 1990
TITLE COMPANY ON DEED: Desjarlais Title Co., Sarasota
PLANS, DESCRIPTION: An investment group, headed by Sarasota Realtor/developer/investor Warren Hickernell, has acquired the 29-unit apartment complex next to the construction site for the Broadway Promenade. Hickernell says the group plans to gut, renovate and upgrade the facility and to tie it in architecturally with the new mixed-used development, which includes a Publix Supermarket. The partnership is said to be considering other possible future uses for the site including condominium conversion, but no decision has yet been made.
Hickernell says the new Broadway Promenade construction along with the other projects on U.S. 41, such as the San Marco and the Alinari at Rosemary Place, made the location extremely attractive.
"My feeling is that the Publix is going to be the major shopping destination for most people who live downtown," Hickernell says. "And our development will have a walkway right into Broadway."
The investment group mortgaged the property to Orion Bank for $5.45 million.
Neal buys Palmetto Pines Golf Course
BUYER: MML 2 LLC, PGCI 3 LLC and Mellon Holding Palmetto Pines LLC, Lakewood Ranch
SELLER: Palmetto Pines Golf Course Inc.
PROPERTY: 14850, 14355 and 13651 Golf Course Road, Parrish
PRICE: $15 million
PREVIOUS PRICE: $234,000, November 1984
LAW FIRM ON DEED: Blalock Walters Held & Johnson PA, Bradenton
PLANS, DESCRIPTION: Developer/homebuilder Pat Neal has purchased the 210-acre Palmetto Pines Golf Course. Neal says the public course will remain open while Neal Communities put together plans to develop the property. Given its current development schedule, home construction would likely not occurred until 2008 or later. The golf course was owned by the Boys and Girls Club Foundation of Manatee County to the benefit of the Palmetto Boys and Girls Club. The course generated between $100,000 and $200,000 annually to help the Palmetto nonprofit group cover the cost of its community services.
Allen Butler, president of Boys and Girls Clubs Foundation of Manatee County says the nonprofit's board felt it was better to sell the property to create an investment asset for the future of the organization.
Neal has said that he envisions a future development on the site similar to The Harborage on Braden River.
Sarasota Investors Bank
Lehigh Acres Land for Builder
BUYER: Jordyn Holdings IV LLC
SELLER: Copperhead Development Inc.
PROPERTY: 300 acres in Lehigh Acres
PRICE: $40 million
ATTORNEY ON DEED: Pavese Law Firm, Fort Myers
PLANS, DESCRIPTION: A group of investors that includes Steve Liebel, president of Duncan Seawall and Boatlift in Sarasota, bought 300 acres in Lehigh Acres for $40 million.
Liebel says he plans to take the land through the residential entitlement process and sell it to EH Builders of Palm Beach Gardens when that process is completed.
The property includes Copperhead Club, a 160-acre golf course.
Jordyn Holdings IV mortgaged the property to Bankers Bank for $29.1 million.
McGarvey plans commercial buildings in Fort Myers
BUYER: Westlinks East Associates LLC
SELLER: Bay Colony Gateway Inc.
PROPERTY: 12481 Gateway Blvd., Fort Myers
PRICE: $6.4 milion
ATTORNEY ON DEED: Kenneth Gordon, Esq., Bonita Springs
PLANS, DESCRIPTION: McGarvey Development, a Bonita Springs-based commercial builder, bought 48 acres off Gateway Boulevard near the intersection of Daniels Parkway in Fort Myers to extend Westlinks Business Park. The company plans to build 150,000 square feet of office/warehouse "flex" space, 100,000 square feet of two-story office buildings, 60,000 square feet of one-story office buildings and 60,000 square feet of retail space.
McGarvey plans to break ground in the middle of this year on one office building and one flex building, says William Price Jr., McGarvey's senior vice president.
Both buildings will be speculative, meaning they will be built without tenants signed in advance. It will take about four to five years to build out the project, he says.
Westlinks East Associates mortgaged the property to Colonial Bank for $4.9 million.
CENTEX HOMES BUYS LAND AT LELY RESORT
BUYER: Centex Homes
SELLER: Stock Development LLC
PROPERTY: 84 acres at Lely Resort, Collier County
PRICE: $12.3 million
ATTORNEY ON DEED: Goodlette, Coleman & Johnson PA, Naples
PLANS, DESCRIPTION: Dallas-based Centex Homes bought about 84 acres at Lely Resort in Collier County from Naples-based Stock Development. Centex officials declined to comment on the acquisition. Centex currently builds in 11 communities in Southwest Florida. Lely Resort is located off U.S. 41 and County Road 951 south of Naples. The community totals 3,000 acres and has three golf courses.
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