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Business Observer Friday, Sep. 5, 2003 19 years ago

Real Estate Briefs

This week's items: Deal of the week: North Port apartment complex plannedManufacturer acquires vacant industrial siteCalifornia investors buy retail site for $293 a square footTrenam Kemker agreesto new 11-year lease

Deal of the week

North Port apartment complex planned

Grande Court

Location: Greenwood Avenue, North Port

Seller: Richard and Gina Hahn of Naples

Buyer: Courtelis Co., Miami (Grande Court North Port Associates Ltd.)

Purchase Price: $704,000

Total Taxable Value: $38,400 (preliminary)

Acreage: 8.5

Zoning: Residential multi-family

Previous Sale Amount/Date: $282,900/May 13, 1997

Courtelis Co., a Miami-based apartment and commercial (primarily retail) developer, plans to build its first project in the Sarasota-Manatee area.Courtelis Vice President Jim Dyal says the development company bought 8.5 acres of vacant land in North Port to develop a 126-unit apartment. Like the company's other projects, it will be named Grande Court, most likely Grande Court North Port.

No timetable has been set for construction to begin on the $10 million development, but it would most likely be in 2004, Dyal says. The complex will have five multi-family buildings and a clubhouse.

"We just liked the market down there," Dyal says. "Sarasota needs more multi-family housing. Our property is across from a golf course and near city hall. There is a Publix right there."

Courtelis will act as its own general contractor through its Courtelis Construction Co. division. The development plan for the project is being refined.

Courtelis owns about 2.5 million square feet of shopping center space throughout Florida, including developments in Bonita Springs, Naples and Coral Springs, Miami, Fort Lauderdale, Naples, Orlando, Gainesville, Fort Myers and Merritt Island.


Manufacturer acquires

vacant industrial site

An affiliate of Allied Aerofoam Products LLC purchased a 112,156-square-foot manufacturing-warehouse building on 5 acres at 216 Kelsey Drive in Tampa for about $4.27 million.

Vestal, N.Y.-based Allied Aerofoam Real Estate LLC paid about $38.07 a square foot for the vacant building to First Industrial LP, a Chicago-based real estate investment trust. The buyer mortgaged the property under $3.9 million in industrial development revenue bonds through the Hillsborough County Industrial Development Authority and underwritten by Wachovia Bank NA.

The seller acquired the property in 1997 for $3.8 million. Hillsborough officials assessed its market value at about $3.61 million.

Mike Davis of Cushman & Wakefield of Florida Inc. represented the seller, with Brian Rettig of CB Richard Ellis representing the buyer.

California investors buy retail site for $293 a square foot

NIBS Investments LLC paid $293 a square foot for a 14,162-square-foot retail site occupied by an Eckerd pharmacy at 13324 Boyette Road in southeast Hillsborough County.

The Sherman Oaks, Calif.-based buyer, a limited liability corporation formed in April, acquired the 1.59-acre site for $4.15 million from Tampa-based Hogan Boyette LLC, a holding of The Hogan Group.

The buyer mortgaged the property for $2.18 million through Tibor and Erika Neumann, as trustees of the Neumann Family Trust; Alex and Mira Indich, as trustees of the Indich Family Trust; and Park Ambassador Homes.

Trenam Kemker agrees

to new 11-year lease

The Tampa law firm of Trenam Kemker Scharf Barkin Frye O'Neill signed a new 11-year lease on the 47,800 square feet it occupies in the 42-story Bank of America Plaza in Tampa.

Although terms were not disclosed, asking rents in the building at 101 E. Kennedy Blvd. range from $20 to $24 a square foot - excluding lease concessions. Based on current asking rents, the total value of a non-discounted, 11-year lease would range from $10.5 million to $12.62 million.

CB Richard Ellis brokers Michael Hoffman and Jeff Tolrud represented MetLife Real Estate Investments in the negotiations.

Ruby Tuesday site sells

for $438 a square foot

A California investment group paid $2.5 million, or about $438 a square foot, for a site occupied by a Ruby Tuesday restaurant at 6254 Gunn Highway in northwest Hillsborough County.

Listing a Leucadia, Calif., address, the buyers included Mosdell Inc.; Abrosa Realty LLC; D. Barry Simons, as trustee of the Renee Catia Gaddis Trust; Simons, as trustee of the Sara Simone Knight Trust; and Close Ties Investments LLC.

Orlando-based CNL Funding 2001-A LP, the seller, acquired the 5,714 square feet of improvements on 1.36 acres for $2.1 million in March. The unimproved property sold for $850,000 in August 2002. That year Hillsborough officials assessed the property's just market value at $1.3 million.


Cheeseman holding buys

34-unit apartment complex

A holding of Tampa lawyer Stephen C. Cheeseman has acquired 34 apartment units in Gulfport for $6.35 million.

Windsor Square Apartments Inc. paid about $186,765 per unit for the property at 3209 58th St. S. The Cheeseman holding assumed a $3 million mortgage through the Federal Home Loan Mortgage Corp.

The seller, Littleton, Colo.-based G&D Investments LLC, acquired the property in 1999 for $4.275 million or about $125,735 per unit. Pinellas officials assessed the 39-year-old property at $4.15 million.

Industrial-zoned site

sells for $1.4 million

Gulf Coast Properties LLC bought three industrial-zoned buildings in St. Petersburg for $1.4 million from private property owner Eleanor C. Hanks.

The Seminole-based company paid about $22.17 a square foot for 63,147 square feet of gross useable space on 4.92 acres at 3200 Tyrone Blvd. S.

Constructed in 1973, the total square footage includes about 3,048 square feet of office space. Pinellas officials assessed the property's just market value at about $1.9 million.


Moore, Fowinkle, Schroer

plans new office

The Bradenton insurance company of Moore Fowinkle and Schroer filed a site plan to build a new office at 120 53rd Ave. W. Bradenton.

"We are setting up a temporary office on the site," says Bob Fowinkle. "We will remove the existing building here now and build on the same site. We hope to start in 90 to 120 days."

Fowinkle's firm will occupy half of the new 5,000-square-foot building and lease out the second half. The new building is scheduled for completion in May or June and is valued at about $350,000.

"It was a modular building we used when we bought in here," Fowinkle say. "It has been about 18 years. I would like to give (the modular building) away to anyone who is willing to move it and clear the site."

New Bennigan's franchisee

buys Bradenton location

RREMC based in Palm Beach purchased the Bennigan's restaurant at 320 Cortez Road W., Bradenton, from S&A Properties Corp. for $1.2 million. According to John Metz, president, RREMC, the Hilton and Marriott hotel and Denny's restaurant franchisee, recently bought the rights to the Bennigan's franchise in Florida. As part of the franchise agreement, Metz's company bought the existing Bennigan's restaurants in Bonita Springs, Sarasota (on U.S. 41) and Bradenton. In addition the company purchased a former Houlihans restaurant at U.S. 41 and Pineridge Road, Naples, and plans to renovate and reopen it as a new Bennigan's location.

In Bradenton, the eatery will be redone. "It was kind of run down," Metz says. "It will be a complete renovation. We are projecting to have everything done by Nov. 1 - that is our target date for opening."

More than 55,000 vehicles pass the Cortez Road location at DeSoto Square Mall each day, Metz says. That was a big plus for buying the property.

RREMC mortgaged the Bradenton location to GMAC Commercial Mortgage Corp. for $1.086 million. Metz agreed to build another four Bennigan's restaurants in the state over the next few years. But another one isn't planned for this year he says.

"Right now we are concentrated on expanding the restaurants we have now," Metz says. Asked if he was looking at real estate in the Tampa Bay area for additional restaurant or hotel locations, Metz says absolutely.


New Turtle Club

planned for Venice

A new Venice eatery is on the way. Mike Moore and Peter Tierney, owners of the Turtle Club restaurant and Vanderbilt Beach Resort in Naples, bought a building at 321 Venice Ave. in downtown Venice from Kay and S. Charles Hoffman for $1.025 million.

Moore and Tierney are building a new Turtle Club restaurant in Punta Gorda and plan to develop the Venice property as the third location. "We are developing a small independent franchise," Tierney says. "We serve mainly seafood and steaks ... and are open for lunch and dinner. This location is a little different. We are branching out into an area not on the beach but on the water." The two-story, 10,000-square-foot shop was formerly the 30-year home of Three Crowns, a dress shop owned by the Hoffman family.

The restaurateurs are working with Atlanta architect Michael Oh to finalize the design. "One of the options we are looking at is building two luxury condos on the second floor," Tierney says. "But we also see that there is a need for a private dinning area for meetings and special events."

Tierney says that because of the time and focus it will take to debut the new Punta Gorda restaurant, the Venice restaurant will not open this tourist season. The Venice location should open in October of next year. "We will start cleaning up the building soon," Tierney says, "and putting up a sign letting people know what we are doing. I had always heard a lot about Venice as a retirement area."

New home under construction

for Center for Premier Dentistry

Dentist Steven Wieder is building a new 6,300-square-foot building at 3951 Swift Road in Sarasota. The building, which will be two stories over parking, will house Wieder's practice, the Center for Premier Dentistry. The business currently occupies about 1,200 square feet in a building south of the construction site, which Wieder owns as well.

The new building is set for a March 2004 opening date. Mark Sultana with Sarasota's DSDG Group designed the project and Sarasota-based D.L. Porter Contractors is the general contractor. The building is estimated to cost $850,000.

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