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Business Observer Friday, Sep. 26, 2003 15 years ago

Real Estate Briefs

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Deal of the Week: Sunset expands dealershipDuke Realty Corp. buys land for Edwards Systems buildingCompany buys Braden River nursing facilityClimatized Self Storage building Florida Street facilityand more...

Real Estate Briefs

Sunset expands dealership

Former Lexus

of Sarasota

Location: 7641 Tamiami Trail, Sarasota

Seller: Gettel Automotive Inc. (Gettel Tamiami Inc.)

Buyer: Sunset Automotive Group, Sarasota (Sunset LLC)

Purchase Price: $3 million

Total Taxable Value: $1.8 million

Year Built: 1984

Previous Sale Amount/Date: $2.17 million/Dec. 12, 2002

The relocation late last year of Lexus of Sarasota to Clark Road has been a great boon to the nearby dealerships. In January, Jim Gettel's automobile dealership chain bought the Tamiami Trail site from the Wilde Automotive Group for $2.17 million. This past week, Gettel sold the property to the Sunset Automotive Group, owner of the Sunset Dodge and Sunset Suzuki dealerships next door to the site, for $3 million. For Gettel, the sale was about $830,000 profit, excluding closing costs, but for the Sunset Automotive Group this sale will give them room to grow.

"We have immediate plans to use it for our used car sales," says Don Osborne, general manager for Sunset Dodge. The dealership now has six acres. The new space will allow the Dodge and Suzuki dealerships to offer about 55 additional used cars and trucks (up from about 70) and at least 40 extra new vehicles.

Osborne says the company expects to open the facility in the next 30 days. The Sarasota-based Sunset Automotive Group currently operates 16 franchise dealerships in nine locations in Florida.

- Sean Roth

Duke Realty Corp. buys land

for Edwards Systems building

Indianapolis-based Duke Realty Corp. bought a 12-acre site in the Town Center at Lakewood Ranch from Schroeder Manatee Ranch Inc. for $1.58 million. Duke Realty will build a two-story, 109,000-square-foot building to be leased by Cheshire, Conn.-based Edwards Systems Technology, a manufacturer of commercial fire detection systems. Construction is scheduled to start in the next few months with completion in September of 2004. Construction of the entire building is estimated to cost about $18 million. HOK of Tampa has been hired to design the building, which will house about 170 people

Company buys Braden

River nursing facility

The management company of BLRE LLC purchased the IHS at Braden River nursing facility, 2010 Manatee Ave. E., from IHS of Suncoast I LLC at $2.7 million. Chris Grella, administrator for the nursing facility, says no changes are planned for the facility, which has been renamed Braden River Care Center. The 208-bed facility has operated since 1965 and employs about 180 employees. BLRE LLC mortgaged the property to London's Finance AAA Ltd. for $2.57 million.

Climatized Self Storage

building Florida Street facility

Partnership group Climatized Self Storage Construction Co. LLC bought land at 8440 Florida St. in Bradenton from Jeannette Langford for $330,000. A principal for the partnership, David Miller Jr. of Fernandina Beach, says construction should start within 12 months on a self-storage facility. Miller, who works for D.F. Miller Development in Fernandina Beach, says the company is building three storage facilities in Florida.

John Harshman of Sarasota-based Harshman & Co. Inc. represented the seller.

Re/Max Properties owners

developing new Venice office

Officials for the Sarasota-based real estate brokerage Re/Max Properties are moving forward with expansion plans. The Gulf Coast Business Review reported in May that the brokerage, run by Tim and Judy Crowley, planned to build a new Venice office once it's new three-story, 28,000-square-foot corporate office at 2000 Webber St. in Sarasota is completed. Four months later, the Crowleys are making good on their word.

The Crowley Family Partnership Ltd bought a vacant site at 1121 Jacaranda Blvd. in Venice from Bon Secours-Venice Healthcare Corp. for $600,000. The partnership plans to break ground on a 15,000-square-foot facility within six months.

Plus, the Crowleys plan to hire about 40 agents to increase the franchise's Venice office to 75. Crowley says the new office is expected to be completed by January of 2005 and will cost about $3 million. The Crowleys mortgaged the site to Regions Bank for $522,000.

Georgia Nokomis Group

applies to divide site

The Georgia Nokomis Group Inc. filed a site plan to subdivide four acres on Tamiami Trail in Nokomis. According to the company's real estate agent, Danny Kay, president of Nokomis-based Properties of Distinctions of Venice Inc., the company plans to divide the general commercial property into four one-acre sites. Kay says two companies are ready to buy, an Italian deli and Goodyear Tires. But first the group needs county approval.

Riverside Bank

builds first Venice branch

Cape Coral-based Riverside Bank of the Gulf Coast is developing its eighth branch and first Venice location on U.S. 41 near Venice Avenue. About two months ago, the bank bought the property from U.S. 41 Highway Holdings Inc. for $760,000. Bank President/CEO John Moran says the 4,700-square-foot branch, with four drive-thru lanes, is expected to open next summer.

It will be the bank's third branch in Sarasota County. Moran says that the location's proximity to U.S. 41 and downtown Venice "was very attractive for a hometown bank like ours." Asked about the lack of locations in Manatee County, Moran says the bank hasn't yet found the right opportunity.

Lauren Galleries owners

buy Clark Center property

Sarasota-based Lauren Galleries, a manufacturer and distributor of framed art, has purchased its building at 6076 Clark Center Ave., Sarasota, in Clark Road Industrial Center. Company President Michelle Glassman and husband, David Glassman, used the corporate name of J&L Properties LLC to buy the building from E.W. Properties Inc. for $750,000.

The company currently employs about 25 people within the 11,300-square-foot building. The Glassmans mortgaged the property to the former owner, E.W. Properties Inc., for $675,000.

ETC...

× TKD 03 Inc. bought a 4,100-square-foot office condominium at 2100 Proctor Road, Sarasota, from River View Office Park Inc. for $650,000. The property is zoned for office, professional or institutional users (OPI). John Harshman of Harshman and Co. Inc. represented the buyer. The new owner mortgaged the property to The Bank of Commerce for $620,000.

× Dashrath and Pravin Patel of Pinellas Park bought the Corner Store convenience mart at 602 Tamiami Trail, Venice, from Michael and Bonita Rich for $662,000. The store has two gas pumps. The Patels, who purchased the property, using the corporate name of Keshav Enterprises LLC, mortgaged the Venice property to Community National Bank of Sarasota County for $530,000.

× MDG Capital Corp. sold about 2,513-square-feet of office space at Orion Bank Centre at 2180 Immokalee Road in North Naples to First Boston Title. MDG Capital Realty Inc., a subsidiary of MDG Capital Corp., brokered the sale.

× David and Stephanie Peterson purchased two units in the Sarasota County Interstate Business Center in Venice for $190,000. Bill Kleiber and Jim Walter of Richardson Kleiber Walter handled the sale.

× Commercial Maintenance Manage-ment Inc. leased 5,000 square feet at 221 Blue Juniper Blvd. in the Sarasota County Interstate Business Center in Venice. Christine Walter of Richardson Kleiber Walter handled the transaction.

× Bent Oak Ventures bought 13,300 square feet of vacant general-commercial land at 3837 Clark Road, Sarasota, from George and Sandra Hernandez for $205,000. Rico Boeras of Preferred Commercial Inc. was the listing broker, and John Caragiulo of Hembree & Associates Inc. was the selling broker.

× Bradley and Cynthia Latham purchased 1.59 acres of vacant heavy-industrial land at 4916 15th St. E., Bradenton, from SunTrust Bank, the trustee for the estate of Willis and Marjorie Lawson, for $195,000. The listing broker was Rico Boeras of Preferred Commercial Inc., and Janet Orr of New Concepts Properties was the selling broker.

× The Sarasota-based developer Barrington Group Inc. transferred the 200-unit town house community on Honore Avenue, north of University Parkway and called Carolina Landings, to its sales division in a $20.4 million deed change. The developer owns nine acres adjacent to Carolina Landings and hopes to build a second townhouse community there next year.

× Miramar-based Edison Petroleum Inc. bought a service station, at 1857 Tamiami Trail, Venice, from Bellmark Properties LC for $685,000. Edison Petroleum mortgaged the gas station to Century Bank FSB for $530,000.

× Bradenton-based Neal Communities posted more than $8 million in gross sales in August, the highest one-month total in Neal's 33-year history. Neal has confirmed $5,988,636 in new home sales and $2,375,400 in lot sales for a total of about $8.36 million in sales for August. Neal Communities sells new homes in nine neighborhoods spanning four communities: University Park Country Club, Lakewood Ranch, Woodlands Park, and University Place.

× Medici Gallery LLC leased 1,702 square feet at 75 S. Palm Ave., Sarasota, from Miramar Plaza Associates Ltd. John Harshman of Sarasota's Harshman & Co. Inc. represented the tenant.

× Kazan Inc. sold the property at 4910 14 Street W. to the investment groups of Bri-Lane Properties LLC, NSC Properties LLC and CAC Property Investments LLC for $975,000. Located on the property is the Fountains Office Centre, a 15,600-square-foot office building consisting of suites ranging in size from 160 to 5,000 square feet. The building is 92% leased. The groups plan to upgrade the building facade, landscaping, common areas and conference center space.

× Terrace Walk Plaza, a local partnership, purchased the Terrace Walk Plaza, a 59,936-square-foot shopping center at 5701 E. Fowler Ave., Tampa, from Regency Centers LP for $5.08 million. The seller was represented by Sharon Bands of Encino, Calif.-based Marcus Millichap, and the buyer was represented by Elliott Ross of Clearwater-based Ross Realty Group Inc. Terrace Walk, with more than 15 shops and restaurants, is leased and managed by Mike Myers and Judi Lechner of the Ross Realty Group.

× Douglas Fife, president of Sarasota-based Coast Controls Inc., sold the company's headquarters at 7500 Commerce Court in University Park of Commerce to Coast Controls Inc. for $700,000. According to Rodney Shrock, chief financial officer, no changes are planned for the building. Coast Controls mortgaged the property to Northern Trust Bank of Florida for $660,000.

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