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Business Observer Monday, Jul. 3, 2006 12 years ago

Real Estate Briefs

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Flying Bridge property sold to Naples developerEcono Lodge former owner buys back motelInvestors purchase Tara land for office developmentFairway Development Group buys Boleyn Road landRADISSON to open in '08 in SarasotaGreen Tee complex apartments acquired for $12.5 millionGroup buys Radio Road land for shopping centerNorth American Properties buys land in North Fort MyersFerman Motor buys dealership landMiami investors buy Campus Walk ApartmentsOsprey SA buys Westlake Corporate Center
by: Adam Hughes Staff Writer

Real Estate Briefs

SARASOTA/MANATEE

Flying Bridge property sold to Naples developer

Naples-based FF Land Development bought the landmark Flying Bridge Restaurant property on Blackburn Point Road in southern Sarasota County June 23, signing off on a deal that had been pending since May.

The property was sold for $15.45 million by Valencia Development Co.; the firm paid $4 million for the property in 2002.

Valencia's Tom Whealy envisioned building a mixed-use development project on the land, but his plans were thwarted by long battle between the Sarasota County Commission and its zoning and appeals board.

Robert Rogers, a partner at FF Land Development, says his firm intends to build on Valenica's redevelopment project, adding roughly 27,000 square feet of commercial space and at least seven more town homes to the plans.

The residences will range in size from 2,000 to 5,000 square feet and will cost $900-$1,0000 per square foot. FF Land also plans to put in 12 public boat slips.

"Everybody's asking for a restaurant," Rogers says, "and we will probably have a marina store with bait and other things people need on their boats."

The Flying Bridge Restaurant and surrounding area has been a landmark for Casey Key residents and tourists since the 1970s,

- Michelle Payne

Econo Lodge former owner

buys back motel

BUYER: OHM Bradenton Lodging Group LLC (principal: Mahesh Patel), Bradenton

SELLER: Walker Hotel Holdings LLC

PROPERTY: 6727 14th St. W., Bradenton

PRICE: $3 million

PREVIOUS PRICE: $2.65 million, May 2002

TITLE COMPANY ON DEED: Chicago Title Insurance Co., Tampa

PLANS, DESCRIPTION: The Patel family has reacquired the 75-unit Econo Lodge motel in Bradenton, a building it previously sold to the Walker family. Mahesh Patel is now the primary owner of the hotel.

The Patels mortgaged the property to the former owners for $500,000 and to Branch Banking & Trust Co. for $1.97 million.

Investors purchase Tara land for office development

BUYER: Micron Investments LLC (principals: Ronald and Ladonne Mayberry and Michael and Geraldine Ruffino, Bradenton

SELLER: William Higgs

PROPERTY: Lots 5 and 6 Tara Commercial Phase II, Bradenton

PRICE: $1.49 million

LAW FIRM ON DEED: Quarles & Brady LLP, Naples

PLANS, DESCRIPTION: Two Manatee county couples, Ronald and Ladonne Mayberry and Michael and Geraldine Ruffino, acquired 6 acres in the Tara Commercial subdivision, on the east side of Interstate 75 on State road 70. The group plans to develop four office buildings totaling 28,000 square feet of space, according to Michael Ruffino. One of the buildings will be two stories high, while the others will be one story. The group is still waiting on the necessary permits to begin construction; Ruffino hopes to begin in August or September.

Fairway Development Group

buys Boleyn Road land

BUYER: Fairway BD LLC (principal Robert Morey), Sarasota

SELLER: Detweiler Properties of Sarasota Inc. and Two Fortunes Inc.

PROPERTY: 8452 and 8404 Boleyn Road, Sarasota

PRICE: $5.3 million

LAW FIRM ON DEED: Icard Merrill Cullis Timm Furen and Ginsburg PA, Sarasota

PLANS, DESCRIPTION: Fairway Development Group purchased 52 acres, along with three single-family homes. Calls to the company seeking comment were not returned. The new owners mortgaged the property to M&I Bank.

for $2.2 million.

RADISSON TO OPEN IN '08 IN SARASOTA

The first full-service hotel built in Sarasota since the Ritz-Carlton is being tagged for a 2008 opening.

Michael Lepore, president of MPL Properties Inc., says construction of the roughly 160-room, 160,000-square-foot Radisson Sarasota Hotel could start early next year. Lepore is looking at the hotel, on five-acres at the southwest corner of Fruitville Road and Interstate 75, as a testing ground for future full-service hotels, possibly under the same flag.

"This is definitely a prototype," Lepore says. "We have a couple of other areas we are looking at that could follow this later."

The hotel, which will feature a 100-seart restaurant, a 75-seat cafe, a 100-seat cocktail lounge and 3,300 square feet of meeting space, is budgeted to cost $30 million.

Although obviously a positive, I-75 traffic wasn't the main draw, Lepore says. The bigger draw was trying to capitalize on the number of businesses in the area and the large professional office developments nearby, such as the former Arthur Andersen buildings and the Gateway development.

Etc...

• Bradenton-based Bruce Williams Homes plans to begin developing a 5,000-square-foot design studio adjacent to the home builder's corporate headquarters on Manatee Avenue in Bradenton next month. Judy Chadwick, who has managed the home builder's DesignStudio for the past two years, will head up the new building, too.

• S. S. Appel and Co. acquired a site for its first Manor House Inns and Suites. The company purchased 2.3 acres near State road 70 and Tara Boulevard, just west of I-75. The Inn will be a condominium hotel, offering a portion of the units for sale to individual and corporate owners. The Manor House Inns and Suites will be part of the Tara Commercial Office Park. Prices for the 19 hotel/condo units range from $172,000 to $315,000. A rental program will be available for owners who want to use their units as a second home during certain times of the year.

Construction of the 77-room hotel is slated to start later this summer. It's scheduled to open in the summer of 2007.

LEE/COLLIER

Green Tee complex apartments

acquired for $12.5 million

BUYER: Green Tee Group LLC (principals: Daniel Gamburd, Julian Telias and Edgar Halac), Aventura

SELLER: Green Tee Apartments LLC

PROPERTY: 1830 Maravilla Ave., Fort Myers

PRICE: $12.5 million

PREVIOUS PRICE: $6.38 million, November 2005

PLANS, DESCRIPTION: Green Tee Group LLC purchased the 123-unit Green Tee Apartments from Green Tee Apartments LLC. The apartment complex, between McGregor Boulevard and South Cleveland Avenue, overlooks the Fort Myers Country Club Golf Course.

Group buys Radio Road land

for shopping center

BUYER: Radio Road Development LLC (principal Steven Hovland), Naples

SELLER: Raymond Deangelis and Gulf Coast Center LLC

PROPERTY: 8001 Radio Road, Naples

PRICE: $4.08 million

PREVIOUS PRICE: $610,700, June 2000

LAW FIRM ON DEED: Conroy Conroy & Durant PA, Naples

PLANS, DESCRIPTION: An investment group purchased 5.3 acres east of Santa Barbara Road in Naples with plans to develop it as a shopping center. Steven Hovland, of Hovland Real Estate, says he plans to start construction in about a year.

Radio Road Development LLC mortgaged the property to Florida Community Bank for $1.875 million.

North American Properties

buys land in North Fort Myers

BUYER: NAP Pondella LLC, Fort Myers

SELLER: Cape Coral Holdings Inc.

PROPERTY: Vacant land located near Northeastern Pine Island Road, Fort Myers

PRICE: $5.2 million

PREVIOUS PRICE: $174,280, September 1975

PLANS, DESCRIPTION: The Fort Myers office of Cincinnati, Ohio-based retail developer North American Properties purchased 9.6 acres of vacant land in North Fort Myers. The land currently has no site address. North American Properties, which tends to build grocery-anchored retail centers, declined to comment on the acquisition.

Etc...

• First Merchant Payment Systems leased 8,316 square feet of office space at 12800 University Drive, Fort Myers, from Simplex Grinnell LP. Noreen Caldwell of Coldwell Banker Commercial NRT and Tom Peppitone of D'Alessandro & Woodyard handled the transaction.

• Hurst Awning leased 15,000 square feet of light industrial space at 2269 Palm Ave., Fort Myers, from Palm Avenue LLC. John Humphrey and Ann Crandall, both of Coldwell Banker Commercial NRT, handled the transaction.

• Falcon Commercial Development started construction on a new Sweetbay Supermarket-anchored shopping center called the Shoppes at Pelican Preserve. The 51,000-square-foot supermarket will be at the intersection of Colonial Boulevard and the Treeline Avenue Extension, east of Interstate 75. The shopping center will feature over 36,000 square feet of retail space.

The first phase of construction, which will include the Sweetbay Supermarket, is scheduled to be completed in the first quarter of 2007. D'Alessandro & Woodyard Inc., Commercial Realtors is listing the development.

• Magshore, LLC purchased about 1.5 acres known as Parcel D at the Daniels Parkway Business Center, across the street from Bella Rosa's Italian Restaurant, from Salrose Dreams II LLP for $1.2 million.

A new franchise called Java Moon restaurant is scheduled to open there in the first quarter of 2007.

• Florida Cooling Supply Inc. leased 33,000 square feet of industrial space at 10995 Metro Parkway, Fort Myers from Calvin D. Wible. Randal L. Mercer of CB Richard Ellis Fort Myers-Naples represented the landlord and Jim Boback of ReMax Realty Group represented the tenant.

• Dunhill Holdings, Inc. leased a 4,000-square-foot office at 11300 Lindbergh Blvd., Fort Myers, from Dogwood Development Inc. Tim Colen of D'Alessandro & Woodyard, Inc. Commercial Realtors negotiated the transaction.

TAMPA BAY

Ferman Motor buys dealership land

BUYER: Ferman Pasco Holdings LLC, Tampa

SELLER: Fairway Motors Inc.

PROPERTY: 3930 Old Baillies Bluf Road and 3939 U.S. 19, New Port Richey

PRICE: $5 million

PLANS, DESCRIPTION: Ferman Motor Car Co. acquired the 7.2 acre property that currently houses Ferman's Nissan Chrysler and Jeep dealerships in New Port Richey. Frank North, head of corporate marketing and communications says the dealership has been leasing the site for several years.

Ferman mortgaged the property to SunTrust Bank for $5 million.

Miami investors

buy Campus Walk Apartments

BUYER: Pointe Investment Tampa LLC (principals: Jorge Morera, Alberto Arisso and Ralph Velocci), Miami

SELLER: Campus Walk Apt. Assoc. LL

PROPERTY: 13725 Plaza Court,

PRICE: $20.1 million

PREVIOUS PRICE: $14 million, June 2005

PLANS, DESCRIPTION: Pointe Investment Tampa, LLC purchased the Campus Walk Apartments. The complex was previously marketed toward college students because of its proximity to the University of South Florida.

The same firm also recently purchased the Springwood Apartments, 4201 Woodspring Court, Tampa, for $3 million. In the latter deal, the company went by the name of Pointe Investments Tampa II LLC.

Pointe Investment Tampa LLC mortgaged the Campus Walk property to $19.5 million.

Osprey SA buys

Westlake Corporate Center

BUYER: Osprey Westlake LLC, Brighton, Mich.

SELLER: G&I III Westlake LLC and G&I III Investment Westlake LLC

PROPERTY: 9119 and 9009 Corporate Lake Drive, Tampa

PRICE: $31.9 million

PREVIOUS PRICE: $20.4 million, August 2002

PLANS, DESCRIPTION: Brighton, Mich.-based Osprey SA Ltd. purchased an 89,000 square-foot multi-story office building in Westlake Corporate Park. Tenants in what is called Westlake Corporate Center include: the law firm of Echevarria, Codilis & Stawiarski, United Healthcare, Peopleclick, TMP Worldwide Executive Search and CIBERsites.

Osprey SA mortgaged the property to Morgan Chase Bank for $24.75 million.

Etc...

• Indigo Beach Residences, a joint venture development of Taylor Woodrow's Tower Division and Lindell Properties, Ltd. of Tampa, hired Provident Management Corp. of Clearwater to manage The Suites at Indigo Beach, the 78-unit hotel component of the luxury 15-story beachfront condominium. Indigo Beach Residences expects to start construction on the project later this fall.

• Edward G. Hayes, intermediary for Margaret Coffey and Assisted Living of Pasco Inc., purchased a 24,162-square-foot assisted living facility at 7435 Plathe Road, New Port Richey. Hayes bought the facility from Forest Glen Lodges Inc., Barbara Jean Masco, successor and trustees, and Jean Masco Abdul-Malek, trustee, for $3.15 million. F. Victor Suhweil of Coldwell Banker NRT Inc. was an agent for the seller.

• Affiliated Engineers SE Inc. expanded its lease from 2,799 square feet to 4,978 square feet of office space at Hidden River Corporate Center Three, 14055 Riveredge Drive in Tampa. Crescent Resources LLC in Tampa, negotiated the lease.

H. River Three Owner LLC. 

• The Florida division of Detroit-based Wade Trim Inc. signed a long-term lease of 16,374 square feet of Class-A office space at Renaissance 5, 8745 Henderson Road, Tampa from Miami-based ACP/Utah Renaissance LLC for $4.3 million. Jim Paladino of Cushman & Wakefield represented the landlord.

• Aaron Rents leased 8,000 square feet in Tyrone Gardens Plaza, 1050 N. 58th Street, St. Petersburg, from Tyrone Gardens LLC. Tom Pizurie of The Ross Realty Group represented the landlord.

• APG Electric leased 5,717 square feet at 4825 N 140th Ave., Clearwater, from BGK Properties. James Moler of The Ross Realty Group represented the landlord.

• Mystic Oak North LLC purchased 1.26 acres at the southeast corner of Interstate 75 and State road 54 in Wesley Chapel from SB Associates Limited Partnership for $1 million. The property is zoned PD-MU, which allows general commercial uses. Bruce Erhardt and Patrick Berman of Cushman & Wakefield represented the seller.

• Lincare Pharmacy Services Inc. leased 5,673 square feet of space at 4825 N 140th Ave., Clearwater, from BGK Properties. James Moler of The Ross Realty Group represented the landlord.

• Atlas Construction Equipment Services leased 7,325 square feet 12001 49th Street N., Clearwater, from Gateway 49th Street Industrial Park LLC. Susan Leonard of The Ross Realty Group represented the landlord.

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