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Business Observer Friday, Aug. 25, 2006 13 years ago

Real Estate Briefs

Meridian preparing office condos next to former Winn-Dixie distribution centerLocal Investor Buy Two Siesta PropertiesLutz Real Estate Investment buys Central Station buildingYacht Clubs of the Americas LLC buys Tampa Bayside MarinaKawama Development Group invests in Belcher officeKimco Realty buys strip centersNaples investors buy Bougainvillea, vacant landOmega Healthcare Investors buys elder housings centersSchottenstein Stores buys three local Albertson's spaces

Real Estate Briefs

Commercial Real Estate by Sean Roth | Real Estate Editor


Meridian preparing office condos next to former Winn-Dixie distribution center

BUYER: Meridian Business Center LLC (Steven Kossoff), Clearwater

SELLER: Meridian-Hudson McIntosh LLC

PROPERTY: 6100 McIntosh Road, Sarasota

PRICE: $5 million

PREVIOUS PRICE: $30 million, January 2006 (includes additional property)

LAW FIRM ON DEED: Icard Merill Cullis Timm Furen & Ginsburg PA, Sarasota

PLANS, DESCRIPTION: Steven Kossoff's Clearwater-based Meridian Development Group transferred about 18 acres that was part of the property housing the 948,578-square-foot Winn-Dixie grocery distribution center to another internal company, Meridian Business Center LLC. The transfer was a precursor to Kossoff's development of a 160,000-square-foot office condominium complex on the site, which fronts McIntosh.

"It's going to be heavily screened," Kossoff says. "There will be a new road separate from the warehouses. It will really be a self-enclosed village style design with some of the buildings overlooking the ponds. You aren't even going to know the warehouses are there from the condos."

Meridian hired Loyd Robbins of Harry E. Robbins Associates Inc. to sell the condos. Kossoff expects to kick off presales in one to two weeks. The target condo range is 1,500 square feet or larger.

The development is being built in phases and completion of the first phase of buildings is scheduled for completion in about 9 months.

Sarasota's The ADP Group designed the office complex. Meridian will handle the construction management internally.

A joint venture of Tampa's Meridian Cos. and New York-based Hudson Realty Capital LLC purchased the distribution warehouse in January with plans to subdivide and lease out the center. Cushman & Wakefield's Tampa office is marketing the warehouses.

Local Investor Buy Two Siesta Properties

BUYER: 5151 Beach Club of Sarasota LLC, Sarasota

SELLER: Beach Club of Siesta Key LLC

PROPERTY: 5151 Ocean Blvd., Siesta Key

PRICE: $3.73 million

PREVIOUS PRICE: $3.39 million, September 2005

BUYER: 5148 Beach Road of Sarasota LLC, Sarasota

SELLER: Tropical Breeze Resort of Siesta Key LLC

PROPERTY: lot 1, block 4, Mira Mar Beach, Siesta Key

PRICE: $2.84 million

LAW FIRM ON DEED: Williams Parker Harrison Dietz & Getzen, Sarasota

PLANS, DESCRIPTION: Investor Chris Brown, who owns and operates auto wholesaler Firkins Acquisitions and owns Siesta Key Storage, purchased the management office and retail spaces associated with the Tropical Breeze Resort and the Beach Club restaurant in Siesta Key village.

Richard Dear and his partners have listed the Tropical Breeze for sale in four portions for a while now, but it was the commercial that most attracted investors.

The transition in ownership of the two properties to Brown is expected to have little if any public impact. The commercial Tropical Breeze Plaza management offices, China Dragon restaurant and Key Salon and Spa will all remain in the about 6,000-square-foot plaza building, and the Beach Club bar/restaurant will continue to operate in the 6,050-square-foot building much the same as before.

An active real estate investor, Brown says that he continues to buy because of the growth in the market.

"When you see what's happening with the Quay," Brown says, "office buildings being sold for $50 million and bank buildings going for $20-$30 million, I really think its indicative of what the future holds for Sarasota. Any time you buy two unique properties in special locations like these - they don't come around often - so you've got to be prepared to jump."

David Jennings, a broker/associate with Sky Sotheby's International Realty, who listed Dear's Tropical Breeze Plaza, is marketing Brown's Siesta Key Storage and the two remaining sections of the Tropical Breeze resort - a 10-unit and an 11-unit complexes. Dear plans to reposition a 42-unit section of the Tropical Breeze as fractional condos.

5151 Beach Club of Sarasota LLC mortgaged the Beach Club to Wachovia Bank for about $3 million. 5148 Beach Road of Sarasota LLC mortgaged the Tropical Breeze property to The Bank of Commerce for $1.7 million and Dear's Tropical Breeze Resort of Siesta Key LLC for $400,000.


• TRiTON Cos. and the RBS Cos. hired Michael Saunders & Co. to market their planned One Palm condominium and retail complex.

Tampa Bay

Lutz Real Estate Investment buys Central Station building

BUYER: Central Station Owner LLC, Farmington Hills, Mich.

SELLER: Parkway Properties GP Inc.

PROPERTY: 2612 Central Ave. St., Petersburg

PRICE: $15 million

PLANS, DESCRIPTION: Farmington Hills, Mich. Lutz Real Estate Investment purchased the 133,000-square-foot Central Station Building from Jackson, Miss.-based Parkway Properties, Inc. for $15 million.

"We already own about 20 buildings, totaling 676,000 square feet in the Tampa area," says Tony Landa, vice president of Lutz Real Estate Investment. "So we already knew the area well. We like St. Petersburg as a market. It generally has been seen as a sleepy little town, but it's been trending upward and has some very strong fundamentals. It has a strong residential and retail base. The office market is very tight."

Progress Energy holds a lease to the building through about 2008. Landa says there is a possibility that Lutz Real Estate Investment may re-lease or reposition the building at the end of the current lease.

Yacht Clubs of the Americas LLC buys Tampa Bayside Marina

BUYER: Tampa Marina Investment LLC (principal Steeven Knight), Fort Myers

SELLER: C. J. Marina LLC

PROPERTY: 5200 and 5212 W. Tyson Ave., Tampa

PRICE: $34.5 million

PREVIOUS PRICE: $2.5 million, March 1999 and $505,000, October 1999

LAW FIRM ON DEED: Preston O. Cockey Jr., Tampa

PLANS, DESCRIPTION: Steeven Knight's Yacht Clubs of the Americas LLC purchased the Tampa Bayside Marina as part of its recent acquisition of a total of three marinas, including others in Naples and Key West, for about $100 million. Like Yacht Clubs of the Americas' other marinas, the Tampa marina is being redeveloped as a "dockominium" with a special facilities for dock owners including a deli/coffee shop, a Tiki Hut/Barbecue Area and a fitness center and pool. The marina is expected to feature 700 dry slips and 38 wet slips.

Part of Yacht Clubs of the Americas' business plan and sales amenity to dockominium buyers is reciprocity with the company's other managed dockominiums, which also includes the Sanibel Harbour Yacht Club. To finance the three new purchases and their redevelopment, Yacht Clubs of the Americas received a $200 million loan from the New York City-based REIT iStar Financial.

Kawama Development Group invests in Belcher office

BUYER: 1120 Belcher RD LLC (principals: Frank Cisneros Jr. and Carlos Cisneros), Tampa

SELLER: Belcher Professional Center II LLC

PROPERTY: 1120 Belcher Road, Largo

PRICE: $1.75 million

PREVIOUS PRICE: 1.44 million, February 2004

PLANS, DESCRIPTION: Tampa-based Kawama Development Group LLC purchased an 11,180-square-foot office building in Largo. According to Frank Cisneros Jr., the property was purchased as an investment. The office building is currently leased to American Financial Solutions. 1120 Belcher RD LLC mortgaged the Belcher Road office building to Colonial Bank for $1.5 million.


• Fifth Third Bank purchased vacant land in Hillsborough County from GAN Racetrack LLC for $1.79 million. According to Bonnie Patchen, vice president of marketing for the Greater Tampa Bay affiliate of Fifth Third Bank, the bank purchased the land as part of a significant expansion plan into the Tampa Bay market. Patchen says the bank plans to add 12-15 new branches in Hillsborough and Pinellas counties toward the end of 2007. After that, the bank will start adding branches in Pasco County followed by new locations in Hernando and Polk counties in 2008.


Kimco Realty buys strip centers

BUYER: Coral Pointe Investment LLC (principal Kubs Income Fund II Business Trust), New Hyde Park, N.Y.

SELLER: Alanda Ltd.

PROPERTY: 1631 Del Prado Blvd S., Cape Coral

PRICE: $23.1 million

PREVIOUS PRICE: $6.8 million

BUYER: SBI Investment LLC (principal Kubs Income Fund II Business Trust), New Hyde Park, N.Y.

SELLER: Universal Investment Fund LLC

PROPERTY: 2301 Santa Barbara Blvd., Cape Coral

PRICE: $7.6 million

BUYER: SB II Investment LLC (principal Kubs Income Fund II Business Trust), New Hyde Park, N.Y.

SELLER: Santa Barbara Investment LLC

PROPERTY: 2221 Santa Barbara Blvd., Cape Coral

PRICE: $3.45 million

BUYER: SB III Investment LLC (principal Kubs Income Fund II Business Trust), New Hyde Park, N.Y.


PROPERTY: 2209 Santa Barbara Blvd., Cape Coral

PRICE: $3.4 million

BUYER: Bonita Grande II Investment LLC (principal Kubs Income Fund II Business Trust), New Hyde Park, N.Y.


PROPERTY: 12951 Trade Center Drive, Bonita Springs in Four Bernwood Park of Commerce

PRICE: $2.05 million

PLANS, DESCRIPTION: New Hyde Park, N.Y.-based Kimco Realty Corp. purchased a 705,800-square-foot row of retail strip centers known as the Shopes at Santa Barbara in Cape Coral and the about 33,000-square-foot Bonita Grande Crossings Shopping Center in Bonita Springs for about $40 million. Representatives from Kimco did not return calls for comment.

Naples investors buy Bougainvillea, vacant land

BUYER: Bougainvillea Center LLC (principals: Mahmoud Rahim and Raya Abdul-Hussain), Naples


PROPERTY: 7740 Preserve Lane, Naples

PRICE: $6.8 million

PREVIOUS PRICE: $1.8 million, March 2005

BUYER: Tivoli Square of Naples LLC (principals: Mahmoud Rahim and Raya Abdul-Hussain), Naples

SELLER: Michael Arbitman MD as trustee

PROPERTY: 12.7 acres of non-agricultural land, SEC 13-48S-26E, Naples

PRICE: $2 million

PLANS, DESCRIPTION: Two Naples doctors, Mahmoud Rahim and Raya Abdul-Hussain, purchased about 13 acres and the 27,052-square-foot retail Bougainvillea center for $8.8 million. According to David Bartley, broker/owner of Bartley Realty Services, who brought the deals to the doctors, Rahim and Abdul-Hussain plan to develop the vacant site as a 27,000-square-foot, two story office building.

"The Bougainvillea center is a retail center with great exposure on Immokalee Road," Bartley says. "At $250 a square foot it was really a good deal. It is probably really worth about $350 a square foot." The neighborhood retail center is currently 60% occupied. Barley, who is marketing the space, expects to have the center at the 90% occupancy level in six months to a year.

The new owners mortgaged the Bougainvillea Center and the vacant land to Colonial Bank for $7.23 million.

Omega Healthcare Investors buys elder housings centers

BUYER: NRS Ventures LLC, Timonium, M.D.

SELLER: Litchfield Investment Co. LLC

PROPERTY: 13755 Golf Club Parkway, Fort Myers

PRICE: $7.02 million

PREVIOUS PRICE: $3.73 million, August 1994

BUYER: NRS Ventures LLC, Timonium, M.D.

SELLER: Litchfield Investment Co. LLC

PROPERTY: 2302 w. 59th St., Bradenton

PRICE: $7.87 million

PREVIOUS PRICE: $9.2 million, September 1997

PLANS, DESCRIPTION: Timonium, M.D.-based REIT Omega Healthcare Investors Inc. purchased the 107-bed Fort Myers Care & Rehabilitation Center and the Heritage Park Care & Rehabilitation in Bradenton. The two properties were part of a much larger portfolio acquisition from Litchfield Investment Co. LLC and its associated companies. Omega Healthcare Investors purchased 30 skilled-nursing facilities and one independent living facility from Litchfield for $171 million. The facilities include 3,847 beds in five states: Texas, Colorado, Florida, Idaho and Louisiana. The Litchfield portfolio included a total of seven properties in Florida. The REIT reports that the total incremental annualized rent from all 31 facilities is about $17.1 million.

The Timonium-based REIT provides financing and capital to the long-term healthcare industry and particularly to skilled-nursing facilities. As of June 30, the company owned or held mortgages on 208 skilled-nursing and assisted-living facilities with a total of 23,573 beds in 27 states and operated by 34 third-party healthcare operating companies.


• Eagle View, LLC broke ground on Eagle View, a new professional business park in Naples. Set to open in March and on Goodlette-Frank Road between the Wilderness Country Club Golf Course and the new Collier County Water Quality Park, Eagle View includes five buildings and 72,000 square feet for medical and professional office users.

GMC Acquisitions, LLC, a division of Gates McVey Builders, is constructing one of the first medical facilities in the park, a 21,000-square-foot building that will house Anchor Healthcare. The law firm of Kelly, Passidomo, Alba and Cassner, LLP and Fifth Third Bank will also occupy space in the new park.

Eagle View, LLC's principals are R. Scott Cameron, of Cameron Real Estate Services Inc. and chairman of Florida Commercial Brokers Network; and Michael Dougherty, a businessman and real estate developer.

• Fort Myers-based J.L. Wallace Inc. started construction on the Church of the Cross, a two-story, 14,317-square-foot building at 13500 Freshman Lane in Fort Myers. Construction is scheduled for completion in February.

• The Quarry, a Centex Homes development in northern Naples, was named the Best Master-Planned Community of the Year by the Excel Awards. The Excel Awards is an annual statewide competition organized by the Florida Home Builders Association in conjunction with the Sales and Marketing Council.

The Quarry is a more than 1,700-acre gated community encompassing a 230-acre recreational lake and a 90-acre recreational lake. The community features a Hurdzan/Fry-designed 18-hole golf course. A lake lodge and beach club as well as a tennis lodge are planned. Two neighborhoods are sold out and six more are being actively sold. Centex Homes is offering carriage, villa, single-family and estate homes from the $400,000s to more than $1 million.

• Fort Myers-based Stevens Construction Inc. completed construction of Murdock Ambulatory Surgery Center, in downtown Murdock. Designed by Gordon and Associates, the 12,000-square-foot surgery center houses three operating rooms, a pre-operating area, recovery rooms and administrative office space.

• Eye Centers of Florida leased a 2,273-square-foot office at 4881 Palm Beach Boulevard, Suite 200 in Fort Myers from Morse Shore Professional Centers LLC. Robyn Wright of Gates D'Alessandro & Woodyard LLC, Realtors negotiated the transaction.

• Metal Works Fabricators Inc. leased a 7,200-square-foot office/warehouse at 200 Waldo Ave. N., Lehigh Acres from Sox Development Inc. Todd Holman of Gates D'Alessandro & Woodyard LLC, Realtors negotiated the transaction.

• Owen-Ames-Kimball Co. completed construction management for the Academic V classroom and administrative building on the Florida Gulf Coast University Fort Myers campus. The $7.1-million, 41,000-square-foot project will provide classroom space in addition to facility and university executive offices. The two-story, "L"-shaped building also features a 180-seat amphitheatre-style classroom and connecting walkway to adjacent campus buildings.

• Fort Myers-based Stevens Construction started construction on the 10,531-square-foot Center for Surgical Excellence ambulatory surgery center in Venice. The center will eventually house the office of Dr. Jaffer Kahn and Dr. Tarique Kahn, as well as operating and recovery rooms for their practice. The project is scheduled for completion late this year.

Charlotte County

Schottenstein Stores buys three local Albertson's spaces

BUYER: ABNK Properties LLC,

SELLER: Newkirk Bradall LP

PROPERTY: 7415 W. Manatee Ave., Bradenton

PRICE: $4.92 million

SELLER: Newkirk Santex LP

PROPERTY: Venice Marketplace, 1590 S. U.S. 41 Bypass, Venice

PRICE: $3.01 million

SELLER: Newkirk 21AT LP

PROPERTY: supermarket, 4820 Leonard St, Cape Coral

PRICE: $2.83 million

PLANS, DESCRIPTION: Columbus, Ohio-based Schottenstein Stores Corp and Kimco Realty Corp. purchased three Gulf Coast leased Albertson's sites: one each in Lee, Manatee and Sarasota counties. The deal was part of a sell off of 50 of the properties by the public REIT Newkirk Realty Trust Inc. to Schottenstein and New Hyde Park, N.Y.-based retail REIT Kimco Realty Corp. The total purchase price for all 50 sites, spanning a total of 2.3 million square feet of space, was $160 million.

Schottenstein Stores owns interests in Value City Furniture, American Signature Furniture stores, American Eagle Outfitters, retail liquidator SB Capital Group and about 50 shopping centers.

ABNK Properties LLC mortgaged several of its properties to Barclays Capital Real Estate Inc. and German American Capital Corp. for $150 million.

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