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Business Observer Monday, Jul. 17, 2006 12 years ago

Real Estate Briefs

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Developers acquire land for lifestyle projectSunstream Hotels, Resorts buys Islands ResortInvestors pay $4.6 million for multi-tenant buildingInvestor acquires St. Armands pharmacyDeveloper buys Venice land to build office parkCostello buys office park, converting to condosLion's Gate Project to be at Entrance to RosedaleSan Francisco group acquires apartmentsInvestor buys Willow Oaks ApartmentsBoca attorney purchases pharmaceutical buildingNew Hotel
by: Adam Hughes Staff Writer

Real Estate Briefs

LEE/COLLIER

Developers acquire land for lifestyle project

BUYER: Estero Oaks LLC, Bonita Springs

SELLER: Korenshan 36 Partnership LLP

PROPERTY: 12501 Estero Parkway, Estero

PRICE: $17.6 million

PREVIOUS PRICE: $4.99 million, September 2003

PLANS, DESCRIPTION: Steve Hunt's Hunt Commercial Development Corp. and Michael McVay, a bank president from Woodbury, Minn., purchased 36 acres on the northwest corner of Estero Parkway and Three Oaks Parkway in Estero. The new owners plan to develop the site as an upper-end lifestyle center with 170,000 square feet of retail, 50,000 square feet of office and 80,000 square feet of outparcel space. Hunt says he would like to have the project completed in the next 18 to 20 months. This is Hunt's first large-scale mixed use development; Hunt Construction has been best known for building luxury homes. The company has also performed five smaller commercial projects since early 2000.

The site was attractive, Hunt says, because it sits on two fast-growing roads. The median income within five miles of the development is $35,000 higher than the surrounding subdivisions, he says.

The new owners mortgaged the property to Colonial Bank for $17.56 million.

Greg Toth and Tiffany Luongo of Select Real Estate by Stephanie Miller represented the seller and James Pilkington of Downing-Frye Realtors represented the buyer. Luongo is the listing agent for the project.

Sunstream Hotels, Resorts

buys Islands Resort

BUYER: Retreat Port Islands LLC,

SELLER: Islands Club LLC, Islands Hotel, Islands Marina LLC and Port Islands Investments LLC

PROPERTY: 25000 Tamiami Trail E., Naples

PRICE: $6.677 million

PREVIOUS PRICE: $836,700, June 2005

PLANS, DESCRIPTION: Fort Myers-based Sunstream Hotels & Resorts purchased Port of the Islands Resort in Naples. Although the development plan has yet to be finalized, SunStream Hotels & Resorts is considering closing the hotel and building three condominium buildings next door. While the roughly 90 new condo units are being completed, the company would also renovate the existing hotel structure and landscaping. SunStream Hotels & Resorts is expected to finalize the development plans next month.

The company currently owns four hotels in Fort Myers: the Diamond Head Beach Resort, the Santa Maria Harbor Resort, the Pointe Estero Beach Resort and the GullWing Beach Resort. It also owns a pair of properties in Naples: the Park Shore Resort and the Bellasera Hotel.

Sunstream Hotels & Resorts mortgaged the property to Bank of Naples for $3.6 million.

Investors pay $4.6 million

for multi-tenant building

BUYER: 4100 Goodlette Building LLC (principals: Brad Havemeier, Randy Kurtz and Dave Melheim), Naples

SELLER: Brad Havemeier, Jon Macinnes, Anatol Mihailoff, Chriss Wieland, Partnership

PROPERTY: 4100 Goodlette Road N., Naples

PRICE: $4.6 million

PREVIOUS PRICE: January 1988, $250,000

PLANS, DESCRIPTION: Brad Havemeier, president of Gulfshore Insurance Inc., Randy Kurtz of Kurtz Homes and Dave Melheim purchased an about 25,000-square-foot office building in Naples. The primary tenant is Havemeier's Gulfshore Insurance and the secondary tenant is Gentiva Health Services.

The new owners mortgaged the building to Transamerica Life Insurance Co. for $3.45 million.

Etc...

•Samir Cabrera and Daniels View LLC purchased 9.6 acres at 13700 Indian Paint Lane, Fort Myers, from Gussler Investments LP for $3.2 million. Samir Cabrera, Kevin Rosenthal and Don Turner of D'Alessandro & Woodyard Inc. negotiated the transaction.

•Florida Heart Associates Building Partnership LLP purchased a 1.6-acre corner site, 1002 Country Club Blvd., Cape Coral, from Family Practice Building Partnership LLP for $1.31 million. Hal Arkin of D'Alessandro & Woodyard Inc. negotiated the transaction.

• Florida Property & Development purchased 2,300 square feet of office/warehouse condominium space at 1430 Rail Head Blvd., Naples, from AJ Enterprises for $436,000. The property was purchased for investment purposes. Diane Conrad of VIP Commercial - TCN Worldwide negotiated the transaction.

• Orlando-based Cuhaci & Peterson won a contract to design Treeline Square, a 40,000 square foot retail facility at Colonial and Treeline boulevards in Fort Myers. HIW Development of Fort Myers is the developer of Treeline Square.

SARASOTA/MANATEE

Investor acquires St. Armands pharmacy

BUYER: WHR III LLC (W. Howard Rooks), Sarasota

SELLER: St. Armands Pharmacy Inc.

PROPERTY: 19C N. Blvd. of the Presidents, St. Armands

PRICE: $2 million

PREVIOUS PRICE: $1.2 million, March 2004

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

PLANS, DESCRIPTION: Real estate developer/investor Howard Rooks purchased commercial space at 19C N. Blvd. of the Presidents. The space includes St. Armands Pharmacy, a UPS Store and the Circle Deli Diner. Rooks hopes to attract a restaurant to occupy the former pharmacy and deli space, a total of 3,100 square feet; the space includes some restaurant equipment. The space offers four parking spaces in the back of the building.

WHR III LLC mortgaged the property to Community Firstbank for $1.5 million

Developer buys Venice land

to build office park

BUYER: MG and V Investments LLC (Danny Via), Arcadia

SELLER: VSC Holding Corp. Inc.

PROPERTY: 1795 E. Venice Ave., Venice

PRICE: $1 million

LAW FIRM ON DEED: Kanetsky Moore & Deboer PA, Venice

PLANS, DESCRIPTION: Danny Via, owner of Sarasota's Danny Via Plumbing, Inc., purchased 3 acres at the corner of East Venice Avenue and Auburn Road. Via plans to develop the land in a mixture of buildings for a total of 30,000 square feet of professional office space.

Construction is scheduled to start in 6 months with completion planned for the end of 2007. Loyd Robbins of Harry E. Robbins Associates Inc. is the agent for the project.

The new owner mortgaged the property to Suncoast Bank for $800,000.

Costello buys office park,

converting to condos

BUYER: Joseph Costello Properties (principal Joseph Costello), Sarasota

SELLER: Center Gate Partnership

PROPERTY: 5540 Bee Ridge Road, Sarasota

PRICE: $5.8 million

PREVIOUS PRICE: $2.35 million, April 1988

LAW FIRM ON DEED: Norton Hammersley Lopez & Skokos PA, Sarasota

PLANS, DESCRIPTION: Sarasota developer/real estate investor Joseph Costello acquired a six-building professional office park. Costello says he plans to convert the spaces into office condominium units.

Costello mortgaged the property to People's Community Bank of the West Coast for $3.95 million.

LION'S GATE PROJECT TO BE AT ENTRANCE TO ROSEDALE

Karen Cook and Gary Moyer expect to start construction in the third quarter on the Lion's Gate Development, a 30,000-square-foot, three-building retail/office center on State Road 70, just east of Interstate 75, at the entrance to Rosedale Golf and Country Club.

Construction is scheduled to take 10 months.

Cook, an associate with the commercial division of Michael Saunders & Co., is also the sales/leasing agent for the project.

The development will offer 16 condominiums, along with an outparcel for a bank. The units are being listed for sale or lease.

Moyer has been developing in the Sarasota-Manatee area since the early 1980s, completing projects such as the Colonnade on Bee Ridge Road in Sarasota and the Fountain Court and Pebble Springs on Manatee Avenue in Bradenton.

Etc...

• Fidelity Homes has closed on its new corporate offices in the Sarasota Business Center on Commerce Drive in Venice. The home builder will have more than 3,500 square feet of space in the new building, including a mezzanine. Sarasota Business Center sits on 61 acres of land near the Jacaranda interchange off I-75.

The move comes as Fidelity Homes has sold the final 22 homes in The Venice Golf and Country Club, where the company formerly had its main offices.

TAMPA BAY

San Francisco group acquires apartments

BUYER: JSP Sterling LLC (principals: Thomas Coates and Curtis Garner Trustee), San Francisco

SELLER: Sterling Palms Ltd.

PROPERTY: 919 Sterling Palms Court, Brandon

PRICE: $19.77 million

PLANS, DESCRIPTION: San Francisco-based real-estate investment firm Jackson Square Properties purchased the 248-unit Sterling Palms Apartments in Brandon. A spokesperson for the company says so far there aren't any plans to convert the property to condominiums or renovate the apartment complex. The company owns the Lincoln Oaks Apartments in Tampa and Huntington Place in Sarasota.

Since it was founded in 2004, Jackson Square Properties has acquired more than 2,000 apartments and more than 900 mobile-home park spaces. Its portfolio of apartments is concentrated in California, Florida, Nevada, Washington and Utah.

Jackson Square Properties mortgaged the property to Florida Housing Financial Corp. for $14.17 million.

Investor buys

Willow Oaks Apartments

BUYER: American Property Group VIII LLC,

SELLER: Beresford Assoc. Ltd.

PROPERTY: 12710 English Hills Court, 5614 E. 127th Ave., 5613 E. Gibson Ave., 12802, 12708 and 12811 N. 58th St., Temple Terrace

PRICE: $4.78 million

LAW FIRM ON DEED: Murai Wald Biondo Moreno & Brochin PA, Coral Gables

PLANS, DESCRIPTION: Ronald Pownall of Beepers & Phones purchased the 116-unit Willow Oaks Apartments in Temple Terrace.

"We are going to spend about $4 million to remodel it both inside and out," Pownall says. "We'll be adding a pool house, a fitness center and an Internet cafe."

The new owner mortgaged the property to First State Bank for $4.39 million.

Boca attorney purchases

pharmaceutical building

BUYER: 5415 West Laurel LLC (principal Dan Mandel), Boca Raton

SELLER: Xcelience LLC

PROPERTY: 5415 W. Laurel St., Tampa

PRICE: $4.05 million

PREVIOUS PRICE: $600,000, April 1993

LAW FIRM ON DEED: Shumaker Loop & Kendrick LLP, Tampa

PLANS, DESCRIPTION: Attorney Dan Mandel, a partner in the Boca Raton law firm of Mandel, Weisman, Heimberg, Brodie & Griffin, PA, acquired the 20,000-sqaure-foot medical office building on Laurel Street in Tampa. The one-story building, which was an investment according to Mandel, is leased through a long-range agreement to Xcelience, which does pharmaceutical research.

Mandel mortgaged the building to Principal Life Insurance for $3.2 million.

New Hotel

Impact Properties Group started construction on the new Westin Hotel & Residences at Rocky Point. The 14-story, 270,000 square-foot hotel will hold 193 guest rooms, 20 condos on the top two floors, 4,000 square feet of meeting space, fine dining restaurants, private dining rooms, al fresco waterside dining, a Starbucks Coffee and the "Westin Workout by Reebok" fitness facility and indoor pool. The project is expected to cost $59 million and be completed by October 2007.

Construction under way

on mixed-use resort, marina

Cay Clubs Resorts & Marinas began work on a mixed-use development to be built on the site of the Commonwealth Shopping Center, 18425 U.S. 19 N., Clearwater. The project is adjacent to the Clearwater Cay Club.

The 167,985-square-foot shopping center is being demolished for a proposed mid-rise, mixed-use development. Current plans feature Venetian-style architecture and include condominiums, a hotel, retail shops, entertainment venues, banquet and meeting space and a spa.

Cay Clubs purchased the Commonwealth Shopping Center for $11 million.

Cay Clubs also recently bought the nearby St. Joe Harbourside building, where it will be relocating its corporate headquarters. Cay Clubs paid $21.75 million for the new 146,679 square-foot headquarters building at 18167 U.S. 19 N. Washington Mutual was the previous tenant.

In addition to Clearwater, Cay Clubs owns and operates vacation and resort properties in Sarasota, as well as the Florida Keys and Las Vegas.

Etc...

• Fore Summerlin Oaks LP purchased 9.39 acres on Church Street in Bartow from Robert D. Wray. The new owners plan to develop apartments on the site. Cushman & Wakefield's Bruce Erhardt negotiated the transaction on behalf of the seller.

• Tampa-based Nael Res LLC purchased Pier One Plaza, a strip shopping center at 4949 Fourth St. N. St. Petersburg from Optima Partners LLP for $2.98 million. Tenants in the center include Pier One and Nextel/Sprint. Plaza Advisors represented the seller.

• Tampa-based Skanska USA Building Inc. was awarded the construction contract for Health-South Pavilion, a 126,000-square-foot medical office building for the University of South Florida's Tampa General Hospital. The project has an anticipated value of $16.7 million.

• MiTek Industries Inc. renewed its 99,007-square-foot lease at 1801-A Massaro Blvd., Tampa, with Weingarten Realty Investors. MiTek provides engineered products and services for the building components industry.

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