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Real Estate Briefs (Sara/Mana)
Kurland Family Plans
Fruitville Mixed-use Project
Buyer: Kurland Family Investments LLC
(principal Alan Kurland), Sarasota
Seller: Robert Kimbrough
Property: 1506 Fruitville Road, Sarasota
Price: $1.1 million
Previous Price: $60,000, March 1973
Law firm on deed: Abel Band Russell Collier Pitchford & Gordon, Sarasota
Plans, description: The Kurland family has purchased the 6,500-square-foot former Rags to Riches commercial building on Fruitville Road in downtown Sarasota.
Owner Alan Kurland says the family plans a mixed-use complex with retail, office and residential units. "We already have a major restaurant operator that wants to be there and a bank that wants to open a branch there," Kurland says.
Kurland expects to develop residential units in the 1,200 to 1,250 square-foot range and to price them at $500,000 to $600,000.
"I'm in the process of doing some other assemblages," Kurland says. "I'm looking at buying another two other properties. But the way we are putting the project together we can work around them if they hold out. I think we should have them put together by next month."
Kurland is designing his project under the premise that zoning for the land will cap its height at 10 stories or about 140 feet. Kurland plans to seek a density bonus that could reach as high as 200 units per acre.
"The number of units is really variable right now from about 80 or 90 up to 135 or even 145 units" Kurland says. "These units aren't really going to be super expensive, but we are going to have some good amenities. We will try to get a pool in there and a nice lobby. We are looking at doing something on the roof; it will have decent views of the bay to the northwest and the other side will have a nice view of downtown."
Kurland is also interested in tying the project into the Pineapple Square retail development to the south of the Fruitville site.
In addition, across the street from Kurland's project, contractor Mark Miller and Chad Bratzke, a former defensive end for the Indianapolis Colts, plan to build a mid-rise office and retail center, to be built by Miller's Westwater Construction Co. And on the former Hibbs Farm and Garden site, also across the street, Corvus International and the Lemon Development Co. are planning a 29-unit loft residential development.
"There is certainly going to be a lot more traffic going through here," Kurland says. "This is going to be an interesting corner."
An early schedule for the developmental approval process projects the construction could start in about nine months.
The Kurland family mortgaged the property to Peninsula Bank for $750,000.
Clark Comfort Inn owners buy nearby Ramada
Buyer: Sarasota Hotels LLC (principals Richard, Ian and Anne Bradshaw), Sarasota
Seller: Saraswati Inc.
Property: 5774 Clark Road, Sarasota
Price: $3.25 million
Previous Price: $670,000, March 1994
Law firm on deed: Abel Band Russell Collier Pitchford & Gordon, Sarasota
Plans, description: The Bradshaw family, owner of the 63-unit Comfort Inn at 5778 Clark Road, has purchased the 63-unit Ramada Ltd. next door.
Richard Bradshaw, who studied hotel and catering management at the college level in England, says he and his parents always intended to purchase the Ramada property ever since they came to the United States and bought the Comfort Inn.
"About five years ago we decided we wanted to live in Florida," Bradshaw says. "To get a visa you needed to buy a substantial business. So when we bought the Comfort Inn from Sancho Patel, we had already discussed our plan with him to buy the Ramada."
Then Sept. 11 hit. "Thank goodness we rebounded last year," Bradshaw says. "Last year was actually a record for us. This year is looking even better."
Bradshaw plans to operate the two hotels as if they were two wings of a larger hotel.
"This purchase does give us certain efficiencies," he says. "We will be able to have one executive housekeeper and one executive manager. We will cross train all the front desk staff and housekeepers. This will also allow us to do joint advertising."
Bradshaw expects to focus on improving the quality and training at the Ramada and then later to look for a third hotel property to acquire.
"We will probably buy something in about 12 months," Bradshaw says. "We are really looking within an hour and a half from here. But first we need to get these two under our belt."
The Bradshaw family mortgaged the property to American Equity Investment Life Insurance for $3.5 million.
Tradition Tarragon
buys Whispering Oaks
Buyer: Tradition Tarragon LLC (Tarragon Corp.), New York City
Seller: ITW Mortgage Investments 3 Inc.
Property: 8443-8459 Gardens Circle, Sarasota
Price: $35 million
Previous Price: $16.5 million, December 2000
Law firm on deed: Greenberg Traurig PA, Fort Lauderdale
Plans, description: Tradition Tarragon LLC, a subsidiary of the New York development firm, Tarragon Corp., purchased the Whispering Oaks at Palm-Aire apartment complex in Sarasota.
The 248-unit Whispering Oaks is near the intersection of University Parkway and Whitfield Avenue and features two lakes.
The new owner mortgaged the apartment property to General Electric Corp. for $32 million. Tarragon Corp., which is a public company, controls about 16,000 rental apartments and 1.4 million square feet of commercial space, valued at $1 billion, with concentrations in New Jersey, Florida, Connecticut and Texas.
Isaac Group buys buildings
on State, Pineapple
Buyer: IGH 1400 State LLC (Isaac Group Holdings LLC), Bryan Ohio
Seller: Pineapple LLC
Property: 300 Pineapple Ave. and 1400 State St., Sarasota
Price: $3.14 million
Previous Price: $1 million, March 2005 and $2 million, April 2003
Law firm on deed: Williams Parker Harrison Dietz & Getzen, Sarasota
Plans, description: Isaac Group Holdings LLC has purchased a 1,372-square-foot commercial building on Pineapple and 12,700-square-foot building on State Street from Westwood Management Of Florida Inc.
According to John Simon, chief executive officer and business partner for the retail developer, the purchase was just one of the company's expected acquisitions as part of the Pineapple Square development the company is proposing.
"As we had said, we control all of these pieces (in the Pineapple Square plan)," he says. "This was just one of the purchases."
The goal of the proposed Pineapple Square development is to add 133,000 square feet of national and local retail, 210 residential units and restaurants to downtown Sarasota for the 2007-2008 winter season.
The Isaac Group mortgaged the property to Fifth Third Bank for $3.14 million.
Kemick Properties
buys land for home community
Buyer: Kemick Properties LLC (principals Larry and Melissa Kemick), Ellenton
Seller: Carlton, Rita and Jeanne Seaver, by attorney, Doris and Reginald Seaver
Property: 8955 25th St. E., Parrish
Price: $2.8 million
Law firm on deed: Blalock Walters Held & Johnson PA, Bradenton
Plans, description: An investment group headed by Larry Kemick has purchased 22 acres of land running along the Manatee River near U.S 301 in Parrish.
Kemick plans to develop 20 single-family homes on the property, which would include 10 with river views and dock access.
"The future land use there is for three units per acres," Kemick says. "We are asking for far less than that." The development is still in the preliminary site-plan design stage, and Kemick expects permitting and governmental approvals to take about a year.
"We should start sales around that same time," he says. "We are both developing and building the homes."
Kemick Properties mortgaged the property to CNL Bank for $2.6 million.
Etc...
• Circle Investors of Sarasota LLC purchased a 22-unit motel, located at 6760 Sarasea Circle, Siesta Key, from Magdaline Koch Trust and John Koch Trust for $4.245 million. Warren Hickernell of Prudential Cascade represented the buyers, and Dan Page and Dan McLeroy of Re/Max Properties Commercial Division represented the sellers.
• Kmart, now owned by Sears, Roebuck & Co., purchased the existing Kmart department store at 7350 Manatee Ave. W., Bradenton, from Memphis-based Devonshire Associates and Devonshire Associates Ltd. for $2.85 million.
• An Indiana Beach Retreat LLC purchased A Beach Retreat, 105 Casey Key Road, Siesta Key, from A Beach Retreat LLC for $7.85 million. Florida Division of Corporations show Ronald Whistler, James Trueblood, Daniel Teder and James Andrew Jr., all of West Lafayette, Ind., as members of An Indiana Beach Retreat LLC. An Indiana Beach Retreat LLC mortgaged the property to the former owner for $6.85 million.
• Siam Retreat Partners LLC purchased the 16-unit Siam Garden, 512 Spring Ave., Anna Maria, from Siam Garden Resort Group LLC for $4.12 million. The new owner has suggested plans to sell the individual units while maintaining the complex as a resort. The new owner mortgaged the property to SunTrust Bank for $3.36 million.
• Addy's Inn LLC purchased the Addy's Inn motel, 330 N. Tamiami Trail, Nokomis, from Michael and Andy Griffith for $2 million. Jim Walter of Richardson Kleiber Walter Walter Partnership represented the seller, and Linda Bastian of Michael Saunders & Co. represented the buyer.
• AmeriQuest mortgage leased 3,044 square feet of office space at CattleRidge Financial Center, 6000 Cattleridge Drive, Sarasota. Marcia Sevigny of Osprey Real Estate Services represented the landlord in the transaction.
• Leedom & Associates leased 6,256 square feet of office space in the Sarasota City Center, 1819 Main St., Sarasota. Brian Kennelly of Osprey Real Estate Services represented the landlord in the transaction.
• Abanco International leased 4,926 square feet of office space in the Sarasota City Center, 1819 Main St., Sarasota. Marcia Sevigny of Osprey Real Estate Services represented the landlord in the transaction.
• WilsonMiller Inc. leased an additional 2,300 square feet of office space in the 6944 Professional Parkway, Lakewood Ranch. Brian Kennelly of Osprey Real Estate Services represented the landlord in the transaction.
• Aliant Financial Services Inc. and CPA Associates PA leased office space in the Sarasota City Center, 1819 Main St., Sarasota. Marcia Sevigny of Osprey Real Estate Services represented the landlord in the transaction.
• Gentiva Health Services (USA) Inc. leased 3,412 square feet of office space at Live Oak Office Center, 2201 Cantu Court, Sarasota. Marcia Sevigny of Osprey Real Estate Services represented the landlord in the transaction.
• Smith Seckman Reid Inc. has leased an additional 3,700 square feet of office space in the 6944 Professional Parkway, Lakewood Ranch. Brian Kennelly of Osprey Real Estate Services represented the landlord in the transaction.
• HDR Engineering has signed a contract to lease 3,902 square feet of office space at Live Oak Corporate Center, 2601 Cattlemen Road, Sarasota. Marcia Sevigny of Osprey Real Estate Services represented the landlord in the transaction.
• United Investments LLP purchased a 7,500-square-foot office/warehouse building, located at 7212 24th Ave E, Bradenton, in Centre Park, from D & D Dynasty Building, Inc. for $465,000. Mike Sporer and Steve Pimlott of Bosshardt Realty Services, Inc. represented the sellers, and Mike Edwards of Edwards Commercial Realty Inc. represented the buyers.
• Team Body Counselor LLC leased 3,000-square-feet of space at 11017 Arcade Place in Lakewood Ranch, from Capricorn One LLC. Diane Lee of Lakewood Ranch Realty represented the owner, and Marcia Cuttler of American Property Group of Sarasota Inc. represented Team Body Counselor.
• Paradise Communities, a subsidiary of The Paradise Group, has taken out a $3.6 million from AmSouth Bank on its recent purchase of the Kirk-Pinkerton PA law firm building and surrounding property on Orange Avenue in Sarasota.
• The U.S. Tower Division of Taylor Woodrow has announced plans to open Beleza condominium on Venice Beach in November, and The Beach Residences condominium on Lido Key in December. Tom Tosi, vice president of operations at the U.S. Tower Division of Taylor Woodrow, said all 26 residences in the eight-story Beleza on Venice Beach sold before construction started last fall at an average price of $1.2 million. All 88 condominiums at The Beach Residences sold before construction started last summer at an average price of more than $2 million, according to Tosi.
• MilitaryStars, a military career expo company, has relocated several employees to the company's new headquarters, a 3,000-square-foot office suite in the High Pointe Business Center off of Route 301 and 63rd Avenue. The company, created in mid-2004, finds civilian jobs for military upon their discharge from service. The company hosts hiring events throughout the country.
• LAM Management Inc. purchased land on Venetia Bay Boulevard in Venice from Alexarl Florida Co. LLP for $3 million.
• Goodman Family Limited Partnership has acquired an about 74,000-square-foot warehouse building, at 2150 Whitfield Industrial in Manatee County from Are Sarasota Limited Partnership for $3.6 million. One of the officers reported that purchase was just an investment.
• The Wisconsin limited liability company Big Lake Estates LLC and Elio and Sud Covelli have purchased the Carlyn Estates Trailer Park, 5611 Bayshore Road, Palmetto from Gary Gregory and Harry Bell for $3.9 million. The new owners mortgaged the mobile home park to Banks of Wisconsin for $3.12 million.
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