- April 15, 2024
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Real Estate Briefs (Sara/Mana)
Sarasota investors buy
Bay West Business Center
BUYER: Bay West Rentals LLC (principals Mario Comparetto and Donald McDonough), Sarasota.
SELLER: Bay West Business Center Inc.
PROPERTY: 4251 N. Washington Blvd. and land on Butler Avenue
PRICE: $5 million
PREVIOUS PRICE: $411,700, March 1999; and $6,500, November 1999.
LAW FIRM ON DEED: Icard Merrill Cullis Timm Furen & Ginsburg PA, Sarasota.
Plans, description: Bay West Rentals LLC, an investment group, purchased the 46,000-square-foot retail and office/warehouse development Bay West Business Center in Northgate Business Park. The purchase included four buildings.
Mario Comparetto, managing partner for the group, says he plans to move his real estate company, Campico, into the Bay West center from its current location on Northgate Boulevard.
Bay West has a 5% occupancy rate, with about 2,000 square feet of office/warehouse space still available, he says. The lease rate for the space is about $10 a square foot, plus cams.
"It's a wonderful project," Comparetto says. "It is really well maintained. It's one of the closest business parks to downtown. I think it was a fair price. I don't think I stole it, and I don't believe I paid a premium. Either way, a year from now we're probably going to think this is a hell of a deal."
Investors buy retail space
in Albertson's shopping center
BUYER: Bradenton Commons LLC, Frank and Judith Hodges, Gerald Nielsen, trustee, and Sonora Oil Co. (managing partner Jerry Cambra), Bradenton.
SELLER: Bradcom Ltd. Partnership.
PROPERTY: 4625 Cortez Road W., Bradenton.
PRICE: $3.25 million
PREVIOUS PRICE: $1.3 million, March 1995.
LAW FIRM ON DEED: Hill Ward & Henderson PA, Tampa.
Plans, description: Six investors purchased a 23,000-square-foot shopping center that wraps around an 80,000-square-foot company-owned Albertson's grocery store.
The investment group also owns Nokomis Park Isles Plaza and Mini-Storage, says Jerry Cambra, managing partner of the investors and Bradenton Commons LLC. Cambra sold California property he owned to buy the shopping center.
The investors plan to renovate the center. But they aren't sure about specifics since they're working out details with Albertson's company officials.
"If we get an agreement to do everything that we have planned," Cambra says, "we will be fixing the roof, changing the landscaping, repainting the buildings, changing the sidewalks and improving the signage. This is pretty much a complete renovation except for the interiors."
The shopping center is fully leased, and Cambra expects little change to the tenant composition.
The investors mortgaged the property to LandMark Bank for $2.44 million.
Waterford Cos. exchanges land
with Cemex, RMC South Florida
BUYER: Waterford Intracoastal Properties LLC, Venice.
SELLERS: Cemex Inc., Florida Mining and Materials Corp., Tampa Sand and Materials Co. and Saratrell Inc.
PROPERTY: 395 E. Venice Ave., Venice.
PRICE: $1.18 million
LAW FIRM ON DEED: Boone Boone Boone Koda & Frook PA, Venice.
BUYER: Waterford Intracoastal Properties LLC, Venice.
SELLERS: RMC South Florida Inc. and Singletary Concrete Products Inc.
PROPERTY: 395 E. Venice Ave., Venice.
PRICE: $936,000
BUYER: Cemex Inc.
SELLER: Waterford Intracoastal Properties LLC.
PROPERTY: Land near Knights Trail Road and Gene Green Road, Venice.
PRICE: $936,000
BUYER: Cemex Inc.
SELLER: Waterford Intracoastal Properties LLC.
PROPERTY: land near Knights Trail Road and Gene Green Road, Venice.
PRICE: $1.3 million
Plans, description: Venice developer Mike Miller's Waterford Cos. recently finalized an agreement to exchange about 20 acres of land on Knights Trail Road for about eight waterfront acres that Cemex Inc., RMC South Florida Inc. and Singletary Concrete Products Inc. owned on Venice Avenue. The waterfront property is currently being used as a cement plant, but the cement companies plan to build a new plant on the Knights Trail site.
"We are just doing some preliminary site plan work now," says Pat Waguespack, site and development coordinator for the Waterford Cos. "We are looking at possibly doing some condos there. It is across the water from our Venice Island project (a planned large-scale retail development)."
Waterford Cos. mortgaged the Venice Avenue location to SunTrust Bank for $1.63 million.
U.S. Tank & Cryogenic moves to Bradenton building
BUYER: U.S. Tank & Cryogenic Inc., Sarasota.
SELLER: Gebo Corp. USA
PROPERTY: 6007 31st St. E., Bradenton.
PRICE: $2 million
PREVIOUS PRICE: $2.7 million, January 1999.
LAW FIRM ON DEED: Ozark Perron & Nelson PA, Bradenton.
Plans, description: U.S. Tank and Cryogenic Equipment Inc. has relocated from a 17,000-square-foot building at 2001 Limbus Ave., Sarasota, to a 42,000-square-foot office/warehouse building in Bradenton.
"We are full already" Jim Brown, company president, says of the move. "In the old building we were three or four months behind. We are one of only about six companies in the U.S. that ... refurbishes cryogenic equipment. It's a nice niche."
Brown has not yet decided what the company will do with its former location. The new location provides about two-and-a-half acres of fenced in outdoor storage, he says, adding: "This building is almost perfect for what we do."
Carl Wise, of Preferred Commercial Inc., handled both sides of the transaction.
Sarasota County buys
additional conservation land
BUYER: Sarasota County
SELLER: Charles Early III and Elizabeth Swain
PROPERTY: Twenty-one acres immediately adjacent to Lemon Bay, Sarasota.
PRICE: $1.9 million
LAW FIRM ON DEED: Williams Parker Harrison Dietz & Getzen, Sarasota.
Plans, description: Sarasota County purchased 21 waterfront acres adjacent to other property the county acquired under its environmentally-sensitive land program for preservation and conservation.
"This allows us to have over 200 acres of contiguous land running along Lemon Bay," says Belinda Perry, manager of resources management. "We keep approaching people when see the land go on the market. This property was zoned for one resident per acre. This is a real jewel for us."
Etc...
•Tampa's Opus South Development LLC and Laguna Riviera Ventures started construction on the third of five buildings in the Laguna at Rivera Dunes in Palmetto. The first two condominium buildings are already sold out as well as most of the third. Michael Saunders & Co. represents the project.
• Mutual of Omaha Insurance Co. leased 1,816 square feet from Starward Partnership for three years at 5959 Cattlemen Lane, Sarasota. Debbie Anglin, of Ian Black Real Estate, and Marcia Sevigny, of Osprey Management Co., handled the transaction.
• SB LLC purchased about 43 acres at 27th Street E., Bradenton, from George Anderson and David Cornelius for $855,000. The buyer plans to develop the property into about 100 single-family homes. Tony Veldkamp of Michael Saunders & Co.'s The Commercial Group, represented the sellers.
• Richard Berialt, of Florida Realty Group, and Diane Trehorne, of York Management Inc., leased 777 Palm Ave., Unit 9, Sarasota, from Kodra Professionals. Karen Cook, of Michael Saunders & Co.'s The Commercial Group, represented the owner/landlord.
• Calabasas, Calif.-based Ryland Homes has released seven new home sites at River Plantation, located on Fort Hammer and Mulholland Roads, Parrish. The three- and four-bedroom homes at River Plantation are priced from the $270,000s to the $340,000s and range in size from 1,737 square feet to 3,084 square feet. Ryland is one of the nation's largest home builders and is a leading mortgage-finance company. The company currently operates in 27 markets across the country and has built more than 230,000 homes.
• David Stevenson leased 1,370 square feet at 777 Palm Ave., Unit 1, Sarasota, from Kodra Professionals. Karen Cook, of Michael Saunders & Co.'s The Commercial Group, represented the owner/landlord. Stevenson, a physical therapist, leased the space to expand his office.
• Granite REIT Corp. purchased an 11,500-square-foot light industrial building at 4320 Independence Court, Sarasota, from RB-1 Inc. for $850,000. Granite REIT Corp. mortgaged the property to Bank of America NA for $642,500. William Rex, of Preferred Commercial Inc., represented the seller, and Nicholas Isil, of RoseBay Real Estate, represented the buyer.
• The developers behind The Founders Club, Tom Brown and Jay Tallman of U.S. Assets Group and Fred Starling of the Starling Group, paid $810,700 for about 1.5 acres on Vicela Drive, Sarasota, across from the 700-acre gated golf course community.
• Todd Leoni of Miami's Northport 441 LLC purchased a 38,000-square-foot medical building, at 15121 S. Tamiami Trail, North Port, from Milton and Brindell Gottlieb, individual and trustee, for $2.3 million. Leoni describes the purchase as a long-term investment and says he will act as the landlord for the triple net lease, which includes tenants such as Bon Secours.
• 214 Main Street Corp. purchased 27,358 square feet of land, at 1331 10th St., Sarasota, from Jack & Jill Investments Inc. for $975,000. Ian Black and Steve Horn, of Ian Black Real Estate, handled the transaction.
• Kingdom Worldwide Web Operation Inc. leased 10,000 square feet at 1492 State St., Sarasota, from Bob Windom. Kingdom Worldwide is relocating from Gainesville. Ken Hoskinson, of Hembree and Associates, represented the owner.
• Frank and Adele Davis bought a warehouse building at 5823 21st St. E., Bradenton, in 301 Park of Commerce from Spectrum Custom Molds Inc. for $599,983. The property is being leased to Walt and Betty Spangler for their business Door Solutions.
• Grace Bible Foundation Inc. purchased a 3,000-square-foot office building on a 35,000-square-foot lot, at 2600 Tamiami Trail, Nokomis, from Jenkins Starr LLC for $700,000. Peter Bartys, of Michael Saunders & Co.'s The Commercial Group, represented the seller; Keller Williams represented the buyer.
• Access Mortgage of Florida LLC, a commercial and residential financing group has leased 1,500 square feet of office space at Peridia Commons, 5266 Office Park Blvd., Bradenton, from Thomason & Thomason. The space will be a lending unit for the new tenant. Bob Brillon, of Michael Seery & Associates negotiated the terms of the deal.
• Airfleet has leased 900 square feet of office space at 1461 Tallevast Road from Airport Commerce Center. The transaction was handled by Airport Commerce Center.
• 4900 Trust purchased about 3,700 square feet of office/warehouse, at 5770 Sarah Ave., Sarasota, from 5770 Sarah Avenue Associates for $875,000. Jon Kleiber, of Richardson Kleiber Walter Kleiber Partnership handled the transaction.
• B.H.D. Precision Products Inc. leased 4,000 square feet of office/warehouse space, at 1470 12th St., Sarasota, from James Ferguson. Jon Kleiber, of Richardson Kleiber Walter Kleiber Partnership handled the transaction.
• Beeman Enterprises Inc. leased 8,220 square feet of office/warehouse space, at 1734 Apex Road, Sarasota, from Tom Johanning. Bill Kleiber, of Richardson Kleiber Walter Kleiber Partnership handled the transaction.
• Houston-based New Plan Excell Realty Trust Inc. transferred the 170,000-square-foot Sarasota Village shopping center from CA New Plan Venture Fund LLC to CA New Plan Sarasota LP for about $13.7 million. The internal transaction allowed CA New Plan Sarasota LP to mortgage the Publix-anchored shopping center to Bank of America for $10.85 million.
• Jeffrey Jones' Sarasota Restaurant Corp. bought property at 351 N. Cattlemen Road, Sarasota, from Southcoast Restaurants for $1.5 million. The new owner mortgaged the property to Fifth Third Bank for $1 million.
• AMI Beach Resort LLP purchased the Anna Maria Island Beach Resort, at 105 39th St., Holmes Beach, from Anna Maria Island Beach Resort LC for $4 million. AMI Beach Resort LLP mortgaged the resort property to Mercantile Bank for $4.03 million.
• Dr. Bram Riegel and Dr. Abraham Kozma purchased a 5,600-square-foot office, at 4000 Sawyer Road, Sarasota, from Dr. Kevin O'Neil for $1.15 million. Louise Guido, of Waterside Realty, represented the seller, and Frank Kovach, of Michael Seery & Associates Inc., represented the buyers.
• Hawa Enterprises LLC purchased an 8,300-square-foot commercial building, at 324 w. Eighth Ave., Palmetto, from Pier 5 Inc. for $1.13 million. The building is located on nearly a half acre. State records show that Hawa Enterprises is owned by Gulzar and Liaquat Allarakhia of Bradenton. Carl Wise, of Preferred Commercial Inc., represented the seller, and Don Lewis, of REMAX Gulfstream Realty Inc., represented the buyer.
• Boyle Ventures Inc. bought 1.7 acres, known as Lot 11, Phase 2, Centre Park Industrial subdivision, Bradenton, from McLeod Land Services Inc. for $480,805. Carl Wise, of Preferred Commercial Inc., represented the seller, and Richard Kingan, of CB Richard Ellis, represented the buyer.
• Crestline LLC bought two multifamily buildings at 5521 and 5525 Palmer Blvd., Sarasota, from Crestline Villas LLC for $1.1 million. The Florida Division of Corporations lists the principals in the new ownership group as Sarasota residents Mary Mohr, Carol Green and Nancy Markle. Crestline LLC mortgaged the property to Colonial Bank for $880,000.
• Hillview Property Management LLC purchased a 2,200-square-foot medical office condo at 1762 Hawthorne St., Unit 4, Sarasota, from Lexi Properties LLC for $641,000. Ian Black and Steve Horn, of Ian Black Real Estate, handled the transaction.
