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Business Observer Friday, Oct. 28, 2005 15 years ago

Real Estate Briefs (Sara/Mana)

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Developer Plans Project on North Tamiami TrailAmerican Property's Seidel buys Big Kitchen buildingPrimerica buys SunTrust lot, plans Commons center expansionOur Hands-on clinicexpands nearbyRinker buys land from APACHarry's owners buy FoodmartRoadway, utilityproject to begin soon
by: Adam Hughes Staff Writer

Real Estate Briefs (Sara/Mana)

Developer Plans Project

on North Tamiami Trail

Buyer: Lilybelle LLC (principal Heather Chapell), Sarasota

Seller: Ridawn LLC

Property: 1500 and 1522 N. Tamiami Trail, Sarasota

Price: $1.6 million

Previous Price: $654,800, September 2003; and $685,000, February 2005.

Law firm on deed: MacLeod McGinness & Bowman PA, Sarasota

Plans, description: Sarasotan Heather Chapell purchased two office buildings, one at 1,500 square feet and the other at 4,500 square feet, on North Tamiami Trail. She plans to raze both buildings and develop a 9,000-square-foot, two-story building.

On the lower level, Chapell plans to house an Evo's, a Tampa-based chain known for its quick and healthy food. The Sarasota franchise of Evo's will be owned and operated by Chapell's sister and brother-in-law, Crystal Chisholm and Orville Metiesh. The top level of the new building will accommodate a fitness center.

Chapell says the project is currently in for site plan approval. Alan Anderson has been hired to design the development.

American Property's Seidel

buys Big Kitchen building

Buyer: Tamiami Trail Investments Inc. (principals Barry and Leslye Seidel), Sarasota

Seller: Jerry Gips

Property: 3900 Clark Road, Sarasota

Price: $1.03 million

Previous Price: $505,000, April 1997

Law firm on deed: Dooley & Drake PA, Sarasota

Plans, description: Barry Seidel, president of American Property Group of Sarasota Inc., and wife, Leslye, have purchased the 4,800-square-foot former Big Kitchen Restaurant building. Seidel is considering selling or leasing the space, along with the restaurant equipment.

Seidel is also looking for a tenant or buyer for the former Bayou Blue restaurant space at 1359 Main St., downtown Sarasota. The Bayou Blue restaurant owners, many of who are also employees of Charter One Hotels & Resorts, recently closed the New Orleans cuisine themed restaurant. Both restaurant locations have room for about 150 seats and full bars.

Primerica buys SunTrust lot,

plans Commons center expansion

Buyer: Venice Plaza Shopping Center Ltd., Tampa

Seller: SunTrust Bank

Property: 1425 E. Venice Ave., Venice

Price: $940,000

Previous Price: $800,000, September 2000

Law firm on deed: Hill Ward & Henderson PA, Tampa

Plans, description: As part of its restructuring and expansion of the 80,000-square-foot Venice Commons Shopping Center, the Primerica Group has purchased a bank site it once owned from SunTrust Bank. George Trujillo, director of sales and leasing for Primerica Group, says Primerica originally sold the site to SunTrust about four years, but it was never built on. Trujillo says a deal has been made for Sarasota Coastal Credit Union (SCCU) to develop a branch at the site. He declined to specify whether SCCU had contracted to purchase or lease the site.

The site is important to Primerica because the company plans to add an additional 23,000 square feet of retail space and about 25,000 square feet of office condo space to the existing Venice Commons complex. The development is awaiting final site plan review and permitting approval. Trujillo expects construction to start within 30 days. Completion is scheduled for the first or second quarter of 2006.

Our Hands-on clinic

expands nearby

Buyer: Nissan Properties LLC, Sarasota

Seller: Alan and Laura Roberts, trustees

Property: Tract 1 of Clark Commercial Center

Price: $540,000

Law firm on deed: Lyons Beaudry & Harrison PA, Sarasota

Plans, description: The owners of Our Hands-on Physical Therapy Clinic purchased a real estate firm's office next to its offices on Derek Avenue near Clark Road to expand its therapy space. Judy Kuti says the property was bought to accommodate the clinic's growth.

The new ownership, which went by Nissan Properties LLC for the transaction, mortgaged the property to the former owner for $440,000.

Rinker buys

land from APAC

Buyer: Rinker Materials West LLC, West Palm Beach

Seller: APAC Southeast Inc., APAC Georgia Inc. and APAC Florida Inc.

Property: 520 Gene Green Road, Venice

Price: $850,000

Plans, description: The construction and building material company Rinker Materials Corp. purchased about nine acres in Venice to build a ready-mix concrete plant. Will Glusac, president of Rinkers Florida Materials Division, says the timing of construction depends on permitting and zoning approvals. Rinker is expected to act as its own general contractor for the project. The company now operates plants in Palmetto and Charlotte County.

The new plant is expected to create about 25 jobs. Ready-mix plants allow Rinker to combine its aggregate to form various consistencies, strengths and products. Glusac says the new plant will have a service range of 15-22 miles.

Company-wide, Rinker Materials operates in 31 states and employs more than 10,500 people at about 380 locations.

Harry's owners

buy Foodmart

Buyer: Continental Kitchens Inc. (Harold and Lynn Christensen), Longboat Key

Seller: 5600 RE Investment Inc.

Property: 5600 Gulf of Mexico Drive, Longboat Key

Price: $575,000

Previous Price: $250,000, June 1999

Law firm on deed: Blalock Walters Held & Johnson PA, Bradenton

Plans, description: The owners of Harry's Continental Kitchens purchased the Longboat Key Foodmart. Harry Christensen, co-owner of Continental Kitchens, says he plans to continue to operate the Foodmart as a small community store. The store's operators have seven years left on a lease agreement.

Roadway, utility

project to begin soon

Construction of a major roadway and utility improvement project on Webber Street is expected to begin within two months; the Manatee County Commission recently awarded contracts totaling more than $13.4 million:

Woodruff and Sons Inc. of Bradenton was awarded $12.4 million for roadway and utility improvements, including the reconstruction of a two-lane road from Mapleloft Road to just west of Nodosa Drive, and construction of a new two-lane road from Mapleloft to Cattlemen Road.

Another contract for more than $1 million was awarded to Boyle Engineering Corp. of Sarasota for construction engineering and inspection services.

The construction project will be funded by utility rates, the 5-cent local-option fuel tax and Communications Services Tax Revenue Bond proceeds.

Etc...

• Seal Properties LLC purchased retail property at 4211 N. Tamiami Trail, Sarasota, from 4211 N. Tamiami Trail Inc. for $800,000. Barry Seidel of American Property Group of Sarasota Inc. handled the transaction.

• Goalen LLC, doing business as Lenny's Subshop, leased 1,540 square feet in a strip center at 3230 Clark Road, Sarasota, from JSA Properties. Michael Witt of American Property Group of Sarasota Inc. handled the transaction.

• Sarasota Plastic Surgery leased 3,200 square feet in the old Mediation Center on 2901 S. Tamiami Trail, Sarasota, from Cyril and Dominique Israileff. Jag Grewal, Rick Prather and Michele Fuler of Coldwell Banker Commercial represented both sides of the transaction.

• ATP Engineering leased 900 square feet at 7680 Matoaka Road, Sarasota, from Esprix Technologies LP. Steve Ross of Hembree & Associates represented Esprix Technologies, and Debbie Anglin of Ian Black Real Estate represented the tenant.

• IUPA has leased 10,000 square feet for its national headquarters in the RBC Centura building in downtown Sarasota, at 1549 Ringling Blvd. Lee Delieto of Michael Saunders & Co. represented the landlord, and Steve Ross of Hembree & Associates represented the tenant.

• Rocky and Robert Smith's Universal Lumber Specialties purchased vacant industrial land at 3205 81st Court E., Manatee County, from Prenez En Gre Inc. for $695,000. Universal Lumber, which purchased the property under the company name of Universal Real Estate Holdings LLC, mortgaged the property to Coast Bank Florida for $695,000.

• LandMark Bank has opened its fourth full-service banking center, at 8444 S. Tamiami Trail, Sarasota.

• Phoenix Development LLC purchased the 6,500-square-foot 1506 Fruitville Road building, Sarasota, from Robert Kimbrough for $1.1 million. Lee DeLieto of Michael Saunders & Co.'s The Commercial Group represented the seller and will represent Phoenix Development LLC in leasing the space prior to redevelopment.

• Lady Luck LLC purchased a 12,800-square-foot strip center, located at 3333 N. Washington Blvd., Sarasota, from Paramount-Cherry Corp. LLC for $1.25 million. Marcia Cuttler of American Property Group of Sarasota Inc. handled the transaction.

• Coldwell Banker Residential Real Estate opened a property management office at 400 St. Armands Circle, Sarasota.

• Sarasota-based Combined Capital Corp. reported record investment activity of more than $127 million for the first three quarters of 2005. At the same time, real estate sales totaled $64.75 million and equity investment in to-be-built joint ventures with commercial developers exceeded $15.5 million. The firm also arranged financing of more than $47 million for its corporate and individual investors.

• Kamur LLC purchased a 9,240-square-foot warehouse/office condo at 1800 East Ave., Unit 102, Sarasota, from Hawkeye Real Estate, LLC for $900,000. Debbie Anglin of Ian Black Real Estate and Kobbi Achiam of Keller Williams handled the transaction.

• William and Mette Charis Buchman purchased a 1,834-square-foot warehouse/office condo at 1800 East Ave., Unit 101, Sarasota, from Hawkeye Real Estate LLC for $229,500. Debbie Anglin of Ian Black Real Estate and Jag Grewal of Coldwell Banker Commercial NRT handled the transaction.

• PCS Wireless Inc. leased 1,400 square feet at 406 Washington Blvd., Sarasota, for two years from 214 Main Street Corp. Steve Horn of Ian Black Real Estate handled the transaction.

• Sternberg Interiors Inc. has leased 4,000 square feet in the Waterworks Building at 1005 Orange Ave., Sarasota, from Frank Howell for five years. Steve Horn of Ian Black Real Estate handled the transaction.

• Neal Communities has started selling Wexford neighborhood in the Country Club at Lakewood Ranch. Wexford features 53 homesites all with a Mediterranean theme.

• Duluth, Ga.-based Crossgate Partners LLC has submitted plans to build a $44-million 11- or 12-unit condominium project on nearly 3 acres of gulf front property in northern Longboat Key. Currently there is an operating motel on the site. Each of the units will range from 4,000 to 4,500 square feet.

These two-story residences will be constructed in Tuscan architectural style and have a private Jacuzzi tub on the terrace. Each unit will have a 30-foot balcony. The completed residences are set to sell for as much as $1,000 a square foot. The gated community will include underground parking with private storage, multiple swimming pools and tennis courts.

• Laguna Riviera Ventures LLC has started construction and sales on the fourth building of the Laguna at Riviera Dunes in Palmetto. Each of the condominium towers has roughly 42 units. The condominium units are priced from the $400,000s to more than $1.5 million and range in size from 1,700 square feet to nearly 4,300 square feet. The development includes under-building parking, a clubhouse with catering kitchen, fitness center, resort-style swimming pool overlooking a large marina and two tennis courts. Michael Saunders & Co. handles the sales and marketing for the development.

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