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Business Observer Monday, Apr. 17, 2006 14 years ago

Real Estate Briefs (Sara/Mana)

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MK Equity acquires Bradenton apartments for $55 millionTarget building University super locationInvestors buy Cortez Road office buildingDeveloper permits Office building
by: Adam Hughes Staff Writer

Real Estate Briefs (Sara/Mana)

MK Equity acquires Bradenton apartments for $55 million

BUYER: Palm Cove Apartments LLC, Chicago

SELLER: Jupiter Hotels 1 LLC

PROPERTY: 4550 47th St. W., Bradenton

PRICE: $33 million

PREVIOUS PRICE: $21.69 million, January 2005

BUYER: Sands Bay Apartments LLC, Chicago

SELLER: Jupiter Hotels 1 LLC

PROPERTY: 4501 71st St. W., Bradenton

PRICE: $22 million

PREVIOUS PRICE: $13.6 million, January 2005

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

PLANS, DESCRIPTION: Chicago-based MK Equity Corp. purchased the Palm Cove Apartments and Sands Bay Apartments from Jupiter Hotels 1 LLC in Bradenton. Matt Kihnke, president of MK Equity, says he had purchased both of the properties with the intention of converting them to condominiums, but instead the company quickly resold the Palm Cove Apartments to another buyer.

"We had stretched ourselves somewhat thin," Kihnke says, "and we thought the other company was making an acceptable offer. Part of it was for a while there we were the largest apartment owner in Bradenton, and we didn't want that. It was smart to limit our risk a little bit."

In addition, Kihnke says the real estate market has softened. Kihnke declined to elaborate on the deal or name the buyer.

Kihnke says the company still plans to convert the about 20-year-old 234-unit Sands Bay, which was formerly called the Harbour Pointe, into condominiums.

"Most of our units are targeted at the entry-level condo market, which is from $99,000 to $174,000," Kihnke says.

MK Equity is also in the midst of selling the 272-unit The Sanctuary condominium at 5400 26th St. W., Bradenton.

The Chicago company mortgaged Palm Cove to Wachovia Bank for $29.9 million and Sands Bay to LaSalle Bank for $18 million.

Target building

University super location

BUYER: Target Corp., Minneapolis

SELLER: Sarasota Associates AI, BII, CIII, DIV, EV LLC

PROPERTY: 5900 University Parkway

PRICE: $3.5 million

PREVIOUS PRICE: $12.39 million, July 2002 (contained additional land)

LAW FIRM ON DEED: The Talon Group, Orlando

PLANS, DESCRIPTION: Target Corp. closed on the deal to purchase land in University Town Center from University-based Benderson Development Co. Inc. The company has started construction for a SuperTarget.

Benderson Development officials describe University Town Center as a new urbanism town center anchored by the SuperTarget.

"The next phase is going to be about 24,000 square feet," says Rex Burgher, Benderson Development senior vice president of development. "There is definitely enough room for both of us to be very successful."

The new SuperTarget scheduled to open in October.

Investors buy Cortez Road

office building

BUYER: 6205-6207 Cortez Road West LLC (Juan Curci, George Barnard, William Smith and Anthony Tiberini), Bradenton

SELLER: Coast Bank Florida

PROPERTY: 6205 and 6207 Cortez Road W., Bradenton

PRICE: $1.75 million

PREVIOUS PRICE: $1.513 million, November 2002

LAW FIRM ON DEED: PA/NJ Abstract Inc., Folsom Pa.

PLANS, DESCRIPTION: An investment group purchased an about 10,000-square-foot office building on Cortez Road as an investment. According to Xavier Calderon, property manager, the building is currently half occupied by Century 21 Alliance. The remaining half is being offered to professional and medical office users.

The new ownership mortgaged the property to Bancorp Bank for $1.75 million.

Developer permits

Office building

Sarasota-based Finergy Development filed plans to build a four-story office building at 2170 Main Street between Audubon Place and School Avenue in downtown Sarasota. Construction is scheduled to begin in August and last one year for the 15,000-square-foot building situated on less than one acre. Sarasota architect George Palermo designed the building.

Predominantly known for its work in building high-end hotels, this is Finergy's first downtown Sarasota project. Part of the building will serve as Finergy's headquarters, while the rest will be rental and office condominiums.

Finergy Development redeveloped a never completed derelict assisted living facility on Fruitville Road into the 100-room Homewood Suites. Finergy has also purchased property in the Nokomis area of Sarasota County to build a high-end hotel property.

Etc...

• Mooresville, N.C.-based Lowe's announced plans to open its 116,000-square-foot Bradenton store on April 28. The store sits on the site of a former K-Mart parking lot at 4012 14th St. W., just north of Cortez Road. The company says on average, each new store represents an investment by Lowe's of $18.5 million and creates up to 175 jobs.

• Yenomon Investments LLC purchased 71 acres of industrial land on Whitfield Road between U.S. 301 and Prospect Road, from Sarasota II Property Corp. for $3.075 million. Barry Seidel of American Property Group represented both sides of the transaction.

• Vintage Holdings LLC leased a 3,250-square-foot retail space at 2641-2643 Mall Drive, Sarasota. Barry Seidel and Michael Witt, both of American Property Group, handled the transaction.

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