Triton, RBS to buy Gold Bank buildingKaplans, Bennett buy three downtown propertiesADESA buys local ABC auto auctionPrudential Florida WCI Realty growing in Sarasota, CharlottFamily group purchases Palmetto office buildingVertical construction begins on Summer Cove
Real Estate Briefs (Sara/Mana)
Triton, RBS to buy Gold Bank building
BUYER: Triton/RBS Palm Avenue Retail LLC, Rochester, Mich.
SELLER: Pineapple BNK Investors
PROPERTY: 240 S. Pineapple Ave., Sarasota
PRICE: $35 million
PREVIOUS PRICE: $21.9 million, December 1998
LAW FIRM ON DEED: Williams Parker Harrison Dietz & Getzen, Sarasota
PLANS, DESCRIPTION: Triton Cos. and RBS Cos. Inc. purchased the Gold Bank Plaza building in downtown Sarasota from New York investor Isaac Stern in what is being touted as one of the largest commercial real estate transactions so far this year in Sarasota County.
According to the companies, plans for the property have not been finalized.
The 3-acre parcel, bounded by Pineapple Avenue and Ringling Boulevard, includes an 11-story, 125,000-square-foot office building, a 625-space parking garage and two vacant parcels that are available for development of residential condominiums, apartments and another commercial office building.
The existing office building is fully leased; tenants include Gold Bank, Morgan Stanley, Morgan Keegan and the Abel Band law firm.
Jag Grewal and Michele Fuller, of Coldwell Banker Commercial NRT, closed the sale. Kate Tyler, a sales associate with Coldwell Banker Residential Real Estate Inc.'s Siesta Key office, introduced the buyers.
Kaplans, Bennett buy
three downtown properties
BUYER: Pearl Partners LLC (principals: Marvin and Kathryn Kaplan) and Journeyman Examz Inc. (Michael Bennett), Sarasota
SELLER: Shirley Gitthelf
PROPERTY: 3777 N. Tuttle Ave. and 2028 Pine Terrace, Sarasota
PREVIOUS PRICE: $440,000, April 2004 and $349,900 January 2005
LAW FIRM ON DEED: Dunlap & Moran PA, Sarasota
PLANS, DESCRIPTION: Sarasota developer Marvin Kaplan, his wife Kathryn Kaplan and developer and state Sen. Michael Bennett purchased a four-plex, a duplex and the 23-unit apartment Parkside East. The new owners plan eventually to upgrade Parkside East and sell the units as smaller, 700 square-foot condominiums.
The three partners have similar plans for the four-plex, Marvin Kaplan says, but the duplex, which Kaplan describes as in great shape, will continue as a rental.
ADESA buys local
ABC auto auction
BUYER: ADESA Florida LLC (principals: Bradley Todd, Cameron Hitchcock, Curtis Phillips and Daniels Gay), Bradenton
SELLER: ABC Sarasota Bradenton LLC
PROPERTY: 2300, 6136, 6140, 6005 and 6005 24th St. E. and 2300, 1307, 1319 and 1230 61st Ave. E. in 301 Park of Commerce
PRICE: $6.3 million
PREVIOUS PRICE: $3.56 million, July 2001, $188,100, June 2001
LAW FIRM ON DEED: Blank Rome LLP, Boca Raton
PLANS, DESCRIPTION: Carmel, Ind.-based ADESA, Inc. acquired ABC's South Tampa used vehicle auction. The move was designed to strengthen the company's market presence in the Tampa-St. Petersburg area and complements its remodeled ADESA Tampa. ADESA will rename the auction ADESA Sarasota.
"We're very pleased to acquire this facility, which is now our 54th used vehicle auction in North America," ADESA Inc. chairman, president and CEO David Gartzke says. "This acquisition is consistent with one of our major initiatives- investing in growth and strategically entering or expanding our presence in growing markets like Florida."
The ADESA Sarasota property offers 61 acres of land, including land that is presently undeveloped and available for future expansion. The newly remodeled auction facility includes six auction lanes and full-service reconditioning shops providing detail, mechanical and body shop services.
ADESA, Inc. is one of North America's largest publicly traded wholesale vehicle auction companies.
Prudential Florida WCI Realty
growing in Sarasota, Charlotte
Prudential Florida WCI Realty acquired Prudential Village Realty of Charlotte and Sarasota counties on Florida's Southwest Coast.
Created in 1980 as Village Realty, the company took on the Prudential name in 1988 when it was franchised with Prudential Real Estate Affiliates. James Crumbaugh III and his wife Ginger purchased the one-office franchise in 1998 and partnered with Dave Powell, a former owner of the company. Together, the trio grew Prudential Village Realty from one location with 18 sales associates in Punta Gorda to six locations with 185 associates in Port Charlotte, Englewood, and Town Center Mall in Charlotte County and a North Port and Venice location in Sarasota County.
As a result of the deal, Prudential Florida WCI Realty will operate 57 locations statewide, serving 15 counties.
Powell will continue his association with Prudential Florida WCI Realty as a sales associate. Ginger Crumbaugh will continue to manage the Port Charlotte office and James Crumbaugh will continue as general manager of the six former Village offices.
Prudential Florida WCI Realty claims to have the highest average sales price of any statewide company. It has more than 50 locations and 2,000-plus real estate sales associates throughout Florida. It was created in 1999 as a joint venture between builder WCI Communities and Prudential Real Estate.
Family group purchases
Palmetto office building
BUYER: Crusader Properties LLC (principal: James Chandler), Sarasota
SELLER: Vincent Dessberg
PROPERTY: 323 10th Ave. W., Palmetto
PRICE: $1.4 million
PREVIOUS PRICE: $920,000, April 2001
LAW FIRM ON DEED: Bender, Bender & Chandler PA, Sarasota
PLANS, DESCRIPTION: The Chandler family trust purchased a three-story, 15,000-square-foot office building in Palmetto. James Chandler, a Sarasota attorney and the managing partner for the group, says the property was acquired as an investment.
"It was a just a really attractive property," Chandler says. "It's fully-leased. Certainly we felt it was advantageous that it was located in an area of Palmetto that we feel is very up and coming. It's also a historic building that goes back to the 1920s."
Chandler says the building has been upgraded over time and the new owners plan to renovate the first and third floors in the near future.
The main anchor for the building is the State of Florida Division of Motor Vehicles, which takes the entire second floor.
The Chandler family mortgaged the property to First State Bank for $1.087 million.
Vertical construction begins on Summer Cove
After four months of site preparation and foundation work, Snavely Building Company Southeast has started vertical construction on the 45-unit Summer Cove's Bayfront building. Construction on the Garden View Building will begin later this spring. Located at 6101 Midnight Pass Road, the anticipated completion date for Summer Cove on Siesta Key is spring 2007. Once sales are complete, the historic Summerhouse building will be used as the community's clubhouse with a social room and a fitness center. Residences are priced starting at more than $1 million and 70% are currently under contract.
Michael Saunders & Co. is the real estate sales broker. HKS Architects of Orlando designed the project.