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Business Observer Monday, Jun. 6, 2005 13 years ago

Real Estate Briefs (Sara/Mana)

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Developers plan new Tallevast flex buildingSMR, Wetherington partner, constructing office buildingTwo families buy Leisure ProductsAtlanta investors buy five waterfront lotsInvestors plan new warehouse/office condosEquity Inns buys two Sarasota McKibbon hotels
by: Adam Hughes Staff Writer

Real Estate Briefs (Sara/Mana)

Developers plan new

Tallevast flex building

Buyer: Swift Richardson Holdings LLC (principals Dave Shafer, Jon Swift, James Frederick, Jennifer Shafer and Renee Kling)

Seller: Robert Richardson, trustee, and Pep Partners

Property: 2450 Tallevast Road, Bradenton

Price: $2 million

Previous price: $944,900, July 1985

Law firm on deed: Williams Parker Harrison Dietz & Getzen, Sarasota

Plans, description: Swift Richardson Holdings LLC purchased 21 acres of light industrial-zoned former farm land. According to Dave Shafer, of Richardson Kleiber Walter, the new owner plans to develop a 115,000-square-foot office/warehouse flex space condominium building. Units in the new development will range in size from 2,500 square feet up a full-building.

Pricing on the condominiums is averaging out to $100 a square foot, which includes an allocation for warehouse buildout.

Groundbreaking should be in a year, Shafer says. Jon F. Swift Inc. is the general contractor for the project. The new owner mortgaged the property to LandMark Bank of Florida for $1.7 million.

SMR, Wetherington partner,

constructing office building

Buyer: SMR Wetherington LLC (Schroeder-Manatee Ranch Inc. and Lee Wetherington Cos. Inc.), Bradenton

Seller: Lakewood Ranch Corp. Park Inc.

Property: a portion of Lakewood Ranch Corporate Park, Unit 2

Price: $762,256

Law firm on deed: Grimes Goebel Grimes Hawkins Gladfelter & Galvano PL, Bradenton

Plans, description: A partnership of Schroeder-Manatee Ranch Inc. and Lee Wetherington Cos. Inc. plans to develop a 30,000-square-foot office building directly across the street from Lee Wetherington's corporate office at 6009 Business Blvd., Sarasota. The building is projected to cost about $4.5 million.

"(SMR) was kind enough to partner with me on this building," says Lee Wetherington, owner of the Lee Wetherington Cos. "Their new land strategy is to do lease deals, so this is kind of unusual."

Wetherington's design center and swimming pool company will lease 7,500 square feet in the new building.

"I've got people working out of converted closets," Wetherington says. "This should help us free up a lot of space. We should start clearing the land (this week)." The company's current headquarters is about 10,000 square feet.

Wetherington will act as the general contractor for the new building, which is scheduled for completion in January.

The partnership that owns the land mortgaged the property to Branch Banking & Trust Co. for $3.8 million.

Two families buy

Leisure Products

Buyer: Manatee Landvest LLC (Dan and Diana Denham and Diana and Brian Herron), Parrish

Seller: Rodney Watson

Property: 4709 U.S. 301 N., Ellenton

Price: $800,000

Previous price: $450,000, Nov. 2002

Title firm on deed: Barnes Walker Title Inc., Bradenton

Plans, description: Dan and Diana Denham and Diana and Brian Herron have purchased the Leisure Products and Trail Super Center, 4709 U.S. 301 N., Ellenton.

"We bought the whole business," Herron says. "It sells golf carts and trailers. For the short term, we are just going to operate it as is. We are expanding its product line slightly to allow ATVs, canoes, small boats and the mini grand prix cars."

In the long-term, the two families plan to hold the high-traffic two-acre GC (general commercial) property as an investment.

Atlanta investors

buy five waterfront lots

Buyer: David Gryboski (and Jake Martin), Atlanta

Seller: Island Marine LLC

Property: 418, 412 and 408 Pine Ave., Anna Maria Island

Price: $1.825 million

Previous price: $1.15 million , November 2002

Law firm on deed: Kirk Pinkerton, Sarasota

Plans, description: Developer Jake Martin and Atlanta Dr. David Gryboski purchased five platted vacant commercial waterfront lots on the northern end of Anna Maria as an investment.

"We're going to sell them off," Martin says. "They are zoned ROR, which means they can be residential or retail. You can have retail on the bottom floor and residential on the second level. We have already sold one and another is under contract."

The lots are priced from about $595,000 for a 5,200-square-foot lot.

Martin and Gryboski mortgaged the property to Coast Bank of Florida for $1.8 million.

Developer kicks off

Kanaya condominium

Harvey Kaltsas, a Sarasota doctor of integrative medicine and a local real estate developer, has started development of the 14-story Sarasota condominium development Kanaya.

"We started drilling on (May 16)," Kaltsas says. The $40-million development, which has 35 residential units and two commercial tenant spaces, is designed to feature a host of new more health conscious elements. The architect for the building was the Lawson Design Group, and W.G. Mills Inc. has been hired as the general contractor.

"Thirty of the residential units have been sold and the two commercial units have been committed to," Kaltsas says. " I am not in a rush to sell the last five. We are redesigning the building every day to make it healthier and more energy efficient. In the end, we may have a bunch more feature changes."

The remaining residential units will range $1.3 million to $1.7 million. Real estate agents Christy and Rod Phillips of Waterside Realty are handling sales.

Equity Inns buys two

Sarasota McKibbon hotels

Germantown, Tenn.-based Equity Inns Inc., a hotel real estate investment trust, has entered into an agreement to purchase three hotels from the McKibbon Hotel Group, a hotel developer and management company, for $30.3 million, including the assumption of $12.8 million of debt. The transaction is expected to close by the start of the third quarter 2005.

Equity Inns will acquire two hotels in Sarasota, one a Residence Inn and the other a Marriott Courtyard, and a Residence Inn in Fort Myers. Collectively, the three hotels have an average age of 7.5 years and will add 238 rooms and suites to the company's hotel portfolio. The average cap rate of the acquisition is 10% on a trailing 12-month net operating income basis. The company expects that the acquisition of these hotels will be accretive to its 2005 funds from operations.

McKibbon Hotel Management will manage the properties for three years with a base fee plus incentive structured management agreement.

"We are pleased to again purchase well-managed and well-situated hotels from the McKibbon Hotel Group," says Howard Silver, president and CEO. "As with prior acquisitions, these new properties fit well with our purchase criteria and growth objectives. The hotels are located in fast-growing areas and have established brand names with both business and leisure travelers."

The Residence Inn and Courtyard in Sarasota are located directly across from the main entrance to the Sarasota-Bradenton International Airport.

The Residence Inn in Fort Myers is the company's second acquisition in that market. The hotel fronts Colonial Boulevard, a major thoroughfare, and is only 10 miles from the Fort Myers airport.

Investors plan new

warehouse/office condos

Sarasota Investments has filed a site plan to construct a 12,000-square-foot office/ warehouse building at 2016 72nd Drive E., Sarasota. Steve Allen, managing member of Sarasota Investment and CEO of Tampa-based Allen Building Construction LLC, says he hopes to start construction in June for completion before year's end. The building, which will be subdivided into six spaces for sale as condominiums, will cost about $1 million to build.

Etc...

• Anna Frankowska's Anna's Oasis Grill LLC bought property at 205 S. Park Blvd., Sarasota, from Stanisla and Eugenia Szalbirak for $650,000. Anna's Oasis Grill mortgaged the property to Stainslaw and Eugenia Szalbirak for $500,000.

• Sarasota-based European Marble Co. bought a 5,300-square-foot industrial building at 1750 N. Lime Ave., Sarasota, from Brian and Murielle Wallace, individually and revocable trust, for $576,800. At the same time, European Marble purchased property at 1811 Seeds Ave., Sarasota, from Helen Abelt, individual and trustee, for $335,000. European Marble currently operates from 1820 N. Lime Ave.

• Fred Streck's Tampa-based Priority Developers Inc. acquired the Woodlands Golf Course, at 5901 Erie Road, Ellenton, from Hole in One Sarasota Inc. for $3.2 million. In December, Priority Developers bought several acres of vacant land on Upper Manatee River Road from Country Meadows LLC for $3.9 million. Streck also developed property in Tampa Palms Professional Center and a 126-home subdivision near Suncoast Parkway and State Road 54.

• Claude and Lydia Melli's Brandon-based Florida Land Management Inc. purchased about 40 acres of orchard land in Duette from Ella Day for $360,000. In March, Florida Land Management Inc. purchased a 200-acre orange grove between Myakka City and Wachula from Arrowhead Management Inc. for $1.4 million.

• Mark and Elizabeth Thomason, of Thomason & Thomason LC, purchased office space at 9030 58th Drive E., Bradenton, from 9030 58th Drive E. LLC for $622,000. The Thomasons mortgaged the property to First America Bank for $282,700.

• IMG Bollettieri Academies Country Club LLC bought property at 4400 El Conquistador Parkway, Bradenton, from Harvey and Marilynne Anderson, Douglas Lindsay and Petsi Corp. for $1.15 million.

• David and Kimberly Grissom purchased a 3,750-square-foot, six-bed assisted living facility at 880 Baffin Drive E., Venice, from seller John O'Callaghan for $325,000. Tony Veldkamp of Michael Saunders & Co's The Commercial Group, represented both the buyer and seller.

• Ronald Gallagher bought a 15-lot mobile home park, located at 6600 Ave., Unit A, Sarasota, from Crescent Beach Trailer Park LC. Barry Seidel, of American Property Group, represented the seller; and Michael Witt, of the same company, represented the buyer.

• James Braendel bought a 6,224-square-foot industrial building, at 2036 20th St., Sarasota, from Charles and Marilyn Peters for $493,000. Harry Robbins, of Harry Robbins Associates, represented the sellers, and Barry Seidel, of American Property Group, represented the buyer.

• Ralph and Edward Curry purchased a 960-square-foot office space at 3982 Bee Ridge, Unit L, from JWJ Holdings Inc. for $186,000. The Currys will use the space as a real estate office. Larry Schaper, a broker-associate in the Michael Saunders & Co. Commercial Group, represented JWJ Holdings.

• John Georgi purchased a 1.25-acre lot, at 1060 Goodrich Ave., Sarasota, from 214 Main Street Corp. for $550,000. Ian Black and Steve Horn, of Ian Black Real Estate, handled the transaction.

• Four Palms Plaza LLC purchased a 7,700-square-foot building, at 1865 S. Tamiami Trail, Venice, from Brothers SPE LLC for $930,000. Ian Black and Steve Horn, of Ian Black Real Estate, and Tom Coppola and Gerald Raasch, of Century 21 Sorrento Realty, handled the transaction.

• Hillview Property Management LLC purchased a 3,030-square-foot medical office condominium, at 1762 Hawthorne St., Unit 5, Sarasota, from Lexi Properties LLC for $884,000. Ian Black and Steve Horn, of Ian Black Real Estate, handled the transaction.

• Wallace Avenue LLC purchased a 941-square-foot office condominium, at 100 Wallace Ave., Suite 130, Sarasota, from H&M Holdings LLC. Steve Horn, of Ian Black Real Estate, and Assist 2 Sell from Miami handled the transaction.

• Succession Planners LLC leased 3,000 square feet from Abel, Band, Russell, Collier, Pitchford & Gordon for three years at 240 S. Pineapple Ave., Sarasota. Steve Horn, of Ian Black Real Estate, handled the transaction.

• Sonshine Computers, d/b/a NextWave Computers, leased 1,660 square feet from Bersam Development Co. for three years at 3908B Tamiami Trail, Sarasota. Debbie Anglin, of Ian Black Real Estate, and Barry Seidel, of American Property Group, handled the transaction.

• 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 in Parrish. The new 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 in 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 additional space as expansion of his existing office.

• Susanne Eden of Vacation Rentals rented three units, located at 2750 Stickney Point Road, Units 208, 209 and 210, Sarasota, from Serena Lennox Trustee for $525,000. Karen Cook, of Michael Saunders & Co.'s The Commercial Group, represented the seller. John Eden represented the buyer.

• 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 bought about 1.5 acres on Vicela Drive in Sarasota across from the 700-acre gated community based around a private golf course for $810,700.

• 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 with tenants such as Bon Secours.

• 214 Main Street Corp. purchased 27,358 square feet of land, located 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.

• LandMark Bank of Florida will open a fifth Sarasota County banking location in the fourth quarter of this year. The new center is located at 8444 South Tamiami Trail, on the west side of U.S. 41, south of Vamo Road and North of Central Sarasota Parkway. The location is currently a SouthTrust Bank branch. LandMark Bank will take possession of the new location in September, and expects to open in October.

Since opening in 2000, LandMark Bank has expanded from one location to four, including a part-time banking location within the Sunnyside Village Retirement Community. In five years, the bank has built an asset base exceeding $200 million.

• 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, located 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.

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