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Business Observer Saturday, Nov. 26, 2005 14 years ago

Real Estate Briefs (Sara/Mana)

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Tarragon acquires Mainstreet at Bradenton for $38 millionChicago joint venture buys 800 acresBooth Studio buys building, consolidating operationsAA Alexander Fine Jewelers buys St. Armands buildingTwo investors buy portion of retail strip center
by: Adam Hughes Staff Writer

Real Estate Briefs (Sara/Mana)

Tarragon acquires Mainstreet at Bradenton for $38 million

Buyer: Bradenton Tarragon LLC (Tarragon South Development Corp.), Fort Lauderdale

Seller: USA Bradenton 1 (through) 21 LLC

Property: 210 W. Third St., Bradenton

Price: $38 million

PLANS, DESCRIPTION: Fort Lauderdale-based Tarragon Realty Investors purchased the 252-unit Mainstreet at Bradenton riverfront apartment complex. The development, which opened two years ago, is in one of the fastest-growing sections of the city and near the large-scale luxury condominium development of The Promenade at Riverwalk. The purchase price breaks down to $150,794 per unit.

Tarragon, known for apartment-to-condominium conversions, has not announced new plans for the complex but has stopped signing new leases.

Mainstreet at Bradenton is the second property Tarragon has purchased in Manatee County this year. In September, Tarragon purchased the 248-unit Whispering Oaks, 8443-8459 Gardens Circle, Sarasota, for $35 million. Tarragon has halted new leases and has renamed the apartment complex Tradition at Palm Aire.

Tarragon, under the corporate identity of Bradenton Tarragon LLC for the transaction, mortgaged the property to Eurohypo New York Branch for $34.1 million.

Chicago joint venture

buys 800 acres

Buyer: MCZ Centrum Florida 9 LLC (New York City)

Seller: Grass Farms LC

Property: 4500 Buckeye Road and property on Buckey Road and Grass Farm Road in Northern Manatee County

Price: $35 million

Previous Price: $2.9 million June 2004, $5.1 million May 2004 and $2.96 million April 2004

Law firm on deed: Ryan & Ryan Attorneys PA, North Palm Beach

PLANS, DESCRIPTION: MCZ/Centrum Florida, a joint venture between Centrum Properties and MCZ Development Corp. of Chicago, has purchased about 800 acres in northern Manatee County from Grass Farms. Officials for MCZ/Centrum did not comment on the future use for the property. East of the development, a 1,000-home residential project is planned called Sweetwater Preserve.

MCZ/Centrum developed Serenata-Sarasota, a 240-unit condominium development at the northwest corner of University Parkway and Tuttle Road.

MCZ Centrum Florida mortgaged the property to National City Bank Midwest for $23.3 million.

Booth Studio buys building,

consolidating operations

Buyer: Herbert and Shelley Booth, Sarasota

Seller: Southern Farm Supply Inc.

Property: 3801 N. Washington Blvd., Sarasota

Price: $875,000

Previous Price: $375,000, March 1999

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

PLANS, DESCRIPTION: Herbert Booth's Booth Studio Inc. is moving to downtown Sarasota. The photography studio has been located in a building Booth and his wife Shelley own at 4367 Independence Court, Sarasota. Recently, the Boothes purchased a 7,000-square-foot office/warehouse building on Washington Boulevard along U.S. 301; the plan is to consolidate the Independence Court operations and the other business departments that were housed at the Foto-Booth office at 560 N. Washington Blvd., Sarasota.

Booth expects to renovate the new building for a projected April move-in. Booth plans to lease out about 4,000 square feet in the new U.S. 301 building and about 4,500 square feet in the company's former headquarters space on Independence Court.

AA Alexander Fine Jewelers

buys St. Armands building

Buyer: A&A Sarasota Investments Inc. (A. Avakian and Meline and Aram Avanoglu), Sarasota

Seller: Bayrock Investment Co.

Property: 367 St. Armands Circle, Sarasota

Price: $2.2 million

Previous Price: $894,000, January 1993

Law firm on deed: Saba & King LLP, Sarasota

PLANS, DESCRIPTION: A. Avakian and Meline and Aram Avanoglu, owners of AA Alexander Fine Jewelers on St. Armands Circle, have purchased a nearby commercial building, 367 St. Armands Circle Drive.

Aram Avanoglu, vice president of the investment firm, A&A Sarasota Investments Inc., declined to comment on the recent sale. Two stores, Settimi's, a coffee and gelato cafe, and Erika B. Fashions Extraordinaire, are currently leasing the space in the property at 367 St. Armands Circle.

Two investors buy

portion of retail strip center

Buyer: Rational Exuberance LLC, Sarasota

Seller: Key Bank, Key Trust Co. of Ohio NA as ancillary personal representative of the Estate of Fred Bleich deceased

Property: 2115 Siesta Drive, Sarasota

Price: $750,000

Law firm on deed: Michael J. Belle PA, Sarasota

PLANS, DESCRIPTION: Steven Dahlquist of Dahlquist & Associates and Robert Clark Jr. purchased one of the buildings in the strip center across from Westfield Shoppingtown Southgate near the Fleming's restaurant. Clark owns BC's Recovery Room, which shares space in the building with an Italian restaurant and a hair salon, Personality Plus Inc. Dahlquist says the property was purchased as an investment and for the possibility of future development.

Etc...

• Heffner Properties LLC purchased a 7,600-square-foot office/warehouse condo unit at 4396 Independence Court, Sarasota, for 4396 Independence Ct Inc. from $665,000. Jon Kleiber of Richardson Kleiber Walter Kleiber Partnership handled the transaction.

• Brent Yoder and C.B.S. Roofing & Waterproofing Inc. purchased a 5,000-square-foot office/warehouse building at 5318 Ashton Court from Import Products Group Inc. for $600,000. Jon Kleiber of Richardson Kleiber Walter Kleiber Partnership handled the transaction.

• Rinker Material of Florida Inc. purchased 10 acres zoned OUE-1 at 520 Gene Green Road, Sarasota, from APAC-Southeast Inc. for $850,000. Jon Kleiber of Richardson Kleiber Walter Kleiber Partnership handled the transaction.

• Lena Place LLC purchased 4.66 acres at 6220 E. State Road 64, Bradenton, from Jung S. and Yuk Wah Luck for $2,100,000. Ian Black and Steve Horn of Ian Black Real Estate, and Jack and Sheri Cunningham from Century21 Advantage handled the transaction.

• The Glenridge on Palmer Ranch has started construction on The Palm, which will add 36 independent living residences. The $14.5 million project is slated for completion in July and will be ready for occupancy in the fall. Average entrance fees will run about $482,000. The Glenridge on Palmer Ranch is built on a 90-acre campus in the master-planned Palmer Ranch community.

• Jim Boyd is expanding his real estate operations, The Boyd Group, to include commercial and investment real estate services in Manatee, Sarasota, Hillsborough, DeSoto and Hardee counties. Boyd says the brokerage will focus on land for residential development and commercial buildings. The expanded commercial real estate services will be co-located with Boyd Insurance and Investment Services at 717 West Manatee Avenue in Bradenton.

• Reilly LLC has purchased an 11,000-square-foot fully finished office building in Lakewood Ranch Corporate Office Park from Santo LLC for $2.5 million. Bob Brillon of Michael Seery & Associates advised the seller in the transaction.

• Therapeutic Potentials Inc. leased 2,500 square feet of office/warehouse space at 7644 15th St., E., from Airport Commerce Center. The transaction was handled by Airport Commerce Center.

• Ontrak Technologies Inc. leased 1,700 square feet of office/warehouse space at 1285 Tallevast Road from Airport Commerce Center. The transaction was handled by Airport Commerce Center.

• Brian Sehlke has purchased a 3,800-square-foot office/warehouse building at 5330 Ashton Court from Ozone Pure Water Inc. for $465,000. Jeff Button and Jon Kleiber of Richardson Kleiber Walter Kleiber Partnership handled the transaction.

• Piranha Plumbing Inc. leased a 1,470-square-foot office/warehouse at 4551 Northgate Court from Les Srodek. Jeff Button of Richardson Kleiber Walter Kleiber Partnership handled the transaction.

• Mark Baker, principal of IBA Consultants Inc., bought a 2,500-square-foot flex office/warehouse condominium at Lena Commercial Condominiums south of State Road 64 along Lena Road in Bradenton, from D&D Dynasty Building Inc. for $275,000. Steven Pimlott and Mike Sporer of Bosshardt Realty Services Inc. represented the seller.

IBA Consultants, a building exterior and glazing company, will house its regional sales and consulting operation in the new office. Bob Brillon of Michael Seery & Associates represented the buyer in relocating from the Central Business District in Sarasota to the Bradenton Interstate 75 corridor.

• Bryans Electric purchased a 2,500-square-foot office/warehouse building at 8019 34th Ave. E, Bradenton in Lena Commercial Park, from D&D Dynasty Building Inc. for $275,000. Mike Sporer and Steve Pimlott of Bosshardt Realty Services Inc. handled the transaction.

• Woonsocket, R.I.-based CVS/pharmacy bought a 12,000-square-foot SunTrust Bank branch at 1000 N. Tamiami Trail, Sarasota, from Charles and Robert Lonsdale, trustees, for $2.1 million. The building is on about 1.5 acres.

• Sarasota Memorial Health Care System is preparing to open a walk-in facility with 26 new treatment rooms, known as the Sarasota Memorial Walk-In Medical Center, 2415 University Parkway.

• Evolution Health & Fitness Inc., a boutique-style fitness center, has signed a lease for 3,129 square feet in Courthouse Centre at 1990 Main St., Sarasota. Karen Cook, a broker-associate in The Commercial Group of Michael Saunders & Co., handled the transaction.

• B&M Jimenez Properties LLC purchased a 3,500-square-foot building at 5915-5921 Beneva Road, Sarasota, from Kenneth and Joan Tracey for $791,000. Carl Wise of Preferred Commercial Inc. represented the seller, and Tim Loveless of Keller Williams Platinum Realty represented the buyer.

• Lennar Communities has broken ground on the 27-hole River Strand Golf Course at Heritage Harbour. The course, situated on about 1,000 acres is on the north half of the Heritage Harbour property and is designed to anchor the next phase of the East Manatee County master-planned community. Surrounding the River Strand Golf Course will be a mix of multi-family and single family homes. The private course is expected to be completed in the summer of 2006.

• Marie Nordvik Watts has purchased a two-story 8,000-square-foot building at 6111-6121 Clark Center Ave., Sarasota, from Rebcorp Inc. for $3.15 million. Barry Seidel of American Property Group of Sarasota Inc. handled the transaction.

• Trinity Investigative Group has leased space in the Riverview Center in downtown Bradenton from Miller Enterprises. RCB Properties represented Trinity Investigative Group.

• Hanna Properties purchased 4907 15 St. East, Sarasota, from Robert and Linda Bourque for $400,000. Brian Hollifield and Craig Copeman, both of RCB Properties represented the sellers. John Stone of Vantage Realty represented the buyer.

• H&H Structures purchased an 1,800-square-foot industrial condominium at 1611 12th St. E., unit A, Sarasota from Telesis Technology Corp. for $195,000. Brian Hollifield of RCB Properties represented the seller, and Richard Cagan of Cagan Brewer Realty represented the buyer.

• Limelight Consulting Services leased about 2,000 square feet, located at 324 8 Avenue West in Palmetto, from HAWA Enterprises LLC. Brian Hollifield of RCB Properties represented the tenant, and Don Lewis of Re/Max Gulfstream represented the landlord.

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