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Business Observer Friday, Nov. 4, 2005 14 years ago

Real Estate Briefs (Sara/Mana)

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Parkland Management Buys Mayfair ApartmentsHonda Cars of Bradenton buys nearby lotDestination Spa buys Sarasota buildingTwo Sarasota doctors invest in small retail centerLandmark Development Group opens Lakewood Ranch Division
by: Adam Hughes Staff Writer

Real Estate Briefs (Sara/Mana)

Parkland Management Buys Mayfair Apartments

Buyer: Cypress Mayfair Ltd. (Parkland Management Corp.), Boca Raton

Seller: RFC MPR LLC

Property: 5010 Central Sarasota Parkway, Palmer Ranch

Price: $46.6 million

Previous Price: $19.95 million, December 2001

Law firm on deed: Ingram Yuzek Gainen Carroll & Bertolotti LLP, New York City

Plans, description: Parkland Management Corp. purchased the 248-unit Mayfair Apartment complex in Palmer Ranch. The Mayfair is one of two remaining apartment complexes of the original five complexes built in Palmer Ranch, and both it and Citation Club of Palmer Ranch are expected to be converted into condominiums in the near future. The Mayfair's new ownership hired Greystar Management to manage the complex.

The 320-unit Citation Club was purchased in September by the largest in-state condo converter, Miami Lakes-based Prestige Builders Partners, for $44.3 million.

The Mayfair at $187,702 sets a new standard for the price per unit for apartment property in Palmer Ranch. The Citation Club was purchased for $138,438 per unit.

Cypress Mayfair mortgaged the property to Wachovia Bank for $40 million.

Honda Cars of Bradenton

buys nearby lot

Buyer: Bradenton Automotive Co., Charlotte, N.C.

Seller: Ralph and Daniel Elyachar

Property: 5501 14th St. W., Bradenton

Price: $2.35 million

Previous Price: $110,000, May 1988

Law firm on deed: Icard Merrill Cullis Timm Furen & Ginsburg PA, Sarasota

Plans, description: J.L. Hendrick's Honda Cars of Bradenton purchased 6.5 acres of vacant land next to its dealership. Matt Woods, general manager of the Honda dealership, says there are no immediate plans for the property. The business is considering different opportunities, including the expansion of its existing 13-acre footprint or creating another franchise dealership on the new property. Woods, who calls the market on 14th Street exceptional, says the dealership will likely make a decision by the first quarter of next year.

Destination Spa

buys Sarasota building

Buyer: Destination Spa Inc. (principal Rick St. George), Sarasota

Seller: William Pinney, trustee

Property: 2017 Fiesta Drive, Sarasota

Price: $958,000

Previous Price: $325,000, October 1988

Law firm on deed: Merritt & Merritt, Sarasota

Plans, description: Rick St. George of Global Financial Advisory is a silent partner in Destination Spa's purchase of its 5,000-square-foot building on Fiesta Drive. St. George says the purchase was not really fueled by business interest for the property, but was more about his desire to help Destination Spa, which features eastern medicine techniques. The spa has leased space in the building for about a year. St. George plans to bring in additional investors to pay to renovate the building.

"I'm hoping to spend about $300,000 to redo the floors, the ceiling, the paint - just about everything," St. George says. The renovation is slated to begin in about 6 months.

Destination Spa Inc. mortgaged the property to First State Bank for $766,000.

Two Sarasota doctors

invest in small retail center

Buyer: Lady Luck LLC (Edward Carlstrom and Motaz Agabani), Sarasota

Seller: Paramount-Cherry Properties LLC

Property: 3333 N. Washington Blvd., Sarasota

Price: $1.25 million

Previous Price: $950,000, November 2003

Law firm on deed: Barnes Walker Title Inc., Siesta Key

Plans, description: Family practitioner Dr. Edward Carlstrom and endocrinologist Dr. Motaz Agabani purchased a 12,800-square-foot strip center on U.S. 301 as an investment. The property now houses Buddy's Home Furnishings, Matrix Hot Tubs and Spas, Men at Work and Iglesia Cristiana.

The new ownership, Lady Luck LLC, mortgaged the property to Freedom Bank for $1 million.

Marcia Cuttler of American Property Group of Sarasota Inc. handled the transaction.

Investment group

buys mobile home park

Buyer: Orange Ave. LLC (Michael Hickmann), West Bend, Wis.

Seller: Mobile Home Park LLC

Property: 1500 N. Orange Ave., Sarasota

Price: $2.8 million

Previous Price: $765,000, September 2000

Law firm on deed: Andrew Reiff PA, Orlando

Plans, description: A West Bend, Wis., investment group purchased the 102-space Orange Avenue Trail Park. According to Michael Hickmann, managing partner for the group and a real estate attorney, the park was attractive as an investment because it was in need of additional attention and improvements.

Orange Avenue LLC has mortgaged the property to Bank of Commerce for $5.08 million.

Landmark Development Group

opens Lakewood Ranch Division

Naples-based Landmark Development Group plans to develop new homes in eastern Manatee County. The home builder has leased Lakewood Ranch office space at 8126 Main St., Suite 206, and plans to open a new division office in December.

In addition to housing division headquarters, the roughly 3,000-square-foot space will serve as a home design and interior finishes showcase. Landmark Development plans to develop custom homes in the Lake Club community in Lakewood Ranch and in Nicklaus Manor and other neighborhoods in The Concession Golf Club and Residences.

Partners Arthur A. Shafran and James E. Pierce founded Landmark Development in 1997. Landmark Development and its affiliate, Landmark Design headed by Lou Shafran, have won awards for home design and decor, including seven 2005 Aurora Awards from the Southeast Builders Association. Landmark Development has completed or contracted for more than 700 residences, mainly in golf course and master-planned communities in Naples and Bonita Springs.

Etc...

• 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, located 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 to facilitate its anticipated growing markets extending from Tampa/St Pete to Naples.

• 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 getting ready to open the hospital's most recent addition, which includes 26 state-of-the-art new treatment rooms. In a related move, Sarasota Memorial also plans to open a new walk-in clinic in January for people in need of immediate or urgent, but not necessarily emergency care. The Sarasota Memorial Walk-In Medical Center will be at 2415 University Parkway.

• Evolution Health & Fitness Inc. has signed a lease for 3,129 square feet in Courthouse Centre, located at 1990 Main St., Sarasota, from Courthouse Centre of Sarasota Ltd. Ernesto Santana and Suzette Jones, owners of Evolution Health & Fitness Inc., plan to open the boutique fitness center in late fall 2005. 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. The course will include an aqua range and comprehensive short game practice facility, featuring chipping, pitching, putting and sand play areas and amenities, such as a tennis and golf pro-shop, fitness center and an upscale clubhouse with banquet facilities.

The course was designed by Arthur Hills and will incorporate wooded preserves, mature uplands and wetlands, tributaries and a variety of trees to showcase the indigenous habitat of the area. Surrounding the River Strand Golf Course will be a mix of multifamily and single family homes. This multimillion dollar private course is expected to be completed in the summer of 2006.

Lennar Communities develops land for US Home and Lennar, which have built more than 12,000 homes in 25 area neighborhoods.

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