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Business Observer Friday, Dec. 16, 2005 12 years ago

Real Estate Briefs (Sara/Mana)

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Coconut Grove Buyers Converting Turnbury ParkBig Jim buys second storage facilityNew Carlisle investor buys Glenbrooke apartmentsArthur Rutenberg buys more land for GreyhawkAmerican Financial Realty buys Wachovia branchesInvestment group converting Phillippi Shores Marina
by: Adam Hughes Staff Writer

Real Estate Briefs (Sara/Mana)

Coconut Grove Buyers

Converting Turnbury Park

BUYER: Turnbury Park Acquisitions LLC, Coconut Grove

SELLER: Vinings Trace LLC

PROPERTY: 6104 Turnbury Park Drive, Sarasota

PRICE: $53.8 million

PREVIOUS PRICE: $24.9 million, April 1999

LAW FIRM ON DEED: Stearns Weaver Miller Weissler Alhadeff & Sitterson, Tampa

PLANS, DESCRIPTION: Coconut Grove-based real estate developers Peter Wenzel and Gary Burman have purchased the 286-unit Turnbury Park at Palm-Aire to convert it to condominiums.

According to Wenzel, the condo conversion process has already started, and the new owners are hopeful that the first closing could begin in mid-January. The purchase prices break out to an average per-unit price of $188,000. Wenzel says the expected price range for the units, which are surrounded by a lake, runS from $199,000 to the low $300,000.

The developers plan to do some minor pre-sale renovation, including screening in the lanais.

The two partners have completed conversions in Jacksonville, Tampa and Miami. In Tampa, the duo just completed the 354-unit conversion of Courtney Palms, which was 90% sold out in two-and-a-half months. The two are converting a high-end town project in Gainesville.

The new ownership, which went by Turnbury Park Acquisitions LLC, mortgaged the property to Fremont Investment & Loan for $46.6 million.

Big Jim buys

second storage facility

Buyer: Big Jim III LLC, Sarasota

Seller: Stor N More Self Storage LLC

Property: 6403 S.R. 64 E. and 690 65th Street E., Bradenton

Price: $8.3 million

Previous Price: $875,000, November 2002

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

Plans, description: Big Jim Self Storage LLC has purchased the 626-unit Stor-N-More Self Storage facility on State Road 64. The purchase marks the storage company's second acquisition of an existing storage facility. The first was the 278-unit Sun City Mini Storage in Ruskin.

According to Bud Martini, general manager for Big Jim Self Storage, the company originally intended to develop a new storage facility next to the Comcast Cable office building on Fruitville Road in Sarasota, but approval delays pushed back the construction project. In response, the company decided to acquire existing self-storage facilities in the interim. The current schedule for the opening of the new Fruitville Road facility is in late February or early March. That property will feature more than 800 rental units, a wine cellar and a three-story building for climate-controlled storage.

Martini says the company has no plans to purchase any additional storage facilities.

Big Jim III LLC mortgaged the S.R. 64 property to Wachovia Bank for $6.6 million.

New Carlisle investor

buys Glenbrooke apartments

Buyer: RTC Enterprises SW Florida LLC (principals Raymond Crump), New Carlisle, Ind.

Seller: Lock Realty Corp. 6

Property: 8121 45th Court E., Sarasota

Price: $8.87 million

Previous Price: $1.6 million, August 1998

Law firm on deed: Fergeson Skipper Shaw Keyser Baron & Tirabassi, Sarasota

Plans, description: Raymond Crump's RTC Enterprises SW Florida LLC has purchased the 40-unit Glenbrooke Apartments in Sarasota.

The Indiana developer/attorney plans to start the condominium conversion process almost immediately and says the units will likely require reroofing and parking lot improvements. Crump expects the units will start in the $200,000s. The purchase price for the apartment complex breaks down to $221,648 per unit, making it one of the most expensive per-unit prices paid for an apartment complex in the two-county region.

This is Crump's first purchase in Florida, but it is not his first condo conversion investment.

Arthur Rutenberg buys

more land for Greyhawk

Buyer: Greyhawk Landing West LLC (principal Sam Rodgers), Venice

Seller: Sanna Rossi, Joseph and Georgia Aleppo, Michael Hamrick, Trustees and Aurora Foundation Trust

Property: 12705 S.R. 64 E. and additional land, Bradenton

Price: $6.4 million

Previous Price: $210,000, October 1978 (for a portion of the land)

Law firm on deed: Boone Boone Boone Koda & Frook PA, Venice

Plans, description: The Sam Rodgers Enterprises Inc.'s Arthur Rutenberg Homes franchise has purchased 250 acres of grazing land to develop a 393-lot single-family development addition to the GreyHawk Landing community on State Road 64 in Manatee County. Rutenberg Homes officials hope to begin clearing the site in the second half of 2006. Rutenberg Homes is slated to share home construction duties in the community with Homes By Towne.

The homes, which will be 2,200 to 3,000 square feet, are expected to be priced from the $300,000s to the $400,000s. The new portion of the community will feature a 3,000-square-foot clubhouse, swimming pool, walking trail and picnic area.

American Financial Realty

buys Wachovia branches

Buyer: First States Investors 3124 LLC/First State Investors 3160 LLC, Jenkintown Pa.

Seller: Wachovia Bank

Property: 921 Manatee Ave. W., Bradenton

Price: $1.6 million

Previous Price: $898,100, March 1992

Property: 4601 Manatee Ave. W., Bradenton

Price: $942,000

Previous Price: $335,000, April 1988

Law firm on deed: Smith Hulsey & Busey, Jacksonville

Plans, description: Jenkintown, Pa.-based American Financial Realty Trust, a real estate investment trust focused on acquiring and leasing back properties occupied by financial institutions, has purchased two Wachovia Bank building branches on Manatee Avenue as part of its acquisition of 66 bank branches and 29 unimproved parcels from Wachovia. The total net purchase price for the properties was about $84.1 million.

"Our ongoing relationship with American Financial has enabled us to quickly and efficiently rationalize our branch network allowing us to recycle capital and focus on our core business," says Neal King, senior vice president of corporate real estate for Wachovia Bank.

The new portfolio includes about 242,000 square feet of retail space and about 1,752,000 square feet of developable land concentrated in Florida, North Carolina and Virginia.

American Financial Realty Trust owns and manages its assets primarily under long-term triple net and bond net leases with banks.

Investment group converting

Phillippi Shores Marina

Buyer: Phillippi Ventures LLC, Sarasota

Seller: Landings Marina Inc.

Property: 1780 Phillippi Shores Drive, Sarasota

Price: $3.9 million

Previous Price: $700,000, October 1995

Seller: Howard Lutz

Property: 1810 Phillippi Shores Drive, Sarasota

Price: $3.9 million

Previous Price: $150,000, August 2000

Law firm on deed: Voigt & Voigt PA, Sarasota

Plans, description: A local investment group, which includes Stephen Voigt Jr. and Sr., with the law firm of Voigt & Voigt PA, has purchased the Phillippi Shores Marina to convert it into a 309-slip rackominium.

According to Stephen Voigt Jr., the marina is being renamed the Phillippi Harbor Club. The group plans to start construction early next year, for completion early next summer. The new owners have already started taking final contracts. Voigt says the group has already sold about 230 of the racks.

Phillippi Ventures LLC mortgaged the property to Fifth Third Bank for $12.7 million.

Etc...

• 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.

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