Westfield Kicks Off Square ExpansionPrestige Builders buys Gateway LakesTwo Michigan companiesbuy The LandingsAmSouth Bank buys more Tamiami landLake Verna group plans Lake St. Claire
Real Estate Briefs (Sara/Mana)
Westfield Kicks Off Square Expansion
The Australian based Westfield Group has started construction on a $50 million project designed to add to and reinvigorate Westfield Sarasota mall. Among the changes planned for the mall is construction of a new 50,000-square-foot AMC 12 Theatre, two new sit-down restaurants, an expanded and relocated food court, 20 new specialty shops along with a full interior renovation that will create a family lounge area and a Venetian carousel. The owners currently plan to keep the mall open during the construction.
The development project has been split into two phases, but the entire development is scheduled for completion by the summer of 2007.
On top of the additional construction, Westfield has renamed the complex Westfield Sarasota Square.
Other Westfield centers located in Florida include Westfield Southgate, Westfield Brandon, Westfield Citrus Park and Westfield Countryside.
Prestige Builders buys
Buyer: Gateway Lakes 358 LLC (principals Martin Caparros Jr. and Arthur Falcone), Miami Lakes
Seller: New Marlin Lakes Associates LLC
Property: 1000 Marlin Lakes Circle, Sarasota
Price: $55.5 million
Previous Price: $21.85 million, November 2000
Law firm on deed: Greenberg Traurig PA, Miami
Plans, description: Florida's largest apartment condo converter Prestige Builders has purchased the 358-unit Gateway Lakes apartment complex. Prestige Builders has already purchased and converted Garden View Villas, the Serenade at Palmer Ranch, Vintage Grand at Palmer Ranch and Villa D'este in Sarasota and Manatee counties. The company also recently purchased the 320-unit Citation Club in Palmer Ranch.
Prestige Builders mortgaged the Gateway Lakes property to Ocean Bank for $50.3 million.
Two Michigan companies
buy The Landings
Buyer: Landings of Sarasota Florida LLC (principal David Rubin), Birmingham, Mich.
Seller: Landings of Sarasota DBT
Property: 5778 Clark Road and 4848 and 4944 S. Tamiami Trail, Sarasota
Price: $15.9 million
Previous Price: $9.7 million, December 1997
Law firm on deed: Charles Benvenuto PC, Oak Brook, Ill.
Plans, description: Farmington Hills, Mich.-based Cambridge Investors and Southfield, Mich.-based Schostak Brothers & Co. have purchased The Landings strip center in Sarasota. The 96,000 square-foot retail center is currently 95% occupied.
David Rubin, executive vice president of Cambridge Investors, says company also recently purchased the Crosswinds Shopping Center in St. Petersburg. The company is also looking at more property in the Sarasota Manatee counties area and in other areas along the west coast of Florida.
The Sarasota office of Oakmont Capital Resources will handle leasing and tenant relations for The Landings.
The new owners mortgaged The Landings to Morgan Stanley Mortgage Capital for $13.3 million.
buys more Tamiami land
Buyer: AmSouth Bank, Birmingham, Ala.
Seller: Vincent and Peter Messina and Geoffrey Pflugner, as Trustee
Property: 8608 and 8620 S. Tamiami Trail and a portion of Livingstone Street, Sarasota
Price: $2.3 million
Law firm on deed: Icard Merrill Cullis Timm Furen & Ginsburg PA, Sarasota
Plans, description: AmSouth Bank has purchased 1.36 acres and an about 10,000 square-foot retail/office building on Tamiami Trail, Sarasota. AmSouth has been on a fairly significant buying frenzy for future needs; this is the fourth property the bank has purchased in Sarasota County this year.
buys in North Port
Buyer: Showcase Interiors Inc. (principals Gary Fileman and Dwain Schott), Port Charlotte
Seller: Kent Morris
Property: property on Commerce Parkway, North Port
Previous Price: $190,000, March 2003
Title firm on deed: American United Title Co. Inc., Venice
Plans, description: Port Charlotte-based Showcase Floors has purchased an acre and a half of vacant land in southern Sarasota for future expansion. Dwain Schott, president of Showcase Floors, says the building will likely be 20,000 square feet and built in a few years.
Showcase Interiors mortgaged the property to Charlotte State Bank for $450,000.
Lake Verna group
plans Lake St. Claire
Albert Mayra, managing partner for the Lake Verna LLC investment group, has big plans for east of The Concession and Lakewood Ranch. In July, Lake Verna purchased about 800 acres on State Road 70, east of The Concession, for $16.2 million to develop estate homes in a total of five phases, says Mayra.
Homebuilders expected to build on the property include John Cannon Homes, Pruett Builders, Todd Johnson Homes and Lee Wetherington Homes.
Mayra hopes to start construction in the next two to three months. Home packages are set to cost from $800,000 to $3 million.
• Gator Title Insurance Agency of Florida Inc. leased an office at unit 221F of 2831 Ringling Blvd., Sarasota, from Schimmel & Schimmel LCSW PA. Marcia Cuttler of American Property Group of Sarasota Inc. represented the owner, and Brooke O'Malley of A Young Realty Group Inc. represented the tenant.
• Tommy K LLC purchased general commercial land at 6969 S. Tamiami Trail, Sarasota, from Visible Holdings LLC for $1.38 million. Barry Seidel of American Property Group of Sarasota Inc. represented the seller, and James Wardlaw of Mount Vernon Realty represented the buyer.
• Great American Concessions Inc. purchased an office/retail building at 909-919 S. Tamiami Trail, Sarasota, from Nokomis Land Co. for $1.185 million. Barry Seidel of American Property Group of Sarasota Inc. handled the transaction.
• Shiraz Investments LLC purchased general commercial land at 4420 S. Tamiami Trail, Sarasota, from Siesta Ices Inc. for $1.3 million. Barry Seidel and Michael Witt, both of American Property Group of Sarasota Inc. handled the transaction.
• SMH Radiology Associates PA leased a 1,700-square-foot office space at 1435 S. Osprey Ave., Suite 201, Sarasota, from Martin Management LLC. Barry Seidel of American Property Group of Sarasota Inc. represented the owner and Michael Witt of American Property Group of Sarasota Inc. represented the lessee.
• Seal Properties LLC purchased retail property at 4211 N. Tamiami Trail, Sarasota, from 4211 N. Tamiami Trail Inc. for $800,000. Barry Seidel of American Property Group of Sarasota Inc. handled the transaction.
• Goalen LLC, doing business as Lenny's Subshop, leased 1,540 square feet in a strip center at 3230 Clark Road, Sarasota, from JSA Properties. Michael Witt of American Property Group of Sarasota Inc. handled the transaction.
• Construction of a major roadway and utility improvement project on Webber Street is expected to begin within two months; the Manatee County Commission awarded contracts totaling more than $13.4 million last week:
Woodruff and Sons Inc. of Bradenton was awarded $12.4 million for roadway and utility improvements, including the reconstruction of a two-lane road from Mapleloft Road to just west of Nodosa Drive, and construction of a new two-lane road from Mapleloft to Cattlemen Road.
Another contract for more than $1 million was awarded to Boyle Engineering Corp. of Sarasota for construction engineering and inspection services.
The construction project will be funded by the utility rates, the 5-cent local-option fuel tax and Communications Services Tax Revenue Bond proceeds.
• Sarasota Plastic Surgery leased 3,200 square feet in the old Mediation Center, on 2901 S. Tamiami Trail, Sarasota, from Cyril and Dominique Israileff. Jag Grewal, Rick Prather and Michele Fuler of Coldwell Banker Commercial represented both sides of the transaction.
• ATP Engineering leased 900 square feet of space at 7680 Matoaka Road, Sarasota, from Esprix Technologies LP. Steve Ross of Hembree & Associates represented Esprix Technologies and Debbie Anglin of Ian Black Real Estate represented the tenant.
• IUPA has leased 10,000 square feet for its national headquarters in the RBC Centura building in downtown Sarasota, at 1549 Ringling Blvd. Lee Delieto of Michael Saunders & Co. represented the landlord and Steve Ross of Hembree & Associates represented the tenant.
• Rocky and Robert Smith's Universal Lumber Specialties purchased vacant industrial land at 3205 81st Court E., Manatee County from Prenez En Gre Inc. for $695,000. Universal Lumber, which purchased the property under the company name of Universal Real Estate Holdings LLC, mortgaged the property to Coast Bank Florida for $695,000.
• LandMark Bank has opened its fourth full-service banking center, at 8444 South Tamiami Trail in Sarasota.
• Phoenix Development LLC purchased the 6,500 square-foot 1506 Fruitville Road building in Sarasota from Robert Kimbrough for $1.1 million. Lee DeLieto of Michael Saunders & Co.'s The Commercial Group represented the seller and will represent Phoenix Development, LLC in the leasing of the space prior to redevelopment.
• Lady Luck LLC has purchased a 12,800 square-foot strip center, located at 3333 N. Washington Blvd., Sarasota, from Paramount-Cherry Corp. LLC for $1.25 million. Marcia Cuttler of American Property Group of Sarasota Inc. handled the transaction.