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Real Estate Briefs (Sara/Mana)
Thayer Lodging Buys Allens Hotels
Buyer: Thi 4 Sarasota SHGI Inc., Thi IV Sarasota Shi LLC, Thi IV Sarasota Hie LLC, and Thi 4 Sarasota Ai LLC (Thayer Lodging Group), Annapolis, Md.
Seller: Allen Investments Inc. (principals Ronald and Patricia Allen)
Property: 8270 N. Tamiami Trail, Ellenton; 5995 Cattleridge Blvd., Sarasota; 6600 S. Tamiami Trail, Siesta Key; and 5931 Fruitville Road, Sarasota.
Price: $42.9 million
Law firm on deed: Icard, Merrill, Cullis, Timm, Furen & Ginsburg PA, Sarasota
Plans, description: Annapolis, Md.-based Thayer Lodging Group has purchased the 146-room Holiday Inn Express in Siesta Key, the 115-room Hilton Garden Inn, the 121-room Hampton Inn on Bee Ridge Road and the 116-room AmericInn Hotel and Suites near Fruitville and Interstate 75 in Sarasota. Ronald and Patricia Allen, of Allen Investment, are divesting their hotel interests because of personal reasons. The Allens have announced they plan to retire following the closing.
Blackpoint Group
planning Washington Crossing
The Blackpoint Group, headed by Lakewood Ranch developer Anthony Mazzucca, is drawing plans for a mixture of retail, office, hotel and light-manufacturing buildings at the southeast corner of U.S. 301 and Tallevast Road in Manatee County.
The site plan for the project suggests the development would entail a total of 201,800 square feet of commercial space.
Asked why the 27-acre Washington Crossing project is the first piece of retail between University Parkway and State Road 70 along U.S. 301, Mazzucca says that it is the only exit with direct access off U.S. 301. He hopes to start work there early next year.
"I'm expecting contracts in the next 60 days, including with the hotel," Mazzucca says. "Right now, things are looking good for that to be a ManorHouse (Inn & Suites)." The ManorHouse concept is being developed by Sarasota's S.S. Appel & Co. S.S. Appel officials hope to open at least five of the limited-service hotels in the next three years.
Sarasota investment group
buys apartment development
Buyer: Minorga Partners LLC (principals Warren Hickernell Jr. and Allan Barberio), Sarasota
Seller: Alex Gutierrez
Property: 5108 Calle Minorga
Price: $2.8 million
Law firm on deed: Desjarlais Title Co., Sarasota
Plans, description: The Sarasota investment group of Minorga Partners LLC has purchased the 10-unit Calle Minorga Apartments complex.
Warren Hickernell Jr., managing partner of the investment group, says the group plans to renovate the complex, including the installation of new flooring and kitchens.
"We like to go in and take it down to the base," Hickernell says. "It's pretty much a total renovation, but we always have to be careful because of the 50% rule. We will probably add a pool there."
Minorga Partners mortgaged the apartment property to Century Bank for $2.4 million.
Fifth Third Bank
buys in Sumter Crossing
Buyer: Fifth Third Bank, Cincinnati
Seller: Sumter Crossing LLC
Property: Sumter Boulevard and Tamiami Trail, North Port
Price: $1.1 million
Law firm on deed: Lutz Bobo & Telfair PA, Sarasota
Plans, description: Fifth Third Bank has purchased land in the 27-acre Sumter Square shopping center. Fifth Third's purchase follows the acquisition of land by Wal-Mart Supercenter, Home Depot and Applebee's Neighborhood Grill and Bar. John Dunn, senior vice president and retail division manager for Fifth Third, says the bank is developing the new facility to relocate an existing office that was farther north on U.S. 41.
"Our lease there is coming to maturity," Dunn says. "We are going to be building a new prototype bank."
The new 4,000-square-foot bank is expected to open in January.
Etc...
• Salem Ore.-based Holiday Retirement Corp. purchased about 4.8 acres in Venice for $875,000 to develop 117-unit independent-retirement living apartments. The sellers were Basil and Patricia Marrella and BJ Management Co. The property is at 1450 Venice East Blvd. The complex is scheduled for completion in the third quarter of 2006. The developer is building a similar complex in Sarasota called the Desoto Beach Club and owns and operates the Woodlands Village in Bradenton. According to its Web site, Holiday Retirement is the largest owner and operator of retirement housing in the world.
• Michael Sporer's Rino Investment purchased about five acres from Gulfwinds Development Inc. at 1850 Whitfield Ave. to develop four buildings totaling 38,000 square feet of office/warehouse space. Rino purchased the property for $725,000. Sporer hopes to break ground in the first quarter of 2006 for delivery toward the end of the year.
• Correctional Services Corp. renewed its 13,382 square feet office space in the Sarasota City Center, 1819 Main St., Sarasota.
• Orlando-based Camellia Pointe Ltd. purchased the Gulf Harbor Marina, 100 Circuit Road, Nokomis, from Gulf Harbor Marina LLC for $11 million. Camellia Pointe, which used the corporate name of Gulf Harbor Marina LLC and Gulf Harbor Landings LLC for the transaction, mortgaged the land to Keybank for $8.5 million.
• Sarasota developer Harry Rosenblum and George Graham of New York City purchased a retail property at 1501 Laurel St., Sarasota, from Donna Lincks, trustee, for $1.125 million. Rosenblum and Graham, who used the corporate name of South Pineapple Partners LLC for the transaction, mortgaged the property to the former owner for $900,000.
• J&K Real Estate Holdings LLC purchased an 18,818-square-foot lot at 2446 S. Tamiami Trail, Sarasota, from Frank and Ellen Schwimmer for $1,300,000. Ian Black and Steve Horn of Ian Black Real Estate, and Ken Hoskinson from Hembree & Associates Inc. handled the transaction.
• The Sarasota Collection Home Store, LLC purchased a 3,300-square-foot building, located at 616 Central Ave. in Sarasota, from BT Partners, LLC for $613,000. Ian Black of Ian Black Real Estate handled the transaction.
• Circle Investors of Sarasota LLC purchased a 22-unit motel, located at 6760 Sarasea Circle, Siesta Key, from Magdaline Koch Trust and John Koch Trust for $4.245 million. Warren Hickernell of Prudential Cascade represented the buyers, and Dan Page and Dan McLeroy of Re/Max Properties Commercial Division represented the sellers.
• Kmart, now owned by Sears, Roebuck & Co., purchased the existing Kmart department store at 7350 Manatee Ave. W., Bradenton, from Memphis-based Devonshire Associates and Devonshire Associates Ltd. for $2.85 million.
• An Indiana Beach Retreat LLC purchased A Beach Retreat, located at 105 Casey Key Road, Siesta Key, from A Beach Retreat LLC for $7.85 million. Florida Division of Corporations show Ronald Whistler, James Trueblood, Daniel Teder and James Andrew Jr., all of West Lafayette, Ind., as members of An Indiana Beach Retreat LLC. An Indiana Beach Retreat LLC mortgaged the property to the former owner for $6.85 million.
• Siam Retreat Partners LLC purchased the 16-unit Siam Garden, 512 Spring Ave., Anna Maria, from Siam Garden Resort Group LLC for $4.12 million. The new owner has suggested plans to sell the individual units while maintaining the complex as a resort. The new owner mortgaged the property to SunTrust Bank for $3.36 million.
• Addy's Inn LLC purchased the Addy's Inn motel, 330 N. Tamiami Trail, Nokomis, from Michael and Andy Griffith for $2 million. Jim Walter of Richardson Kleiber Walter Walter Partnership represented the seller, and Linda Bastian of Michael Saunders & Co. represented the buyer.
• AmeriQuest mortgage leased 3,044 square feet of office space at CattleRidge Financial Center, 6000 Cattleridge Drive, Sarasota. Marcia Sevigny of Osprey Real Estate Services represented the landlord in the transaction.
• Leedom & Associates leased 6,256 square feet of office space in the Sarasota City Center, 1819 Main St., Sarasota. Brian Kennelly of Osprey Real Estate Services represented the landlord in the transaction.
• Abanco International leased 4,926 square feet of office space in the Sarasota City Center, 1819 Main St., Sarasota. Marcia Sevigny of Osprey Real Estate Services represented the landlord in the transaction.
• WilsonMiller Inc. leased an additional 2,300 square feet of office space in the 6944 Professional Parkway, Lakewood Ranch. Brian Kennelly of Osprey Real Estate Services represented the landlord in the transaction.
• Aliant Financial Services Inc. and CPA Associates PA leased office space in the Sarasota City Center, 1819 Main St., Sarasota. Marcia Sevigny of Osprey Real Estate Services represented the landlord in the transaction.
• Correctional Services Corp. renewed its 13,382 square feet office space in the Sarasota City Center, 1819 Main St., Sarasota.
• Gentiva Health Services (USA) Inc. leased 3,412 square feet of office space at Live Oak Office Center, 2201 Cantu Court, Sarasota. Marcia Sevigny of Osprey Real Estate Services represented the landlord in the transaction.
• Smith Seckman Reid Inc. has leased an additional 3,700 square feet of office space in the 6944 Professional Parkway, Lakewood Ranch. Brian Kennelly of Osprey Real Estate Services represented the landlord in the transaction.
• HDR Engineering has signed a contract to lease 3,902 square feet of office space at Live Oak Corporate Center, 2601 Cattlemen Road, Sarasota. Marcia Sevigny of Osprey Real Estate Services represented the landlord in the transaction.
• United Investments LLP purchased a 7,500-square-foot office/warehouse building, located at 7212 24th Ave E, Bradenton, in Centre Park, from D & D Dynasty Building, Inc. for $465,000. Mike Sporer and Steve Pimlott of Bosshardt Realty Services, Inc. represented the sellers, and Miker Edwards of Edwards Commercial Realty Inc. represented the buyers.
• Team Body Counselor LLC leased 3,000-square-feet of space at 11017 Arcade Place in Lakewood Ranch, from Capricorn One LLC. Diane Lee of Lakewood Ranch Realty represented the owner, and Marcia Cuttler of American Property Group of Sarasota Inc. represented Team Body Counselor.
• Paradise Communities, a subsidiary of The Paradise Group, has taken out a $3.6 million from AmSouth Bank on its recent purchase of the Kirk-Pinkerton PA law firm building and surrounding property on Orange Avenue in Sarasota.
• The U.S. Tower Division of Taylor Woodrow has announced plans to open Beleza condominium on Venice Beach in November, and The Beach Residences condominium on Lido Key in December. Tom Tosi, vice president of operations at the U.S. Tower Division of Taylor Woodrow, said all 26 residences in the eight-story Beleza on Venice Beach sold before construction started last fall at an average price of $1.2 million. All 88 condominiums at The Beach Residences sold before construction started last summer at an average price of more than $2 million, according to Tosi.
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