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Real Estate Briefs (Sara/Mana)
Developer plans North Port Village
Buyer: North Port Land Investment LLLP (principals Brian and Merja Tuttle), West Palm Beach
Seller: South Florida Sod Inc., Punta Gorda
Property: Approximately 5,800 acres on the northeast edge of North Port near Desoto County
Price: $61.6 million
Law Firm on deed: Rossway Moore & Taylor, Vero Beach
Plans, description: West Palm Beach developers Brian and Merja Tuttle and several other investors, using the corporate identity of North Port Land Investment LLLP, purchased about 5,800 acres of newly annexed property in the city of North Port to develop a Village concept called the Isles of Athena.
Brian Tuttle, managing member for the investment group, says the development plan is slated to create 15,000 residential units in a mixture of single-family homes, apartments, town homes and maintenance free multifamily housing. In addition, Tuttle says the owners plan to designate land for about 4.5 million square feet of commercial space as restaurants, offices, retail space and a movie theater.
As part of the development, Tuttle has agreed to pay for a $30 million interchange off Interstate 75 between the Kings Highway and Toledo Blade interchanges, donate 30 acres for a new hospital and give 1,500 acres to the Southwest Florida Water Management District for a preserve.
Once the new ownership group has the approvals in place for the development, the company will sell the property in smaller pieces. Those approvals are expected to take about two to three years.
Brian Tuttle, who formerly owned a nursery business, is developing several projects in St. Lucie and Palm Beach. This is far and away his largest development to date in terms of both acreage and purchase price.
"For a year and a half, I purchased scattered lots in North Port and Port Charlotte," Tuttle says. "I knew there was something here when those lots went from costing $3,500 to $35,000. This is just a huge deal. We have had this property under contract since last June or July. We had a four-month period there where we did some pretty serious investigation on the property. We hired numerous investigators to make sure this was as good a deal as I know it is."
Stuart-based Houston Quozzo Group has been hired to plan the development.
North Port Land Investment LLLP mortgaged the property to the former owner South Florida Sod Inc. for $36.9 million.
Beach Retreat owners
buy Longboat's Beach Castle
Buyer: Beach Castle Resort LLC, (Jim Foster, Mike Migone, Kim Walker and Bud Hunter), Longboat Key
Seller: McCalls Beach Castle Gulfside Ltd.
Property: 5310-5311 Gulf of Mexico Drive, Longboat Key
Price: $7.44 million
Title company on deed: Florida Regional Title Services LLC, Sarasota
Plans, description: The same group that this March purchased the 27-room Casey Key hotel A Beach Retreat has closed on the 21-unit McCall's Beach Castle Resort. The development has units on the Gulf of Mexico and bay side. The resort is also grandfathered-in under the town's zoning regulations and can be rented out as a weekly resort.
"(The partners) have been in the brokerage business selling property to other developers for several years," says Jim Foster, managing partner of Beach Castle Resort LLC. "We just decided it was time we put our own money into the market."
Foster says the partners have been pursuing the Beach Castle property for about three years.
"We were really anxious to go after it," Foster says. "It's just a real jewel. This gives us 48 units in the market."
The new owners plan to renovate the resort and sell units as individual condominiums. As of May 6, the owners only had five remaining units. Prices in the development ranged from $350,000 to $800,000.
They're putting a new metal roof on it, adding a Key West stucco exterior, new fencing and landscaping, Foster says.
Wedebrock Real Estate Co. on Longboat Key is selling the units.
The new owners mortgaged the resort to First National Bank & Trust for $7.1 million.
Sarasota Business Center
expansion continues
Miramar-based National Constructors Inc. continues to grow its warehouse/office condominium developments: Sarasota Business Center and Sarasota Business Center II. National Constructors has completed the first phase of the Sarasota Business Center, located in the upper 700 block of Commerce Drive, Venice, and has started construction on the first two of five buildings in the second phase. Building A in the second phase will be 39,200 square feet, and building B will be 40,000 square feet.
"Sales are going great," says Courtney Milligan, director of marketing for Sarasota Business Center. "The first building is sold out, and we only have two units left in the second building (a 2,800- and a 3,200-square-foot unit)." Prices, which vary for each building, average $107 a square foot in the third building. The first building is slated for completion in July, while the second one is set to follow in August.
In the second development, Sarasota Business Center II, located off Porter Road in Sarasota, National Constructors has started on two of the five buildings in the campus. The first one will be 25,400 square feet, and the second will be 27,150 square feet.
The second building, in which 20,560 square feet is still available, is priced at an average of $130 per square foot.
W.G. Mills Inc. is the general contractor for both developments.
Gulf Coast Collection
moves to Sawyer Oaks
Buyer: Gulf Coast Collection Bureau Inc., Sarasota
Seller: Sawyer Oaks LLC
PProperty: 5602 Sawyer Road, Sarasota
Price: $1.126 million
Previous Price: Previous Price: $1.05 million, December 2003
Law Firm on deed: Saba & King, Sarasota
Plans, description: The Sarasota-based collection agency Gulf Coast Collection Bureau Inc. has relocated from about 3,000 square feet at 3621 Webber St., Sarasota, to a 5,000-square-foot building, at 5602 Sawyer Road, Sarasota.
Jack Brown II, president of the collection agency, says the company has moved into its newly constructed building. "This should handle our needs for the foreseeable future," Brown says. "(In the Webber location) our 35 people were just packed in there."
Dooley and Mack Constructors Inc. built the new Sawyer Oaks building. The collection agency has sold its former building - identified by the Sarasota County Property Appraiser as 3619 Webber St. - to Larry Campa for $350,000.
Etc...
• MSM-South Orange Ltd. purchased a 13,116-square-foot office building at 635 S. Orange Ave., Sarasota, from 635 South Orange Partnership for $2.75 million. The new owner mortgaged the property to Orion Bank for $2.16 million.
• Brookfield, Wis.-based MLG Development purchased a shopping center, at 4808 14th St. W., Bradenton, from Morris Realty Co. LLC for $5.4 million. The new owner mortgaged the property to New South Federal Savings Bank for $4.6 million.
• Steven Sanders' Sanders Realty LLC purchased a medical office at 401 Manatee Ave., Bradenton, from Benderson Development Co. Inc. for $1.025 million. Sanders mortgaged the property to Compass Bank for $1.73 million.
• Bill Gryboski and Dan Howe, of Decatur, Ga.-based Gryboski and Howe, purchased an office building at 503 Manatee Ave., Bradenton, from Inland Southeast Holmes Beach LLC for $835,000. The new owner mortgaged the property to Compass Bank for $1.73 million.
• Bozeman, Conn.-based VFL LLC purchased commercial land at 252 and 262 S. U.S. 41 Bypass, Venice, from Venice Auto Mall Inc. for $790,000. VFL LLC mortgaged the property to Intervest National Bank for $592,500.
• Thomas and Joel Sivertson and Jay Raja bought industrial land on South River Road from Danron LLC for $440,000.
• KWWO, Kingdom Worldwide Web Operations Inc., an e-commerce marketing company, leased a 10,000-square-foot office at 1549 State St., Sarasota. KWWO will relocate its corporate headquarters and 17 of its employees from Gainesville to the new office. Kim Nielsen, owner of KWWO and Nielsen Classic and Contemporary Furniture, plans to convert a portion of its first floor space to accommodate a retail operation of modern Danish furniture. Karen Cook, of Michael Saunders & Co.'s Commercial Group represented the tenant.
• Hamilton Square Holdings LLC purchased a 1,024-square-foot commercial building, at 200 N Tamiami Trail, Venice, from Craig and Lisa Stern for $180,000. Jag Grewal and Michele Fuller, of Coldwell Banker Commercial, represented the sellers, and Thomas D. Ward, of Waterside Realty LLC, represented the buyer.
• Coldwell Banker Residential Real Estate Inc. recently completed renovation of its downtown Mediterranean-style office at 100 N. Tamiami Trail, Sarasota. Built in the 1960s, the original one-story building had 2,400 square feet of office space and was originally used by Hertz Rent-a-Car. In 1986, a second floor was added to the office of a former real estate firm. Coldwell Banker added about 2,000 square feet of new office space, including a new lobby, conference room and a mortgage and title closing office.
"Aesthetically, it just does so much for the image of our downtown office," says Lynn Robbins, a sales associate with Coldwell Banker.
• Sarasota County government has dedicated the environmentally friendly Community Services Green Office Complex. The complex consists of two office buildings - a new building completed recently and a renovated building that was originally constructed in 1971 as part of a training complex for the Kansas City Royals baseball team.
The two buildings include administrative offices for Sarasota County Community Services (libraries, parks and recreation, the History Center and the University of Florida/IFAS-Sarasota County Extension). The new building, which houses the extension offices, also includes an education center for public programs and meetings.
The Green Office Complex includes a sustainable site with Florida-friendly landscaping and erosion and sedimentation control; water efficiency in landscape design and interior water usage; energy-efficient heating, ventilation and air conditioning; the use of recyclable materials throughout the building; and low-emitting materials and natural lighting in the interior spaces.
• Advanced Mortgage Professionals Inc. purchased the building it currently operates from at 4509 Bee Ridge Road, Sarasota, from APBR Inc. for $405,700. Advanced Mortgage mortgaged the property to Bank of Commerce for $243,390 and to APBR Inc. for $162,260.
• E. Chester Stokes, Jr., R. Scott Griffith, Thomas Bergmann and John Kinkel (Parrish Plantation LLC) sold orchard and grove land at 7319 Spencer Road and 13320 Circle Road 675, Parrish, to Larry and Deborah Parrish for about $1.1 million.
• East Ellenton Enterprises Inc. purchased Applebee's Neighborhood Bar & Grill, 5908 18th St. E., Ellenton, from Benderson Development Co. Inc. (Buffalo Greenbriar Associates LLC and WR-1 Associates Ltd.) for $800,000. East Ellenton Enterprises mortgaged the restaurant to Coast Bank of Florida for $800,000.
• Robert Martin's Professional Place LLC purchased vacant land in the Creekwood tract from Creekwood Investors Ltd. for $851,162. Professional Place LLC mortgaged the property to First State Bank for $1.9 million.
• Bradenton's SMG Property Management (SM 17th Avenue LLC) purchased an auto repair shop at 605 17th Ave. W., Bradenton, and a warehouse at 629 17th Ave. W., Bradenton, from Laser Works Inc. for $800,000. SM 17th Avenue LLC mortgaged the property to Wachovia Bank for $600,000.
• Comfort Bath Walk In Tubs of Florida LLC leased 1,350 square feet of office space at 3212-A Gulf Gate Drive, Sarasota, from VSK Enterprises LLC. Marcia Cuttler, of American Property Group, represented the landlord, and Matilda Bellanger, of Keller Williams Platinum Realty, represented the tenant.
• 300 Pineapple LLC purchased a small office building on 15,609 square feet of commercial land at 300 S. Pineapple Ave., Sarasota, from Anita Katzman for $1 million. John Harshman, of Harshman & Co. Inc., represented the seller.
• Jamieson Properties LP purchased an 8,000-square-foot warehouse, located at 4380 Independence Court, Sarasota, from M&A Enterprises LLC for $750,000. John Harshman, of Harshman & Co. Inc., represented the seller.
• Anna Frankowska's Anna's Oasis Grill LLC bought property at 205 S. Park Blvd., Sarasota, from Stanisla and Eugenia Szalbirak for $650,000. Anna's Oasis Grill mortgaged the property to Stainslaw and Eugenia Szalbirak for $500,000.
• Sarasota-based European Marble Co. bought a 5,300-square-foot industrial building at 1750 N. Lime Ave., Sarasota, from Brian and Murielle Wallace, individually and revocable trust, for $576,800. At the same time, European Marble purchased property at 1811 Seeds Ave., Sarasota, from Helen Abelt, individual and trust, for $335,000. European Marble currently operated from 1820 N Lime Ave.
• Fred Streck's Tampa-based Priority Developers Inc. acquired the Woodlands Golf Course, located at 5901 Erie Road, Ellenton, from Hole in One Sarasota Inc. for $3.2 million. In December, Priority Development bought several acres of vacant land on Upper Manatee River Road from Country Meadows LLC for $3.9 million. Streck developed property in Tampa Palms Professional Center and a 126-home subdivision near Suncoast Parkway and State Road 54.
• Claude and Lydia Melli's Brandon-based Florida Land Management Inc. purchased about 40 acres of orchard land in Duette from Ella Day for $360,000. In March, Florida Land Management Inc. purchased a 200-acre orange grove between Myakka City and Wachula from Arrowhead Management Inc. for $1.4 million.
• Mark and Elizabeth Thomason, of Thomason & Thomason LC, purchased office professional, 9030 58th Drive E., Bradenton from 9030 58th Drive E. LLC for $622,000. The Thomasons mortgaged the property First America Bank for $282,700.
• IMG Bollettieri Academies Country Club LLC bought property at 4400 El Conquistador Parkway, Bradenton, from Harvey and Marilynne Anderson, Douglas Lindsay and Petsi Corp. for $1.15 million.
• David and Kimberly Grissom purchased a 3,750-square-foot, six-bed assisted living facility at 880 Baffin Drive E., Venice, from seller John O'Callaghan for $325,000. Tony Veldkamp of Michael Saunders & Co's The Commercial Group, represented both the buyer and seller.
• Ronald Gallagher bought a 15-lot mobile home park, located at 6600 Ave. A, Sarasota, from Crescent Beach Trailer Park LC. Barry Seidel, of American Property Group, represented the seller; and Michael Witt, of the same company, represented the buyer.
• James Braendel bought a 6,224-square-foot industrial building, at 2036 20th St., Sarasota, from Charles and Marilyn Peters for $493,000. Harry Robbins, of Harry Robbins Associates, represented the sellers, and Barry Seidel, of American Property Group, represented the buyer.
• Ralph and Edward Curry purchased a 960-square-foot office space at 3982 Bee Ridge, Unit L, from JWJ Holdings Inc. for $186,000. The Currys will use the space as a real estate office. Larry Schaper, a broker-associate in the Michael Saunders & Co. Commercial Group, represented JWJ Holdings.
• John Georgi purchased a 1.25-acre lot, at 1060 Goodrich Ave., Sarasota, from 214 Main Street Corp. for $550,000. Ian Black and Steve Horn, of Ian Black Real Estate, handled the transaction.
• Four Palms Plaza LLC has purchased a 7,700-square-foot building, at 1865 S. Tamiami Trail, Venice, from Brothers SPE LLC for $930,000. Ian Black and Steve Horn, of Ian Black Real Estate, and Tom Coppola and Gerald Raasch, of Century 21 Sorrento Realty, handled the transaction.
• Hillview Property Management LLC purchased a 3,030-square-foot medical office condominium, at 1762 Hawthorne St., Unit 5, Sarasota, from Lexi Properties LLC for $884,000. Ian Black and Steve Horn, of Ian Black Real Estate, handled the transaction.
• Wallace Avenue LLC purchased a 941-square-foot office condominium, at 100 Wallace Ave., Suite 130, Sarasota, from H&M Holdings LLC. Steve Horn, of Ian Black Real Estate, and Assist 2 Sell from Miami handled the transaction.
• Succession Planners LLC leased 3,000 square feet from Abel, Band, Russell, Collier, Pitchford & Gordon for three years at 240 S. Pineapple Ave., Sarasota. Steve Horn, of Ian Black Real Estate, handled the transaction.
• Sonshine Computers, d/b/a NextWave Computers, leased 1,660 square feet from Bersam Development Co. for three years at 3908B Tamiami Trail, Sarasota. Debbie Anglin, of Ian Black Real Estate, and Barry Seidel, of American Property Group, handled the transaction.
• Mutual of Omaha Insurance Co. leased 1,816 square feet from Starward Partnership for three years at 5959 Cattlemen Lane, Sarasota. Debbie Anglin, of Ian Black Real Estate, and Marcia Sevigny, of Osprey Management Co., handled the transaction.
• SB, LLC purchased about 43 acres at 27th Street E., Bradenton, from George Anderson and David Cornelius for $855,000. The buyer plans to develop the property into nearly 100 single-family homes. Tony Veldkamp of Michael Saunders & Co's The Commercial Group, represented the sellers.
• Richard Berialt, of Florida Realty Group, and Diane Trehorne, of York Management Inc., leased 777 Palm Ave., Unit 9, Sarasota, from Kodra Professionals. Karen Cook, of Michael Saunders & Co.'s The Commercial Group, represented the owner/landlord.
• Calabasas, Calif.-based Ryland Homes has released seven new home sites at River Plantation, located on Fort Hammer and Mulholland Roads in Parrish. The new three and four-bedroom homes at River Plantation are priced from the $270,000s to the $340,000s and range in size from 1,737 square feet to 3,084 square feet. Ryland is one of the nation's largest home builders and is a leading mortgage-finance company. The company currently operates in 27 markets across the country and has built more than 230,000 homes.
• David Stevenson leased 1,370 square feet in 777 Palm Ave., Unit 1, Sarasota, from Kodra Professionals. Karen Cook, of Michael Saunders & Co.'s The Commercial Group, represented the owner/landlord. Stevenson, a physical therapist, leased the additional space as expansion of his existing office.
• Susanne Eden of Vacation Rentals rented three units, located at 2750 Stickney Point Road, Units 208, 209 and 210, Sarasota, from Serena Lennox Trustee for $525,000. Karen Cook, of Michael Saunders & Co.'s The Commercial Group, represented the seller. John Eden represented the buyer.
• Granite Reit Corp. purchased an 11,500-square-foot light industrial building, at 4320 Independence Court, Sarasota, from RB-1 Inc. for $850,000. Granite Reit Corp. mortgaged the property to Bank of America NA for $642,500. William Rex, of Preferred Commercial Inc., represented the seller, and Nicholas Isil, of RoseBay Real Estate, represented the buyer.
• The developers behind The Founders Club: Tom Brown and Jay Tallman of U.S. Assets Group and Fred Starling of the Starling Group bought about 1.5 acres on Vicela Drive in Sarasota across from the 700-acre gated community based around a private golf course for $810,700.
• Todd Leoni of Miami's Northport 441 LLC purchased an about 38,000-square-foot medical building, at 15121 S. Tamiami Trail, North Port, from Milton and Brindell Gottlieb, individual and trust, for $2.3 million. Leoni describes the purchase as a long-term investment and says he will act as the landlord for the triple net lease with tenants such as Bon Secours.
• 214 Main Street Corp. purchased 27,358 square feet of land, located at 1331 10th St., Sarasota, from Jack & Jill Investments, Inc. for $975,000. Ian Black and Steve Horn, of Ian Black Real Estate, handled the transaction.
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