Real Estate Briefs (Sara/Mana)

By: 
Mar. 28, 2005

Real Estate Briefs (Sara/Mana)

Developers to build

Cortez Road retail center

Tampa developers Les Aron, Steven Zaritsky and Mark Miller purchased about five acres of vacant land at 6510 Cortez Road W., Bradenton, from the William Moss trust for $577,885.

They plan to develop a 16,000-square-foot retail center and a freestanding Paul Lee's Chinese Kitchen conceptually called Cortez West. "We have a bank site at the corner, and we have been talking with a local bank that is looking out there," Aron says. "We were going to have a Lee Roy Selmon's there, but we decided against it."

Construction on the infrastructure for the center has started, and the entire facility should be completed in the next five months. Other tenants signed up to occupy the center include Crispers Restaurant and Washington Mutual Bank. About 8,000 square feet in the center is still available for lease, with the units starting at 1,400 square feet. Pre-construction rental rates are currently at $22 triple net.

The three developers have built similar centers in Brandon and Brooksville.

"We just think (the Bradenton site) is an excellent location," Aron says. "It was right next to a Wal-Mart Supercenter; there's a Bonefish Grill that opened just to the west of us. We recognize that this in the middle of the pattern of growth. We do very little niche marketing, and these are high profile centers that cater to national tenants and a few high-profile local tenants."

Interested tenants can contact Aron at RPM Realty Services.

North American Properties

plans Bee Ridge strip center

North American Properties purchased land at 8200 Bee Ridge Road, Sarasota, from Victory Christian Family Center Inc. and Word of Faith of Sarasota Inc. for $1.8 million.

"We are still working with the county on amending the comp plan for a commercial neighborhood shopping center," says Shawn McIntyre, principal of North American Properties. "We don't have county approval yet, but we are proceeding ahead for the rezone in May or June."

The developer plans to construct a 39,000-square-foot Publix Super Market and about 17,000 square feet of retaiMl shops.

Saunders buys home,

sets price benchmark

Calling it an expensive necessity, Michael Saunders, president of Michael Saunders & Co., purchased a home on 8,032 square feet of land at 1623 Laurel St., Sarasota, for $700,000.

"I own almost an entire two city-block section," Saunders says. "After talking with the neighborhood, I realized I had to acquire that piece in order to have internal circulation for the project. We don't want people to enter or leave down Laurel (Street) or Morrill. I just couldn't accommodate the neighborhood without it."

At about $87 a square foot for residential property, Saunders says it's a new benchmark in price.

"They were not a terribly willing seller," she says, "and we really wanted to be a good neighbor so it was pretty much a win-win for everyone."

Bradenton businessman

buys retail center

Bradenton entrepreneur Gary Kompothecras' Bradenton Centre LLC purchased a one-story, 14,000-square-foot dilapidated strip center, at the southeast corner of Manatee Avenue and U.S. 301, Bradenton, from White Heron Corp. Inc. for $1.68 million.

"I'm considering a variety of different options out there," Kompothecras says. "It's a pretty key location. When I called it the Bradenton Centre, I was thinking that I wanted to build something pretty nice there."

Kompothecras says he has a good chance of attracting major national retailers, such as Walgreens or Starbucks, as tenants. Bradenton Centre LLC mortgaged the property to RBC Centura Bank for $1.16 million.

Etc...

• Chicago-based Jupiter Hotels 1 LLC purchased the 352-unit Summit Hampton 4550 47th St. W., Bradenton, from JRC Hampton Bay LLC for $21.7 million and the Harbour Pointe Apartments at 4501 71st St. W., Bradenton, from JRC Harbour Pointe LLC for $13.6 million.

• Lee Wetherington Cos. unveiled its new Villa Natalia, a Mizner 5,014-square-foot Mediterranean home with two outdoor living areas and two two-car garages.

The base price for the Villa Natalia in The Country Club at Lakewood Ranch begins at $950,000, including homesite and pool allowance. Lee Wetherington Cos. will also build this model in other locations, including the new Lakewood Ranch community of Highfield, on an owner's homesite elsewhere within Sarasota and Manatee counties and in The Founders Club, a luxury home and golf course community on Fruitville Road three miles east of I-75. The Villa Natalia in The Founders Club is priced from $1,192,500, including the homesite.

• Scoop Real Estate LP purchased a Starbucks in Tupelo, Miss., from the Hancock Family Partnership for $941,000. Steve Horn, of Ian Black Real Estate, and Jim Morris, of CB Richard Ellis, handled the transaction.

• 214 Main Street Inc. purchased a 6,000-square-foot building (Pedro's) located at 1001 Central Ave., Sarasota, from S/Grace Enterprises, LLC for $850,000. Ian Black and Steve Horn, of Ian Black Real Estate, handled the transaction.

• Sarasota Commercial Management Inc. has relocated its headquarters to 711 S. Osprey Ave., Suite 1, Sarasota. The renovated 5,000 square-foot office will provide work areas for the firm's growing management, development, leasing/sales, maintenance and administrative staff groups. SCM currently manages 27 properties in Sarasota and Charlotte counties - three times the number managed when the firm moved to its previous office in 2000. Mindy Parker, SCM owner and broker, attributes the need for additional space to company growth and the impending opening of Courthouse Centre.

"We've needed to move for a while, and now we'll have the room and resources - the infrastructure - to make us more efficient and better able to grow," Parker says.

SCM will occupy almost half of the 10,500-square-foot 711 Building, which was previously occupied by Glauser Subaru. Other tenants will include MP Artworks (of which Parker is also a co-owner) and the Metro Coffee & Wine Bar.

• Kellogg & Kimsey Inc. recently completed a 236-square-foot addition to the Ritz-Carlton Sarasota's Cigar Bar. The contractor also replaced the roof of the First Presbyterian Church in Sarasota's fellowship hall. Smith Architects PA acted as architect at First Presbyterian Church, and Milton Pate Architects did the design work at the Ritz Carlton Founder's Room.

• LWR Communities LLC, the developer of the master-planned community of Lakewood Ranch, has selected 10 builders for its newest village, The Lake Club. Home construction is expected to start in the fall. At completion, The Lake Club's land plan calls for about 768 single-family homes and about 322 coach homes and condominiums. Homebuilders include: Anchor Builders, John Cannon Homes, Lee Wetherington Homes, Peregrine Homes, Pruett Builders, Todd Johnston Homes, Landmark Development Group and London Bay, both of Naples; Marc Rutenberg Homes of Tarpon Springs and Westwater Construction of Sarasota.

The 1,600-acre Lake Club is east of Lorraine Road, just north of University Parkway.

• The Sarasota Herald Tribune leased a 10,000-square-foot warehouse at 1001 Corporate Ave., North Port, from Arnold Development Co. for about $6.45 a square foot. The warehouse space will be used as a distribution facility for newspapers throughout south Sarasota County and Charlotte County. Tony Veldkamp of Michael Saunders & Co.'s Commercial Group represented the Sarasota Herald Tribune.

• Verifier Inc. and a Pennsylvania commercial retail developer H.L. Libby have leased two suites (204 and 205) in Sarasota at 950 South Tamiami Trail, Sarasota. Both properties are more than 750 square feet and both leased for $14 per square foot. Tony Veldkamp of Michael Saunders & Co.'s Commercial Group, is the exclusive transaction agent for the building.

• GTE Federal Credit Union purchased a parcel at the DeSoto Square Mall, located at 303 301 Blvd. W., Bradenton, from Simon Capital Ltd. Partnership for $750,000.

• Lucuma Designs leased 2,400 square feet of office/warehouse space at 1144 Tallevast Road, Unit 107, in the Tallevast Commerce Center from DTC Enterprises Tallevast Partnership. Christine Walter, of Richardson, Kleiber, Walter Walter Partnership, represented the lessee, and Jim Walter, of Richardson, Kleiber, Walter Walter Partnership, represented the lessor.

• Premier Mortgage Funding Inc. leased 2,500 square feet of office space at 1144 Tallevast Road, Unit 101, in the Tallevast Commerce Center from DTC Enterprises Tallevast Partnership. Christine Walter, of Richardson, Kleiber, Walter Walter Partnership, represented the lessee, and Jim Walter, of Richardson, Kleiber, Walter Walter Partnership, represented the lessor.

• Cessaroni Technology U.S. leased 2,400 square feet of office/warehouse space at 1144 Tallevast Road, Unit 108, in the Tallevast Commerce Center from DTC Enterprises Tallevast Partnership. Christine Walter, of Richardson, Kleiber, Walter Walter Partnership, represented the lessee, and Jim Walter, of Richardson, Kleiber, Walter Walter Partnership, represented the lessor.

• Little Palm Real Estate LLC leased 2,358 square feet of office space at 341 Miami Ave. W., Venice, from trustee Jack M. Severson. Christine Walter, of Richardson, Kleiber, Walter Walter Partnership, represented the lessor, and Donna Palm, of Little Palm Real Estate LLC, represented the tenant.

• Sean and Rachel Hill purchased the office/warehouse building, located at 500 Base Ave., Venice, from Donald and Janet Landis for $335,000. Jim Walter, of Richardson, Kleiber, Walter Walter Partnership, handled the transaction.

• Dick, Johnson & Jefferson Insurance leased a 2,500-square-foot office at 7305 Merchant Court, Lakewood Ranch. John Caragiulo, of Hembree & Associates, represented tenant in the transaction.

• KWWO, Kingdom Worldwide Web Operations Inc. leased 10,000 square feet at 1549 State St. in downtown Sarasota. KWWO Inc., an e-commerce marketing company, leased the property from the Windom Family. KWWO will be relocating its corporate headquarters and 17 of its employees from Gainesville. 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.