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Business Observer Monday, Dec. 5, 2005 14 years ago

Real Estate Briefs (Sara/Mana)

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Randall Bono buys Palm TowerLowe's Cos. plan Cattlemen storeInvestment group buys Myakkahatchee RanchBradenton home builder buys Parrish landSuper 8 owners add Howard JohnsonTwo partners plan mobile home redevelopmentSchostak Brothers & Co. buys portion of LandingsNaples entrepreneur buys Fruitville Taco Bell
by: Adam Hughes Staff Writer

Real Estate Briefs (Sara/Mana)

Randall Bono buys Palm Tower

Buyer: Bon Eau Enterprises LLC (Randall Bono), Sarasota

Seller: Palm Tower of Sarasota LLC

Property: 1343 Main St., Sarasota

Price: $6.18 million

Previous Price: $2.2 million, January 1999

Law firm on deed: Nelson Hesse LLP, Sarasota

Plans, description: Retired Illinois attorney Randall Bono has purchased the seven-story, 36,000-square-foot Palm Tower, which is anchored by Sarasota News & Books.

Bono purchased the building from Richard and Caren Lobo, founders and owners of the book store. Bono in turn sold the contract to buy the book store business to siblings Meghan and Andrew Foley.

Andrew Foley currently works for The Downtown Partnership of Sarasota and is on the board of the Young Professionals Group. Meghan Foley is a Realtor with Michael Saunders & Co. Their father is the late Sarasota businessman, Jay Foley, who died last year. The elder Foley is credited with converting the old Orange Blossom Hotel on Main Street to condominiums and restoring The Gator Club.

Lowe's Cos. plan

Cattlemen store

Buyer: Lowe's Home Centers Inc., North Wilkesboro, N.C.

Seller: DMB Sarasota I LP

Property: 5750 Cattlemen Road, Sarasota

Price: $5.6 million

Previous Price: $10.1 million, October 1997 (included additional property)

Law firm on deed: Katz Barron Squitero Faust, Miami

Plans, description: Mooresville, N.C.-based Lowe's Cos. Inc. has announced plans to start work on a new Lowe's store at Fruitville and Cattlemen Road, Sarasota, for a first quarter 2007 opening. The home-improvement store will have 116,000 square feet of retail sales space and an additional 27,000-square-foot garden center. Company officials say a store of that size represents an average investment by the company of $18.5 million and creates about 175 new jobs.

Lowe's Cos. operates more than 1,175 home-improvement stores in 49 states and has stores under construction in Brooksville, central Bradenton, northeast Fort Myers, north Lakeland, Oldsmar, Riverview and Sebring.

Investment group

buys Myakkahatchee Ranch

Buyer: Philip Perrey, trustee, and Myakkahatchee Ranch LLC, Bradenton

Seller: Garber Family Ltd. Partnership

Property: 17300 Sugar Bowl Road, Myakka City

Price: $5 million

Law firm on deed: Harrison, Hendrickson & Kirkland, PA, Bradenton

Plans, description: Philip Perrey, trustee, and the investment group Myakkahatchee Ranch LLC purchased 662 acres at the southern boundary of Manatee County near Myakka State Park. Attorney Joseph Harrison, managing partner for group, says for the property, which is wilderness and pasture land and contains a small house, will remain undeveloped. Harrison has already leased the pasture to a cousin.

The new owners mortgaged the property to the Garber Family Partnership LLC for $3 million.

Bradenton home builder

buys Parrish land

Buyer: WC Mulholland 40 LLC,

Seller: William and Alicia Manning

Property: 40 acres on Mulholland Road, Parrish

Price: $1.1 million

Law firm on deed: Holland & Knight LLP, Bradenton

Plans, description: Bradenton's Bruce Williams Homes Inc. has purchased 40 acres in Parrish two miles north of the Manatee River for a 36-lot single-family home community.

According to Wes Thompson, director of land development for Bruce Williams Homes, the company hopes to break ground in the second or third quarter of 2006.

Bruce Williams Homes, which used WC Mulholland 40 LLC for the transaction, mortgaged the property to Colonial Bank for $3.95 million.

In a separate transaction, the home builder bought the former Family Tire Inc. building at 704 Manatee Ave. E., Bradenton, from Hubert Clark for $750,000. Thompson says the property was purchased for the future expansion of the company's headquarters.

Super 8 owners

add Howard Johnson

Buyer: Kana Partners LLC (Girish and Kantu Patel), Bradenton

Seller: Shival Enterprises Inc.

Property: 6511 14th St. W., Bradenton

Price: $2.2 million

Previous Price: $1.7 million, August 2001

Law firm on deed: James Wallace Esq., Bradenton

Plans, description: Girish and Kantu Patel, who own the Super 8 Motel on 14th Street, have purchased the 49-room Howard Johnson Express Inn next door.

The Patel family, who used the corporate identity of Kana Partners LLC for the transaction, mortgaged the hotel to Century Bank for $1.6 million and to the former owners for $100,000.

Two partners plan

mobile home redevelopment

Buyer: Waterfront Ventures 2 LLC, Bradenton

Seller: Dennis Dubois

Property: 6015 18th St. E., Bradenton

Price: $2.75 million

Previous Price: $700,000, December 1999

Law firm on deed: Gibson, Kohl-Helbig & Wolff PL

Plans, description: Eatontown, N.J.-based real estate investor Robert Weston and Realty Executives Realtor Susan Repp have purchased the River Oak Park mobile home park in Ellenton near the Prime Outlets-Ellenton. Repp says she is taking bids from builders or developers to construct a town community on the site. Although the design has not been finalized, Repp says the units will be more than 2,000 square feet, and there will likely be docks available for boaters.

Construction is scheduled to start in about a year and a half.

The two partners have mortgaged the property to Long Range Realty Corp. for $1.7 million.

Schostak Brothers & Co.

buys portion of Landings

Buyer: Landings of Sarasota Florida LLC (Schostak Brothers & Co. Inc.), Southfield, Mich.

Seller: LDC Associates Lakeside Development Co. Ltd.

Property: 4940 Landings Drive, Sarasota

Price: $7.3 million

Previous Price: $4.2 million, May 1991

Law firm on deed: Stark Doninger & Smith, Indianapolis, Ind.

Plans, description: Southfield, Mich.-based Schostak Brothers & Co. has purchased one of the buildings of the Landings of Sarasota. In October, Farmington Hills, Mich.-based Cambridge Investors purchased three of the buildings of the retail center, specifically 5778 Clark Road and 4848 and 4944 S. Tamiami Trail, Sarasota, for $15.9 million. The entire 96,000-square-foot retail center is about 95% occupied. The operation of the retail center is being handled as a joint venture.

Naples entrepreneur

buys Fruitville Taco Bell

Buyer: John Magocs, Naples

Seller: Sovereign TB LLC

Property: 5557 Fruitville Road, Sarasota

Price: $1.8 million

Previous Price: $1.55 million, July 2005

Company preparing the deed: Sovereign TB LLC, Palo Alto, Calif.

Plans, description: Naples developer and retailer John Magocs purchased the Taco Bell fast-food restaurant on Fruitville Road. Magocs acquired the property as an investment. Magocs says he is looking at similar investments in Lee County.

Magocs and his wife Tami own the six-store chain Tami's Trendy With a Twist Boutique clothing stores.

Heffner, Andrick moving

to Independence building

Buyer: Heffner Properties LLC and 2nd Chance Properties LLC

Seller: 4396 Independence Court Inc.

Property: 4396 Independence Court, Sarasota

Price: $1.3 million

Law firm on deed: Thomas M. Tucker PA, Sarasota

Plans, description: Harmar Mobility President Chad Williams and the custom vehicle company Heffner Performance have purchased a 16,000-square-foot industrial building in Northgate Center. Williams says the bulk-mail company, Andrick & Associates Inc., and Heffner Performance each will occupy half of the building.

Heffner Properties LLC mortgaged the property to LandMark Bank for $532,000.

Etc...

• B&M Jimenez Properties LLC purchased a 3,500-square-foot building at 5915-5921 Beneva Road, Sarasota, from Kenneth and Joan Tracey for $791,000. Carl Wise of Preferred Commercial Inc. represented the seller, and Tim Loveless of Keller Williams Platinum Realty represented the buyer.

• Lennar Communities has broken ground on the 27-hole River Strand Golf Course at Heritage Harbour. The course, situated on about 1,000 acres, is on the north half of the Heritage Harbour property and is designed to anchor the next phase of the East Manatee County master-planned community. Surrounding the River Strand Golf Course will be a mix of multifamily and single-family homes. The private course is scheduled for completion by the summer.

• 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.

• 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.

• Limelight Consulting Services leased about 2,000 square feet, located at 324 8 Avenue West in Palmetto, from HAWA Enterprises LLC. Brian Hollifield of RCB Properties represented the tenant, and Don Lewis of Re/Max Gulfstream represented the landlord.

• Bradenton-based Fawley Bryant Architects Inc. has been awarded the contract for the new $22.6 million, 158,342-square-foot Middle School "EE" prototype for The School District of Collier County. The Selection Committee stated the prototype school was selected over other state-wide architectural designs because of its unique design features and the extra reference as to how the plan met the Collier County School Board requirements for safety, design and cost. 

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