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Real Estate Briefs (Sara/Mana)
Buchanan Enterprises moving headquarters
Due to rapid company growth, Buchanan Enterprises, headed by Sarasota entrepreneur and congressional candidate Vern Buchanan, has purchased the 35,000-square-foot ninth floor in the new Plaza at Five Points, 1425 Main St., as its new headquarters. The company currently is housed in the Sarasota Ford building at 707 S. Washington Blvd. The company is expected to move its headquarters in January upon completion of the building.
Buchanan Enterprises, which operates Buchanan Automotive Group, has housed its headquarters in the Sarasota Ford building since 1995. The company has since expanded beyond the automotive industry to include a real estate development company, property management company, aviation business, yacht charter company and The Met, a retail clothing store and spa. All totaled the business currently employs nearly 1,300 people.
Buchanan Automotive Group, founded in 1992 with the purchase of Acura and Honda of Ocala, now operates 20 franchises and 12 brands, including Sarasota Ford, and Venice Dodge and Nissan. Buchanan also operates BMW, Mercedes-Benz, Lexus, Toyota, Scion, Honda, Mitsubishi, Hyundai and Chevrolet stores in Florida and throughout the Southeast. Buchanan Automotive Group is growing at a rate of 20% per year and ranks 27th among the 100 largest automobile groups in the United States.
Boar's Head relocating to Sarasota City Center
Boar's Head Provisions Co. Inc. has announced plans to move its corporate headquarters from the Sarasota Quay to the Sarasota City Center, 1819 Main St., Sarasota. The meat and cheese delicatessen company plans to relocate more than 100 employees in January. Boar's Head will lease about 40,362 square feet in the 13-story, 248,000-square-foot building.
Brian Kennelly of Osprey Real Estate Services represented the owner, Osprey SA Ltd., and Jim Hart of Coldwell Banker NRT represented the tenant. Other tenants in the City Center include Merrill Lynch, Raymond James, Norton Hammersley, Lopez & Skokos and Correctional Services Corp.
At the Sarasota Quay, Boar's Head occupies about 25,000 square feet.
Sarasota Investment Group
Buys Land for Steeplechase
Buyer: Steeplechase Properties LLC (principals Michael and Maria Tringali), Sarasota
Seller: Rusty Pot LLC
Property: 1,142-acre sod farm at M-J Road, Myakka City
Price: $34.2 million
Previous Price: $7.8 million, June 2005
Law firm on deed: John Yanchek PA, Sarasota
Plans, description: An investment group headed by Sarasota developer Michael Tringali has purchased land planned for the Steeplechase Estates residential development in Myakka City.
"We were really interested in it because it was an already approved development that was ready to go," Tringali says. "We had just finished Golden Brand Estates and were looking for our next project. We should start infrastructure work there in about 30 days."
Tringali says the development will have 184 home sites with a clubhouse, tennis courts and horseback riding stables. Lots in the development will start at $275,000.
"This will have three gated entrances," Tringali says. "We have plans for a fourth phase of the development on additional land along M-J Road."
Tringali's G&T Land Development is the official developer for the community, and Lavista Homes Realty Group is the real estate firm listing the project. The four designated builders for the community include: Tringali's Lavista Homes, Trend Homes, Avalon Homes and Mark Cahill Homes.
Steeplechase Properties LLC, the purchase entity for the transaction, mortgaged the property to BankAtlantic for $27.9 million.
At the same time, Tringali also plans to develop 90,000 square feet of retail space near State Road 70, about 10 miles east of I-75 and near an existing gas station and convenience store. Tringali still must rezone the property for retail use.
Sarasota Memorial
buys Venice land
Buyer: Sarasota County Public Hospital Board, Sarasota
Seller: NAP Laurel LLC
Property: 2600 Laurel Road, and additional property on Curry Lane and Laurel Road, Venice
Price: $25 million
Previous Price: $6.2 million, June 2003
Law firm on deed: Williams Parker Harrison Dietz & Getzen, Sarasota
Plans, description: Sarasota County Public Hospital Board has purchased about 66 acres on Laurel and Pinebrook roads, near Interstate 75, in Venice from North American Properties to develop a health-care campus.
The hospital plans to add medical office buildings, outpatient surgery and radiology services as part of its expansion plans for south county.
Gwen MacKenzie, SMH's CEO, told the Review that her priority for the land will be to create ambulatory access points. MacKenzie says the hospital has no plans to develop a hospital on the site.
Haley's Motel owners
close on property
Buyer: Haley's Motel Inc. (principals Thomas and Sabine Buehler), Holmes Beach
Seller: Lucien and Marion Courtney
Property: 8102 Gulf Drive and 118 81st, Anna Maria
Price: $1.2 million
Previous Price: $555,000, November 1989
Law firm on deed: Gold Key Title LC, Bradenton
Plans, description: Thomas and Sabine Buehler, who purchased Haley's Motel on Anna Maria Island three years ago, have closed on the 13-unit motel property.
"It's been pretty good the past three years," Sabine Buehler says. "Last year was just phenomenal. The only problem we've had is with the property taxes."
Corvus, Lemon Development
buy Blue Line parking lot
Buyer: Fruitville Downtown Development Partners LLC (principals Timothy Vining and James Uihlein), Sarasota
Seller: Blue Line Inc.
Property: portion of 1401 Fruitville Road, Sarasota
Price: $1.1 million
Law firm on deed: Norton Hammersley Lopez & Skokos PA, Sarasota
Plans, description: After acquiring the Hibbs Farm & Garden site at Lemon Avenue and Fruitville Road late last year, Corvus International and the Lemon Development Co. purchased the nearly 14,000-sqare-foot parking lot across from the Sarasota-based drafting and copying business Blue Line.
Corvus International previously told the Review it planned to develop a 29-loft complex on the Hibbs site, called The Wave. The project, designed by Curt, Gaines, Hall and Jones, was developed with the goal of having retail on the bottom floor and condominium units on the upper level.
Corvus International's current local projects include the 186-unit Bel Mare at Riviera Dunes, a joint venture with the Devlin Group and BSG Communities; the 27-unit Positano on the Gulf on Longboat Key; the 1,190-unit The Sanctuary in Palmetto; and the 380-unit O2 Towers in Tampa's Channelside District, a joint venture with Morin Development of Tampa.
Calls to Tim Morris, a principal of Corvus, were not returned before deadline.
Illinois developer buys
land on Palm, Mira Mar
Buyer: Palm Avenue Partners LLC (principals Thomas and Matthew Leiter), Peoria, Ill.
Seller: Charlotte Johnson, as trustee of the Floyd C. Johnson Trust, and The Floyd Johnson and Flo Singer Johnson Foundation Inc.
Property: 33 S. Palm Ave. and 30 Mira Mar Court, Sarasota
Price: $2.2 million
Law firm on deed: Williams Parker Harrison Dietz & Getzen, Sarasota
Plans, description: The Leiter Group in Peoria, Ill., purchased a 7,040-square-foot retail building on Palm Avenue and a property on Mira Mar Court.
"To be honest we really don't have anything specific planned for it right now," Matthew Leiter says. "It was really just planned as an investment. It's in a good zoning area, and we just like the location. We do development, but we have our hands full right now. Maybe this is something we will look at in the future "
The retail property is fully leased.
The ownership group Palm Avenue Partners LLC mortgaged the property to the former owner for $770,000.
Charlotte Development buys
land for second commons
Buyer: North Port Commons II LLC (principals Carol Dunn and Ronald Oskey), Port Charlotte
Seller: Dennis Fullenkamp
Property: Tuscola Boulevard, North Port
Price: $3 million
Law firm on deed: McKinley Ittersagen Gunderson & Berntsson, Port Charlotte
Plans, description: Port Charlotte-based Charlotte Development Corp. purchased about 11.32 acres across the street from a construction site where the company is developing a retail/office complex of three buildings, called North Port Commons. Unlike the first North Port Commons, which was 62,500 square feet, the second development will be about 100,000 square feet and is envisioned as three buildings along with multiple outparcels.
"We are calling it North Port Plaza," says Ronald Oskey. "We are probably at least eight to 10 months out before we will be able break ground." Oskey expects to lease the second project for between $20 and $21 a square foot triple net.
North Port Commons II LLC, the acquisition company, mortgaged the property to First Priority Bank for $2.96 million.
Asselstine, Seidel
buy Tamiami Trail property
Buyer: Seal Properties LLC (Allan Asselstine and Barry Seidel), Sarasota
Seller: 4211 N. Tamiami Trail Inc.
Property: 4211 N. Tamiami Trail, Sarasota
Price: $800,000
Previous Price: $225,000, February 1994
Law firm on deed: Kirk Pinkerton PA, Sarasota
Plans, description: Allan Asselstine of Sarasota's Macalian Properties Inc. and Barry Seidel, president of American Property Group of Sarasota Inc., purchased the 3,000-square-foot former Pleasures II Adult Video Supercenter retail building on Tamiami Trail.
"I just think we are going to put it back out there for lease," Asselstine says. "We are still just evaluating the property."
Seidel says that one of the reasons for the purchase is that he thinks the North Trail is poised for a real estate boom in the near future. He is listing the property for lease for $18 a square foot triple net.
The new property owners mortgaged the building to the former owner for $600,000.
Sheer Supply Co.
moving to Chenet Lane
Buyer: TMA Groupe LLC (principal Charles and Brenda Eary), Sarasota
Seller: Chenet Staircase and Millworks Inc.
Property: 4410 Chenet Lane, Sarasota
Price: $1.25 million
Previous Price: $850,000, June 1993
Law firm on deed: Kirk Pinkerton PA, Sarasota
Plans, description: Sheer Supply Co. of Sarasota has purchased a 15,000-square-foot building. The company currently occupies about 6,000 square feet. Says Charles Eary: "We honestly just need a lot more room. We have been growing about 20% the last three or four years." Eary says the company will probably move in the next eight to 12 months. Sheer Supply currently leases space at 6244 Clark Center Ave., Suite 4, Sarasota.
Sheer Supply currently sells window shades, wholesale drapery hardware and custom window treatments. The Eary family mortgaged property to Bank of America for $1.07 million.
Etc...
• Rino Investments Inc. purchased 5.17 acres of light manufacturing land at 1850 Whitfield Ave., Sarasota, from Gulfwinds Development Inc. for $725,000. Bill Kleiber of Richardson Kleiber Walter Kleiber Partners Real Estate and Mike Sporer of Bosshardt Realty Services Inc. handled the transaction.
• Bloomings Landscape Design & Installation Inc. leased 4,000-square feet of office space along with a half-acre fenced storage yard from Donald G. LaGasse. Jon Kleiber of Richardson Kleiber Walter Kleiber Partners Real Estate handled the transaction.
• Hennessy Construction Services has announced the following new contracts: Tervis Tumbler, new 54,730-square-foot, single-story manufacturing and distribution headquarters in Venice, $3.7 million; Suncoast Orthopaedic, 3,000-square-foot medical office tenant buildout in Venice, $350,000; Morton's Ace Hardware, new 10,000-square-foot facility in Port Charlotte, $1.4 million.
• GMS Investments of Sarasota LLC purchased a 9,750-square-foot building zoned for heavy manufacturing at 1825 60th Place E., Bradenton, from Carl Webb and Vernon Yoder. Jon Kleiber of Richardson Kleiber Walter Kleiber Partners Real Estate handled the transaction.
• 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.
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