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Business Observer Friday, Sep. 3, 2004 14 years ago

Real Estate Briefs (Sara/Mana edition)

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This week's items: Roadhouse Grill sells Bradenton restaurantWagner Realty merges with ERA Founders Club starts clubhouse workFamily Footcare opens on Manatee AvenueBradenton surgeon buys S.R. 64 office

Real Estate Briefs (Sara/Mana edition)

Roadhouse Grill sells

Bradenton restaurant

Sovereign Investment Co., using the Palo Alto, Calif.-based Sovereign Roadhouse LLC, purchased the Roadhouse Grill property at 5051 14th St. W., Bradenton, from Pompano Beach-based Roadhouse Grill Inc. for $2.4 million.

The building was part of an 11-restaurant sale and lease back generating a total of $21.8 million. Roadhouse Grill Inc. announced plans to use $18.1 million of the sale proceeds to pay expenses related to the transaction and to repay about $24.6 million of secured debt, which was repaid at a discount (resulting in a gain on the elimination of about $7.1 million of debt).

The remaining net proceeds from the sale, about $3.7 million, will be used for working capital, including new marketing initiatives to promote the companyis restaurants.

Michael Brant, the companyis executive vice president and chief financial officer, says: iWe are excited about the opportunity that the recently completed sale/leaseback transaction provides us. This transaction allowed us to repay almost $25 million in debt at a substantial discount, which significantly changes our financial condition.i

Roadhouse Grill Inc. owns and operates 69 full-service, casual-dining restaurants and 11 franchised or licensed restaurants.

Wagner Realty

merges with ERA

Manatee Countyis dominant real estate agency Wagner Realty has acquired and is merging operations with the Palmetto office of St. Petersburg-based ERA Compass Real Estate LLC.

That office included four real estate agents: Gail Adams, Ruth Hake, Louise Ward and Perla Whitaker (Rental Property manager). Lynn Parker, vice president of Wagner Realty, says it was ERAis success in the Palmetto market that made it a target for acquisition.

iGail Adams, their primary agent, has an excellent reputation and is well known in the Palmetto area,i Parker says. iThey have a very strong property management department with over 80 properties. That is very significant. Likely we will eventually merge our three Palmetto offices. That could come as soon as the next 60 to 90 days.i Contact numbers for the ERA agents will not change.

At the same time, Tom Brown Sr. has started construction on a new 4,000-square-foot office for Wagner Realty on 4th Avenue Circle East in Brownis 64 Center East business park along State Road 64. The office is slated for occupancy toward the end of the year. The State Road 64 office will be managed by Cindy Greco and will accommodate up to 34 real estate associates, most of whom will relocate from Wagneris current branch office at 4740 S.R. 64 E.

Wagner recently opened a branch office in Parrish on U.S. 301, west of Old Tampa Road. This branch will house 18 associates managed by David Tyler.

iOur next goal is to move farther south into Sarasota,i Parker says. iWe are looking to move toward the first of the year. We just think it is the right time. We have gone about as far north as we want to, and our next step is to move farther south.i The company currently operates an office in Sarasota on University Parkway.

Founders Club

starts clubhouse work

Developers Tom Brown, Jay Tallman and Fred Starling have broken ground on a new clubhouse for the $300 million The Founders Club golf-course community. The 262-home developmentis 17,000-square-foot clubhouse was designed by Fleischman Garcia of Tampa. The building permit lists construction costs at about $1.5 million.

iIt will have a bar lounge area, a dinning room area, a private dinning area, menis and ladiesi locker rooms, a state-of-the-art fitness facility and a veranda,i says Ian Fetigan, general manager. iThe 4,000-square-feet veranda will be next to a 3,000-square-foot cart caddie. We plan to have it open in the fall of 2005.i

The veranda will feature an outdoor fireplace.

Fetigan says so far the development has amassed 30 initiation golf memberships and seven residential equity memberships The three partners plan to sell a total of 275 $75,000 golf memberships along with social and invitational memberships.

The golf course, designed by Robert Trent Jones Jr., is set for completion by yearis end.

The 262 home sites have been divided up among John Cannon, Pruett Builders, Todd Johnston Marc Rutenberg, Lee Wetherington, Taylor Woodrow and the developers themselves.

Family Footcare opens

on Manatee Avenue

Dr Albert Denaultis Family Foot Care in Bradenton purchased a 3,700-square-foot office at 311 Manatee Ave. E., Bradenton, from Bradenton Surgical Associates PA for $720,000.

iThat is going to be our primary location,i Denault says. iWe are moving out of the Riverside Drive office. I will still come out once a week to Lakewood Ranch. I was attracted to (the new location) because it was right on Manatee Avenue. Itis great exposure, and itis also close to the hospital.i

The new office is almost triple the companyis former Riverside Drive location, and Denault plans to lease out about 1,500 to 2,000 square feet. Family Footcare LLC mortgaged the office to Bank of America at $576,000.

Bradenton surgeon

buys S.R. 64 office

Kevin Boyer, a Bradenton neurosurgeon and partner in Peninsula Medical Associates, bought a 3,000-square-foot office building at 3890 State Road 64 E., Bradenton, from Lakeside Executive Suites LLC for $550,000.

Broyer says the building is fully leased.

iI was looking for office space out east for my practice,i Boyer says, ibut I have no schedule for when we will move in there.i

Diamond Development

buys more Venice land

Paul Reynoldsi Diamond Development & Construction Corp. of Venice purchased an additional five acres on Venice Avenue in Venice Farms from Douglas Chalaire, as trustee, for $950,000.

The five acres will be added to the developeris 10-acre single-family development, west of Jacaranda Boulevard, called the Enclaves of Venice South.

iRight now we are developing the plats for sale,i Reynolds says. iThe lots will be 50i by 110i.i

Diamond Development & Construction Corp.is parent company, Mattamy Communities Inc., will construct the homes.

Diamond Development mortgaged the property to First National Bank of Florida for $1.65 million.

Developers Saba, Hadley

plan South Trail office

Sarasota real estate attorney William Saba and Bruce Hadley bought vacant land at 8504 Tamiami Trail S. from Shayco for $850,000.

iWe are planning a 24,000-square-foot luxury office building,i Saba says. iWe are hoping to get started as soon as we can. Right now, we are just starting to draw up the plans.i

Saba says construction on the building should take 10 to 12 months. The office is envisioned as two levels over a level of parking.

The two partners are waiting to see how much space their prospective tenants require before subdividing the space.

iWe are going to really kick off the leasing once the site and development plan is approved,i Saba says. iWe are going to do some of the leasing ourselves, and we will likely retain a leasing agent. We still need to analyze the market before we set our rental rate.i

Hadley and Saba are developing office buildings in Palmer Crossing on Clark Road.

Loweis Automotive

to move to Pinkney

Mike Lowe, owner of Loweis Automotive Inc., Sarasota, bought a 6,000-square-foot building on 5710 Pinkney Ave. from Robert, Dollie and Perry Williams and Carolyn Shaver for $695,000.

The shop, which performs general automotive work, will relocate from 5640 Sarah Ave., Sarasota, within a few months, Lowe says.

iWe really needed the extra space,i he says. iWe have no parking to speak of now. This is going to allow us to move into fleet accounts.i

Loweis Automotive mortgaged the Pinkney property to First Priority Bank for $782,000.

Interior Expressions owners

file for new store/warehouse

Evelyn Boldt and Robert Cluckey, partners in Sarasotais Interior Expressions Inc., have filed a site plan to develop a 10,000-square-foot warehouse and office building at 2011 Whitfield Park Loop in Sarasota.

The company, which manufactures kitchen and bath cabinetry, would occupy the entire building, Boldt says. Interior Expressions currently leases 6,000 square feet.

iMost of our business right now is with contractors,i Boldt says. iWe are hoping the new building will allow us to go after more consumer customers. We are planning to devote more space to a showroom. We have been waiting two years for this new building.i

Etc...

i C Center 70 LLC purchased 6150 State Road 70 E. from River Landings Holding Co. for $1.6 million.

i Hudson Ohiois Prague Properties LLC bought vacant land on 46th Court W., Manatee County, from Academy Park Villas LLC for $425,000.

i Hunsader Farms Inc. sold grazing land at 5400 Circle 675 to Kenneth Hunsaderis XPonet Investment Group LLC for $351,900.

i Frank Salvo and Clark Scherer III, of Scherer Construction & Engineering LLC and Commercial Site Development Inc. of St. Petersburg, purchased the 24,000-square-foot Harbor View Apartments, 650 Golden Gate Point from Edmund Wigley, trustee, for $4.95 million. The partners, who used the corporate name of Golden Point Investments LLC for the transaction, mortgaged the property to Wachovia Bank for $3.46 million.

i 4050 Middle LC bought a 52,000-square-foot industrial/warehouse building at 4050 Middle Ave., Sarasota, from Casper Walker, as trustee, for $1.7 million.

i J. Phillip Apparel Inc. purchased a 21,000-square-foot industrial warehouse building and vacant land at 2401 15th St., Sarasota, from Pioneer Metals Inc. for $840,000.

i Bradenton-based Benderson Development Co. Inc. has filed a site plant for Victoria Estates at 3390 Erie Rd. and 8700 U.S. 301 N. for a retail development on about 51 acres.

i U.S. Home has filed a site plan to build the 18-hole North River golf course, clubhouse and fitness center in Heritage Harbour.

i 161 McKinley LLC bought an 8,000-square-foot industrial warehouse building at 8111 Blaikie Court from Gulfwinds Development Inc. for $985,000. 161 McKinley LLC mortgaged the property to Wachovia Bank for $738,750.

i Chris Muth, Mark McCabe and Brian and Phillip Burghardt, of Sarasota, received a building permit to construct a metal warehouse at 6791 28th Circle E., Bradenton. The permit lists the cost of construction for the warehouse at $2.67 million.

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