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Real Estate Briefs (Sara/Mana edition)
Group buys Tidemark Resort,
saves from bankruptcy
A development group has purchased the planned Tidemark Lodge development property, at 5325 Marina Drive on Holmes Beach. Stamford, Conn.-based Reliance Property Group acquired the development, which was being reorganized under bankruptcy court protection, from developer Nick Easterling and Tidemark Partners LLC for $5.6 million.
iThe partners just didnit have the financial strength to make it happen,i Easterling says. iThey ran out of money and had to file bankruptcy.i
The primary reason for the collapse was a planned capital infusion from Dallas real estate developers, the Parliament Group, which didnit occur because one of the firmis partners died.
The Chapter 11 petition, filed Jan. 3, was followed by the expected interest from potential buyout investors.
iWe went through several potential suitors in bankruptcy,i Easterling says. iPeople perceive that you are in a position of weakness and love to take advantage of you. Southstar (Development of Coral Gable) became involved, but it became clear they werenit going to do what they said they would do.i
Reliance Property, recommended by Larry Starr of ResortQuest International, has done as theyive said, Easterling says.
iIt has turned out terrifically so far i he says. iThey have said they want me to stay on to handle the day-to-day decisions. I guess it was because it was my baby; it was my idea to buy the land.i
Easterling hopes to build a lodge similar to the historic Everglades Rod & Gun Club. The plan is still to build a three-story hunting/fishing lodge designed in an old Florida style. The lodge would feature 10 condominium units, a restaurant and lounge and meeting rooms. The development would also feature 30 exterior condominiums and 63 boat slips.
Construction starts on new phase of University Health Park
Dr. Don Harvey has started phase three of his University Health Park project. Harvey has already leased 91% of the new 27,411-square-foot medical office buildings located in 2400 block of University Parkway.
iBelieve me, it was not easy but nothing worthwhile ever is,i Harvey says. iThe main anchor of the building is Eye Associates. There is also going to be a large radiology group, a sleep center, pediatric neurology and an Easter Seals specialized pediatric-rehab center.i
Harvey says the pediatric-rehab center will be the only specialized rehab center in the two-county market. The closest comparable center is in St. Petersburg.
The target date for completion of the new center is October 2005. Harvey estimates the value of the project at about $6 million.
iWe are really at a critical point,i Harvey says. iWith three medical buildings ... we now have the sufficient patient volume to support a physician-owned surgery center.i Called phase four, the 45,000-square-foot building would feature the surgery center on the bottom level.
iWhen we know the number of physicians wanting to own the center in the next several months, then we can extrapolate its size,i Harvey says. iWe are going to start leasing phase four right now. We should start construction in about a year.i
MGA Insurance Services
constructing new building
MGA Insurance Services has started site work for a two-story office building at 9024 Town Center Parkway in Lakewood Ranch. The new 22,000-square-foot building is slated for completion in August of 2005.
iWe are planning to take the second floor and part of the first,i says Ann Marie Marinaccio, chief financial officer. iWe are looking to lease out the remainder.i
Dooley and Mack Constructors is the general contractor for the development.
MGA Insurance, which provides turnkey insurance services for the National Association of Professional Agents, will relocate from a leased location on Atrium Drive.
iWe are just really squished right now,i Marinaccio says. iWe have 28 employees, and we will probably adding another three to five when we get into the new building.i
The building permit estimates the cost of construction at $1.96 million.
First Priority Bank
plans new branch
First Priority Bank has filed a site plan with Manatee County to build a new 3,700-square-foot bank branch at 5700 State Road 64 E. and 711 57th St. E., Bradenton.
The new branch will be located at the southeast corner of Morgan Johnson Road, which runs from State Road 64 to State Road 70, says George Najmy, president. Itill include three drive-thru lanes and a walk-up ATM.
The branch has been approved by the state and the FDIC, Najmy says, and now needs site plan approval and permitting.
iWe should have a temporary site there by the first of March,i he says. iWe should by open by the first of 2006.i
The estimated cost of construction for the new branch is $650,000. The general contractor is Zirkelbach Construction Inc.
First Priority has about $60 million in assets and $51 million in deposits.
iThat is about twice the initial projections,i Najmy says.
Miami construction company
to move to Lakewood Ranch
The local office of general contractor Myers Construction Group Inc. is relocating to a space at 5573 Broadcast Court in Lakewood Ranch.
iWe built the building and thought we had sold the whole building, but one of the owner changed his mind,i says Cindy Myers, whose husband, Ralph, is one of the two partners in Myers Construction. The company, previously based in Miami, will move into the 2,750-square-foot space.
iRalph is in business with his brother (Chris Myers),i Cindy Myers says. iWe have young kids, and Chrisi kids are all grown up. We wanted to get out of Miami. We just love the area. Last year, (Ralph and I) opened a development company called Myers Development Group.i
The development company is now constructing a 10,000-square-foot building at 5560 Broadcast Court. A company has committed to purchase about 5,000 square feet. The new building is slated for completion in May 2005.
Recently, the development company bought nearly 2 acres in Crestwood Business Park from Crestwood Business Park LLC for $685,000.
iWe are not exactly sure what we are going to do there,i Cindy Myers says. The property is approved for an about 13,000 square feet in one structure or multiple buildings. Permitting on the building is slated to start in four to six months.
Priority Developers buys
Manatee County acreage
Fred Streckis Tampa-based Priority Developers Inc. purchased 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, as well as a 126-home subdivision near Suncoast Parkway and State Road 54. He and his son, Carl, also renovated the Starlight shopping center at the northeast corner of Park Boulevard and Starkey Road in Seminole.
Westwater goes vertical
on Burns Court Villas
Sarasota-based Westwater Construction Inc. has completed the majority of the site work for Burns Court Villas and has started vertical construction.
Burns Court Villas is planned as 23 Italian/Mediterranean-style two- and three-story town homes in the center of the historic Burns Court district near Palm Avenue and Selby Lane in Sarasota.
The development is slated for completion in the fourth quarter of 2005. Gil Alvarez, managing partner of the developer, Burns Court Development LLC, says that more than 50% of the 23 units are sold.
The main highlight of the development will be a pedestrian Italian-garden courtyard, which surrounds the residential project and takes up more than half of the total property.
Etc...
i KSC Advertising and Public Relations has doubled its office space at 40 Sarasota Center Blvd., Sarasota to about 2,300 square feet. The company now occupies two suites.
i Martin Aldrich leased 4,474 square feet at 7978 Cooper Creek in Cooper Creek Office Park from Walden Avenue-Blend-All Hotel Development Inc. for six years. Ian Black and Steve Horn, both of Ian Black Real Estate, handled the transaction.
i THCI Co. LLC transferred land it owns at 1240 Pinebrook Road and 4602 Northgate Court in Sarasota County to another subcompany at HH Florida LLC for a sale price of $10.5 million.
i 1626 Barber LLC purchased a 7,500-square-foot office/warehouse building, at 1626 Barber Road, Sarasota, from Gulfwinds Development Inc. for $750,000. Bill Kleiber and Jeff Button, both of Richardson Kleiber Walter, handled the transaction.
i John and Barbara Kennedy purchased an office/warehouse at 640 Apex Road from Russell and Christine James for $1.125 million. The building contains 5,150 square feet of warehouse space and 3,770 square feet of office space. Bill Kleiber, of Richardson Kleiber Walter, and Jim Wardlaw, of ERA Mount Vernon, handled the transaction.
i Import Products Group Inc. purchased a 5,000-square-foot warehouse/ office building at 5318 Ashton Court from Howard Derby for $400,000. Jon Kleiber, of Richardson Kleiber Walter, handled the transaction.
i ProFast Supply Inc. leased 2,500 square feet of warehouse space at 325 Cattlemen Road, Unit D, from B&S Enterprises Inc. Jon Kleiber, of Richardson Kleiber Walter, handled the transaction.
i Johnson Smith Co. leased 6,000 square feet of warehouse space at 4515 15th St. E., Bradenton, from M&M Joint Ventures. Jon Kleiber, of Richardson Kleiber Walter, handled the transaction.
i Dr. Federico Frias of Bradenton leased a 1,466-square-foot office condominium unit in Peridia Office Park on State Road 70 for five years from Gloria and William Weed. Friasi Manatee County specialty care pediatric practice should be fully operational in early 2005. Robert A. Brillon of Realty World o Sarasota handled the transaction.
i Peter Maticsek purchased the 1,000-square-foot Unit H in 2050 Proctor Road, Sarasota, from Riverview Office Park Inc. for $225,000. Dan McLeroy, CCIM, and Dan Page, CCIM of Re/Max Properties Commercial Division, handled the transaction.
i Wal-Mart Stores bought property on 10th Street East in Bradenton from Friedrich Mayr for $1.2 million.
i JBM of Nokomis LLC bought property at 605-7 Osceola Road from Nokomis Two LC for $950,000. JBM of Nokomis LLC mortgaged the property to Paul Welsh, trustee, for $650,000.
i Pink Diamond LLC sold the multifamily land at 1661 8th St., Sarasota, from Palmer Real Estate Group LLC for $475,000.
i Schroeder-Manatee Ranch Inc. has agreed to gift about two acres in Lakewood Ranch for a new facility that would house both the Manatee Chamber of Commerce and the United Way. The 5,000-square-foot building will be located in the Commerce Park area, just north of Lakewood Ranch High School. The new building will replace the Manatee Chamberis present East County facility, which it has occupied for several years. The construction schedule will depend on the fund raising efforts of both organizations.
United Way officials say the organization was interested in having a location in Lakewood Ranch to enhance services in eastern Manatee County.
iWe applaud the Manatee Chamber for their confidence in the continued healthy business climate in this community,i says Rex Jensen, president and CEO of SMR. iThey have been in the lead recognizing the strategic importance of this area.i
SMR has a history of working with non-profit institutions to help them find locations in Lakewood Ranch. The company has donated or contributed to parks, schools, the YMCA, the Red Cross and others.
i New York City-based Greenwich Capital Financial Products Inc. bought Jacaranda Plaza at 1687 Tamiami Trail S. from Venice FL Retail LLC for $25.5 million. The Sarasota County property appraiser lists the total square footage of the centers at 95,600.
i Hanover Park Ill.-based Gämmerler US. Corp. bought two lots at 7501 and 7511 Westpark Place in the Gulfcoast Corporate Park of Palmetto from Miller Enterprises Manatee LC for $592,000. An official for Gämmerler says that the land was really designated as an investment, but the company might build a facility on the site in the next three to five years. Gämmerler mortgaged the Westpark Place property to Royal American Bank for $608,300.
Gämmerler is a leading manufacturer of inline finishing equipment.
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