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Business Observer Friday, Sep. 10, 2004 14 years ago

Real Estate Briefs (Sara/Mana edition)

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This week's items: Partnership acquires North Port storage facilityNeal Communities buys Northwest Manatee siteNorth American Properties buys Old Tampa Road landSarasota businessman buysthree lots in Crestwood

Real Estate Briefs (Sara/Mana edition)

Partnership acquires

North Port storage facility

Eliot and Michael Charnas and Charles Abrams bought a 35,600-square-foot self-storage facility from Busy BB LLC for $2.6 million.

Eliot Charnas, a winter resident, says he has watched the growth of North Port and Sarasota for many years. He says it was time to buy.

"The facility we bought was near the county line just outside the city of North Port," he says.

Charnas owns several homes and 10 mini-storage facilities in the Cleveland area as well as two self-storage facilities in Tallahassee.

"There has been so much growth down there, and there are only two mini storage facilities serving North Port," Charnas says. "There is even room for expansion on the site. We can double what we have there now."

The property also proved itself well situated for flow-over traffic from the Charlotte County area following Hurricane Charley.

"If I had 1,000 units after the hurricane all of them would have been filled," he says.

The three partners, who used the corporate name of North Port Storage Properties LLC for the purchase, mortgaged the property to SunTrust Bank for $2.16 million.

Neal Communities buys

Northwest Manatee site

Neal Communities of Southwest Florida Inc.'s Wisteria Park Associates LLC purchased a 60-acre parcel in northwestern Bradenton from Riggs National Property Co. LLC for $5.89 million.

"Wisteria Park is going to have 141 homes," says John Neal of Neal Communities. "It's going to be evenly split between family units and maintenance free-product. Right now, there is a problem if you grew up in Northwest Bradenton and want a maintenance free house you have to move to Lakewood Ranch and leave your friends behind."

Neal Communities started developing in Woodlands Park, near Wisteria Park, last year. That 32-lot neighborhood is currently sold out.

John Neal expects to break ground on the Wisteria Park subdivision in the next few weeks. Infrastructure work and land development is likely to take about seven months.

"Model homes should be up in March," Neal says. "Neal (Communities) will be the only builder in the subdivision. We are always looking for amenities rich areas to develop in. It's just a fantastic area. This piece is five minutes from the causeway, 10 minutes from the beach and a simple walk to the Manatee River at the Desoto National Park."

The price range for homes in the subdivision has not been finalized.

North American Properties

buys Old Tampa Road land

Cincinnati-based developer North American Properties purchased several acres of grazing land near Old Tampa Road in Manatee County from Duke Family Ranch LP for $9.98 million. The company declined to comment on the specifics of the deal through its spokesperson Jenn Weyand, but a large retail development seems almost assured given the company's local history.

The developer, which specializes in retail, apartment, office and mixed-use developments, has focused primarily on retail properties in Florida. The company owns an 83,327-square-foot Lakewood Ranch strip center and an 85,115-square-foot center at the intersection of Tuttle Avenue and University Parkway called University Walk. The company is also developing a retail center at Laurel Road and I-75, and is seeking approval to develop a 75,000-square-foot neighborhood shopping center at the intersection of the Bee Ridge and the Bee Ridge Extension.

North American Properties, which used the corporate name of Nap Duke Ranch LLC for the transaction, mortgaged the property back to the former owner $6.8 million.

Sarasota businessman buys

three lots in Crestwood

Michael Ferro of Sarasota purchased three parcels in Crestwood Business Park in Lakewood Ranch, at the corner of Professional Parkway and Communications Boulevard for a total of $775,000.

"The whole property out there is about 10 acres total," says John Swart, president of Lakewood Ranch Realty. "Michael (Ferro) plans to build multi-tenant office and warehouse (buildings). This is really the beginning of a larger office and warehouse complex designed for small businesses. Most will likely end up being offices."

Ferro, who used the corporate name of Lakewood Center of Commerce LLC for the transaction, mortgaged the properties to SunTrust Bank for $620,000.

Sarasotan to upgrade

Cocoanut office building

George Frudakis of Sarasota plans to upgrade a small office building, at 930 Cocoanut Ave. N. in Sarasota, to appeal to office users. Just last month Frudakis, who used the corporate name of Florida West Construction Development Inc. for the transaction, purchased the 3,600-square-foot building from Shirley Shire for $530,000.

"It was a nice building and (Wayne Moorehead) bought a lot of the property right next to me," Frudakis says. "I'm planning to dress it up really well in a Tuscan Mediterranean design. He's doing a huge project there (called The Boulevard). The city plans to rezone the property, so with the Publix coming in as well, I thought I just had to take advantage of the (revitalization.)"

Fidelity Homes starts

Talon Bay development

Fidelity Homes has started construction on its first two-paired villa model homes at Talon Bay, a new community by Peter Shipps located off U.S. 41 near Ortiz Boulevard in North Port.

Fidelity Homes, one of two preferred builders in the community, plans to build 55 patio homes and 64 paired villas pre-construction priced from the $190,000s to the high $200,000s, and ranging in size from 1,300 to more than 2,300 square feet of living area. US Home, the other exclusive builder at Talon Bay, will build 89 single-family homes.

Fidelity Homes plans two model homes in the development: The Ashby and The Taylor. The Ashby has three bedrooms, two bathrooms and a two car attached garage with 1,656 square feet of living area. The Ashby is priced from $205,000. The Taylor has 1,649 square feet of living area with three bedrooms, two bedrooms and a two car attached garage. The Taylor is priced from $204,000. Fidelity Homes expects both models to be completed, fully furnished and open for viewing after the first of the year.

The 101-acre community is planned for 225 single-family, estate, courtyard, patio and paired villa homes, many offering lake views. Talon Bay will have a lifestyle center and recreation area comprised of tennis courts, a lagoon-style swimming pool and playground.

Etc

× Sarasota-based JCI Jones Chemicals Inc. officials say the company will relocate from its current Sarasota Quay location and move to two sites within the county.

Corporate offices will be on the ninth floor of the Northern Trust Bank Building on Ringling, while the financial and customer service center will move to the Interstate Park Corporate Center off of Fruitville Road.

The environmental, insurance and safety departments will stay at the company's previous headquarters in Caledonia, N.Y. The relocation is expected to be completed in mid-September. JCI Jones Chemicals Inc., a family-owned corporation, is a manufacturer and distributor of chemicals for industrial and municipal water treatment.

× The more than 103-acre Palma Sola Golf Club, located between 71st and 75th streets in Bradenton, has been sold to Taylor Woodrow Homes. The homebuilder plans to replace the golf course with a mix of single-family homes, villas and townhouses early next year. Jay Heagerty, of Wagner Realty, handled the transaction.

× ResortQuest International, the nation's largest vacation rental property management company, has been named the property and resort manager for Holiday Beach Resort on Longboat Key.

The management contract expands ResortQuest's presence in Southwest Florida, where it currently manages more than 3,500 vacation rentals. Orchid on Longboat Key LLC bought the Holiday Beach Resort in early August and plans to enhance and develop it as 18 condominiums.

"We are confident that ResortQuest is the best management company for the Holiday Beach Resort. Their level of experience and marketing expertise in the industry provides the greatest potential for the property," says Steven Noriega of Orchid on Longboat Key LLC.

× The Longboat Key office of Prudential Palms Realty was honored by The Prudential Real Estate Affiliates Inc. for production in the second quarter of 2004. The office was ranked second in the U.S. southern region for Prudential for the second time this year. That award recognizes the top three offices in each region.

× Pamaro Shop Furniture has opened a new 12,000-square-foot store at 5465 University Parkway next to Home Depot. The Pamaro Shop has served the Gulf Coast market since 1950.

× Emmanuel Makris, who has been operating Taso's Family Restaurant, at 5026 15th St. E. in Bradenton for the past two and a half years, purchased the property from the 214 Main St. Corp. for $475,000. No changes were planned for operation of the restaurant.

× George Michael Nauert and Thomas Canavan have sold the commercial property located at 5025 N. Tamiami Trail to North Trail Investments Inc. for $385,000. Barry Seidel, of American Property Group of Sarasota Inc., handled the transaction.

× Douglas McGraw has sold the property at 1470 Northgate Boulevard to RB-1 properties for about $1.9 million. The 40,000-square-foot warehouse/office is located in the Northgate Business Park. Barry Seidel, of American Property Group of Sarasota Inc., handled the transaction.

× Seal Properties LLC sold the property located at 7500 S. Tamiami Trail in Sarasota to MCR Properties LLC for $2.1 million. Barry Seidel, of American Property Group of Sarasota Inc., handled the transaction.

× Lapidus sold the property located at 1177 Cattlemen Road to Denver and Dallas Miller for $2,200,000. Barry Seidel, of American Property Group of Sarasota Inc., handled the transaction.

× Janet Germain has leased the retail building at 8700 S. Tamiami Trail in Sarasota to Eurostone Marble and Granite Inc. Barry Seidel, of American Property Group of Sarasota Inc., handled the transaction.

× Rodney Dessberg has leased the space at 3550 S. Tamiami Trail to Fidelity Brokerage Services LLC for a new branch office. Half of the building is remodeled and ready for new tenants. Barry Seidel, of American Property Group of Sarasota Inc., handled the transaction.

× Martin Realty Investments has leased the office space at 1435 S. Osprey Ave. to Sarasota Cardiovascular and Thoracic Surgical Associates. Barry Seidel, of American Property Group of Sarasota Inc., handled the transaction.

× Kiwi Investments leased the space at 2001 Siesta Drive to Fleming's Prime Steakhouse. The 53,000-square-foot building has several high-end class-A office suites. Barry Seidel, of American Property Group of Sarasota Inc., handled the transaction.

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