Real Estate Briefs (Sara/Mana edition)

By: 
Nov. 12, 2004

Real Estate Briefs (Sara/Mana edition)

Phoenix Development develops

Palmetto self-storage facility

Deerfield Beach-based Phoenix Development Corp. purchased vacant industrial land, at 2100 U.S. 301 N., Palmetto, from Ellenton Associates Ltd. for $1.1 million.

The company plans to build 150,000 square feet of self-storage and 18,000 square feet of retail space, says Seymour Ravinsky, president of Phoenix Development.

Much of the space will be for boat and RV storage, of which half will be enclosed in three indoor-garage buildings. The remainder of the space will be for climate-controlled self-storage in two buildings.

iI know there is a deficit of dockage space,i Ravinsky says. iThis will offer secure storage for trailerable boats under 35 feet, which I hear is hard to find.i

The facility will include holding tanks, cleaning facilities and wash bays, he says, adding, iWe own several self storage facilities around the state, but we wanted to get a new location on the West Coast.i

The timing was right for Phoenix Development.

iWe bought it because of its proximity to I-75,i he says. iIn comparison to land prices where we are, the land price was very, very good. Since we put up our sign there, it has been reported that a Wal-Mart Supercenter is planned a mile away. (Also) a 250-acre development has been announced across the street.i

The site should be cleared next month and construction should start in January. The retail portion of the project is slated for the second phase of the development. The entire facility is scheduled for completion in about three years.

iI am very optimistic about what is happening there,i Ravinsky says. iI think (the tenant space) is going to be more along the lines of small retailers. There is possibility of a coffee shop there.

Phoenix Development mortgaged the land to the former owner, Ellenton Associates Ltd., for $600,000.

Truck Junction buys

land for dealership

Truck Junction Inc. purchased a small 1,360-square-foot building and an acre of land, at 4791 Clark Road and 5735 Jason Lee Place in Sarasota from Naomi Wallace Living Trust for $1.25 million.

The dealership plans to keep about 40 trucks on the property. Truck Junction currently leases space at 5611 S. Tamiami Trail in Sarasota and plans to relocate to Clark Road as soon as the new facility is completed. Truck Junction will also continue to operate from a dealership on Tamiami Trail in Venice.

iWe are going to do some vast remodeling (at the new location),i says Gayanne Davis, comptroller.

Truck Junction Inc. mortgaged the land to the former owner for $834,239.

U-Store-It Trust buys

Manatee self storage

Cleveland-based U-Store-It Trust, a self-administered and self-managed real estate investment trust, purchased two multi-building self-storage facilities at 6915 and 7047 Manatee Ave. W., Bradenton, from Emeryville, Calif.-based Devon Self Storage LLC for $7.45 million.

In November 1995, Devon Self Storage bought the old Pursley Nursery site (7047) from Pursley Inc. for $610,000 and a self-storage facility at 6915 from East Shotville Ltd Partnership for $2.44 million. Devon Self Storage demolished the nursery and built four new mini-storage warehouses, a total of 20,600 square feet, which it completed in 2000. Devon Self Storage also added several new buildings in the late i90s to the existing self-storage facility at 6915, bringing the total square footage up to 90,824.

Neither U-Store-It Trust or Devon Self Storage officials returned calls prior to GCBR deadline.

Just last month, U-Store-It purchased 42 self-storage facilities in five states o Illinois, Indiana, Florida, Ohio and Wisconsin o from Metro Storage for $184 million. With the completion of that acquisition, U-Store-It owns and manages 197 self-storage facilities in 21 states with an aggregate 12.5 million rentable square feet.

Sarasota County buys

mine property, land

Sarasota Countyis Environmentally Sensitive Lands department purchased about 500 acres on Gene Green Road in Venice from Venice Minerals and Mining LLC for $1.5 million.

iThere is an existing shell and sand mining operation there and 120 acres of native habitat on the east side of the property,i says Steve Suau, general manager for Sarasota County Watershed Management.

The county plans to lease the land to Venice Minerals and Mining for its mining operations, which are expected to close within three years, he says.

Suau expects the county to flood the property to create a lake, which would help handle flood water, storm-water retention for irrigation and/or even recreation.

iIt could also provide some additional storage for the water supply,i Suau says.

Sarasota dentist plans

professional office building

Juan Curci, a dentist with Sarasotais Comprehensive Dentistry, purchased land in the 5000 block of Fourth Avenue Circle E. in Bradenton from Tom Brown Real Estate Investments LLC for $435,675.

Curci plans to develop a 6,000-square-foot professional office building, he says, adding, iThe (division of) tenant space will depend on demand, but one tenant would be ideal.i

Construction is expected to start within a year, he says, and should take three to six months to complete. Estimated rental rate for the space is $17 a square foot triple net.

Curci is still negotiating, but he says itis likely heill use Sarasotais Canino Construction. Xavier Calderon is the leasing agent for the new building.

Curci, who used the corporate name of East Bradenton Healthcare LLC for the transaction, mortgaged the land to AmSouth Bank for $326,756.

Gettel Automotive

buys bingo parlor, land

Gettel Automotive Inc. purchased a 17,360-square-foot bingo hall at 6323 14th St. W., Bradenton, from Bradenton Group Inc. for $1.5 million.

The property is next to an existing Gettel Kia dealership at 6423 14th Street W., and David Rooks, general manager for Gettel Automotive, expects to expand the dealership onto the Bingo Hall property.

iKia is experiencing incredible growth,i Rooks says. iWe are selling 75 cars a month there now, and we should be able to go to 120 to 140 a month.i

Gettel Automotive Inc. mortgaged the property to Wachovia Bank for $1.5 million.

Collier business buys

land for expansion

Quality Concrete of Collier County Inc. bought vacant commercial land at 5268 Duncan Road from Mohan and Shereen Ramkissoon for $239,000.

Michael May, president of Quality Concrete and Armor Steel of Southwest Florida, says he is expanding his steel-building contracting business into Sarasota County and plans to build a new office on the Duncan Road site.

iWe are open for business up there now,i May say. iWe may also run Quality Concrete out of there. If Iim lucky we will be ready to move in there in two years. Steel construction is just a very cost effective way of putting up a quality attractive building quickly. A new building shell with slab can cost $20 a (square) foot.i

May typically employs a small in-house crew of six to eight people along with several subcontractors.

Etc...

i KCMAR Limited Partnership purchased land at 120 S. Tuttle Ave., Sarasota, from Sarasota Lionis Den Inc. for 785,000. The new owners plan to build 34,117 square feet of medical office space. Marcia Cuttler, of American Property Group of Sarasota Inc., represented the seller, and Tony Veldkamp, of Michael Saunders & Co., represented the buyer.

i Gloria and William Weed purchased a 1,466-square-foot office condominium at Peridia Office Park, Bradenton, from developer Borderlake LLC of Tampa for about $185 per square foot. Robert A. Brillon, of Realty World o Sarasota, represented the seller, and Gloria Weed, of Coldwell Banker o Lakewood Ranch, represented the buyer.

i R. Bruce Hughes, CEO of Forked River, N.J.-based Access Mortgage Services, leased 1,500 square feet of space at Members Advantage Inc. in Lakewood Ranch from Tony Piano of Santo LLC. Robert A. Brillon, of Realty World o Sarasota, represented both sides of the transaction.

i Construction has started on The Ritz-Carlton Members Golf Club. Planned to open in late 2005, the Members Golf Club is a private facility with an 18-hole USGA course, designed by renowned golf architect Tom Fazio, on a 315-acre site bordered by Braden River. The Members Golf Club marks the opening of the Ritz-Carlton Members Club, which offers the benefits of a private social club.

i Avalar Real Estate and Mortgage Network opened its newest Florida office iAvalar Real Estate of Sarasotai that will be owned and operated by Hudson Team Inc.

Broker Mary Beth Hudson and Realtor Greg Hudson will manage the office at the Sarasota Main Plaza on Main Street. Both were formerly with Coldwell Banker Residential Real Estate on Siesta Key.

i The city of Palmetto purchased vacant commercial land from WC Riviera Partners LC for $400,000. Mayor Larry Bustle says the purchase is part of the cityis acquisition of land in Riviera Dunes for an estuary park.

i Jesmin Aktheris TAJ of Sarasota Inc. bought land at 1590 Tarpon Ave. from Super Stop Petroleum for $1.04 million. TAJ of Sarasota mortgaged the property on Tarpon Avenue to First State Bank for $1.04 million.

i Michigan Construction Industry Mutual Insurance purchased industrial property at 4141 Clark Road, Unit C2, Sarasota, from Clark Management LLC for $468,000.

i Keith and Marilyn Goldstein filed a site plan to develop an 8,000-square-foot warehouse building at 2206 72nd Drive E., Bradenton, for Unicorn Video.