This week's items: Vector Properties buys Wildewood Professional Park Earthworks Land Development to develop industrial park Quay ownership closes on land for roundaboutFlagship National Bank buys downtown
Real Estate Briefs (Sara/Mana edition)
Vector Properties buys
Wildewood Professional Park
St. Petersburg-based Vector Properties bought the 12-building Wildewood Professional Park on Cortez Road, Bradenton, from SES Cortez LLC and Suncoast-Manatee LLC for about $9.1 million. Buildings in the professional park range from 6,000 square feet to 22,000 square feet.
Corey Carver, chief financial officer for Vector Properties, says that the former owner had listed all the offices for sale with the potential to condominiumize. Vector officials, however, saw more potential in keeping the buildings together with the option to convert them to condominiums if necessary, Carver says.
iThe occupancy there is running in the mid-80s,i he says. iWe knew we could move that occupancy rate up. We really liked the properties; we like the cash flow. They were very well maintained. We have no capital improvements coming up right away.i
Carver says the company, which owns several office buildings in the St. Petersburg and Tampa area, thinks highly of the Manatee County market. The company owns land and another office building in Manatee.
iItis just a good growth market,i Carver says. iWe will certainly have a presence there. Iim not sure if we will relocate a brokerage there or not. We will maintain an on-site manager.i
Vector Properties mortgaged the office park to Wachovia Bank for $6.8 million.
Vector Properties is a parallel company with Vector Realty & Management Inc., a large full-service independent brokerage firm in southern Pinellas County. The company is the 16th largest real estate brokerage in Tampa Bay based on sales volume.
Earthworks Land Development
to develop industrial park
John Jacksonis Palmetto Industrial Park LLC purchased four acres of vacant land at 1415 17th St. E., Palmetto, from Forristall Enterprises Inc. for $334,573.
iWe are going to be purchasing another 11 acres next month,i says Jackson, managing partner of Bradenton-based Earthworks Land Development Inc. iFor a total of 15.63 acres. We are going to sell that land off in 1-acre lots as an industrial subdivision.i
Jackson says the lots, which are zoned for light manufacturing use, will likely be sold at $3 to $4.25 a square foot.
iItis a great industrial location,i he says. iItis surrounded by existing industrial. Itis right on the railway, and itis centrally located between I-75 and I-275.i
Earthworks Land Development will do the site, infrastructure and utilities work. Construction is expected to start in early January, and the initial infrastructure should be in place in two to three months.
iWe should have lots ready for closing in May,i says Jackson.
Palmetto Industrial Park LLC mortgaged the first four acres to Forristall Enterprises Inc. for $250,929.
Quay ownership closes
on land for roundabout
Roundabout Properties LLC bought the 8,000-square-foot retail building, which includes Cesaris Unique Furniture & Accessories Inc. located at 300 Tamiami Trail N., Sarasota, across from the Sarasota Quay, from Lotus USA Inc. for $2 million.
According to Bruce Franklin, president of The ADP Group, Jim Hart, the registered agent of Roundabout Properties LLC, purchased the property as part of a contract the Quay ownership had with the former owner.
iThis was really to protect the property from being acquired and to assist the city in preserving the possibility of developing a roundabout on the side, i Franklin says. iThey were essentially acting as a conduit for the cityis interest.i
John Dart, a partner with the Sarasota law firm of Ruden, McClosky, Smith, Schuster and Russell PA, which represented Roundabout Properties, says the Quay ownership has the southwestern parcel under contract for $2.875 million.
Roundabout Properties LLC mortgaged the retail building to Anglo Irish Bank for $2.3 million.
Flagship National Bank
buys downtown land
Bradenton-based Flagship National Bank bought vacant land at the intersection of Ringling Boulevard and Osprey Avenue in downtown Sarasota from the Loft of Sarasota LLC for $1.3 million.
iThat would be our fourth branch,i says Stephen Jonsson, president and CEO of Flagship National Bank. iWe had a branch downtown that we closed when the (Sarasota) Herald Tribune bought the land for their new headquarters. O We are just planning to land bank it for now.i
Flagship National Bank operates branches at 6004 26th Street W., Bradenton, and 5931 Cattleridge Blvd., Sarasota, and its third branch at 8307 Lockwood Ridge Road, Sarasota, is slated to open in January.
iWe are going to let the new office open and make some money before we attack the next one,i Jonsson says. iWe are probably going to start construction in a couple years. Itis too early to say if the new building would be shared.i
The new site is approved for a 7,500-square-foot, two-story office building.
Miami, Coral Springs investors
buy Savoy at Palmer Ranch
Savoy 324 LLC bought the 325-unit Savoy at Palmer Ranch, 5100 Northridge Road, Sarasota, from Drever Reo Savoy LLC for about $30.2 million.
The state Division of Corporations lists the Savoy 324 LLCis two managers as Arthur Falcone of Coral Springs and Jose Boschetti of Southern Facilities Development Inc. in Miami. Neither individual returned calls before press time. The new owner Savoy 324 LLC mortgaged the property at 5100 Northridge Road to Key Bank for $29 million.
Dooley and Mack continues
Sawyer Oaks development
Lakewood Ranch-based Dooley and Mack Constructors Inc. are in the midst of developing a 13-building office park called Sawyer Oaks Professional Park, at the intersection of Sawyer and Clark roads in Sarasota.
iWe will be starting with six buildings,i says Janette Johnsen, project coordinator. iMost of them are being built for tenants.i
Buildings will range in size from 2,000 square feet up to 25,000 square feet.
i In an internal transaction, Dr. Kevin Boyer, a Bradenton neurosurgeon and partner in Peninsula Medical Associates, sold a 3,000-square-foot office building at 3890 State Road 64 E., Bradenton, to KLB 3890 LLC for $440,000. Boyer purchased the property in late August from Lakeside Executive Suites LLC for $550,000. Boyer told GCBR in September, that the property is fully leased and that he had no immediate plans to make changes to the property. However, later on Boyer says he wants office space for his medical practice.
i Myers Development Group Ltd. received a permit to develop the shell of an office building at 5560 Broadcast Court in Sarasota County. The permit designates the new building for an insurance business.
i Mission Investment Fund of the Evangelical Lutheran Church in America purchased 5.5 acres on Fruitville Road, from Equity Services Inc. for $664,455.46. Jon Kleiber, of Richardson Kleiber Walter Real Estate, handled the transaction.
i SS Appel & Co., developers of San Marco Plaza at Lakewood Ranch, along with Robert Ennis Turoff, owner of the Golden Apple Dinner Theatre, have just announced the details for the Golden Apple Bistro and Theatre at Lakewood Ranch. With more than 8,200 square feet, the two-story building is planned to include a 200-seat theatre and dining area on the first floor, with offices and dressing rooms on the second floor.
Construction is expected to start on San Marco Plaza and the Golden Apple Bistro and Theatre in the early 2005. The projected opening will be in early 2006.
i Detroit Mortgage Co. leased 1,525 square feet of office space at 6981 Curtiss Ave., Suites 8 and 9, Sarasota, from Hadco Properties. Marcia Cuttler, of American Property Group of Sarasota Inc., represented both sides of the transaction.
i Elite Motor Cars leased 1,280 square feet at 6245 Clark Center Road, Sarasota, from Clydene Locklear. Marcia Cuttler, of American Property Group of Sarasota Inc., represented both sides of the transaction.
i Java Hut LLC leased a 13,300-square-foot lot at 3837 Clark Road from Bent Oak Ventures. John Caragiulo, of Hembree & Associates Inc., handled the transaction.