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Business Observer Friday, Oct. 15, 2004 14 years ago

Real Estate Briefs (Sara/Mana edition)

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This week's items: Partnership to construct office building behind MEAChurchills site developers reduce project height Sarasota credit union plans North Port branchMarquee en Ville developer applies for 1301 Main St.

Real Estate Briefs (Sara/Mana edition)

Partnership to construct

office building behind MEA

Charles Wilson, owner of Sarasota's Charles H. Wilson Construction Co., and Kelly Rubino, president of the engineering consulting firm MEA Group Inc., purchased vacant commercial land at 9011 Town Center Parkway in Lakewood Ranch from Schroeder-Manatee Ranch Inc. for $529,254. The partners plan to construct a 20,000-square-foot office building behind the existing MEA Group facility

"All I can say is it's going to be a corporate headquarters," Wilson says. "We do have a tenant for the space. They are relocating and haven't worked out all the details yet so I can't release their name."

Construction on the new building is set to start in mid-January with a seven-month total buildout. Wilson's construction company, which built the MEA Group's existing facility, is the general contractor for the new building.

Churchills site developers

reduce project height

Mark Miller, co-owner of the Sarasota-based luxury waterfront homebuilder Waterside Investment Group Inc., and Chad Bratzke, a former defensive end for the Indianapolis Colts, bought the 20,000-square-foot Churchills furniture store at 1551 and 1515 Fruitville Road, Sarasota, from Churchills Furniture Inc. for $3.4 million.

Miller says the partners' development plans have changed somewhat since the deal was announced in early June. The partners still plan to have a large bank in the building, but it will only be five stories tall instead of nine.

Ultimately, the loss of extra levels cost the project about 30,000 square feet, leaving it with between 92,000 and 100,000 square feet. However, Miller says the height reduction is not expected to have an impact on the separate five-level 375-space parking garage.

The owners of Churchills are expected to lease the furniture store through the end of the year, while Miller and Bratzke work on permitting the new development.

Miller's construction company, Westwater Construction Inc., will handle the construction. DSDG Inc., of Sarasota, has been hired to design the development.

The two development partners, who used the corporate name of Lemon Ave. II LLC for the transaction, mortgaged the property to Colonial Bank for $2.4 million.

Sarasota credit union

plans North Port branch

Sarasota Coastal Credit Union purchased vacant land on Toledo Blade Boulevard North in North Port from Robert Jager, as trustee, for $294,000. The credit union plans to build a new branch on the site, giving it a total of six locations.

"This will be our southern most branch," says Karen Kruszewski, vice president of marketing. "We have had a branch in Venice - in Bird Bay Plaza - for about 14 years now."

Credit union officials hope to open the new 4,200-square-foot full-service branch in about a year. The office will employ about 10 people. Tom Wessel Construction Corp. of Sarasota will be the general contractor for the development.

"It's just a very fast growing location," Kruszewski says. "There are a lot of young families down there. It's just a great opportunity."

Sarasota Coastal Credit Union has branches at 3000 Bee Ridge Road, 5881 Fruitville Road, 6206 Lockwood Ridge Road, 8266 S. Tamiami Trail and 547 U.S. 41 Bypass, Venice.

Marquee en Ville developer

applies for 1301 Main St.

Marquee en Ville developer Sam Hamad and Gary Hoyt, president of Sarasota's Hoyt Architects, filed a site plan to demolish an existing 6,500-square-foot retail building at 1301-1303 Main St. in downtown Sarasota, to make way for a 15-story, 15-unit condominium tower. The site plan calls for the 180-foot tall structure to utilize car lifts to park 30 cars.

The partners plan to have 12 full-floor, about 4,000- to 4,500-square-foot units, and three 1,500-square-foot units. Based on the going rate of property with a water view at $600 to $700 a square foot, the larger units will likely range in price from $2.4 million to $3.1 million.

Pino's Primi Piatti and Robinson Spry Interiors currently lease the retail center.

Circle L Roofing to

build new warehouse

Lakewood Ranch-based roofing contractor Circle L Roofing Inc. submitted a site plan to develop a new 16,000-square-foot centralized consumer-service division warehouse and distribution facility at 7175 21st St. E. in Centre Park.

The company plans to build on 4 1/2 acres of its 7-acre site, says Jesse Lynn, president of Circle L Roofing Inc. Construction should begin in March and be completed in July.

"We just need more room," Lynn says. "We have outgrown our facility."

Circle L Roofing's existing warehouse facility on 33rd Street is 6,000 square feet. Charles H. Wilson Construction Co. is the general contractor for the project.

Lynn says the company is investing more than $3 million in the new facility, including the land purchase and equipment.

Summit Asset Management

buys Oakmeade Apartments

Montgomery, Ala.-based Summit Asset Management purchased the Oakmeade Apartments, at 1831 13th Ave. E., Bradenton, from Picerne Development Corp. of Georgia for $2.14 million. The complex was one of 22 properties Picerne Development sold to Summit Asset Management, which now owns and manages about 77 apartment developments in the southeastern United States.

Mike Sherman, a spokesman for Summit Asset Management, says the new owner plans to upgrade the 100-unit Oakmeade complex, including installing a camera security surveillance system.

"We are going to improve the air-conditioning, the water heater, roofing, signage and the units' cabinets and counters," Sherman says. "It was one of the better maintained properties we bought in the deal."

Summit Asset Management has retained the on-site management team for Oakmeade. The new ownership group has mortgaged the Oakmeade Apartment complex to SouthTrust Bank for $1.55 million.

Etc ...

× Linda and James Willis, owners of Linda's Nursery, at 4019 89th St. E., Palmetto, bought 16 acres next to their property from Manatee River Community Development Corp. for $300,000. They bought the property to control what is developed around them and to use for future expansion. They used the corporate name of J&L Land Co. Inc. for the transaction. mortgaged the property to Gold Bank for $240,000.

× UNIR LLC leased 2,950 square feet at Brickyard Business Park located at 1746 10th Way, Unit A1, Sarasota, from TEK Investments, Inc. for three years. Ian Black and Steve Horn, of Ian Black Real Estate, represented the lessor, and Linda Emery, from Barry Edwards and Associates, represented the lessee.

× Dr. Mark Kauffman, developer of the proposed Courthouse Centre mixed-used downtown Sarasota building, and John Macaskill, president of Sarasota-based ASO Corp., bought a commercial building at 500 Washington Blvd. S. in Sarasota from Homer Dennewitz, as trustee, for $650,000. The partners, who own a number of properties together, mortgaged the property to People's Community Bank of the West Coast for $504,000.

× Buddy Bi-Rite Rent To Own Center bought a warehouse and distribution center, located at 2514 9th St. W., from Rydasa LLC for $450,000. Buddy Bi-Rite mortgaged the building to Regions Bank for $420,000.

× Ken Way RV Park Inc. bought the Keyway RV Park, located at 12316 Cortez Road W., Bradenton, from Ken Way for $2.35 million. The new owner mortgaged the property to First National Bank & Trust for $1.375 million.

× Albert Rumph, as trustee, purchased Heritage House of Bradenton, at 1120 33rd Ave. W., from 33rd Ave. Associates LLLP for $1.9 million. Rumph mortgaged the 33rd Avenue property to 33rd Ave. Associates LLLP for $1.75 million.

× Blue Chip LLC bought property at 512 63rd Ave. W., Bradenton, from Jacques and Elizabeth Leong-Son for $730,000. Blue Chip mortgaged the property to Horizon Bank for $584,000.

× Inter-State Development Associates Corp. sold 13 lots in Portofino on the Bay on Assisi Drive to Sarasota Bay Construction and Development Co. Inc. for $1.13 million. "Sales are going really good," says Mary Snedley, broker of LaVista Homes LLC Realty Group. "There is good activity out there. So far we have sold 15 of the 20 home sites." Portofino On The Bay, located on Sarasota Bay, is a gated and maintenance free community with boat slips and water access for homebuyers. Sarasota Bay Construction and Development mortgaged the property to Signature Bank for $2.26 million.

× Flagship Builders and Developers Inc. completed its move to a new office on Toledo Blade Boulevard N. The company purchased the property from North Port Park of Commerce LC for $405,000 and has had a 3,000-square-foot building constructed on the site.

× Gateway Development Associates LLC purchased lots 8 and 9 on Richardson Road from NIDER Corp. for $5 million. The company mortgaged the property to LandMark Bank of Florida for $3 million.

× Commack, N.Y.-based Atlantic Shores Realtors Inc. bought 133 Tamiami Trail S. and 137 Miami Ave. E., Sarasota, from Ernest Trust Florida LLC for $1.68 million. Atlantic Shores Realtors Inc. mortgaged that property to Century Bank FSB for $2.35 million.

× Cone & Graham Inc. of Tampa has been awarded a $5 million contract by the Sarasota County Commission to replace eight deteriorating short-span bridges on Siesta Key. The contract calls for substantial completion within 435 days from award of the contract, or prior to the 2005 Thanksgiving holiday.

Because the bridges at Contento Drive, Azure Way and Calle Florida are the only access points to adjacent neighborhoods, those bridges will be rebuilt one half at a time so there will always be one lane of access across the bridges. The other bridges will be closed completely during construction, but detours will still allow access.

Navigation in the canals the bridges cross will be maintained throughout construction, although some boaters may have to use alternate canal routes while work proceeds on a given bridge.

× St. Louis-based Summit Marketing, an integrated marketing services company, plans to open a satellite office in Sarasota. Sue Jolly, senior account executive in the company's Washington, D.C., office, will head the operation. Summit Marketing has agency offices located in Atlanta, Chicago, Kansas City, St. Louis, Tulsa and Washington, D.C.

× Realty World Sarasota has leased about 1,800 square feet of professional office space in the Executive Center at Palmer Ranch. The business, a Michael Seery company, will specialize in commercial and residential brokerage, sales and lease consulting. Robert Brillon and Lyn Bloink, of the Executive Center, facilitated the lease.

× Dennis Calamusa, of Allied Flex Technologies, leased about 650 square feet of office space in the Executive Center at Palmer Ranch. Allied Flex Technologies is a global food industry packaging sales and marketing company. Lynn Bloink, of the Executive Center, facilitated the lease.

× Robert and Kim Esposito, of Senior Solutions Financial Group, Punta Gorda, leased about 650 square feet of office space in the Executive Center at Palmer Ranch. Lynn Bloink, of the Executive Center, facilitated the lease.

× Davi and Valenti Movers leased 7,000 square feet of office and warehouse space at 1227 Tallevast Road from Airport Commerce Center. Roberta Kolton, of Michael Saunders & Co., and the Airport Commerce Center handled the transaction.

× PSG III LLC leased 1,250 square feet of office space at 1443 Tallevast Road from Airport Commerce Center. The transaction was handled by the Airport Commerce Center.

× Alliance Home Healthcare leased about 1,150 square feet of office space in unit D-2 of 3900 Clark Road, Sarasota, from Paul and Marlene Ropp. Barry Seidel and Michael Witt, of American Property Group of Sarasota Inc., handled the transaction.

× The Tampa-based real estate investment firm of Hupp Realty Advisors mortgaged an about 16,000-square-foot building 6011 14th St. W., Bradenton, to First National Bank of Florida for $1.2 million. Hupp purchased the facility, which is zoned for auto sales, services and repair, from Bradenton Car Care Center Inc. in July of last year for $1.9 million. Hupp is still in the midst of developing a 6,500-square-foot Tire Kingdom building on a vacant lot in Clark Road Industrial Center and demolishing an office building at the southwest intersection of Fruitville and Beneva roads in Sarasota for construction of a 14,820-square-foot Walgreens drugstore.

× America's Capital Partners mortgaged the 11-acre lot at U.S. 41 and Sixth Street in Sarasota, next to the existing 16-story Renaissance building, to CFMM LLC for $14.85 million.

× In an internal tax-related transaction, C. Robert and Daniel Buford transferred property at 1234 Ben Franklin Drive and 1111 Ritz Carlton Drive, Sarasota, to Slab Lido LLC for $27 million.

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