This week's items: Waterford Cos. buys Venice's Galleria PlazaCox Mazda dealership to move to CortezJRG Development buys church property Axcess Diagnostics to add Sarasota office
Real Estate Briefs (Sara/Mana edition)
Waterford Cos. buys
Venice's Galleria Plaza
Mike Miller's Waterford Cos. purchased the more than 95,000-square-foot Galleria Plaza, 2111 Tamiami Trail S. in Venice, from Galleria Venice Ltd. for $4.4 million.
"The Kash n' Karry space there has been dark since 1993," says Patrick Jaehne, who works in commercial sales for the Waterford Cos. "They have been paying rent there since then. We are trying to attract some big box users to take that space. We have been talking to a movie theater group. We have called just about anybody we could from Best Buy to the new boutique grocery store concept from Kash n' Karry - Sweetbay Supermarket."
The Galleria currently has about 55,000 square feet of leaseable space. "We need to attract that big user to really kick off revitalization of the center," Jaehne says. "When we do we can add a nice facade and really redo the plaza. We know this can be a great center. It sees 45,000 cars a day."
The rental rate for the space is expected to range from $8 to $14 a square foot triple net.
Waterford Cos. mortgaged the property to Busey Bank for $4.35 million.
Cox Mazda dealership
to move to Cortez
Cox Properties II LLC bought a former gym building in the 3100 block of Cortez Road from Bell Bros Properties Inc. for $1.5 million.
"That is going to be the future site of our Mazda store," says Steve Cox, owner of the Cox chain of automobile dealerships and auto body shops. "Right now it's in Palmetto, but I'm hoping to relocate it down here next year. The new space is actually across the street from Cox Chevrolet."
Cox says his plans for the site are still fluid, but he will likely demolish the existing building to develop a new 20,000-square-foot dealership.
"There is a dollar threshold to how much you can refurbish a building," Cox says. "Once you go over that threshold it just becomes more economical to build new. We looked at a lot of sites before we found the Cortez Road site. We looked at downtown; we looked out east. But the most feasible option was to build close to our existing location. That way you have the added benefit of scale."
Cortez Road has a high daily traffic count, which Cox estimates should increase the dealership's annual sales by 50% to 60% its first year.
buys church property
Leonard Garner's Sarasota-based JRG Development Corp. purchased church buildings at 7215 U.S. 301 N. in Ellenton from New Hope Baptist Church Inc. for $1.34 million. The property's four buildings include a parish house, a fellowship hall and school buildings.
"We are probably going to demolish the buildings to develop some retail and (self) storage buildings," Garner says. "The church buildings were vacant, but I agreed to let another church (Evangelical Church Alliance) use it until we have the permits to develop the property. I hope to begin construction in 10 months. We should have the first building up nine to 10 months after that. We are seeing some interest from a bank, a drug store and a gas station in addition to the self-storage. But nothing has really been finalized."
JRG Development just completed the lot work for the 45-home Newburn Village just off 17th Street and Honore Avenue. Westfield Homes will purchase the lots from JRG development.
Simultaneously, Garner is finalizing plans to develop the Reflections project, located at Venice Avenue and Jacaranda Boulevard in Venice.
The development will feature an 180,000-square-foot shopping center along with 181 home lots.
to add Sarasota office
Dr. Stephen Miley, managing director of Axcess Diagnostics and MRI in Venice, purchased land at 301 N. Cattlemen Road in Sarasota from Sarasota Gateway Associates LLLP for $1.9 million.
"That is going to be the site of our new two-story corporate office," says Kim Tilka, financial coordinator for Axcess Diagnostics. "We are shooting for being in there by November of 2005."
The company currently operates from 842 Sunset Lake Blvd, Unit 301, Venice, and 6015 Pointe West, Suite 102, Bradenton.
In addition, the company is building an about 18,200-square-foot medical building at 5101 Fourth Ave. Circle E. on State Road 64 in Bradenton. That building is scheduled for a September opening.
The company provides Magnetic Resonance Imaging (MRI) 16-slice spiral Computed Tomography (CT) and Positron Emission Tomography (PET), ultra-sound patient scanning, digital X-ray along with 3D and 4D reconstruction (essentially computer assisted reconstruction of MRI or CT images).
SMR sells arena property,
partners start site work
Schroeder-Manatee Ranch Inc. transferred the land for the new entertainment/hockey arena at 11525 State Road 70 E. to DVA Arena LLC for $4 million. DVA Sports and SMR are developing the $65-million 7,400-seat arena as a joint venture.
Site work on the project started about a month ago and vertical construction is slated to start in a month to a month-and-a-half.
The developers are under a fairly tight deadline to have the about 220,000-square-foot arena substantially completed before September of 2005 to coincide with the new season of the ECHL, a minor-league professional hockey league.
DVA Arena LLC mortgaged the property to Landmark Bank of Florida for $2.1 million.
Local Friendly's franchisees
to build Bradenton restaurant
Alan Zirkelbach's SR 64 Real Estate Holdings LLC purchased property at State Road 64 and Kay Road from MPL Properties Inc. for $875,000.
Zirkelbach, president of Palmetto-based Zirkelbach Construction Inc., plans to build a new Friendly's restaurant for local franchisees: Joe Sandor, Joe Camera and Carmine and Fred D'Ariano. The new restaurant is expected to be 4,200 square feet and will employ about 120 people on a full and part-time basis. It is set to open in May of 2005.
Zirkelbach mortgaged the property to First Priority Bank for $775,000.
Developer buys Venice land
for office/warehouse units
Lauden Pitts of Century 21 Realty/Sorrento Realty, and his wife, Carolyn Pitts, purchased Lot 5 on Technology Drive in Laurel Interchange Business Center from the Sandra Hurt Trust for $784,000.
"We are going to build some office/warehouse buildings there," Lauden Pitts says. "With the setbacks I think we will get 34 to 36 units there. I think we should be able to get about 50,000 square feet."
The Pitts are working with George Moerler, a Miami drywall contractor. The purchase price for the units is expected to range from $100 to $120 a square foot.
The Pitts mortgaged the property to Gold Bank for $1.26 million.
× Grande Designer Floor Covering leased 4,500 square feet of warehouse space at 3069 McCall, Englewood, from Palms West Inc. Ronald Struthers PA, of RE/MAX Properties Commercial Division, handled the transaction.
× Thomason & Thomason Inc. of Bradenton purchased two commercial condominium units totaling 2,700 square feet in Peridia Office Park, located on State Road 70, from developer Borderlake LLC of Tampa for about $446,000. Michael Seery & Associates was the listing agent for the site, and Robert Brillon, of the same firm, negotiated the deal.
× Melissa Bond, owner/operator of Salon Peridia, has signed a 10-year lease for an upscale 1,200-square-foot space at Peridia Office Park on State Road 70, Bradenton. Michael Seery & Associates was the listing agent, and Robert Brillon, of the same firm, negotiated the lease.
× Ana Faure, owner/operator of Jo-Ana Ceramics Studios, signed a 10-year lease for a 1,500-square-foot arts and crafts studio in Peridia Office Park on State Road 70, Bradenton. Michael Seery & Associates was the listing agent, and Robert Brillon, of the same firm, negotiated the lease.
× Ramsey, N.J.-based Borra Management LLC bought Lot 14 in Venetian Golf and River Club from WCI Communities Inc. for $498,200.
× Palmetto's 2420 Trailmate LLC bought a 32,500-square-foot warehouse building at 2420 Trailmate Drive from Trailmate Investment Group Inc. for $1.7 million.
× Jerzy Baldun, of Sarasota, and Wlodek Matczak, of Boxford, Mass., purchased a 20,000-square-foot warehouse at 1960 Whitfield Parkway Ave. from Federal Warehouse Corp. No. 1 for $742,500. The partners, who purchased the fully occupied warehouse as an investment, used the corporate name of Boxford Warehouse Inc. for the transaction, and mortgaged the property to LandMark Bank of Florida for $556,000. Bill Kleiber and Jennifer Button, of Richardson Kleiber Walter, handled the transaction.
× HR Support Services Inc. leased 17,511 square feet of office space at 101 Arthur Andersen Blvd., Sarasota. Dawn FitzGerald, of Hembree & Associates Inc., represented the lessee, and Richard Kingan, of CB Richard Ellis Inc., represented the lessor.
× RLMJ Properties LLC bought 2075 Fruitville Road in Sarasota from LITTLE DAWG LLC for $1.2 million. Dawn FitzGerald, of Hembree & Associates Inc., represented the buyer, and Vikki Keyser PA, CCIM of Re/Max Properties Commercial, represented the seller.
× Officials for Gibraltar Homes, a Sarasota-based custom homebuilder, have announced a record-breaking six months, recording 45 sales so far this year for $24.75 million in revenue. The company's revenue is up 70% from the same period last year. Company officials project 70 more sales in 2004 with revenue of $38.5 million.
× Construction has started on new headquarters for the Suncoast Center for Independent Living on Fruitville Road across from the Sarasota Fairgrounds.