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Manatee-Sarasota
Business Observer Friday, Jul. 30, 2004 14 years ago

Real Estate Briefs (Sara/Mana edition)

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This week's items: Schroeder-Manatee subsidiary buys Miles Media buildingCorvus International buys remaining 'Dunes' parcelsDeveloper buys Surfview Beach Resort for AzureRossiter's Harley to build addition, new Bradenton store

Real Estate Briefs (Sara/Mana edition)

Schroeder-Manatee subsidiary

buys Miles Media building

SMR/Osprey1 LLC, a subsidiary of Schroeder-Manatee Ranch Inc., the developer of 31,000-acre Lakewood Ranch, purchased the Miles Media Building at Lake Osprey in the Lakewood Ranch Corporate Park from Roger Miles of Miles Media Inc, developer Pete Russell of SDR Development and Cathy Layton of Layton & Co for about $5.4 million. It is SMR's first investment in an existing office building.

"SMR is a stakeholder here for the future," stated John Swart, president of Lakewood Ranch Realty. "As developers, we are committed to the community for its long-term success."

Miles Media, one of the largest publishers of travel guides in the world, has occupied the building since July of 2001.

"The significance of this arrangement is underscored by the national scope of the financial arrangements," says Swart. "The Wall Street firm Morgan Stanley provided the permanent financing. Cohen Financial, through its Tampa office, placed the loan."

The Miles Media Building recently received the Judge's Award for "Outstanding Office Building" by the Tampa Bay Chapter of the National Association of Industrial and Office Properties. The two-story, 28,700-square-foot building is on Lake Osprey and bordered by a large wetland on the west.

The building will retain the Miles Media name and Miles Media will continue to occupy 15,364 square feet on the second floor.

Corvus International buys

remaining 'Dunes' parcels

Bloomfield Hills, Mich.-based Corvus International LLC has contracted to acquire the remaining waterfront lots, marina slips and a two-and-a-half acre outparcel at Riviera Dunes from First Dartmouth Homes.

Corvus also announced that Sarasota's Bluewater Construction LLC was selected as a preferred builder in the community. Bluewater, which builds luxury residences, is owned by Tim Morris, Tim Vining, both are principals of Corvus, and Clyde Alstrom, an established Florida homebuilder.

Additionally, Corvus has named Lifestyle Properties, a Sarasota-based real estate company, as its exclusive sales and marketing firm for the community. Lifestyle Properties' principals are brothers Samuel Asfur and Anthony Asfur. Kim Stephens, Corvus' vice president of sales, is coordinating broker relationships for the community.

Under the acquisition agreement, First Dartmouth Homes will complete all homes contracted and scheduled to be built by the company at Riviera Dunes over the following 12 months.

Corvus is also the developer of Bel Mare, one of the two condominium projects under way at Riviera Dunes, as well as an adjacent more than 50,000-square-foot waterfront village, which will include specialty shops, dining and professional offices. Corvus International LLC, a real estate development firm with global offices, is developing communities and other projects valued at more than $800 million. The principals of Corvus are Morris, Vining and Larry Lipa.

Riviera Dunes is a 288-acre residential and commercial community located off U.S. 301 in Palmetto, just north of the Manatee River.

Developer buys Surfview

Beach Resort for Azure

Core/PMG/Lido of Wichita, Kan., purchased the former 50-unit Surfview Beach Resort, at 1121 Ben Franklin Drive, overlooking Lido Beach, along with two other adjacent parcels from Sarasota's MEB Capital Inc. and Marjorie Beg for $6.6 million.

The buildings will be razed to make way for the new $40 million Azure condominium project. Azure will consist of two seven-story buildings with a total of 20 apartment units, providing park and gulf views. One of the developers is Kevin Daves, whose Core Development constructed The Ritz-Carlton in downtown Sarasota. Core is building the twin-tower Azure.

Rossiter's Harley to build

addition, new Bradenton store

Rossiter's Harley-Davidson Inc. is adding another 2,000 square feet to its 4-year-old headquarters at 330 Cattlemen Road in Sarasota.

"When it was first built, we thought this was more space than we would ever need," says Rick Rossiter, president. "This new space will store motorcycles for our safety course and bike rentals. That's the last remaining piece (of land) we have left to expand into. We are jammed up."

The Starling Group will build the addition, estimated to cost about $100,000.

At the same time, Rossiter is building a new Bradenton store, expected to open in February, on the north side of State Road 64, west of Interstate 75 and near an existing Cracker Barrel restaurant. "It's going to be 16,000 square feet, " Rossiter says. "This is an ideal location. We have great visibility."

Sarasota/Manatee lead state

in Realtor June sales growth

The Sarasota-Bradenton area was the fastest growing real estate market in Florida during the 12 months ended in June, according to a survey by the Florida Association of Realtors and the University of Florida Real Estate Research Center.

The survey of sales and prices by Florida metropolitan regions is based on MLS sales leads from Florida's Realtor boards/associations. It shows the local region grew by 66%. Overall, Fort Lauderdale sales grew by the least with 5% growth in the same period (see chart above).

Florida Sales Report for June

Single-Family and Existing Homes

Realtor SalesMedian Sales Price

Statewide &JuneJune%JuneJune%

Metropolitan Statistical Areas (MSAs)20042003Change20042003Change

STATEWIDE26,79120,42831%$189,700$159,80019%

STATEWIDE YEAR-TO-DATE125,084100,72424%$175,400$150,90016%

1. Sarasota-Bradenton1,60496466%$242,900$186,30030%

2. Fort Walton Beach58338850%$194,700$154,10026%

2. Naples615411 50%$430,700$302,90042%

4. Orlando4,1322,80747%$167,600$148,60013%

5. Ocala59843338%$111,300$94,20018%

6. Daytona Beach1,4811,09136%$164,100$133,90023%

7. Pensacola64147635%$133,800$116,60015%

8. Fort Pierce-Port St. Lucie77057634%$189,200$151,70025%

8. Lakeland-Winter Haven61946234%$113,300$104,4009%

8. Melbourne-Titusville-Palm Bay91868734%$169,500$135,10025%

Etc...

× For tax purposes, C. H. Amar Inalsingh MD PA sold the Cancer Care Center, 401 Manatee Ave. E., Bradenton, to Inalsingh and Ray Bradenton Property Group Inc. for $2.4 million.

× McLeod Land Services purchased Lots 11 through 15 in Centre Park Industrial Subdivision from WASAT LLC for $600,000.

× Colonial Oaks Baptist Church Inc. bought a building at 6901 Bee Ridge Road, Sarasota, from Faith Baptist Church of Sarasota for $2.8 million.

× Miguel and Sonia Santos sold property at 6925 Mandarin Road, Sarasota, to the Santos Land Trust for $700,000.

× Amy and Howard Holloway purchased 3481 Tamiami Trail, Port Charlotte, from C.C. Credit Corp. for $400,000. Ronald Struthers PA, of RE/MAX Properties Commercial, handled the transaction.

× Matteau LLC leased 2,500 square feet of warehouse space at 19200 Peachland Ave., Port Charlotte. Ronald Struthers PA, of RE/MAX Properties Commercial, represented the landlord, and Jim Straza, of Century 21 Sunbelt Realty, represented the tenant.

× Charlotte County School Board Readiness Coalition Inc. leased 6,200 square feet of office space at 3028 Caring Way, Port Charlotte, from T.G.A. Enterprises. Ronald Struthers PA, of RE/MAX Properties Commercial, represented the landlord, and Jim Walsh, of Coldwell Banker Sunstar Realty, represented the tenant.

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