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Real Estate Briefs (Sara/Mana edition)
Owner of Charter One Hotels
buys Best Western Midtown
Sarasota-based Charter One Hotels & Resorts purchased the Best Western Midtown hotel at 1425 S. Tamiami Trail, Sarasota, from George Hanshaw for $4.8 million.
Charter One CEO John Balliett says his company has managed the hotel since Hanshaw bought it in 1989. Charter One plans to renovate the hotel following the busy winter season.
iWe are hiring the architect right now,i Balliett says. iItis in good condition, but it is a bit dated, and we want to give it a more modern look.i
The Sarasota Best Western is Charter Oneis sole Best Western property after it sold the Best Western on Venice Beach to Taylor Woodrow for a residential development, called Beleza on Venice Beach.
Ken Holmes, who previously managed a hotel in Bradenton, will manage the Midtown.
Charter One mortgaged the property to Midtown Motor Inn Partnership for $3.8 million.
Blackstone Group
acquires Wellesley Inn
An affiliate of New York City-based The Blackstone Group, purchased the Wellesley Inn, at 1803 Tamiami Trail N., Sarasota, from Prime Hospitality LLC for $2.76 million. The deal was part of The Blackstone Groupis acquisition of Prime Hospitality Corp. for more than $790 million. Under terms of the merger agreement completed in October, Prime Hospitalityis stockholders will receive $12.25 per share in cash, without interest.
Prime Hospitality Corp. controlled three hotel brands: AmeriSuites, Wellesley Inns & Suites and Prime Hotels and Resorts and operates and franchises 256 hotels with 33,605 rooms. Prime also owned 112 hotels.
Blackstone has announced plans to convert 37 of the owned Wellesley Inns & Suites, which were originally built as moderate price extended-stay hotels with kitchens, to one of its Extended Stay America brands.
The Blackstone Group, a private investment firm, was founded in 1985. Blackstoneis Real Estate Group has raised five funds, representing more than $6 billion in total equity.
Four partners buy
property near airport
Bill Kleiber, a broker with Richardson Kleiber Walter, has partnered with the principals for McIntyre Elwell & Strammer General Contractors Inc. o John McIntyre, Greg Elwell and Fred Strammer o to purchase vacant industrial land at 7509 Pennsylvania Ave. from Airport Woods Commerce Center for $640,000.
The partners have not made a final decision on what to build on the site. But any development will be consistent with the surrounding light manufacturing, warehouses and office structures, McIntyre says,
Kleiber represented the buyers and John Harshman, president and owner of Harshman & Co. Inc., was the listing agent.
Cesaris Furniture to
open new warehouse
After selling his downtown Cesaris Unique Furniture & Accessories two months ago to the Quay ownership for a roundabout, Cesar Thomas is moving the store back into the neighborhood.
Thomasi Lotus USA Inc. bought a 10,000-square-foot warehouse at 1340 10th St., Sarasota, from Tenth Street Holding LC for $900,000. He plans to open another store there.
iWe need to put the buildings in shape,i Thomas says. iIt used to be the Ice House so we have to get rid of a lot of equipment. I also bought the boat lot next door, but they are leasing it back right now.i
The store, which wonit be fancy, will target wholesale buyers, he says, adding, iIt is going to be more like buying from a warehouse.i
Coscan Homes
to build Alinari
Americais Capital Partnersi ACP/Alinari LLC, the new owner of Alinari, has hired Coscan Homes of Fort Lauderdale to develop the renamed Alinari at Rosemary Place.
The Miami-based property investment firm Americais Capital Partners is one of the largest owners of office buildings in Florida and has a significant presence in Northern Virginia. iACP has completed over $2.5 billion in transaction volume in the last 10 years,i Managing Director Sergio Socolsky says.
Albert Piazza, Coscanis president and the new Alinari developer, says the project was renamed to better ireflect the overall ambiance of the project.i
In the past 25 years, Coscan Homes has built more than 5,000 homes in more than 20 communities in South Florida. Coscan Construction is now the general contractor for Trump Palace, the tallest residential high-rise south of New York City being constructed in Sunny Isles Beach. Other projects include NOLA Lofts in Ft. Lauderdale, Uptown Marina Lofts in Aventura and Ice in Miami.
Alinari at Rosemary Place is currently offering one-, two- and three-bedroom floor plans with private terraces for units that range in size from 1,076 to 3,218 square feet. Prices for Alinari range from the $400,000s to more than $1 million.
Sarasota-Bradenton Airport
Expands security checkpoint
Magnum Builders of Sarasota Inc. is in the midst of a $2.2 million expansion of the Sarasota-Bradenton International Airport security terminal checkpoint.
iWe are expanding the checkpoint from four lanes to six,i says Mike Baltzer, vice president for Magnum Builders. And the company is constructing a 6,500-square-foot addition to the terminal.
iThis should open the space up much more,i Baltzer says. iIt should be substantially completed around the end of April. After that we will have to move some of the equipment. It will be a phased relocation continuing through June. We were the original contractor for the first expansion of the airport after 9/11 so this is somewhat familiar territory for us.i
The addition is also expected to create more individual rooms for private security checks. Theyire now conducted behind a curtain.
Coast Bank of Florida,
plans corporate relocation
Bradenton-based Coast Bank of Florida is renovating its new headquarters at 1301 6th Ave. W. in downtown Bradenton.
Coast Bank purchased the six-story, 56,000-square-foot building in April from 1301 Associates LC for $6.8 million. After the purchase, the bank opened a branch on the bottom floor of the building. Now, the bank is preparing to relocate its corporate operations to the second and third floors of the building.
Brian Grimes, the bankis chief financial officer, says renovations should be completed during the first quarter.
The bank is said to be close to finalizing a deal for its existing corporate headquarters at 6205 Cortez Road. An unknown company will likely execute a lease on the property with an option to buy the 10,000-square-foot property.
The building permit for the renovation and alteration lists an estimated construction value of $1.6 million.
S.R. 70 Exxon owner
buys properties
Robert Headleeis B&K Properties of FL LLC purchased the Creekwood Crossing Exxon service station and U.S. Post Office at 7305 State Road 70 E. from GEC Florida LLC for $2.2 million. Headlee has operated both stores for several years.
iI have been trying to do this deal for four years now,i Headlee says. iIt was really just a matter of negotiations. There is hope that (the location) will work into something really good.i
B&K Properties of Florida mortgaged the store to Coast Bank of Florida for $2.2 million.
Etc...
i Christopher and Mary Sullivan of Bradentonis Chris Sullivan Insurance purchased an 1,000-square-foot condominium at Peridia Office Park, Bradenton, from developer Borderlake LLC of Tampa for $175,000. The new home auto and general-liability insurance agency should open early next year. Robert A. Brillon, of Realty World-Sarasota, handled the transaction.
i The U.S. Tower Division of Taylor Woodrow, which is developing Meridian at the Oaks Preserve off U.S. 41 in Osprey near Sarasota, reports that the third and fourth towers have been sold. The two towers had a total of 62 condominiums. The final towers: five and six, with 19 units each, will be released for reservations in January 2005 with construction set to start later in the year.
i Sent Holdings Inc. bought a warehouse at 6728 33rd St. E., Bradenton, from 214 Main St. Corp. The new owner mortgaged the 33rd Street property to Community Bank of Manatee for $663,000.
i Shashi and Prakash Shah of Bradenton purchased commercial land at 9700 U.S. 41 N. from Circle K Stores Inc. for $750,000. The Shahs, who used the corporate name of SMTS Properties LLC, mortgaged the property to Bank of America for $600,000.
i AmSouth Bank has filed a site plan to build a 3,820-square-foot bank branch at 6221 14th St. in Bayshore Gardens.
i Cortez Medical Center LLC bought vacant commercial property at 7025 Cortez Rd. W., Bradenton, from Bud Boschertis Stables Inc. for $765,000. The new owner mortgaged the property to Missouri State Bank and Trust Co. for $715,000.
i Baskerville, Swirles & Ward Advertising/Marketing has relocated from Pen West Park to offices at 1740 Main St., Sarasota.
i Recovery Investments LLC bought commercial land at 9010 58th Drive E., Bradenton, from 9010 LLC for $569,500. Recovery Investments mortgaged the property to Community Bank of Manatee for $455,000.
i Tennessee-based BH Leasing purchased property at 2110 58th Ave. E., Bradenton, from Cahill and Chlebina Building Contractors Inc. for $415,000.
i 888 Partners LLC bought residential multifamily land at 888 Orange Ave. S., Sarasota, from S&E Properties for $5 million. The new owner mortgaged the property to First National Bank for $4.08 million.
i Attorney Robert Hendrickson III, as trustee of the Clark Road Trust, purchased planned industrial development land at 5947 Clark Center Road, Sarasota, from Albritton Groves Ltd. for $4.08 million. The trust mortgaged the property to Coast Bank of Florida for $815,000.
i 6505 Democracy Associates purchased an office building, 4303 1st St. E., Bradenton, from Desoto Associates Ltd. for $2.5 million. 6505 Democracy Associates mortgaged the property to First National Bank of Florida for $2 million.
i The Sarasota-based general contracting firm of Kellogg & Kimsey Inc. recently started construction of a 28,000-square-foot Barnes & Noble Bookstore in Pittsburgh. This project is scheduled to last about five months and includes everything from site work to the interior completion and fixturing. The projectis architect is Howell Belanger Castelli Architects of New York. Kellogg & Kimsey also recently started construction on a Best Buy store in Coeur diAlene, Idaho. This project is another ground up retail store totaling 21,000 square feet. C.M. Architecture is the architect.
i Cable, Wis.-based McMillan Lakeside Properties LLC bought a 3,600-square-foot church at 314 63rd St., Holmes Beach, from OM Island Properties LLC for $599,000.
i GSI Holdings LLC bought an office building at 10407 U.S. 41 N., Bradenton, from Jules and Tone Catarzi for $380,000. The new owner mortgaged the property to the former owners for $230,000.
i Bendt Ebbeson, Joan Bergstrom and Patricia Roberts, principals of Jewfish Landings LLC, purchased property on Cortez Road West, Bradenton, from Key Way for $200,000.
i Selva Grill Inc. purchased the Main Street Bistro restaurant business, 1345 Main St., Sarasota, from Main Street Bistro LLP. The real estate was not included in the sale. Ian Black and Steve Horn of Ian Black Real Estate handled the transaction.
i Kenter Services LLC bought a service station at 6920 14th St. W., Bradenton, from Selahattin and Reyhan Toleli for $1.45 million. The new owner mortgaged the property to Flagship National Bank, $1.2 million.
i Principals of Dooley and Mack Constructors Inc., using the corporate name of Venice Gateway Business Park LLC, purchased property at 1500 Venice Ave. from John and Joseph Belfiore for $1 million. The new owners mortgaged the property to the former owners for $900,000.
i Quattro Investments Group bought an industrial warehouse at 5601 McIntosh Road, Sarasota, from RC Martin Concrete Products Inc. for $800,000.
i Kim Kochis Import Products Group Inc. bought a 5,000-square-foot warehouse at 5318 Ashton Court, Sarasota, from Howard Derby for $400,000. Koch said she hadnit decided yet on the exact use for the new property. Import Products Group Inc. mortgaged the property back to the former owners for $100,000.
i Lee Wetherington Cos. closed out the yearis third quarter with 61 contracts for a sales volume of $21.6 million. The sales total for the year has risen to $142.4 million on the sale of 323 homes, topping the 2003 full-year total of 294 homes and $120.6 million.
i Rolling Meadows, Ill.-based Kimball Hill Homes, one of the nationis leading homebuilders, placed among the top positions in the Tampa Bay/Sarasota area market, according to the J.D. Power and Associates 2004 New Home Builder Customer Satisfaction Study.
Homeowners were surveyed in Hillsborough, Pasco, Pinellas, Hernando, Manatee and Sarasota counties. According to the study, Kimball Hill Homes achieved second place for customer satisfaction.
The 2004 New Home Builder Customer Satisfaction Study is based on responses from 64,502 buyers of new single-family homes. Feedback was provided after living in the homes from four to 18 months, on average.
There were 2,642 respondents in the Tampa Bay/Sarasota market.
i KSC Advertising and Public Relations has doubled its office space at 40 Sarasota Center Blvd., Sarasota, to about 2,300 square feet. The company now occupies two suites.
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