This week's items: Centre Park developers plan glass supplier buildingImaging for Life to relocate to new Bee Ridge locationGarland Padelford & Kaklis buys new office buildingRivolta Group sells Cortez Cove Marina
Real Estate Briefs (Sara/Mana edition)
Centre Park developers
plan glass supplier building
Webb Carter, chairman of Sarasota-based CFI Manufacturing Inc., and T.J. Richardson, president of Executive Construction Inc. based in Sarasota, have submitted plans to develop a 20,330-square-foot office/warehouse building for a glass supplier in their Centre Park along U.S. 301 in Manatee County. "Part of it is going to be used as an 10,000-square-foot expansion office of (South El Monte, Calif., based) Vivatex," Richardson says. "We are planning to lease out the remainder of the space."
Richardson says the developers are ready to start construction on the about $1 million building as soon as they get the building permit for construction. "Unfortunately, we have no idea when we will get the permit," he says. "There is just no telling. We are hoping though to be able to have the building operational by January of next year."
Asked about the condition of the industrial park, Richardson says the partners were extremely surprised with the success they saw so early on. "Carl (Wise, president of Preferred Commercial Inc. the leasing/sales agent for the park,) is doing a fantastic job," Richardson says. "He is selling buildings like crazy out there. We are way ahead of schedule. We only have five lots left. The park is almost completely sold out. We thought (the 75-lot park) would take six to seven years to sell out. We are basically sold out in a year."
The lease rate for space in the Vivatex building is slated to be about $6 a square foot triple net.
Imaging for Life to relocate
to new Bee Ridge location
Inita Bedi and brother Neil, owners of Molecular Imaging of Bradenton and Imaging for Life in Sarasota, purchased a former Coastal Behavioral Healthcare building, at 3830 Bee Ridge Road in Sarasota, from Sarasota Suncoast Center Inc. for $2.7 million. "It's going to be the new home of Imaging for Life PET Scan," Inita Bedi says. "We presently lease about 2,000 square feet nearby at 2030 Bee Ridge Road. The new facility is three floors and about 20,000 square feet. We will be using about 4,500 square feet for imaging."
Dermatology Associates, which used to occupy a suite in 5664 Bee Ridge Road, has signed on to occupy about 3,500 square feet of space on the second floor. "We are in discussion with a couple other possible tenants," Bedi says. She expects to list the space for a lease rate of about $20 a square foot, with CAMS of $3.50.
"We are waiting somewhat to lease the building," Bedi says. "We plan to spend the next six months renovating the exterior and interior ... updating the older architecture. It's more of a 1970s architecture. We will be completely gutting the inside and rebuilding it. We will start construction as soon as possible ... for a possible move-in in October. It is pretty exciting. We will probably be adding personnel once we are in the new building." Mathur & Gerdes General Contractors of Bradenton has been hired for the construction.
The Bedies, who used the corporate name of 3830 Bee Ridge Road for the transaction, mortgaged the Bee Ridge Road building to Bank of Commerce for $3.36 million.
Garland Padelford & Kaklis
buys new office building
The Bradenton-based elder law and real estate firm of Garland Padelford & Kaklis Attorneys PA is relocating to Eighth Avenue Drive West. The partners in the firm purchased a 9,000-square-foot office building at 1401 Eighth Ave. Drive W. and a vacant lot at 1512 Ballard Park Drive from Garfair Inc. for $952,800. The same day, the firm also purchased a 12-space parking lot at 814 15th St. W. from John Weichel Jr.
"This is going to more than double our available space," says attorney John Kaklis. "Currently we are in about 3,500 square feet (at 537 10th St. W.) We may have some space for rent until we expand into that space. There was the idea (with the vacant lot) that it would give us room for expansion and would also serve as an investment." He estimates that the rentable property could include either a 1,000-square-foot space on the top level and/or a small office on the side of the building.
"We are doing some minor renovation right now," says Kaklis. "We are doing some painting and reworking the bathrooms a bit. We hope to be in there by June 21."
The partners mortgaged the building and vacant lot to AmSouth Bank for $809,357.
Rivolta Group sells
Cortez Cove Marina
Karen Bell, of Bradenton's A.P. Bell Fishhouse and Star Fish Company Seafood Market & Restaurant; a Swedish couple: Peter and Eva Thurell; and Bell's friend Judith Breuggeman purchased the Cortez Cove Marina, at 4522 121st Street, from The Rivolta Group for $1.865 million. "We are really just focused on running the marina and getting it properly zoned." Bell says. "Mr. Rivolta was kind enough to transfer to me the application, that he had already filed, to rezone the marina to (planned development mixed-use.)"
Bell, who owns a commercial fishing business, says the plan to buy the marina really started back in November. "We were hauling a wooden boat into Tarpon Springs," says Bell. "It cost us $8,000. It was while I was looking at the bill that I decided to call Piero (Rivolta). We had always gotten along, so I called him to ask him if he knew of any marinas that were for sale."
It turned out Rivolta was considering selling Cortez Cove, and Bell fit the bill. "I went down to Sarasota to look at it," she says. "I am so happy; it is such a pretty property."
Bell says the 34-slip marina, which does not offer fuel service, is in pretty good shape. "Piero had dredged it all up," she says. "Even so the grounds needs upkeep, and we are working on getting it cleaned up. We are trying to add boat lifts and piers to do maintenance. Our guys (the commercial fisherman) can fix just about anything ... at a more reasonable cost than most of the other marinas."
Harry Bakker upgrading
Manatee Avenue facility
Harry Bakker is planning major expansion for a retail building at 816 Manatee Ave. E., Bradenton.
"We are adding a second floor," Bakker says. "We will be adding about 10,000-square-feet. All of the (current) tenants are staying on, but we will probably have a total of 20,000 square feet to lease out. When I first bought the property 15 years ago, I spent a lot of money on it ... making it the nicest building in the area. Now, it is not the nicest building in the neighborhood; a lot of the properties around it have been upgraded. The DDA (Downtown Development Authority) put in sidewalks. It just seems to me that upgrading the corner could be a profitable venture. It just looks a little bad with what other people have done to their buildings."
Bakker has hired Zirkelbach Construction as the general contractor for the renovation. "It is going to be beautiful," Bakker says. "It will probably cost a little more than $1 million. We are hoping to have it done by September."
The rental rate for the space ranges from $10-$12 a square foot.
Golf course architect Robert Trent Jones Jr. inspects the new Founders Club core golf course along with one of the partners of the private golf course community, Fred Starling, president of the Sarasota real estate company The Starling Group. The course is scheduled for completion toward the end of the year.