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Manatee-Sarasota
Business Observer Friday, May 14, 2004 14 years ago

Real Estate Briefs (Sara/Mana edition)

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This week's items: Center Pointe owners buy second office buildingLupers buy Siesta'sHeron Lagoon ClubTurtle Beach owners buy Anchors DownEdith Horn buys Tanglewood Apartments

Real Estate Briefs (Sara/Mana edition)

Center Pointe owners

buy second office building

The Pointe LLC, which owns the Center Pointe office building at 2033 Main St., Sarasota, purchased the Bank One building at 240 Washington Blvd. N., Sarasota, from JFB Holding Inc. for about $6.2 million. Bob Hillier, property manager for both properties, says the 46,000-square-foot Bank One building, which is being renamed The Pointe, was purchased as an investment. Currently, the building is anchored by Bank One and Horizon Medical.

"Sarasota is an upcoming hot spot in commercial real estate," Hillier says. "We liked the location of the building and the property itself. It was a pretty well maintained building. (Even so), we are considering some landscaping changes and painting."

The property, which is 95% occupied, also includes a large parking lot next to the office building at 220 Fletcher Ave.

Lupers buy Siesta's

Heron Lagoon Club

Albert and Gayle Luper, Sarasota, bought the vacation-rental Heron Lagoon Club at 8212 Midnight Pass Road, Siesta Key, from Sterling VIII Realty Ltd. for $1.2 million. The Lupers, already own the Bungalow Beach Resort, at 2000 Gulf Drive N., Bradenton Beach, and the Marco Island Lakeside Inn, at 155 First Ave., Marco Island. The 10-unit resort will be operated by the couple's son, Jason Luper, and his wife, Jackie.

"Just about any property on Siesta Key is attractive," says Jackie Luper. "Basically, we are looking for properties that are not in tiptop shape - properties that can be improved. We are looking for properties that have not been marketed well." As an example, she points to the success the family has had with Bungalow Beach Resort, which started out at a 40% year-round occupancy rate.

"We have that up to about 80% year round," she says. "We try to convert these (resorts) into very boutique ... very chic properties. We will totally transform all of the rooms, add all brand new furniture and perform some cosmetic changes such as adding crown molding. All the (linens) and interiors will be white to show off the cleanliness of the rooms."

Luper says the goal is to make the resort a destination site that can attract visitors even during Florida's hottest months.

"We found that the biggest impact comes in our online marketing," she says. "Sixty percent of our business for the Bungalow Beach Resort comes from online marketing." In addition to the Internet, the company sends out 15,000 to 20,000 brochures to potential clients.

Turtle Beach owners

buy Anchors Down

Innkeepers David and Gail Rubinfield purchased the Anchors Down Resort, 9004 Midnight Pass Road, Siesta Key, from George Gulf Properties LLC for $1.3 million. The Rubinfields own the 10-unit waterfront Turtle Beach Resort, 9049 Midnight Pass Road, across from the property. David Rubinfield says: "For the moment it's going to stay the way it is. It's a weekly rental with 10 units. We will probably renovate it later but we knew we wanted it because it was on the water."

Edith Horn buys

Tanglewood Apartments

Edith Horn purchased the 8-unit Tanglewood Apartment complex at 2157 Wood St., Sarasota, from Donald Cantin for $550,000. Linda Horn, of Osprey, says she and Peter Mellish plan to take over management of the property.

"We have no plans to change the facility," she says. "We are just going to take the car and run with it. We know Carolyn and Don (Cantin) were good managers. We just hope to continue that. We bought another property from them as well. So far it seems like everyone there is pretty nice. We are pretty excited about it."

Etc...

× Wilde Automotive Group purchased a parcel on Shangri-La Road and two pieces of land on Clark Road from Ward Patton III, Ruth Lovelace and W. Jay Lovelace for $2.85 million.

× The Tampa law firm of Dennis Hernandez & Associates purchased commercial land at 227 Central Ave., Sarasota, from Stuart Hopkins Barger, as trustee, for $1.2 million. The new owners mortgaged the property to AmSouth Bank for $960,000. Calls to the law firm were not returned before deadline.

× Osprey Inn LLC purchased the Ramada Inn Sarasota South, 1660 Tamiami Trail S., Osprey, from Veda LLC for $4.2 million. The new owners mortgaged the property to Bank of America for $2.8 million.

× Evan and Stephen Berlin and Craig Schaeffer purchased the multifamily land at 25 Audubon Place from Alan and Pramjitt Bennett for $1.45 million. The new owners, who went by the company name of Lawvest Development Sarasota LLC, mortgaged the property to People's Community Bank of the West Coast, $1.16 million.

× Grey Flannel Gallery leased about 2,000 square feet at 1536 Main St., Sarasota, from Paver Development Corp. for use as a sports and entertainment memorabilia store. Barry Seidel, of American Property Group of Sarasota Inc., represented the landlord, and Michael Witt, of American Property Group of Sarasota Inc., represented the tenant.

× Kazimerz Waliczek purchased a single-family home on a commercial lot at 109 Washington Ave., Venice, from Ann Chackon for $140,000. Marcia Cuttler, of American Property Group of Sarasota Inc., handled the transaction.

× The School Readiness Coalition of Sarasota County Inc. leased about 2,300 square feet in 2888-D Ringling Blvd., Sarasota, from S.O.S. Land Trust Inc. Marcia Cuttler, of American Property Group of Sarasota Inc., handled the transaction.

× Edwin and Tonya Knotts leased about 1,200-square-foot warehouse space at 1100 East Ave., Sarasota, from Gary Johnson for a vehicle detailing shop. Marcia Cuttler, of American Property Group of Sarasota Inc., handled the transaction.

× Adamatmar LLC purchased a 111-acre fully-functioning agricultural farm in the 3000 block of State Road 70 E. near Lakewood Ranch from George and Lillian Bunyak for $1 million. Speaking through their attorney Alyssa Sells, of Edwards and Sells PA in Sarasota, Adamatmar said they had not determined future plans for the property, but the location is a safe investment.

× Officials at Core Development of Sarasota selected Sarasota Land Services Inc. to handle interior road construction at The Concession, a $600 million, 1,232-acre, private golf course community planned for State Road 70. Sarasota Land Services Inc. is also the contractor for the extension of University Parkway from Lorraine Road to the western edge of The Concession. The extension is slated for completion next February.

× Floria LLC has started construction on the 11-story The Savoy on Palm, located at 401 S. Palm Ave. The condominium project features 24 units, which range in size from 2,975 square feet to 5,700 square feet. Floria is a joint venture of P. Wallenberg Development Co. Inc. and Placida Properties Inc. Turner Construction will manage and construct the project, and Christine Desiree is the interior designer. The project is being financed by Gold Bank.

× Construction continues on a 12,500-square-foot expansion of the Frances T. Bourne Jacaranda Public Library, Venice. The architect for the project is Carl Abbott, Architects/Planners PA, and construction is being handled by D.E. Murphy Constructors Inc. The entire project, including renovations of the existing library, is budgeted at $2.8 million, which includes a $500,000 state library grant, library impact fees and infrastructure surtax continuation funds. Construction is targeted for completion in August 2004.

× Robert and Mary Price purchased two 6,000-square-foot industrial buildings on 1.1 acres, at 6130 Porter Road, Sarasota, from Steven Reinoehl for $850,000. Bill Kleiber and Renee Richardson Kling, of Richardson Kleiber Walter Real Estate, handled the transaction.

× Frank Honackie leased a 3,500-square-foot building and about 4,000 square feet of industrial yard space at 2074 47th St., Unit B, Sarasota, from Twin City Inc. Jon Kleiber, of Richardson Kleiber Walter Real Estate, handled the transaction.

× American Plumbing of Sarasota Inc. has been chosen as "Subcontractor of the Year" for 2003 by Boran Craig Barber Engel Construction Co. Inc. The award was presented at BCBE's annual company gathering at the Hyatt Regency Resort, Bonita Springs. The two companies have worked together for many years on projects along the West Coast of Florida, including The Beach Residences, The Orchid Beach Club and The Meridian at the Oaks.

× Paradise Plaza Ltd. received a building permit to renovate the interior of Paradise Plaza shopping center at 3800 S. Tamiami Trail, Sarasota. The permit estimates the cost of the remodeling at about $2.4 million.

× George Smith and Roy Jackson of Bradenton purchased vacant land in Myakka City from James Henderson, trustee, for $1.29 million. The new owners mortgaged the property to First National Bank & Trust for $250,000.

× Pruett Investments sold a home in Lakewood Ranch Country Club Village in a 1031 exchange to Dyna Trading Ltd. for $1.5 million.

× Jerry and Sally Cambra and Gerald Neilsen purchased the Park Isles Plaza, at 621 Tamiami Trail N., Nokomis, from Edward and Susan Cooper for $2.2 million. Jim Walter, of Richardson Kleiber Walter, handled the sale.

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