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Real Estate Briefs (Sara/Mana edition)
Pruett Builders plans
Lakewood Ranch headquarters
Brian Pruett, president of Sarasota's Pruett Builders Inc., is moving forward with plans to build a new company headquarters just off University Parkway in Lakewood Ranch. As it is currently designed, the 14,000-square-foot building would house the high-end residential builder on the second floor with 7,000 square feet available on the bottom floor for a retailer or restaurant. "We are probably six to eight weeks out," says Charlie Hoffman, project manager. Pruett says he is hopeful that the building can be completed by the fall.
"We are really cramped," Pruett says. "We have people on top of each other. It has gotten so bad that we have actually had to hold off on hiring people because we don't have the room for them." The company currently leases a 2,400-square-foot suite at 3801 Bee Ridge Road in Sarasota. Pruett says that once the company has moved to the new facility, he expects to hire six additional employees. Pruett Builders employs about 24, plus eight sales people.
The new building, called Bell Tower Plaza, will likely cost between $2 million and $2.5 million to build, Pruett says. The new headquarters were designed by Sarasota's The Maddox Group with modifications by Pruett's company.
In addition to the new headquarters, Pruett also owns a vacant parcel next to the existing Sammy Frogs Restaurant in Lakewood Ranch. "That is available for a future restaurant, which we will build to suit," Pruett says. "This (our future headquarters) is our first (self-owned) building after 20 years of building in the area. We expect University Boulevard to be the center for growth for many years to come."
Pruett mortgaged the property in Lakewood Ranch Country Club to SunTrust Bank for $1.12 million.
Jupiter Realty buys
Hampton Bay, Harbour Pointe
Jupiter Realty, a Chicago real-estate investment firm, purchased the Hampton Bay and Harbour Pointe apartment complexes in Bradenton. Jupiter bought the 352-unit Hampton Bay at 4550 47th St. W. from CMC Bradenton LLC for $21.3 million and paid $13.4 million to Harbour Pointe LLC for the 234-unit Harbour Pointe at 4501 71st St. W.
Michael Pompizzi, Jupiter's chief financial officer, said, "It's a growing market that has proven very resilient."
The investment firm currently owns six properties in Florida, including the Huntington Place Apartments in Sarasota. Jupiter's subcompany Jupiter Communities LLC will manage both of the Bradenton properties. Pompizzi says the company will invest on average about $500 per unit into upgrading and updating the apartment complexes. "We typically try to own a few different properties in a given region," he says. "It helps in things like advertising. We are currently looking at a number of properties in Florida, but we have nothing under contract."
Asked why the company, given such a wide choice in real estate investments, would choose apartment complexes, Pompizzi said, "I have a great faith in the need for housing in the U.S. in certain key areas. You have the increasing population in the Sunbelt. Of all the properties we own, I find that multifamily is the most enduring."
Jupiter mortgaged both of the apartment complexes to Red Stone Partners LLC for $8.1 million.
CNL Retirement buys
retirement community
Orlando's CNL Retirement Properties Inc., a real estate investment trust in the senior housing industry, acquired the portfolio of Horizon Bay Senior Communities in Tampa for about $537.5 million from affiliates of WHSLH Realty LLC. As part of the package, CNL Retirement Properties purchased the Waterside Retirement Community, at 4540 Bee Ridge Road in Sarasota, for $31 million.
Horizon Bay will continue to manage the properties under new long-term management agreements, and affiliates of WHSLH Realty LLC will remain as the tenant.
The total acquisition package includes 19 seniors' housing properties with about 3,400 units located in Alabama, Arizona, California, Florida, Illinois, Rhode Island and Texas. The transaction marks CNL Retirement Properties Inc.'s entrance into the Arizona and Rhode Island markets.
CNL Retirement Properties is an affiliate of CNL Financial Group Inc., and specializes in the acquisition of quality independent and assisted living communities and continuing care retirement communities. CNL Financial Group is one of the nation's largest, privately-held real estate investment and finance companies. CNL Financial Group and its entities have more than $9.5 billion in assets, representing more than 4,000 properties in 49 states and Canada.
Michael Saunders & Co.
tops $2 billion in sales
Sarasota-based Michael Saunders & Co. has exceeded more than $2 billion in sales for 2003. The company experienced an increase of 44% over from the previous year. Sales average out to about $4.5 million per associate for its more than 450 associates.
In addition, the number of transactions for the company jumped by 21.7% from the prior year. Overall inventory for the company didn't change significant from 2002.
Brent Willis, chief financial officer for Michael Saunders & Co., attributed the growth to good customer service, diversified products (such as real estate brokerage, mortgage and title services) and a growing sales price across the market.
The real estate company's average property sale price for 2003 was $405,860, up from the 2002 average price of $356,079, a growth of about 14%.
Residential sales accounted for 92.4% of the total volume increase, and the company's New Homes and Condominiums Division posted $218 million in sales, representing 17 developments.
Neal Communities plans
riverfront community
Sarasota-based Neal Communities announced plans to build a gated community on Braden River called The Harborage. Pre-construction sales on the development, located off of State Road 70, west of Interstate 75 in Bradenton, are expected to start by late spring. The Harborage will offer 96 condominium units on the river, priced from $190,000 to $270,000. The development will contain 88 townhomes designed with alley-loaded garages, and priced from $158,000 to $208,000. The community will also have 50 single-family homes on 52-foot home sites, priced from $208,000 to $258,000.
The Harborage will feature 30 boat docks for lease and walkways with two gazebos that overlook the water. The community will also offer a recreation center with a heated pool and fitness center, as well as outdoor gathering areas.
Sarasota Magazine moving
from Osprey to Pineapple
Sarasota Magazine is relocating from 601 S. Osprey Ave. in Sarasota into the U.S. Garage office building at 330 S. Pineapple Ave.
"They will be moving in mid-March," says Andrew Marcus, president of Sarasota-based Montgomery Management Co. the agent for the U.S. Garage building owner. "They will be taking 6,725 square feet on the second floor." The company will occupy the final vacancy in the 38,000-square-foot building. Earlier this year, the Sarasota Film Society leased 2,340 square feet in the second floor of the building.
Etc...
× M.A. and Marjorie Beg's MEB Capital Inc. purchased the Super 8 motel at 4309 Tamiami Trail N. from Shana Resorts Inc. for $2 million.
× Punta Gorda Realtors Julie Sanders and Linda Navelski have opened Weichert, Realtors - JBL Realty, at 252 W. Olympia.
× Tampa Bay's Colliers Arnold Commercial real estate broker John Mounce, of Fort Myers, was recognized for negotiating the firm's largest lease of a retail facility in 2003. Colliers Arnold President J. Patrick Duffy said Mounce negotiated the lease of the Kash 'N Karry facility at Plantation Shoppes in Fort Myers. The lease is valued at $9.12 million.
× George Palermo transferred his building at 100 N. Washington in Sarasota to another one of his companies, called 100 N. Washington LLC, for $1.09 million. 100 N. Washington LLC mortgaged the property to Gold Bank for $1.15 million.
× Michael Dorman of Sarasota purchased a 10,000-square-foot light industrial/office building at lot 6 in Lakewood Ranch Corporate Park from Michael Chaffee's Chaffee Enterprises Inc. for $1.2 million. Chaffee mortgaged the property to Landmark Bank of Florida for $1.3 million.
× The Tampa-based convenience store owner The Radiant Group LLC purchased an 8,500-square-foot Cattleridge Mobil gas station, at 5991 Cattleridge Blvd. in Sarasota, from El Rancho Partners Ltd. for $2.47 million. The company mortgaged the property to Colonial Bank for $2.56 million.
× Theodosios Nicholoudis and Nicholas Rozakis purchased a 7,100-square-foot commercial building, 895 Cortez Road W., Bradenton, from Imperial lnvestment Inc. for $900,000. Barry Seidel, president of American Property Group of Sarasota Inc., handled both sides of the transaction.
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