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Business Observer Friday, Aug. 27, 2004 14 years ago

Real Estate Briefs (Sara/Mana edition)

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This week's items: Sarasota businessman sees opportunities along U.S. 301Elegant Concrete owner gets ready to buildWestwater Construction buys Concession propertySarasota investors buy Fruitville Road parcels

Real Estate Briefs (Sara/Mana edition)

Sarasota businessman sees

opportunities along U.S. 301

One of Sarasota's Dunkin Donut franchisees, Marvin Kaplan, purchased the 5,000-square-foot retail building at 402-408 Washington Blvd. N. in downtown Sarasota from Ronald and Karen Saba for $700,000. The Two Amigo's Restaurant, Workers Temporary Staffing and attorney Perry Tanksley currently lease the building.

"We are hoping to improve the site and upgrade the building," Kaplan says. "I really bought it for two years down the road. I am expecting some really big things from U.S. 301. The 301 corridor has changed tremendously."

Kaplan is also converting the former auto dealership, at the northeast corner of U.S. 301 and Fruitville Road, into a Chevron gas station. He is leasing the property from the landowner to build the 3,000-square-foot station with nine gas pumps. The station will be leased out to an operator.

Kaplan is also developing a vacant lot at 9th Street and U.S. 301, next to a Popeyes Fried Chicken, into a small (6,000- to 7,000-square-foot) retail strip center.

As for the Dunkin Donuts franchise, Kaplan and partners Kevin Millard and Shawn Cabral plan to develop six new locations in Sarasota over the next three years. One location will be in the new Chevron gas station.

Elegant Concrete owner

gets ready to build

Jerry Piotrowicz, president of Elegant Concrete Engraving, plans to build two flex buildings on 1.8 acres at 2333 Whitfield Park Loop S., Manatee County. Each building is expected to be about 10,000 square feet.

"We are hoping to start as soon as we get the permits," Piotrowicz says. "We are shooting for completion by January."

Elegant Concrete Engraving, which now occupies a leased location at 11203 Longwood Court, Bradenton, will occupy the first building, which is twice as large as the company's current space.

The second building is being offered for lease.

Westwater Construction

buys Concession property

Mark Miller's Westwater Construction purchased 10 large residential lots in the Concession development in Manatee County from Concession Land Development LLC for $4.7 million.

"We're going to sell house and lot packages out there," Miller says. "I hope it will help complement our waterfront home product. We are going to start on the model in the next 90 days."

All of the properties will be custom-built and start at $3 million. Build-out for the spec home and the model home is scheduled to take about 12 to 14 months.

Westwater Construction, which operated under the limited liability company name Westwater East LLC for the transaction, mortgaged the property to United Bank of the Gulf Coast for $3.5 million.

Sarasota investors buy

Fruitville Road parcels

RHK Enterprises Inc. purchased 3.5 acres at Tree and Fruitville roads from Richard Kolchakian as trustee; Emmet, Marguerite and Bruce Cook as trustees; Della Tucker's life estate; K.L. Morgan; and J.T. Whidden for $1.25 million.

RHK Enterprises Inc. is a partnership of Sarasota businessmen: Joe Hembree, Richard Ross and Gary Kompothecras. The group rezoned the three parcels for office professional development.

"We are going to offer several options," says Hembree, owner of the Sarasota real estate firm of Hembree & Associates Inc. "We can sell the building pad or we can build a unit to suit."

The maximum buildout on the site is about 40,000 square feet.

Ken Hoskinson Jr., of Hembree & Associates Inc., facilitated the transaction.

San Marco developer ready

for vertical construction

The five-member partnership of San Marco LLC, headed by JM Communities President James Moynihan, has received a building permit for vertical construction of the San Marco condominiums.

Site work on the six-story, 23-unit condominium development, located on U.S. 41, north of Fruitville Road, has started with an expected 2005 completion date. The development also features 5,000 square feet of retail space and meeting and office space. The lease rate for the retail space will start at $20 triple net.

The remaining condominium units are priced from $659,900 to $874,900 and range in size from 1,843 square feet to 2,578 square feet. The building permit lists the estimated value of the development at $7 million. The property is within two blocks of the RMC Property Group planned commercial and condominium development, The Broadway Promenade.

Moynihan has also announced plans to develop the 39-unit Palm Breeze and the 19-unit townhome Bayside Breeze projects.

Agricultural company

buys more acreage

The Lipman Family Cos. of Immokalee purchased about 71 acres of farmland in Duette from Heart Groves Inc. for $930,600. An LFC official says the company purchased the property for additional farming space. LFC farms a mixture of vegetables and fruits, primarily in Manatee County.

Foundation buys land

for Venice public park

The Sarasota Conservation Foundation, a land trust dedicated to preserving the Gulf Coast's bays, beaches and barrier islands, plans to purchase waterfront property at 100 W. Tampa Ave. to create a public park. The purchase was made possible by a $412,880 grant from the Gulf Coast Community Foundation of Venice.

"(The) Gulf Coast Community Foundation of Venice was the catalyst for this project," says Albert Joerger, president and executive director of the Sarasota Conservation Foundation. "Teri Hansen and the staff of the Foundation brought this property to our attention many months ago but it had already been sold. When the deal fell through, the Sarasota Conservation Foundation jumped at the chance to purchase this significant parcel, because it will serve as a gateway to Venice Island. ... It enhances Venetian Waterway Park, it helps further revitalize downtown and ensures that the people of Venice have downtown open space in perpetuity."

City council members, staff and foundation officials have discussed the possibility of the city taking on the landscaping and maintenance of the as yet unnamed park.

This is the first land acquisition for the Sarasota Conservation Foundation.

Bradenton residents

buy Tinsley apartments

Gerald and Patty Jones purchased the 15-unit Tinsley Apartments, at 1009 63rd Ave. W., Bradenton, from the 1005-9 63rd Ave. Land Trust for $1.03 million.

"We purchased it because of the structural integrity and location," Gerald Jones says. "It was rundown cosmetically, but structurally it's less than 20 years old and it has a pretty new roof. A lot of units also have new air conditioners. We are just planning some painting and landscaping (changes). We are also going to upgrade the clientele."

Jones previously owned the Manatee Palms Apartment.

"That was a little different though," he says, "I bought that because it was on Manatee Avenue."

Etc...

× Sugar Mill LLC purchased a vacant lot at 4605 36th Ave. E., Bradenton, from Sugar Mill Developers LLC for $4.6 million.

× Srodek Enterprises Inc. purchased a 12,560-square-foot office/warehouse building at 2305 Whitfield Park Drive from Federal Warehouse Corp. No. 3 for $487,000. The property, purchased as an investment, is fully leased. Bill Kleiber and Jennifer Button, of Richardson Kleiber Walter Real Estate handled the transaction.

× First Brethren Church of Sarasota Florida Inc. purchased a building at 2425 Fruitville Road from America's Business Specialists of Florida Inc. for $375,000. First Brethren Church mortgaged the property to Mennonite Mutual Aid Association for $571,000.

× Fort Myers-based developer North American Properties filed a site plan to add a 6,500-square-foot retail building, at 2805 University Parkway, Sarasota, to University Walk.

× La Placita Mexicana Inc. of Arcadia purchased vacant land at 12341 U.S. 301 N., Parrish, from Funding Management Corp. for $200,000. La Placita Mexicana mortgaged the property to SunTrust Bank for $150,000.

× Silver King Property Owners LLC bought a 5,682-square-foot office building at 1900 Tuttle Ave. S., Sarasota, from trustee Ann Des Rochers for $1 million. Silver King Property Owners LLC mortgaged the property to Ann Des Rochers Trustee for $900,000.

× Venice's Laurel Investments LLC bought commercial industrial land at 3496 Laurel Road E. from Alice Hays for $525,000. Laurel Investments mortgaged the property to People's Community Bank of the West Coast for $315,000.

× Adamatmar LLC bought grazing land at 34500 State Road 70 E., Bradenton, from Al Robinson for $2.76 million. Adamatmar LLC mortgaged the property to Wauchula State Bank for $2.3 million.

× Manatee River Groves Inc. has filed a site plan to develop a mini-warehouse storage facility in Lakewood Storage at 2611 Lorraine Road in Lakewood Ranch.

× The first of the post Hurricane Charley business realignments are starting to surface. Robert and Kimberly Esposito, who own and operate the elderly estate planning and consulting company Senior Solutions Financial Inc., relocated their business from a home office in Punta Gorda to a small office in the Executive Center at Palmer Ranch. After the family's home was damaged by the storm, the business opened the new location on the following Tuesday.

× Dover, N.H., residents Neil and Rena Doniger bought 1.6 acres at 2240 72nd Terrace E. in Centre Park from WASAT LLC for $300,488. The couple plans to build a 22,250-square-foot building for Nadco Tapes & Measures. The Donigers, who used the corporate name of Reginod LLC for the transaction, mortgaged the land to Bank of America for about $1.01 million. Carl Wise, president of Preferred Commercial Inc., represented the seller, and Mary Bowlby, Coldwell Banker Commercial, represented the buyer.

× Heagerty Investments LLC purchased vacant commercial land at 3703 53rd Ave. E., Bradenton, from Amerada Hess Corp. for $550,000.

× Carlos Beruff's Cargor Partners 3 Parrish LC bought vacant land on Upper Manatee River Road from Priority Developers Inc. for $400,000.

× Century Bank has acquired a Venice branch office from Krayer Real Estate Management Corp. for $750,000. The bank had operated the site, located at 1617 U.S. 41 Bypass S., as a 3,500-square-foot branch since March of 2003.

× Ashton Commerce Park LLC bought a 5,000-square-foot building, at 4824 Ashton Road, Sarasota, from Donald and Mary Davoli for $600,000. The new owner mortgaged the property to People's Community Bank of the West Coast for $480,000.

× Florida West Construction Development Inc. purchased a 3,500-square-foot building at 930 Cocoanut Ave. N., Sarasota, from Shirley Shire for $530,000. The new owner mortgaged the property to Orion Bank for $205,787.

× Elizabeth F. Callahan M.D. LLC signed a five-year lease to occupy 3,450 square feet at Benderson Development Co. Inc.'s Cooper Creek Office Park, 7978 Cooper Creek, University Park. Ian Black and Steve Horn, of Ian Black Real Estate, handled the transaction.

× Family Medicine Specialists leased 2,272 square feet from Benderson Development Co. Inc. at the Cooper Creek Office Park located at 7978 Cooper Creek, University Park. The lease is set to last five years. Ian Black and Steve Horn, of Ian Black Real Estate, handled the transaction.

× George Boyd signed a contract to lease 2,500 square feet at 1236 Central Ave. from Richard Helms. Steve Horn, of Ian Black Real Estate, handled the transaction.

× Sarasota Palms LLC partners, Henry "Hank" Rodstein, Bernard Meyer and Raul Benitez, have opened the sales center for The Palms, at 2725 Coconut Bay Lane. The Palms is billed as one of the "Sarasota's newest and most affordable luxury condominiums." Condominium pricing starts in the low $90,000s and offers special financing through Equity Financial Group to cover closing costs, which allows buyers to put down only 3%. The Palm offers floor plans starting at 777 square feet one-bedroom units and going as large as 1,073 two-bedroom units. The Palm amenities include: a 25 person, stadium-style home theater, a swimming pool; a fitness center and a designated barbecue and picnic area.

× Local developers Jay Tallman and Thomas Brown, of U.S. Assets Group, have hired the New Homes & Condominiums Division of Michael Saunders & Co. as real estate broker for the Orchid Beach Club on Lido Key. The 54-unit, 11-story Caribbean-style Orchid Beach Club is currently under construction. Residences range in size from 2,900 square feet to 6,200 square feet. The New Homes & Condominiums Division was formed in 1996 and currently represents 19 new communities.

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