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Business Observer Friday, Jan. 16, 2004 14 years ago

Real Estate Briefs (Sara/Mana edition)

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This week's items: Next Nine Golf & Grill owners buy North Port propertySchroeder-Manatee Ranch buys 2,900 acres, announces WindsorRingling School of Art plans new student life buildingBrenda, Milt May buy Anna Maria Island Beach Resort

Real Estate Briefs (Sara/Mana edition)

Next Nine Golf & Grill owners

buy North Port property

Michelle and Bob McGrath of North Port would like to see an end to the rumors that they're selling The Next Nine Golf & Grill. There's no truth in the rumors, they say.

Two weeks ago, the McGraths bought the property at 1201 Woodhaven Drive, on which the business sits, from the Woodhaven Family Golf Center Inc. for $1.45 million.

"We built the restaurant and took the course to the next level," says Bob McGrath. "We have owned it for about three years. It has just been a long haul to get the property in our name. But now we have worked out all the issues. (Only) we have lost employees over these rumors."

For the McGraths, running the golf course/restaurant complex is a second career. The McGraths, who had both worked in the auto sales industry, came to the area six years ago with retirement plans. "We just saw the potential here and couldn't pass it up," says Bob McGrath.

The McGraths, who used the corporate name of The Next Nine Golf and Grill Inc. for the transaction, mortgaged the land to Pitney Bowes Small Business Lending LLC for $1.16 million.

Schroeder-Manatee Ranch buys

2,900 acres, announces Windsor

Schroeder-Manatee Ranch Inc. (SMR) purchased 2,900 acres of farm land in eastern Sarasota County from Myakka Ranch LLC for $14.6 million.

The property will replace farm land the company owns that has been developed, says SMR Chief Executive Officer John Clarke. The Myakka Ranch property adjoins SMR's current agricultural property. The land will serve as lawn turf, space for cattle grazing and vegetable farming.

In other Lakewood Ranch news, SMR has announced it will break ground this quarter on an assisted living facility, the Windsor of Lakewood Ranch. The developers - Realtor Cathy Layton, president of Layton & Co. Inc.; her husband, Pete Russell, SDR Development and Lakewood Senior Living LLC; Tim Buchanan, president and CEO, Windsor Senior Services; and Buchanan's wife, Gail - hope to open the facility by early 2005. The 80-unit, 100-bed facility will be on three acres on Nature's Way in Lakewood Ranch's Town Center.

The Windsor of Lakewood Ranch marks the third such facility in the Sarasota/Manatee area owned by Russell, Layton, and the Buchanans.

The Windsor of Lakewood Ranch will provide one-bedroom and studio apartments to seniors in need of extra care, but who don't require nursing home care. Services planned for the Windsor include assistance with dressing, bathing, and medications; housekeeping; laundry; and transportation for doctor visits, shopping, and special activities.

Ringling School of Art

plans new student life building

The Ringling School of Art and Design bought an 11,000-square-foot building at 2836 Tamiami Trail N., Sarasota, from Martin Godbey for $1 million. The building will serve as a transition student life building while a new one is constructed.

"We hope not to have to do much (renovation) in the beginning," says Dr. Larry Thompson, president of the Ringling School, "but it depends on the specifics. Our existing (student life) building is antiquated and totally inadequate. We now have 500 students living on campus. We have much greater needs for activities for our students. We are still in the process of planning the new building."

After the $10 million building is completed, the transition building will be converted to classroom studio space.

Brenda, Milt May buy

Anna Maria Island Beach Resort

Brenda Boyd May and Milt May have purchased the 10-unit Anna Maria Island Beach Resort at 105 39th St., Holmes Beach, from Noah's Ark Enterprises Inc. for $2.925 million.

"It was such a great opportunity for the family to own gulf front property again," says Brenda Boyd May, broker of Boyd Realty. "It is just such a jewel. It has such character and charm." The Boyd family developed many of the condominiums on the island today, says May, a lifelong resident.

Asked whether the beach resort would be turned into condominiums, May says: "We will have to take a hard look at that. (In the near term) we do plan to do a little landscaping. The resort was fully renovated two years ago."

The resort's staff has been retained. The Mayes mortgaged the property to Coast Bank of Florida for $1.3 million.

Sarasota real estate broker

buys large office building

Steven Greenfield, broker/salesman of Sarasota's Greenfield & Associates, bought a 40,000-square-foot, Class A office building at 6015 31st St. E., Bradenton, in Henson Industrial Park from GEBO Corp. USA for $2.5 million. The Bradenton-based manufacturer will continue to lease 20,000 square feet in the building, while Greenfield looks for a tenant, or tenants, to lease the remainder of the facility.

The rental rate for the space is $10 a square foot gross, plus $2 for CAMs. The space offers work stations and high security access. David Greenfield, of 1st Property Group, is the leasing agent for the space, which can be subdivided.

Steven Greenfield mortgaged the property to Landmark Bank for $1.25 million.

Centex Homes buys

second phase of Enclave

Dallas-based Centex Homes sold most of its home lots at The Enclave at the Villages of Pinetree in less than two months so now the company has bought another 98 lots in the second phase for $5.4 million from Ridgewood Development.

"It's a great location," says Michael Belmont, West Florida division president. "We opened the first phase, which is 104 lots, in December, and we have basically sold it out."

Homes in the development run from 2,100 square feet to 3,200 square feet and are priced from $245,000 to more than $300,000. The company plans to open two model homes in August.

Maddox Group to renovate

One Sarasota Tower facade

One Sarasota Tower is getting a facelift. The facade will soon be changed, following an upgrade to the facility by the building's current owners, a group of Ontario investors know as One Sarasota Tower Inc.

"The front facade had never really been finished," says Nancy Yates, business development manager for ICORR Properties International, the property management and leasing company for the tower. "We think the original developer designed it to have granite around the entire front entrance. We started pricing it that way and discovered it was cost prohibitive."

Now the owners plan to complete the tower's base with sand-finish stucco, a new paint job and different signage. The Maddox Group, based in Sarasota, designed the facade and is performing the renovation.

"We are in the middle of a five-year capital improvement project," Yates says. "The owner of the building wants to keep updating and upgrading it so it can remain competitive. We want to keep it a true Class A building." The 137,046-square-foot tower has a vacancy rate of 3%, or less than 4,000 square feet.

Etc...

× The owners of the Cedar Plaza Rino Investments Inc. transferred the shopping center at 3202 E. 53rd Ave., Bradenton, to another entity, Cedar Plaza Investments Inc., as part of a mortgage refinancing.

× SPB - U.S.A. leased 5,000 square feet of office/warehouse space in building seven, 1193 Tallevast Road at Airport Commerce Center. The transaction was handled by Airport Commerce Center.

× JMC Property Management Inc. leased 3,750 square feet of office/warehouse space in building four, 1435 Tallevast Road at the Airport Commerce Center. The transaction was handled by Airport Commerce Center.

× Allen and Frank Henderson of Henderson Brothers, an independent home building company doing business under the Inland Homes trademark, selected Sarasota's ADWORKS Communications Inc. to handle marketing, media placement and media relations for the company. Inland Homes is building in two Manatee County communities: University Place and the Estates at Ancient Oaks.

× Rodney Dessberg, owner of Sarasota's Thoroughbred Motors Jaguar, bought the former Southpointe BMW Porsche site at 6000 and 6018 S. Tamiami Trail, Sarasota, from Sarall Ltd. for $2 million. Dessberg is expected to resell the site or to develop it as a medical office building.

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