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Business Observer Friday, Mar. 5, 2004 14 years ago

Real Estate Briefs (Sara/Mana edition)

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This week's items: Alex Gutierrez builds spec Euro-Tech facilityKeenan Development buys land for Keiser building twin City commission approvesThirteen Fifty MainBrooke Chase Associates relocates to Second Street

Real Estate Briefs (Sara/Mana edition)

Alex Gutierrez builds

spec Euro-Tech facility

Alex Gutierrez, president of Alex Gutierrez Construction Management Inc., is constructing a 31,000-square-foot Euro-Tech office building at 1027 North Orange in Sarasota. "It's going to be a spec building," Gutierrez says. "We are offering it for $2.7 million." The Euro-Tech building, which will provide office, warehouse and showroom space, is slated for completion in July.

Ian Black, of Ian Black Real Estate, is listing the property.

Keenan Development buys

land for Keiser building twin

Fort Lauderdale-based Keenan Development Group has experienced phenominal success with the Keiser College building in Lakewood Ranch at 6151 Lake Osprey Drive. So much success in fact that that the development company is taking steps to develop a second 75,000-square-foot building next door.

Last week, the company bought 6.8 acres on Lake Osprey from Lakewood Ranch Corporate Park Inc. for $1.75 million.

"We think this is one of the best locations in Lakewood Ranch," says Dale Chynoweth, chief financial officer for Keenan Development. The company's Keiser College building is 100% leased. "The market has been very receptive and strong," he says. "The Lakewood Ranch address is the premier address in that area."

The company, which is pre-leasing the space now, plans to start construction on the building next year. "We are planning to make that building look similar but not identical to the Keiser building," Chynoweth says. " We are still working on the design. We are pretty much open (to a number of users). It is going to be lease driven for anyone who wants signage on I-75."

The pre-lease rate is $18 a square foot triple net excluding CAMs. The architect for the project was Don Lawson of the Sarasota-based Lawson Group Inc. Architects.

City commission approves

Thirteen Fifty Main

Sarasota Main Street LLC's $55 million Thirteen Fifty Main project has gotten the go ahead from the Sarasota City Commission. The commission recommended approval of the developer's plans to build a 17-story, 134-unit condominium and retail complex at Main Street and Palm Avenue. The project is expected to contain 7,000-square-feet of retail.

Sarasota Main Street LLC, which has also proposed a project at Palm and Cocoanut avenues, is a partnership of Boca Raton-based Southcoast Partners Inc. and LB Jax Development LLC of Jacksonville. "We were seeking three additional feet of street vocation just outside of the columns," says Michael Langton with LB Jax Development. "But the commission rejected that. It reduced our plan from 137 units to 134. That's OK though. It doesn't materially hurt the project."

Langton says the developers plan to buy the property by the end of the month and apply for building permits in July or August. Construction is slated to start in September, and the entire facility has an 18-month construction schedule. A sales office for the development should open toward the end of March. The condominium units will range in price from $260,000 to $800,000.

Brooke Chase Associates

relocates to Second Street

Joseph McElmeel, chairman and CEO of the Sarasota-based executive recruiting firm Brooke Chase Associates Inc., purchased a 4,500-square-foot office building, at 1543 Second St., from Kenneth and Adele Morris for $841,300. Brooke Chase, which previously leased space at 1443 Tallevast Road, Sarasota, will occupy the top floor (about 2,700 square feet) of the new facility. "What attracted us to the building was its convenience to downtown," McElmeel says, "and its style. It's really in the Sarasota school of architecture style ... namely modern. An existing tenant (an architectural firm) will remain on the first floor."

McElmeel, who used the company name of Second Street LLC for the purchase, mortgaged the property to People's Community Bank of the West Coast for $622,500.

School board buys

Nick Bollettieri Tennis Centre

The Manatee County School Board purchased the Nick Bollettieri Tennis Centre, at 808 75th St. N.W., Bradenton, from IMG Academies LLP for $750,000.

"We don't know exactly how we will use it," says Mike Pendley, district planner for school board. "It's right next to King Middle School."

Pendley says that the board is planning to build a new middle school to replace the existing facility, but he was unsure exactly how the 6.86-acre site would factor in. "A typical middle school site is 30 acres," says Pendley. "We have just 18 acres on this site. We did a review on improving the (existing) school there, but we discovered that it would cost almost as much to renovate it as it would to build a brand new building. Our goal is to open (the new school) in January 2006."

Education Design Associates is the architect for the project, and W.G. Mills Inc. is the construction manager. It typically takes 14-15 months to build a middle school.

Movie theater announced

for Ranch's Main Street

Casto Southeast has reached an agreement with the Sarasota Film Society to bring an eight-screen movie theater complex to the Main Street shopping area at Lakewood Ranch. In addition to the theaters, "Main Street Cinemas at Lakewood Ranch" will include a cafe overlooking Lake Uihlein and a book store.

According to Lakewood Ranch officials, the theater will be state-of-the-art in its film projection and will offer stadium seating. The theater will serve as an extension of the Burns Court Cinema programs, and it will host mainstream, foreign and independent films.

Construction on the Main Street project is scheduled to begin March 10. The projected opening is early summer 2005.

Palmetto Office Properties

buys office building

Largo-based Palmetto Office Properties purchased a 10,000-square-foot office building at 5010 U.S. 19 N. in Palmetto from Conservation Consultants Inc. for $1.55 million. Belleair Bluffs-based Sand Dollar Investments Inc. is the managing company.

Officials with Sand Dollar Investments say, "This particular property was attractive because of its location, the potential for growth in this part of Manatee County, as well as its ability to meet our stringent investment criteria." Currently there is about 3,000-square-feet available for lease. The asking rate is $12 per square foot, with $2 per square foot in CAMs.

Palmetto Office Properties mortgaged the property to Colonial Bank for $581,250.

MacDill Federal Credit Union

plans Lakewood Ranch branch

Tampa's MacDill Federal Credit Union bought land in Lakewood Ranch Commerce Park from Lakewood Ranch Commerce Park Inc. for $676,673. The Lakewood Ranch branch will be the credit union's second location in Manatee County; it already operates a branch in a Beall's-anchored shopping center on Manatee Avenue. The two-acre parcel is near a Publix-anchored shopping center south of State Road 64 on Lakewood Ranch Boulevard.

"We are branching out to the Manatee County market," says Emily Nichols, product development manager for MacDill Federal Credit Union. "We thought it was a nice location because the commerce park area has a quick growing residential based. Right now, we still need to get permits, but we hope to start later this year ... by the fourth quarter. At this time, we have no plans to expand in the area."

The new credit union branch is slated to be about 6,000 square feet and employ about 15 people. The general contractor for the project is J.O. Delotto based in Tampa, and the building was designed by Reynolds, Smith & Hill.

MacDill Federal Credit Union has 15 locations in Hernando, Hillsborough, Pasco, Pinellas and Manatee counties and plans to have three additional branches open by the end of the year.

Re/Max Properties to

open commercial division

As reported in GCBR three weeks ago, Re/Max Properties has announced the official launch of a new commercial real estate division.

New members of this division include Dan Page CCIM, Dan McLeroy Jr. CCIM, Vikki Keyser CCIM, and Jud Powell. It will be located at 2000 Webber Street.

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