This week's items: Kauffman partnership buys Simple Sam PlazaNew York family buys 6400 Gulf of MexicoBradenton doctors to build Manatee medical officeBradenton psychologist relocating practice to East Glen
Real Estate Briefs (Sara/Mana Edition)
DEAL OF THE WEEK
Kauffman partnership buys Simple Sam Plaza
By Sean Roth
Real Estate Editor
Sarasota businessman Mark Kauffman has added one more property to his growing real estate inventory. MBKK Properties Ltd., principally Kauffman, bought the 16,000-square-foot shopping center at 3540 Osprey Ave., Sarasota, from Jora Associates for $3.1 million. Diane Lawson, of Sarasota Commercial management Inc., says the partnership bought the property because they saw it as a good future investment. The Osprey Avenue shopping center is well located to beachgoers - along Siesta Drive across from Southgate Plaza - and has only one 3,100-square-foot vacancy. The rental rate for the space is about $15 triple net.
"We are looking for a business that is service oriented," Lawson says, "something like an insurance or real estate office. It could also house a retail shop." The center is currently occupied by a bank, title company, a cafe and an eyeglass shop. In the next few weeks, the new ownership plans to renovate the center's roof.
Lawson says Kauffman's mixed-used Courthouse Centre in a downtown Sarasota building is scheduled to open in December 2004. Courthouse Centre, Main Street and U.S. 301, will feature 19 condominium units, 60,000 square feet of office space and 28,000 square feet of the retail space.
Location: 3540 Osprey Ave., Sarasota
Seller: Jora Associates
Buyer: Principally Mark Kauffman (MBKK Properties Ltd.)
Purchase Price: $3.1 million
Total Taxable Value: $1.8 million
Year Built: 1975
Previous Sale Amount/Date: $2.3 million, July, 11, 1994
New York family buys
6400 Gulf of Mexico
New York-based VJHC Development Corp. purchased the 5,000-square-foot office building at 6400 Gulf of Mexico Drive, Longboat Key, from Carl and Betty Johnson for $1.2 million. VJHC Development is made up of members of the Sung family. The building has five office suites and one three-bedroom, two-bath, second-floor, 2,500-square-foot condominium. Currently there is only one 600-square-foot commercial vacancy and the condominium space.
Richard Estrin, of Longview Realty Inc., represented the sellers, and Rick Skolrood of Coldwell Banker Previews represented the buyer.
Bradenton doctors to
build Manatee medical office
Principals of ENT Associates of Manatee, Manatee Hearing and Speech and Bradenton Internal Medicine have started construction on a 31,000-square-foot medical office building at the site of the former Ironworks Motorcycle shop, 701 Manatee Ave. W. in downtown Bradenton. Bernard Croghan, president of ComCenters Inc., The Croghan Co. and real estate development manager for the project, says the project is on schedule for completion about this time next year. "We've demolished the building and so far everything is going great," Croghan says. "We have already laid the foundation." According to the building permit, the new building is valued at $2.32 million.
Croghan says the main reason for the location of the new office building is two-fold. The new medical building is right across the street from the existing surgical center and the new facility is located on Seventh Street, which the city is widening to run into the Riverfront development also across the street.
"The city has been excellent to work with on our redevelopment project," Croghan says. " It could have been a construction nightmare, but the city has scheduled (the road work) in a very cooperative fashion."
Right now, the biggest question being asked by the developers, who go by the name Manatee 701 Partners LLC for the transaction, is whether or not to open the building to more basic office users. Currently, the three practices themselves will occupy a little more than 24,000 square feet leaving about 6,500 square feet vacant. The space will be offered for rent at about $18 a square foot triple net, which Croghan says is in-line with other new construction in the region.
Sarasota's Delta Southern Inc. is the general contractor for the construction, and J. Thomas O'Brien of Bradenton is the architect.
relocating practice to East Glen
Dr. John and Jennifer Super of Bradenton have purchased a building at 9904 and 9906 S.R. 64 E. in East Glen Professional Park from Prenez En Gre Inc. and Spring Forest Partners LLC for $407,757. John Super will be occupying half of the space with his psychology practice, and Dr. Joe Coppola, an internist, will lease the remaining space. Super says he decided to relocate his practice from State Road 70 because he needed more room. "The new office will have a bigger conference room, better insulation, better parking and more space for record storage," Super says. "We are doing some interior modifications to the building, but we should be in there in the next three months."
buy Home Resource
Ian Black, president of Ian Black Real Estate, is having a good week. The same week, that VenVest Corp., an air-conditioning and plumbing services management company, agreed to buy the entire ninth floor of the Plaza at Five Points, a local partnership and he purchased the 8,900-square-foot Home Resource building at 741 Central Ave. in Sarasota. Black, principal for the new partnership Black Bush Star LLC, had been a minority owner of the building since 2000, when Black and a U.K. investor purchased the property for $725,000. Since that time, the property has been completely renovated and refurbished, and Black has attracted Home Resources as a long-term tenant to occupy the building. Black Bush Star LLC purchased the property for $1.14 million. "There is real potential here," Black says. "You won't recognize this area in five to 10 years."
Black and Richard Kingan of CB Richard Ellis, sales agents for the Plaza at Five Points, reached an agreement with VenVest, which currently leases space in One Sarasota Tower, to relocate it offices to Five Points and consolidate its St. Louis operations.
The decision represents an about $10 million purchase agreement. The multi-story mixed-use development is scheduled for occupancy in June of 2005
plans medical office park
Bradenton-based Rye Road Associates LLC plans to develop a group of medical office buildings called Rye Road Medical Park, at the intersection of Rye Road and State Road 64. Julie Aranibar, principal of the group, says the company just acquired 2.1 acres on the northwest corner and 5.79 acres on the northeast corner of the intersection from Manatee Joint Venture. She expects to complete the first building toward the end of 2004.
Rye Road Associates will provide three options to potential tenants: outright purchase, lease and per diem rental. The per diem rental will open the project up to new practices and those that wish to see patients in the area only one or two days a week.
Aranibar, a medical practice-management consultant, has been managing Bradenton Pulmonary since 2000. The two other principals in Rye Road Associates are Van Balam and Stanley Sabuk, president and vice-president, respectively, of Bradenton-based Skyline Builders.
buys 43rd Avenue shop
After two years of leasing space at 6104 43rd Ave. W. in Bradenton, Keilly's Automotive Inc. purchased the 5,000-square-foot shop from William and Cheryl Cryer for $350,000. "We found that it was a good location, and we wanted to have better control over the space," says John Keilly, president of the automotive repair shop.
This year, Keilly's Automotive won the small business of the year in the $250,000 to $500,000 category from the Manatee Chamber of Commerce, and Keilly says that was one of the big pushes to buy the building.
"We had a lot of bankers wanting to lend us money," he says. Later this year, Keilly expects to refurbish the facility. "But for now I am just going to focus on growing the business." Keilly mortgaged the space to Coast Bank of Florida for $289,900.
East West College buys former Vengroff Williams facility
Sarasota's East West College of Natural Medicine has purchased the 14,000-square-foot former Vengroff, Williams and Associates Inc. building at 3808 N. Tamiami Trail from Harvey and Carol Vengroff for $1.5 million. In June, the school relocated its classrooms from two buildings in the 500 block of South Orange Avenue to the Tamiami Trail site. At that time, the college had signed a five-year lease with a purchase option. "The building was totally meeting our needs," says Cynthia O'Donnell, CEO of the college. "We just wanted to have the security that we could be here for the long-term." O'Donnell says that in the future she would love to install an outdoor coffee house, but that decision is on hold for now.
The Tamiami Trail location offers 11 professional treatment rooms, six student treatment bay areas as well as additional library space.
The college, which offers classes in acupuncture, Chinese herbs, message, nutrition and homeopathy, including a master's degree in oriental medicine, also provides a teaching clinic. The administration plans to grow the college from 120 students to about 200 students in the next three to five years. The school employs 10 people in addition to several adjunct professors.
The college mortgaged the property to Union Planters Bank for about $1.5 million.