This week's items: Developers start Magnolia Green office GSR Development buys Holiday Beach ResortThree partners to develop two flex buildingsTwo local investors buy Osprey buildingsTwo brothers buyTamiami gas station
Real Estate Briefs (Sara/Mana edition)
Magnolia Green office
Realtor Joe Hembree of Hembree & Associates, Lakewood Ranch developer Schroeder-Manatee Ranch Inc. and Milwaukee-based Towne Realty have kicked off construction of a 49,000-square-foot Class-A office building in the Magnolia Green at Lakewood Ranch.
"We've started on the site work," Hembree says. "Obviously right now we are looking for larger tenants. I think the smallest we will consider, would be 2,000 square feet."
The building, designed by the Reliable Group, is slated for completion late in the first quarter of 2005. Towne's construction division, KM Development, will be the general contractor for the building. The park is located on the east side of Lakewood Ranch Boulevard and south of University Parkway.
"I feel really good about the market now," says Hembree.
The permit for the project lists the estimated cost of construction at $4.4 million.
GSR Development buys
Holiday Beach Resort
Robert Byrne and Steve Noriega, owners of the real estate company GSR Development, purchased The Holiday Beach Resort, 4765 Gulf of Mexico Drive, Longboat Key, from Ann and Robert Georgevich for $11.8 million.
Noriega and Byrne, who make a living converting island beachfront property into condominiums or single-family homes, plan to do the same to the resort. The complex will be called The Orchid.
"We will be going before the planning board soon," Noriega says.
A previous GCBR story (Nov. 21-27, 2003) listed the estimated total sale price for The Orchid condominiums in the area of $60 million.
GSR Development is also developing Villa Rosa, a single-family waterfront subdivision on Anna Maria Island; The Hibiscus, a condominium project; and the Rosa Del Mar, upscale condominiums on Bradenton Beach.
The owners of GSR Development mortgaged the property to Colonial Bank for $8.58 million.
Three partners to develop
two flex buildings
Tarpon Coast LLC, a development partnership of Michael Blaikie, William Miccichi and Charles Wilson, obtained a building permit to construct one of the group's two planned flex buildings in the 8200 block of Blaikie Court in Sarasota.
"The first building there is going to be 17,920 square feet," Blaikie says. "The second will be 8,960 (square feet)."
The property, behind Sarasota International Trade Center, will offer units for sale and lease.
Blaikie, who is an agent with Michael Saunders & Co. and a leasing agent for the development, plans to lease space for about $9 a square foot.
"The purchase price will start at $204,900," Blaikie says. "The biggest draw out there is I-75. This is three to five minutes from the interstate. Plus, this is a deed-restricted park, whose values and appreciation rates have been going through the roof."
The first building is slated for completion in the first quarter of 2005. The permit estimates construction costs for the first building at $630,000.
Two local investors
buy Osprey buildings
Chris Tritschler, owner and broker of Nokomis' RE/MAX Effort Realty, and his partner Sam Clauss of Venice purchased three buildings on North Tamiami Trail and Washington Avenue in Osprey (132 and 130 Tamiami Trail and 127 Washington Ave.) from John and Barbara Kennedy for $615,000. The three buildings include a retail facility on U.S. 41, a 3,000-square-foot office/warehouse building and an efficiency apartment.
"We only have to lease out the office space," Tritschler says. "Nancy's Consignment will stay in the front building."
The office space is about 1,600 square feet, and the base rental rate is about $2,200. "We just think it's a great location," Tritschler says. "Osprey is dead-center in Sarasota County. It is finally experiencing a renaissance."
The property is a block-and-a-half north of a planned new Wal-Mart Supercenter.
The two partners, who used the corporate name of 130 North Trail Partners LLP for the transaction, mortgaged the property to Englewood Bank for $430,000.
Two brothers buy
Tamiami gas station
Brothers Sylvester and Eric Goetz of Venice purchased their first gas station at 8445 S. Tamiami Trail in Sarasota from QBD Enterprises Inc. for about $2.4 million.
Sylvester Goetz says they plan to improve the store to provide better customer service. Overall, Goetz says the site was well maintained and in a good, high-traffic location.
The Goetz brothers, who used the corporate name of Sun Glo Properties LC for the transaction, mortgaged the property to LandMark Bank for $3.87 million.
× SS Washington LLC purchased Storage USA, at 2255 Washington Blvd. N., from SUSA Partnership LP for about $3.3 million.
×Bradenton-based Bruce Williams Homes sold 258 new homes in 11 Manatee County neighborhoods during the first half of the year.
Peter Mason, vice president of sales/ marketing at Bruce Williams Homes, says the $81 million sales are more than 150% higher than in 2003. "Last year we sold some 250 homes," Mason says. "This year we project sales of more than 400 homes."
× Webster University signed a seven-year lease on 5,905 square feet at Cooper Creek Office Park, at 8441 Cooper Creek, University Park, from Benderson Development Co. Ian Black, of Ian Black Real Estate, and Regan Trittler, of Equis Corp., handled the transaction.
× Christopher Landry, writer and editor of Powerboats Publications, leased about 650 square feet in the eXecutive Center, Palmer Ranch, from Michael Seery for a branch publishing facility. Robert Brillon and Lyn Bloink, both of Michael Seery & Associates Inc., negotiated the lease.
× Douglas Bradbury, a telecommunications consultant, leased about 650 square feet in the eXecutive Center, Palmer Ranch, from Michael Seery for a regional corporate consulting business. Robert Brillon and Lyn Bloink, both of Michael Seery & Associates Inc., negotiated the lease.
× Brian Skarbek, of Cypress Capital Group, leased about 650 square feet in the eXecutive Center, Palmer Ranch, from Michael Seery for a new branch office for the asset management firm. Robert Brillon and Lyn Bloink, both of Michael Seery & Associates Inc., negotiated the lease.
× Plantations Designs/Merillat Cabinets leased 950 square feet of retail space at 635 N. Tamiami Trail in Park Isles Plaza, Nokomis, from Park Isles Properties. Jim Walter, of Richardson Kleiber Walter, handled the transaction.
× Crown Properties Group Inc. leased 800 square feet of office space at 631 N. Tamiami Trail in the Park Isles Plaza, Nokomis, from Park Isles Properties. Christine Walter, of Richardson Kleiber Walter, handled the transaction.
× Bruce Williams Homes plans to start a 5,000-square-foot home design center adjacent to its corporate headquarters on Manatee Avenue in Bradenton in early fall.
× One of Manatee County's largest property owners John Falkner purchased the 1,367-acre Rutland Family Ranch on North Rye Road from Rutland Ranch Ltd. for $13.68 million.
× Everett Claxton, major partner in the development Claxstrauss LLC is permitting a plan to develop a 38-acre industrial park, Fruitville Park of Commerce, at the southwest corner of Fruitville and East roads.
× Barrington, Ill.-based GK Development Inc. has completed two new leases for shopping centers it owns. Dollar Tree Stores Inc., the nation's largest $1 discount variety store, will open in late September in Palm Plaza, 1951 S. McCall Road, Englewood.
Utilizing a new format the chain introduced in the past year, the store will occupy 17,303 square feet. The larger format, roughly 29% more space than existing stores, offers wider aisles and more products. The store will be located between Papa John's Pizza and Tropical Tile. GK Development acquired Palm Plaza, a neighborhood shopping center, in February 2003.
× Quest Diagnostics opened a facility at Merchant's Crossing, 1500 Placida Road, Englewood. The 3,200-square-foot office is near H&R Block. GK Development acquired the 213,739-square-foot shopping center in June 2002.
× William Bacon, of Bacons Furniture filed a site plan to build a Drexel Heritage Furniture store, 7766 Tamiami Trail, Sarasota. The store is scheduled to open in the beginning of next year.
× Willis Smith+3D/I of Sarasota started construction on the 112,000-square-foot, two-story Venice Elementary Replacement School. The architect for the school is Fawley-Bryant Architects Inc. The school will utilize "tilt-wall" construction to accelerate construction and maximize cost effectiveness. Willis Smith expects to complete the school in the fall of 2005.
× In an internal family transaction, Hecht Properties Ltd. sold several acres of tomato farm land on Buckeye Road and an acre on U.S. 301 North to Hecht Manatee Property Ltd. for $9.34 million.
× Statewide Family Insurance Services Inc. leased 2,160 square feet of office space at 383 Interstate Court, Sarasota, from Interstate Park Partnership Ltd. David Greenfield, of 1st Property Group Inc., represented the lessor, and Marcia Cuttler, of American Property Group of Sarasota Inc., represented the lessee.
× James Piasecki of the Dollar King leased 3,080 square feet of retail space, at 3234 Clark Road, Sarasota, from JSA Properties. Barry Seidel, of American Property Group of Sarasota Inc., represented the lessor, and Michael Witt, of American Property Group of Sarasota Inc., represented the lessee.
× Tropicana Products Inc. has received a building permit for a new warehouse building at its main juice plant at 1001 13th Ave. E. The estimated cost of construction is $3.76 million.
× Amerifirst Financial Inc. leased 1,350 square feet of office space, at 2075 Main St., Sarasota, from Marko Inc. Barry Seidel, of American Property Group of Sarasota Inc., represented the lessor, and Michael Witt, of American Property Group of Sarasota Inc., represented the lessee.
× Paul Olson, an attorney with the Sarasota law firm Burgess, Harrell, Mancuso, Olson & Colton PA, through Ten Mile Range Properties LLC, purchased the Sweet Tomato Restaurant building, 4994 S Tamiami Trail, Sarasota, from CNL Net Lease Funding 2003 LLC for $3.474 million. Ten Mile Range Properties LLC mortgaged the property to LandMark Bank for $2.33 million.
× Cypress of Florida LLC bought industrial land at 5530 Palmer Blvd., Sarasota, from Bradenton's Terry Supply Co. for $346,100.
× Sarasota-based Willis A. Smith Construction Inc. has been selected by Marie Selby Botanical Gardens to provide construction management services for the restoration of the historic Selby House.
× Bruce Williams Homes has started presales of new townhomes and villas at Lexington, located off U.S. 301 and Chin Road in Parrish.
The Lexington community will offer 97 single-family attached products, priced from the $190,000s in nine buildings planned for the first phase. Two- and three-bedroom units are planned with one and two-car garages. Townhomes will range in size from 1,359 square feet of living space to 1,611 square feet. Villas will range from 1,285 square feet to 1,535 square feet. Construction is slated to begin in September.
× The U.S. Tower Division of Taylor Woodrow, developer of Beleza luxury condominium residences on Venice Beach, has turned the existing hotel facility on the property over to Venice Fire Department officials for use as an emergency services training facility.
"The hotel facility presents an excellent opportunity for fire department and emergency services personnel to practice life-saving and rescue techniques without fear of damaging the property," says Frank Cirillo, project director for Taylor Woodrow's U.S. Tower Division. The former Best Western facility will be demolished after the training exercises to make way for the luxury condominium residences, Beleza on Venice Beach. All 26 Beleza condominiums have been sold.