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Real Estate Briefs (Sara/Mana edition)
Beall's sells warehouse
to company shareholders
Bradenton-based Beall's Inc. sold the 600,000-square-foot truck terminal and warehouse facility, at 2100 47th Terrace E., Bradenton, to The Beall and Szymanski Families Asset Preservation Co. LLC for $22.8 million.
"This was really an internal sale," says Steve Knopik, president of Beall's. "It was a transaction between the company and certain shareholders consistent with our company strategy of leasing all our facilities."
Knopik says that 99% of the retail chain's stores are leased because leasing gives Beall's more revenue to invest in expansion.
Peach's headquarters
to move to Gazebo Square
Peach's Restaurants Inc. purchased a building in the Gazebo Square Condominium project, at 4440 Fifth Street W., Bradenton, for its corporate headquarters. Peach's bought the building from Palmetto's Jobe LLC for $425,000.
"The interior is undergoing a total renovation," says Realtor Paul Westendorf, who represented Peach's. "The building was previously used as an antique shop, and no one had put up interior office walls. Peach's has just grown to the point where it needed more space. The company has had to house its training director and director of operations in the hallway."
The restaurant chain will relocate from its 1,900-square-foot office space on 12th Street in Bradenton some time around May. Woehle Construction is the general contractor for the building renovation.
Peach's currently operates nine restaurants in the two-county market. Debra Cooper, of Michael Saunders & Co., represented the seller.
Appel, Prime Star
buy Legacy Golf Club
Prime Star Legacy Resort LLC announced plans to purchase and renovate the Legacy Golf Club at Lakewood Ranch as a four-star resort. Sonesta Hotels, a renowned luxury hotel chain, has signed a letter of intent to participate as manager of the boutique-style golf resort.
Stanley Appel, managing partner of Prime Star Legacy Resort, and his group have signed a contract with the golf club's current owner, Troon Golf, of Scottsdale, Ariz. Prime Star plans to upgrade the Legacy course so that it will be recognized as a Palmer signature course by today's higher standards. Vicki Martz, Palmer Course Design Co.'s original lead architect for the Legacy, is consulting on these changes. Management of the golf course and pro shop will continue to rest with Troon.
Prime Star has agreed to extend the deed restriction to ensure the Legacy will remain a golf course for 50 years. Sonesta Hotels will manage construction of the full-service golf resort. The project also calls for the developer to build an 80-seat bistro, fine dining restaurant, a cultural center, a full-service European spa and rain forest effect pool.
Pending county approvals, construction should start in the first quarter of 2006, with completion expected in mid-2007.
Town & Country
buys Ellenton land
Woodcliff Lake, N.J.-based Town & Country Developers, the parent company of Florida home builder Stratland Homes, purchased about 40 acres near Erie Road and Interstate 75, north of the J.P. Igloo Ice and Inline Sports Complex in Ellenton, from Daniel Development Inc. for $375,000. The property is adjacent to a 305-acre tract the home builder acquired in January.
"We have been negotiating to buy it for about 120 days," says William Furst, senior vice president for Stratland Homes. "They were landlocked. We had always counted on getting that property."
The 40-acre property was significant in Stratland's plans. The property was almost entirely buildable with no wetland property. Furst says the home builder plans to develop about 700 units in a mixture of townhomes and single-family homes.
"We should be filing pretty soon for a rezone," Furst says. "We are about 18 months away from construction."
Post Management
buys four buildings
Murray and Susan Post's Post Management Inc. of Sarasota and Post Management Inc. purchased four industrial buildings, clustered around 1721 Independence Blvd., Sarasota, from Bay West Ltd. for $3.5 million.
"It's a nice growing area," says Murray Post. "They were fully occupied. We bought them as an investment." The four buildings total 49,000 square feet.
The Posts mortgaged the buildings to First State Bank for $2.8 million.
Neal and Cassata
plan new community
Frank Cassata and Pat Neal, owner of Neal Communities Inc., have filed a site plan in Manatee County to develop a 800-home development east of Lakewood Ranch Boulevard, north of the proposed Malachite Drive extension. The as-yet unnamed community is about 372 acres and is expected to offer 150,000 square feet of commercial space.
"The site is not ready to be developed yet," Cassata says. "We are going through all the steps before we need to build out there."
Cassata says he owns about nine communities with Neal.
Palmetto Movie Gallery
sold as investment
Roy Smith of Sarasota and Jeff Taube purchased a Movie Gallery building at 900 17th St. W., Palmetto, from Jeffrey Allen McHone, as individual and trustee, for $925,000.
"It really was just an investment," Smith says. "I'm planning to pretty much keep it the way it is. It's a nice clean corner. The building has a long-term lease with a reliable single tenant. It's in a growing part of the town."
Movie Gallery has a triple-net lease on the 5,000-square-foot building.
Smith and Taube, who used the corporate name of Future Plan LLC, mortgaged the property to Century Bank for $675,750.
Sarasota Military Academy
buys property from diocese
The Sarasota Military Academy has purchased its existing 5.6-acre campus, at 801 N. Orange Ave., Sarasota, from the Diocese of Venice for $3.38 million.
"We have been negotiating with the diocese for more than a year," says Retired Col. Stephen Cork, commandant of cadets and CFO for the charter school. "It just makes sense for the school to accrue money from the appreciation." Previously, the school had leased the space.
The military academy financed the acquisition through a funding campaign, a $2 million mortgage from Wachovia Bank NA and a $248,000 loan from the Diocese of Venice.
"The diocese was wonderful; they bent over backwards to support us," Cork says.
Etc...
• RJ's Coin Castle leased about 2,335 square feet at 7922 N. Tamiami Trail, Sarasota, for a video gaming center from GFL Realty LLC. Barry Seidel, of American Property Group, represented the landlord, and Michael Witt, of American Property Group, represented the tenant.
• United Investments LLP bought 1.61 acres at 7201, 7214 and 7224 22nd St. E., Sarasota, from DFM/Sarasota Properties LLC for $358,455. Carl Wise, of Preferred Commercial Inc., represented the seller, and Mike Edwards, of Edwards Commercial Realty Inc., represented the buyer.
• ValleyCrest Landscape Maintenance Inc. purchased lots 65 and 66 Paul Morris Drive in Morris Industrial Park, Englewood, from Marshall Land Development f/k/a Morris & Marshall Inc. for $287,840. Christine Walter, of Richardson Kleiber Walter Walter Partnership, handled the sales.
• Volt Telecom Group leased 900 square feet of office space at 240 Blue Juniper Blvd., Venice, in Interstate Commerce Center from Douglas and Diana Shaw. Christine Walter, of Richardson Kleiber Walter Walter Partnership, handled the transaction.
• Audrey Greco d/b/a Nokomis Barber Shop leased 800 square feet of retail space at 627 Tamiami Trail, Nokomis, in the Park Isles Plaza from Park Isles Properties. Christine Walter, of Richardson Kleiber Walter Walter Partnership, handled the transaction.
• Morgan Beaumont leased 10,125 square feet of office space at 6015 31st St. E., Bradenton, from The 6015 LLC. David Greenfield, of First Property Group, represented the landlord, and Marcia Cuttler, of American Property Group, represented the tenant.
• McKenzie Office Professionals LLC leased 2,000 square feet of office space at 3333 N. Washington Blvd., Sarasota, from Paramount-Cherry LLC. Marcia Cuttler, of American Property Group, represented the transaction.
• GATORTECH leased 1,375 square feet of office space at 6981 Curtiss Ave., Sarasota, from HADCO Properties. Marcia Cuttler, of American Property Group, represented the transaction.
• Steve Solomon Inc. purchased about 34 acres at 21st Street E., Bradenton, from Dan Blalock, trustee, for about $1.8 million. Bill Kleiber, of Richardson Kleiber Walter Kleiber Partnership, and Bill Blalock, of Wyman Green and Blalock Real Estate, handled the transaction.
• Sarasota Business Plaza LLLP purchased 28 acres at 6600 Fruitville Road from Paul and Carol Eskew. Ristorcelli & Associates, Joan Silvernail, Equity Exchange Services Inc., The G&R Townsend Partnership, Henry and Josephine Daniels and The Braly-Townsend Family Partner for $4 million. Bill Kleiber, of Richardson Kleiber Walter Kleiber Partnership, handled the transaction.
• Rinehart Homes has purchased the final 20 home sites in Secluded Oaks for the second and final phase of construction in the community, located between Bee Ridge Road and State Road 72, Sarasota. Homes will be priced from $400,000 to more than $700,000.
• Ruden McClosky, a Florida law firm with 10 offices around the state and one office in Venezuela, has announced plans to relocate its offices from 1549 Ringling Blvd., Sarasota, to 1515 Ringling Blvd. The firm now occupies the seventh floor of downtown Sarasota's Northern Trust Building, providing the attorneys an additional 2,000 square feet of space. (Totaling more than 10,000 square feet.)
• Hyrdrogel Vision Corp. has leased 25,418 square feet of space at 7575 Commerce Court, Sarasota, from Commerce Court LLC. Michele Fuller and Jag Grewal, of Coldwell Banker Commercial, handled the transaction.
• Pacific Tomato Growers purchased an office building, at 950 7th Ave. W., Palmetto, from William and Ava Sellers for $350,000. The property is at the corner of the company's existing headquarters at 503 10th St. W., Palmetto.
• William and Lynn Bacon, owners of Bacon's Furniture, purchased a 6,375-square-foot warehouse building, at 907 57th St. E., Bradenton, near State Road 64 from 5904 E. S.R. 64 Inc. for $550,000.
"We just haven't decided what our plans are for the site yet," says Lee Bacon.
• Sarasota County purchased 11-acres of environmentally sensitive land adjacent to Lemon Bay from Mark Famiglio, trustee, for $2.6 million.
• Ridawn LLC bought a 1,561-square-foot office building at 1522 N. Tamiami Trial, Sarasota, from Richard and Caren Lobo for $685,000. Barry Seidel, of American Property Group, represented the Lobos, and Ester Lennox, of Rosebay Real Estate represented Ridawn LLC.
• Chicago-based Jupiter Hotels 1 LLC purchased the 352-unit Summit Hampton 4550 47th St W, Bradenton, from JRC Hampton Bay LLC for $21.7 million and the Harbour Pointe Apartment at 4501 71st St. W., Bradenton, from JRC Harbour Pointe LLC for $13.6 million.
• Lee Wetherington Cos. has unveiled its new Villa Natalia, a Mizner 5,014-square-foot Mediterranean home with two outdoor living areas and two two-car garages.
The base price for the Villa Natalia in The Country Club at Lakewood Ranch begins at $950,000, including homesite and pool allowance. Lee Wetherington Cos. will also build this model in other locations, including the new Lakewood Ranch community of Highfield, on an owner's homesite elsewhere within Sarasota and Manatee Counties and in The Founders Club, a luxury home and golf course community on Fruitville Road three miles east of I-75. The Villa Natalia in The Founders Club is priced from $1,192,500, including the homesite.
• Scoop Real Estate LP purchased a Starbucks in Tupelo, Miss., from the Hancock Family Partnership for $941,000. Steve Horn, of Ian Black Real Estate, and Jim Morris, of CB Richard Ellis, handled the transaction.
• 214 Main Street Inc. purchased a 6,000-square-foot building (Pedro's) located at 1001 Central Ave., Sarasota, from S/Grace Enterprises, LLC for $850,000. Ian Black and Steve Horn, of Ian Black Real Estate, handled the transaction.
• Sarasota Commercial Management Inc. has relocated its headquarters to 711 S. Osprey Ave., Suite 1, Sarasota. The recently renovated, 5,000 square-foot office space will provide work areas for the firm's growing management, development, leasing/sales, maintenance and administrative staff groups. SCM currently manages 27 properties in Sarasota and Charlotte counties - three times the number managed when the firm moved to its previous office in 2000. Mindy Parker, SCM owner and broker, attributes the additional space to company growth and impending opening of Courthouse Centre.
"We've needed to move for a while, and now we'll have the room and resources - the infrastructure - to make us more efficient and better able to grow," Parker says.
SCM will occupy almost half of the 10,500-square-foot 711 Building, which was previously occupied by Glauser Subaru. Other tenants will include MP Artworks (of which Parker is also a co-owner) and the Metro Coffee & Wine Bar.
• Kellogg & Kimsey Inc. recently completed a 236-square-foot addition to the Ritz-Carlton Sarasota's Cigar Bar. The contractor also replaced the roof of the First Presbyterian Church in Sarasota's fellowship hall. Smith Architects PA acted as architect at First Presbyterian Church, and Milton Pate Architects did the design work at the Ritz Carlton Founder's Room.
• LWR Communities LLC, the developer of the master-planned community of Lakewood Ranch, has selected 10 builders for its newest village, The Lake Club. Home construction is expected to start in the fall. At completion, The Lake Club's land plan calls for about 768 single-family homes and about 322 coach homes and condominiums. Home builders include: Anchor Builders, John Cannon Homes, Lee Wetherington Homes, Peregrine Homes, Pruett Builders, Todd Johnston Homes, Landmark Development Group and London Bay, both of Naples; Marc Rutenberg Homes of Tarpon Springs and Westwater Construction of Sarasota.
The 1,600 acres Lake Club is east of Lorraine Road, just north of University Parkway.
• The Sarasota Herald Tribune leased a 10,000-square-foot warehouse at 1001 Corporate Ave., North Port, from Arnold Development Co. for about $6.45 a square foot. The warehouse space will be used as a distribution facility for newspapers throughout south Sarasota County and Charlotte County. Tony Veldkamp of Michael Saunders & Co.'s Commercial Group represented the Sarasota Herald Tribune.
• A financial services company Verifier Inc. and a Pennsylvania commercial retail developer H.L. Libby have leased two suites (204 and 205) in Sarasota at 950 South Tamiami Trail, Sarasota. Both properties are more than 750 square feet and both leased for $14 per square foot. Tony Veldkamp of Michael Saunders & Co.'s Commercial Group, is the exclusive transaction agent for the building.
• GTE Federal Credit Union purchased a parcel at the DeSoto Square Mall, located at 303 301 Blvd. W., Bradenton, from Simon Capital Ltd. Partnership for $750,000.
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