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Manatee-Sarasota
Business Observer Friday, Oct. 10, 2003 14 years ago

Real Estate Briefs (Sarasota-Manatee edition)

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This week's items: Sysco Food Services to expand warehouse The Weiner Cos. buys land for Tire Kingdom Inovart buys two buildings, sells current officeSandcastles of Sarasota acquires Collingwood and more...

Sysco Food Services

to expand warehouse

The Florida West Coast operations of Houston-based Sysco Food Services plans to add more than 70,000 square feet to its chilled warehouse space at 3000 69th St. E., Palmetto. Sysco now has about 225,000 square feet of warehouse space on the site. Thomas Olitsky, vice president of operations, says construction is expected to start on the additional space before year's end, with completion coming around the middle of 2004. The new warehouse is estimated to cost about $9 million. The company currently is evaluating bids from general contractors.

Warehousing space for the company is so tight that it could have a big impact on the local operation's bottom line, Olitsky says. The West Coast operation generates about $450 million in annual sales, but with the additional space, the company expects to generate another $275 million. "We are restricted in refrigerated space especially because of the seasonality of our business," Olitsky says.

The company also expects to add at least 40 employees annually over the next five years. The local operation presently employs 657 people.

"We've been successful in this area because we are not only a sales driven company, we are also a service company," Olitsky says. "Our sales associates are trained on how to help our customers develop menus."

The Weiner Cos. buys

land for Tire Kingdom

The Weiner Cos., a Fort Myers-based diversified group of real estate businesses, purchased lot 4 of the Creekwood West Commercial subdivision, on State Road 70 near I-75 in Bradenton, to build a Tire Kingdom store. The Weiner Cos., which operated under the name of TK Bradenton LLC for the transaction, bought the property from Development Options Inc. for $566,961. According to Theodore Weiner, vice president of the conglomerate, TK Bradenton expects to break ground on the 6,400-square-foot building in the next few days. Completion of the Tire Kingdom is slated for early in 2004. Fort Myers based Belden-Morse Construction Inc. is general contractor for the building.

Weiner wouldn't disclose construction cost for the new facility. "This is the first one we have built in Manatee (County)," Weiner says. "We built about three (Tire Kingdome) stores in Lee, Charlotte and Collier counties."

TK Bradenton mortgaged the Creekwood West Commercial property to Colonial Bank for $972,000.

Inovart buys two buildings,

sells current office

Inovart Inc., a Bradenton manufacturer of school art products and an importer/distributor of writing components, plans to relocate to two buildings in the 301 Park of Commerce North, Bradenton. Inovart's owners John and Mercedes Smith bought the buildings from D&D Dynasty Building Inc. and Cahill and Chlebina Building Contractors Inc. for $800,000. Inovart now operates out of a 5,000-square-foot building at 6002 31st St. E. on Saunders Road Industrial Park.

Smith says the relocation gives the company room to grow.

The Smiths have already sold the 31st Street location to American Torch Tip Ltd. for $285,000, but they have an agreement to stay on-site until the company is ready to relocate.

From American Torch Tip's perspective the building was just a good investment. "We are in a high growth stage already," says Jack Walters, president of American Torch Tip.

Bradenton businessmen plan three flex buildings in SITC

Bradenton businessmen Daniel and Dale Sexton and David Peck purchased about five acres in Sarasota International Trade from SITC Inc. for $456,000. The partners, who use the corporate name of Lakewood Flex Properties Phase I Inc., plan to build three flex (office and warehouse) buildings on the site. Dale Sexton says that the first building, a 20,000-square-foot facility, is completely pre-sold. The first building will be divided into five 3,000-square-foot condominium units and two 2,500-square-foot units. "We hope to break ground by Mid-December," Sexton says. "That phase should be complete by March 15."

Sales agent, Lloyd Robbins of Harry Robbins and Associates, has started pre-leasing a second building. The second building, which is 14,500 square feet, has been divided into seven 1,500-square-foot units and two 2,000-square-feet units. So far, four units have been pre-sold in the second building.

Construction on the third building, an 11,700-square-foot facility, will probably occur in about six months. Bradenton-based American Classic Builders is the general contractor for the three buildings. Condominium units in the development retail for $83 to $90 a square foot.

Lakewood Flex Properties Phase I mortgaged the property to Flagship National Bank and SITC Inc. for $417,767.

Sandcastles of Sarasota

acquires Collingwood

Sandcastles of Sarasota, developer of high-end luxury homes, acquired the firm of M. L. Collingwood General Contractor Inc. The Sarasota contracting firm had been led by Mike Collingwood, who died Aug. 20 following a skiing accident in Chile.

Sandcastles of Sarasota, owned by Phil Chmieleski and Margo Bohaty, worked with Collingwood for several years. Sandcastles will oversee the completion of all Collingwood projects. The company is also working with several prospective clients on new home projects. Key members of the Collingwood team will continue working with the firm, including Pam Meaige, who will become vice president of construction operations, and Milton Shenk, who will serve as vice president of construction management. The Collingwood group will relocate into Sandcastles' office in downtown Sarasota.

Local attorney to develop

Palmer Crossing office building

Sarasota real estate attorney William Saba plans to build a 20,000-square-foot Class A office building in Palmer Crossing on Clark Road in Sarasota. "We have site plan approval and are working on the building permits right now," Saba says. "We expect to start in 60 to 90 days." The new building will resemble a 20,000-square-foot office building at 5310 Clark Road owned by Bruce Hadley called Park Place.

Murphy Construction is the general contractor for the project. Estimated construction cost is about $2 million.

Next for Saba is development of another 140,000- to 180,000-square-foot of retail on a 10.5-acre parcel in Palmer Crossing.

Bacon & Wing LLC

expands Fruitville office

The Sarasota household furniture company of Bacon & Wing is growing. Two weeks ago, the company purchased a building and a vacant lot at 1559 and 1567 Fruitville Road, Sarasota, from Harvey Vengroff, chairman of Sarasota's Vengroff, Williams & Associates, for $240,800. According to Thomas Wing, vice president, the company plans to start moving some of its overflow business from its main office at 1555 Fruitville into the 2,400-square-foot building in the next few months. Eventually, the company plans to link the two facilities. The new facility is slated to open in the next 90 days.

Bacon & Wing mortgaged the property to Provident Bank for $250,000.

Westfield America

buys Sarasota Square Mall

Los Angeles-based Westfield America Trust closed on the Sarasota Square Mall, an 893,500-square-foot mall at U.S. 41 and Beneva Road in Sarasota, from Texas-based Coyote Management for $77 million. The sale marks a $14 million increase in value since December of 2000, when Coyote Management purchased the mall from Sarasota Square Mall Associates Ltd. for about $63 million. In January, Westfield America bought the Southgate Plaza, at 3501 S. Tamiami Trail, from The Dynamic Retail Trust for $62 million and renamed it Westfield Shoppingtown Southgate. Westfield plans to rename Sarasota Square Mall as Westfield Shoppingtown Sarasota.

The former Sarasota Square Mall is one of the largest enclosed malls in Sarasota County. It is uncertain what impact the sale will have on a pending site plan application for a new 49,000-square-foot building near the movie theater at Sarasota Square Boulevard and Potter Park Drive.

ETC...

× Developer Piero Rivolta and Coldwell Banker Residential Real Estate Inc., in conjunction with Coldwell Banker The Condo Store, based in Atlanta, have created a unique marketing partnership to promote and sell RIVO Towers, located at Ringling Boulevard and Osprey Avenue in downtown Sarasota. The RIVO Towers will have 106 units on 10 floors. The units will be sized from 1,400 to 3,000 square feet and sell for $350,000 to $800,000. The building will have a five-floor parking garage. Other amenities include secured entry, a fitness center, pool and meeting/computer room facilities. Presales are anticipated to begin in January 2004. Groundbreaking is expected to take place in June. Detached mixed-use office and retail space is expected to break ground sometime in the beginning of 2004.

× St. Petersburg-based Hennessy Construction Services recently completed a new 11,024-square-foot Mediterranean-style medical office building for Pfahler Properties Inc. at 601 Medical Drive in Englewood. George Palermo Architects Inc. of Sarasota is the architect of record. Hennessy Construction has also finished the 11,347-square-foot renovation of the Hernando County YMCA branch, which had a contract value of 964,829. The Bacon Group Inc. was the architect of record.

× Ronald Martin of Sarasota-based RCM Enterprises, is moving forward with construction of a 18,000-square-foot spec industrial building and a parking lot at 3103 81st Court E. in Lena Road Business Park. He has filed a site plan with preliminary plans. Estimated construction cost of the new 10-unit building is about $1 million.

× Mushrush Investment Limited Partnership, principally Sarasota resident Michael Mushrush, purchased an industrial building at 1901 17th St. from Charles Molyneaux. Mushrush Investment LP mortgaged the property to LandMark Bank of Florida for $450,000.

× Bayshore Crossings LLC bought the restaurant building at 6071 26th St. W. from Mariana Hill from $4.75 million. The company mortgaged the property to 1st National Bank & Trust for $3.8 million.

× M&S LLC, principally Timothy Mobley and George Skestos, purchased dairy feed lots at 6530 48th Ave. Drive E. and 6810 44th Ave. E. from Eugene and Arleen Musgrave, individuals and trust, for $1.2 million.

× Turner Wall Systems Inc. leased 5,000 square feet of office and warehouse space in building 6 at 1243 Tallevast Road in the Airport Commerce Center.

× Sarasota-based Lee Wetherington Cos. was listed as the 20th fastest growing builder by Builder magazine in its "Fast Track 2003," a list of 100 builders selected for rapid growth. In the September 2003 issue, Builder cites a 44.6% increase in revenue from 2000 to 2002, with a volume of $69 million for 2002. The custom-home builder first made the top 100 last year. In the current list, 24 of the top 100 builders are located in Florida, with nearly all of them on the East Coast. Lee Wetherington Cos. placed above the only other two builders on Florida's Gulf Coast, Keystone Homes in Tampa, 26, and WCI Communities in Bonita Springs, 86.

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