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Tampa Bay Area
Business Observer Monday, Jun. 6, 2005 13 years ago

Real Estate Briefs (Tampa)

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Coquina Key Arms to be converted into condosTwo more hotels to become condominiumsNew York investor buys Ambassador ApartmentsBill Edwards buys office property in Treasure IslandMcKibbon Hotel Management expands corporate officeWyndham International Inc.obtains $24.75 million mortgage
by: Adam Hughes Staff Writer

Real Estate Briefs (Tampa)

Coquina Key Arms to

be converted into condos

Buyer: Prospect-Marathon Coquina LLC

Seller: Coquina Key Arms LP

Property: 3700 Pompano Drive S.E., 259 Seahorse Drive S.E. and 5000 Coquina Key Drive S.E., St. Petersburg

Price: $110,900,000

Law firm on deed: Fisher & Sauls PA, St. Petersburg

Plans, descriptions: The 1,006-unit multifamily apartment community is going to be converted into condominiums, according to Alex Walker, partner at Prospect Capital Group. The 88-acre community with 3.4 miles of sea wall that has been acquired by a consortium, including Marathon Real Estate, Prospect Capital Group and Robin Martin Co. is going to be one of the largest condominium conversions in Florida's history, according to a company press release. The property sale was closed May 18.

"Development opportunities of this size and style are truly rare these days and we intend to really maximize its potential to the fullest," says Tim Jones, operating partner of Robert Martin Co. "The property is almost a village within itself and we intend to undertake an extensive and comprehensive reconstruction effort to best feature both its location and the unprecedented array of amenities that this seaside location can offer."

Plans include the installation of a yacht club and the expansion of boat slips to more than 150 with dry dock facilities and boat ramps to Tampa Bay. Other resort-styled amenities will be expanded and upgraded, including tennis courts, fitness centers, walking trails, fishing docks and three swimming pool complexes.

Built in 1979 by the Mahaffey family, the property is located about three miles from downtown St. Petersburg. The company has not yet worked on a timeline for the conversion.

Currently, the complex has an occupancy rate close to 100%. The tenants are being notified and a full-time person has been hired to answer their questions, according to a company spokesman. "They will have a lot of questions and the company wants to do what is right for the tenants and the community," he says.

Marathon Real Estate is the real estate private equity arm of Marathon Asset Management LLC, which manages more than $3.5 billion of capital through offices in New York, London and Hong Kong. Prospect Capital Group, a Conn.-based investment firm which focuses on condominium conversion opportunities in office, retail and multifamily segments, has more than $120 million committed to projects in Florida and Georgia. This is the company's first investment in the Tampa Bay area. Robert Martin Co., based in Westchester County, N.Y., maintains partnership interests in flex and office space, 500 apartment buildings, a substantial land portfolio, the management of 3,000 units and several retail properties.

Additional partners in the venture include builder Richard Zahn of ZMG Investments of Longwood, and Don Fort, owner of Western Way and Perimeter Realty in Jacksonville.

Prospect-Marathon Coquina LLC obtained a mortgage of $139.3 million from Key Bank NA.

Two more hotels to

become condominiums

Buyer: 13260 Gulf Boulevard Development LLC

Sellers: William J. and Dorothy J. Nardozzi; David K. and Sheila M. Bright

Properties: 13600 Gulf Blvd.; and 13630 Gulf Blvd; Madeira Beach.

Prices: $3,000,000 and $2,900,000, respectively

Previous Prices: $385,000, 1975; $650,000, 1997.

Law firm on deed: Denis A. Cohrs PA, Clearwater.

Plans, descriptions: 13620 Gulf Boulevard Development LLC bought the Wits End Motel at 13600 Gulf Blvd and Grey Gull Beach Resort, both located at Madeira Beach, where the group plans to build condominium residence known as Bellarte, consisting of 18 units in three buildings, according to Denis Cohrs, the attorney who represents the buyer. William and Dorothy Nardozzi were the sellers of Wits End Motel and David and Sheila Bright sold the Grey Gull Beach Resort.

William Schwandt, managing member of the group, is presently working with Madeira Beach officials to get the necessary approvals for the 265 feet of Gulf frontage property, Cohrs says. He expects construction to begin in about three months.

The units will be marketed for sale from $1.8 million to $2.5 million.

Mr. Schwandt previously developed Snug Harbor Condominiums near the Tom Stuart Causeway in Madeira Beach.

New York investor buys

Ambassador Apartments

Buyer: Gabby Properties LLC

Seller: Caidan Enterprises LLC

Property: 550 50th Ave., St. Petersburg

Price: $2,498,000

Previous price: $2,200,000, 2004

Law firm on deed: Harper, Kynes, Geller & Buford PA, Clearwater

Plans, descriptions: David Reichman of Carmel, N.Y., bought the Ambassador Apartments as a long-term investment. "I think the Tampa Bay-St. Petersburg area is growing and this particular neighborhood is changing with a lot of retail activity around it," Reichman says. In addition, he says it's important to have a supply of rental apartments in an area that is seeing a rapid decline of rentals with the apartment conversion trend.

The 40-unit apartment complex is 100% occupied. Murphy Matthews & Associates, who advised the buyer on the transaction, has been retained to manage the property, according to Reichman.

Because of neglected maintenance, Reichman says, his first priority is to carry out improvements to the interiors and exterior.

Bill Edwards buys office

property in Treasure Island

Buyer: Capri Isle Hospitality Strategies Inc.

Seller: Integrated Properties LLC

Property: 286 107th Ave., Treasure Island

Price: $1,850,000

Previous Price: $1,385,000, 2004.

Law firm on deed: Williamson, Diamond & Caton PA, Seminole

Plans, descriptions: Bill Edwards of Mortgage Investors Corp. purchased a three-story, 8,000-square-foot office building, which he says will serve as an additional office space for his company.

The building is 50% leased and the remaining space will be used by Mortgage Investors Corp. He says he has always wanted to have an office overlooking the water and this property has an absolutely gorgeous view. He plans to carry out improvements to the vacant portions to suit his requirements.

McKibbon Hotel Management

expands corporate office

McKibbon Hotel Management Inc. announced a 50% expansion of their Tampa corporate office located at SouthTrust Plaza on 201 E. Kennedy Blvd. The company moved downtown in February 2004 from Ybor City.

"Tampa has been good for business," said John McKibbon, chief executive officer of the company. "Our management contract business has grown faster than expected, so we are expanding after only one year in our current location."

In addition, several new associates were added to the corporate staff: Karl Oates, director of operations support; Keir Johnson, revenue manager; and Karen McKinney, corporate communications.

Wyndham International Inc.

obtains $24.75 million mortgage

Wyndham International obtained a mortgage of $24.75 million from JP Morgan Chase Bank NA against its leased property in Tampa, the Wyndham Harbour Island Hotel, as part of an overall $1.65 billion package of refinancing of its corporate credit facilities and the majority of its outstanding mortgage debt.

This refinancing, which represent 90% of its outstanding debt, would extend its debt maturities to 2011, according to a company press statement. Additionally, $100 million will be invested in the company's owned and leased properties.

"This refinancing is a clear confirmation by the lending community of Wyndham's financial strength," said Fred J. Kleisner, chairman, president and chief executive officer of Wyndham, in a news release. "The opportunity to invest more capital in our properties further enhances Wyndham's customer service offerings and provides a strong return through increased guest room rates."

Etc...

• George Hayes III Jr. of Clear Ocean Investments II Corp., sold a hospital at 9575 Seminole Blvd., Seminole, to Enterprise II of Florida LLC for $3.6 million. Enterprise II obtained a mortgage of $2.7 million from Cornerstone Community Bank. Clear Ocean Investments II Corp. also purchased vacant property on Seminole Boulevard from Enrique and Cheribeth De La Piedra for $2.71 million.

• Yaron M. David, managing member of Meadows Group LLC, purchased a duplex/triplex and a mobile home at 1799 Seminole Blvd., Largo, for $2 million. The seller was First Christina Church of Largo Florida Inc.

• G2B Development LLC bought a single-family residential unit at 12700 Kimberly Oaks Circle, Largo, from Joseph and Marianne Bryan for $2 million.

• Land Trust Services Corp. bought a condominium at 18700 Gulf Blvd., Indian Shores, from DGDL Properties LLC for $1.4 million.

• Yalcin and Filiz Ekren, as trustees of the Ekren Trust, bought a condominium at 10 Papaya St., Clearwater, for $1.25 million from Jack and Pauline Harmon.

• Mob/Bay-1 LLC obtained a mortgage of $13 million from Connecticut for a medical store in Pinellas County.

• 2390 Belcher Road LLC obtained a mortgage of $7.7 million for a former Eckerd drug store at 2390 Belcher Road S., Largo, from Bank of America NA.

• GSB Properties LLC and MAB Properties LLC obtained a mortgage of $4.07 million for a vacant property in Pinellas Park from Bank of America NA.

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