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Business Observer Friday, May 27, 2005 13 years ago

Real Estate Briefs (Tampa)

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39-Development LLC buys Cornerstone Cancer CenterBay Villas to undergo condo conversionIllinois group buys Sunset Trail ApartmentsDevelopers buy condos as part of the resort projectHospital rehab center sold to 1839 Building LLC Dillard's to open at The Shops at WiregrassTampa Bay builders donate $15,000 to children's charity
by: Adam Hughes Staff Writer

Real Estate Briefs (Tampa)

39-Development LLC buys

Cornerstone Cancer Center

Buyer: 39-Development LLC

Seller: The Cornerstone Cancer Center Ltd.

Property: 3850 Tampa Road, Palm Harbor

Price: $4,300,000

Previous price: $750,000, 1992

Law firm on deed: Carey, O'Malley, Whitaker and Manson PA, Tampa

Plans, descriptions: The new owners may rename the building now known as Cornerstone Cancer Center. The three-story, 27,147-square-foot, Class-A building is 75% leased, says Tom Duncan, a broker and consultant at Klein and Heuchan Inc., which manages the property. The medical services building includes separate medical suites and two linear accelerator vaults.

The new owners will not limit the remaining space to medical tenants and thus the new name might simply be 3850 Tampa Road LLC.

Klein and Heuchan Inc. is leasing the remaining 6,000 square feet of vacant space at $24 per square foot, full service. The new owners consider the property a long-term investment, according to Duncan.

Bay Villas to undergo

condo conversion

Buyer: Bay Villas 2005 LLC (Partners: Jules H. Marling Jr. of Chicago and William Wares of Tampa)

Seller: James A. and Mary A. Barnett

Property: 125 Fifth Ave. N.E., St. Petersburg

Price: $2,350,000

Previous price: $840,000, 1999

Title company on deed: Title Insurers of Florida, St. Petersburg

Plans, descriptions: The condo conversion continues. This time a private partnership between Chicago real estate professional Jules Marling of Real Estate Research Corp. and Tampa lawyer William Wares plans to convert the three-story, multifamily residential apartment building, called Bay Villas, into 26 condominium units. Located in the northeast district of downtown St. Petersburg, the building is a block and a half from the bay and two blocks away from the Vinoy hotel, which was the main reason for investing in it, says Marling.

Conversion work will start within a week, and the group has hired designers from Sarasota, says Marling. He expects to spend an additional $400,000 to clean up the common area, carry out landscaping and spruce up the interior.

"The current tenants will have the first right of refusal," says Marling, and they have 45 days to decide as per the rules. About eight tenants have shown interest and are expected to buy the converted condos, he adds. There are people on a waiting list for the one- and two-bedroom condos, priced between $133,000 and $200,000, says Realtor Ginny Nierenburg, of Re/Max Metro.

Nierenburg won't accept contracts until after the 45-day waiting period, she says.

The building has been mortgaged to CFC Transactions LP for $2.5 million, according to property records.

Illinois group buys

Sunset Trail Apartments

Buyer: Achilles Group LLC (sole member, Ari Squire)

Seller: Kimpark Properties LLC

Property: 1142 Sunset Point Road, Clearwater

Price: $2,050,000

Previous price: $1.65 million, 2003

Title company on deed: Freedom Title Agency

Plans, descriptions: Ari Squire of Des Plaines, Ill., bought the Sunset Trail Apartments to convert to condominiums, says his lawyer Ernest Mascara. After receiving approval from the state's Division of Land Sales, notices of the planned conversion has been sent to the current tenants. The 30-unit complex is presently 90% leased. Conversion work won't begin until after the mandatory 45-day notice to tenants has passed.

Mascara did not disclose the plans or expected price range of the condominiums.

The complex has been mortgaged to Whitney National Bank for $1.53 million, according to property records.

Developers buy condos as

part of the resort project

Buyer: Royal Yacht Club LLC (Partners: Martin Drillich, Joseph Jorgensen and Timothy Adam)

Seller: The Bayshore Corporation of Pinellas County

Property: 1414 Bayshore Blvd., Dunedin

Price: $2,856,000

Law firm on deed: Battaglia, Ross, Dicus & Wein PA, St. Petersburg

Plans, descriptions: The purchase of seven condominiums is part of ongoing acquisitions, which also includes previously purchased condominiums and two waterfront hotels, namely Inn on the Bay and The Sailwinds, on six acres, to convert the properties to resort condominiums.

"The hotels have been rehabbed and we are working to expand the marina, adding more slips to the existing 40 boat slips," says Joseph Jorgensen, a partner at Royal Yacht Club LLC.

The resort condo project will include 84 units, from studios to 4,000 square feet penthouses, priced between $180,000 and $2.2 million, Jorgensen says. The sell out price of the entire complex is expected to be about $35 million, and it will be completed within a year.

"We put our signs out about two weeks ago and we have already 25 units under contract," Jorgensen says.

Hospital rehab center

sold to 1839 Building LLC

Buyer: 1839 Building LLC

Seller: 1839 Corp.

Property: 1839 Central Ave., St. Petersburg

Price: $1,900,000

Previous price: $475,000, 1993

Title company on deed: Steward Title of Pinellas, St. Petersburg

Plans, descriptions: Coldwell Banker Realtor David Gibson bought the three-story, 19,500-square-foot medical office building, formerly known as the Edward White Hospital Rehab center, and all the equipment in the vacant building.

The building will be renamed the 1839 Building, according to Gyan Hardman, a spokeswoman for Gibson. It is being marketed to potential medical tenants at $12.50 triple net per square foot.

The building has been mortgaged to Colonial Bank NA for $1.5 million, according to property records.

Dillard's to open

at The Shops at Wiregrass

Forest City Commercial Development and The Goodman Co. announced that Dillard's will open a 150,000-square-foot store at The Shops at Wiregrass in east Pasco County, near Interstate 75.

The Shops, a 750,000-square-foot outdoor Main Street-style shopping and entertainment complex will be at State Road 54 and Bruce B. Downs Boulevard and is one of the components of Wiregrass Ranch, a 5,022-acre mixed-use project.

"We are tremendously pleased to be joining The Shops at Wiregrass. This center provides us the perfect setting to serve north Tampa residents and visitors with fashions reflective of our more upscale and more exciting approach to retailing," William Dillard II, chief executive officer of Dillard's, says in a recent press statement.

The Goodman Co. has not yet announced its third anchor tenant.

"With JC Penney opening this year and Dillard's committed to the center, we have great focus for our tenant mix, which will be a combination of fashion, home decor, and entertainment venues," says John W. Dowd III, senior vice president of development for The Goodman Co.

The lifestyle center will also consist of about 60 specialty stores and restaurants in an open-air environment. It is being designed by Atlanta-based architect Cooper Carry Inc.

Tampa Bay builders donate

$15,000 to children's charity

The LandMar Group and Southern Crafted Homes presented $15,000 to the Monique Burr Foundation for Children at the recent Tampa Bay Parade of Homes awards banquet.

The donation was generated from the sale of the showcase home, according to Mike Bartoletta, president of the Tampa Bay Builders Association, which sponsors the annual parade.

Built and designed by Southern Crafted, this year's showcase home was The Strathmore II design in Grand Hampton, a 1,000-acre master-planned community developed by LandMar in New Tampa. The home features 3,225 square feet of living space, including four bedrooms, 3.5 baths and a study.

The donation will help open a Tampa chapter of the Monique Burr Foundation for Children, based in Jacksonville. Ed Burr, president and CEO of LandMar, created the foundation in honor of his wife, Monique, who was instrumental in fighting to protect children from abuse.

The foundation hopes to open the local chapter this summer.

Etc...

• Palm Beach Garden-based Ram Realty Services bought Central Plaza, a supermarket at 3665 Central Ave., St Petersburg, for $4.15 million. The seller was RJJB Central Plaza LLC, a subsidiary of The Stallings Group of Tucker, Ga.

•¬†Fifth South LLC bought the Bay Lawn Motel at 406 Hamden Drive, Clearwater, for $1.8 million. The seller was Bay Lawn Motel LLC.

• Madhav Krupa Inc. bought 8.52 acres of unzoned agricultural land located between West Waters Avenue and West Sitka Street, Tampa, from Laura Charbonier and Frank Noyas Jr. for $2.55 million.

• Citizen Center II LLC bought vacant commercial space at Corporex Park Drive, Tampa, from Corporex Properties of Tampa Inc. for $1.64 million. Citizen Center mortgaged the property to Mercantile Bank for $1.60 million, according to property records.

• Win-77 Ltd., a subsidiary of Safety Harbor-based PDG II Inc. bought a retail pharmacy store at 7676 Fourth St. N., St. Petersburg, from Convenient Care Properties LLP for $1.2 million. Win-77 Ltd. sold a similar property, a retail pharmacy store, at 7000 Fourth St. N., St. Petersburg, to Convenient Care Properties LLP for $1.2 million.

• Kathleen Steele, managing member of FL Sundowner LLC, bought a single-family residential unit at 1010 Beach Trail, Indian Rocks Beach, from Anne P. Thompson and Richard M. Hamlin for $1.78 million. She mortgaged the house to Washington Mutual Bank FA for $1.33 million.

• The Fechtel Co. has been added to the custom and semi-custom home builders offering executive and estate residences at Stone Lake Ranch, a 147-home community along Lake Thonotosassa in eastern Hillsborough County.

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