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Business Observer Monday, May 9, 2005 13 years ago

Real Estate Briefs (Tampa)

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SimDag buys two parcels for condo-hotelFloridan Hotel acquisition could show way for Belleview BiltmoreMarket Street Mortgage offers credit to buildersColonial Properties Trust buysMangrove Bay office buildingColliers Arnold's study shows aggressive office marketBelleair Development acquires North Dale Mabry property
by: Adam Hughes Staff Writer

Real Estate Briefs (Tampa)

SimDag buys two

parcels for condo-hotel

SimDag LLC, known for its association with Donald Trump on a proposed downtown Tampa condominium tower, bought two properties in Pinellas County to build condominiums, says Frank Dagostino, managing member of the group.

SimDag paid $17.5 million to buy a warehouse and single-family property at 880 and 908 N. Osceola Ave., Clearwater, from Clearwater Bay Marina LLC to build 125 condominiums and eight townhomes called Antigua Bay. SimDag also bought the Fargo Hotel at 10810 Gulf Blvd., Treasure Island, from Tahitian Treasure Island LLC for $4.75 million, and it plans to buy the Buccaneer Resort Beach Motel at 10800 Gulf Blvd., Treasure Island. On that combined property, the group will build a Buccaneer Beach condo-hotel development, with 75 condos.

The Antigua Bay's condo floor plans will range from 1,600 to 2,600 square feet and the three-story townhomes will be about 2,200 square feet, priced from $600,000 to $1.2 million. Ground breaking is expected in three months.

"The sales trailer is already busy taking calls and booking," he said. The Buccaneer Beach Resort floor plans are about 1,000 square feet and will be priced at more than $700,000.

The SimDag group used SID Clearwater Marina LLC for the Clearwater acquisition and TI Group Investments LLC for the Treasure Island property.

Floridan Hotel acquisition could show way for Belleview Biltmore

Both have historical heritages. But while Tampa's Floridan Hotel is readying itself for a spruce up after local developer Antonios Markopoulos bought it for $6 million, the owners of the Belleview Biltmore Resort & Spa's have filed papers with Pinellas County to demolish the hotel.

Lisa Shasteen, the lawyer who represents Markopoulos, says the Floridan Hotel is "a unique product and being a national monument there are certain things we can and cannot do if we are to avail the federal and local tax credits. But there is little we want to change anyway."

Shasteen also says her client's interest in acquiring the property and preserving the structure was sparked by much community support and help from the government, the city of Tampa and the transportation department.

Work on the exterior and interior has already started, and a new roof will be installed, she says. The hotel should open in about two years.

"It will draw a lot of people because of its unique heritage," she says.

Market Street Mortgage

offers credit to builders

Clearwater-based Market Street Mortgage now offers lines of credit to qualified builders to finance home construction and to pay for developed lots.

The lines of credit, introduced last summer, allow builders to finance seasonal inventory, take advantage of lot purchase opportunities or build houses where buyers prefer to buy a completed home such as communities near military bases.

"Lines of credit are relatively rare among mortgage bankers, which make us unique in the building industry," says Dick Baumer, the company's vice president and manager of construction lending in a company press release. "With this product, we have become more of a full-service lender to the residential construction industry."

The lines of credit are flexible and can be tailored to a builder's needs, Baumer says, adding, "The terms we offer are competitive, market oriented and provide an opportunity for builders to save on paperwork and the time to close on a loan by using revolving master documents."

The lines are offered in eight states.

Colonial Properties Trust buys

Mangrove Bay office building

Birmingham, Ala.-based Colonial Properties Trust recently acquired three office buildings at Mangrove Bay Office Center on U.S. 19 in Clearwater from Melitta USA Inc. for $20.66 million or about $96.9 per square foot. The three buildings, with a total of 213,000 square feet, were built in phases between 1988 and 1997.

The property is half vacant, says Dallas Whitaker, senior vice president of the REIT. But "we are very hopeful and the core of our strategy a very aggressive approach in our marketing program to attract new tenants."

In addition, the company will refurbish the common areas, she says.

The company obtained a mortgage of $21 million from Colonial Realty LP. It has selected Grubb & Ellis to oversee the leasing services for the property.

It is the group's first investment in Pinellas County. Earlier in the year, it bought Westshore Place, which has now been renamed Colonial Buildings I and II. And it also owns the Concourse Center near Tampa International Airport.

Colliers Arnold's study shows aggressive office market

Colliers Arnold says that strong job growth and a robust housing boom were the main reasons behind "an aggressive office market with a voracious appetite" in the first quarter, according to a news release.

Among the other trends are: activity level for real estate is very high and has increased over the last two years; tenants are looking for larger locations; momentum from the fourth quarter of 2004 still continues; demand for land is increasing.

The overall office vacancy rate in the area was 12% and the Class A vacancy rate was 12.5%. The overall lease rate is $17.80 per square foot with the Class A rate at $20.40.

The Westshore submarket has about 14 million square feet of office space. As for construction in that area, the FBI is building a 137,000-square-foot structure on West Gray Street.

North Pinellas has the lowest vacancy rate in the area at 6% and the area has more office space under construction than the rest of the county. In that area, developer Stone Bridge is constructing the largest building, the 54,000-square-foot East Lake Point at 4114 Woodlands Parkway.

St. Petersburg Central Business District is also doing well with a 8.6% vacancy rate. The I-75 corridor had reason to cheer about when a 10-year lease was signed by Syniverse Holding Inc. at the Highwoods Property reserve. The Gateway vacancy rate dropped from 11.6% to 10.9%.

Belleair Development acquires

North Dale Mabry property

Largo-based Belleair Development Group bought the 17,600-square-foot building at 1720 N. Dale Mabry Highway, Tampa, which houses Rooms to Go for $4.5 million or about $255.7 per square foot. The seller was Lois Realty Corp.

Carlos Yepes, president of the group, says the location of the building, which is off Interstate 275 North, makes it a good investment. Belleair Development Group builds and acquires convenience stores, drugstores and mixed use properties.

It is presently a single-tenant occupied building and Yepes says the company will discuss re-leasing matters with Rooms to Go in the coming weeks.

The group used the name Cay Dale Mabry LLC for the transaction, and the property was mortgaged to AmSouth Bank for $4.5 million.

Etc.

• Cypress Run Apartments, a multifamily complex at 15501 Bruce B. Downs Blvd., Tampa, was sold to a Miami-based real estate company which used the name Cypress Run Investment Property LLC for the $23.7 million transaction. Maurice Cyon, manager of the group, signed on behalf of the new owner and the group mortgaged the property to Column Financial Inc. for $18.6 million.

• BDI Properties LLC bought an office building at 8950 Dr. Martin Luther King Jr. St., N., St. Petersburg, from Gaspar Properties Inc. for $6.2 million. BDI mortgaged the property to Colonial Bank NA for $5.4 million. According to the secretary of state's Web site Julie D'Angelo, Richard S. Rodriguez, Dale J. Bergman, Michael Shea, Richard W. Driscoll and Benjamin F. Law are partners at BDI Properties.

• Hendry Corp. bought vacant commercial land from Tampa Electric Corp. at 1700 E. Hemlock St., Tampa, for $4 million.

• Cavalier Resort Motel on 64 Bay Esplanade in Clearwater has been sold to Bay Esplanade Properties LLC for $1.75 million. The seller was Jozef Ostrowski. The new owner obtained a mortgage of $1.8 million from the Bank of St. Petersburg.

• Grady Pridgen III bought a mobile home and recreational property at 10636 Gandy Blvd. from Twin City Mobile Home Park LLC for $2.1 million. Pridgen mortgaged the property to Branch Banking & Trust Co. for $1.7 million.

• Delores Hardy of Marriott Downtown Tampa and Erika Echevarria of Residence Inn Westshore were named Associate of the Year, according to McKibbon Hotel Management Inc. These national awards are given by from Marriott International Inc.

• Prudential Tropical Realty announced the awarding the Certified International Property Specialist (CIPS) to associate Ines Alvarez, according to a company statement. The CIPS designation is awarded by the National Association of Realtors. Alvarez, a Tampa Bay resident since 1970, has been a real estate professional since 1992. She works out of Prudential Tropical Realty's South Tampa office at 1529 S. Dale Mabry Highway.

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