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Tampa Bay Area
Business Observer Friday, Apr. 22, 2005 13 years ago

Real Estate Briefs (Tampa)

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Jacaranda Beach Villas sold for $19.3 millionKinderCare Learning Centers obtain $10.7 million mortgageAlexan at Legacy Crescent Place bought for $40 millionFranklin Street condominiumfoundation work beginsHilton Hotel at Redington Beach obtains refinancing mortgageFirst Tampa Development Corp. buys land in St. PetersburgECI Group of Georgia buys Champions Point apartmentsRottlund Homes buys lots from Covered Bridge TownhomesWal-Mart closes deal on purchase of land for Tarpon Springs centerRogers Beach Development buys apartment building in Clearwater
by: Adam Hughes Staff Writer

Real Estate Briefs (Tampa)

Jacaranda Beach Villas

sold for $19.3 million

Fort Myers-based Mariner Marketing Services and Development Co. LLC completed the purchase of the Jacaranda Beach Villas at TradeWinds Island Grand Resort, 5600 Gulf Blvd., St. Pete Beach, for $19.3 million, according to property records. The seller, RIA Tradewinds Inc., will continue to manage the property.

Built in 1985, the Jacaranda Beach Villas recently were converted into "resort condos" by Mariner Marketing Services and Development Co. at a cost of more than $10 million, says Dennis Meyers, director of real estate sales for the company. Jacaranda Beach Villas, with 288 units, is part of a seven-story building on a 22-acre site.

The development offers buyers the opportunity to own a vacation condominium with the option of renting additional time, Meyers says.

For more than 30 years, the Mariner group has crafted upscale resort condominiums in Florida and Bahamas. This is the group's first venture in the Tampa Bay area.

KinderCare Learning Centers

obtain $10.7 million mortgage

Nine Tampa Bay area centers of Portland, Ore.-based KinderCare Learning Center obtained a mortgage of $10.7 million from the French bank BNP Paribas, according to property records.

The mortgage, according to a company spokesperson, was part of an overall refinancing package for debt restructuring following KinderCare's merger with Knowledge Learning Corp. in January. She declined to disclose the overall amount refinanced.

KinderCare, founded in 1969, has 1,250 centers nationwide serving more than 120,000 children between the ages of six weeks and 12 years. Knowledge Learning Corp. began as Children's Discovery Center in 1983 and has since expanded to 740 community and more than 450 on-site school programs. Together the two companies serve more than 200,000 children, with 1,900 community centers, 656 before-and-after school programs and 123 employer-sponsored childcare centers in 39 states and the District of Columbia.

Alexan at Legacy Crescent

Place bought for $40 million

Newport Beach, Calif.-based Province Group LLC bought the 432-unit Alexan at Legacy Crescent Place apartment complex at 5501 Legacy Crescent Place, Riverview, from Trammell Crow Residential Co. for $40 million or $92,592 per unit.

The company obtained a $35.4 mortgage - $28.4 million from National Insurance Co. and $7 million from L.J. Melody and Co. Merk J. Kerslake, managing member of the group, did not return GCBR's calls prior to press time.

Alexan at Crescent Place is near downtown Brandon and the Lee Roy Selmon Expressway, and it's distinctive for its Execustay, the fully furnished corporate accessorized apartments.

Trammell Crow Residential continues to manage the property, according to an apartment supervisor.

Franklin Street condominium

foundation work begins

Franklin Street Developers LLC obtained a mortgage of $10.1 million from Wachovia Bank to commence its 40-unit condominium project at 1108 North Franklin St., Tampa, next to the offices of Prida, Guido & Co.

The foundation work is expected to commence April 25; and the 15-month project will be completed by 2006 summer, according to Andres Prida, the developer. R.J. Bunbury is the general contractor for the project.

Prida says 32 units of the 40 one- and two-bedroom condos, ranging between the low $300,000s and the high $500,000, have been presold.

Hilton Hotel at Redington Beach

obtains refinancing mortgage

The owner of the Hilton Tampa Bay/North Redington Beach Resort, Carl Hall, recently obtained a low-interest refinancing mortgage of $5.8 million from PNC Bank NA, according to Terry Graber, the hotel's general manager.

Built in 1986, Hilton Tampa Bay is located at 17120 Gulf Blvd., North Redington Beach, and has 125 rooms.

First Tampa Development Corp.

buys land in St. Petersburg

First Tampa Development Corp. owner Dimitri Artzibushev bought 10.5 acres at 118th Ave. N., St. Petersburg, from Post Publishing Inc. for $4.2 million or $400,000 per acre.

Artzibushev will develop the land and sell the finished lots to Rottlund Homes, which plans to build 120 townhomes.

For the development of the land and infrastructure, he obtained a mortgage of $5.75 million from Wachovia Bank NA.

ECI Group of Georgia buys

Champions Point apartments

Georgia-based ECI Group bought the 196-unit Champions Point multifamily apartment complex at 3660 East Bay Drive, Largo, for $11.45 million from Tampa-based Quadrangle Properties PTR. The cost per unit was $58,418. The company obtained a mortgage of $2.09 million from Primary Capital Advisors LC.

Built in the mid-1980s, the one- and two-bedroom apartments will continue as rental units and will not be converted into condominiums, says Seth R. Greenberg, president of development for ECI Group. The value and location of the property with surrounding lakes and features, such as the pool area, fountains and hot tubs, made the property an attractive acquisition, he says, adding, "It's a quiet little sanctuary in a densely populated place."

The new owner will update the property by re-landscaping and adding a fresh coat of paint, Greenberg says.

ECI Group, according to Greenberg, is an apartment developer, constructor and operator, with assets in the southeastern states of Mississippi, Tennessee, Georgia and Florida. The company is committed to the greater Tampa market because of its continued growth. Among the apartments ECI Group has built or owns in the Tampa Bay area are The Columns in Seminole, The Columns at Cortez in Bradenton and The Columns at Seven Springs in New Port Richey.

For this deal, the company used the name of Pinellas East Bay Associates Ltd.

Rottlund Homes buys lots from

Covered Bridge Townhomes

Rottlund Homes completed its purchase of 44 single-family lots from Covered Bridge Townhomes LLC for $2.28 million. The lots are located at U.S. Highway 19, south of Curlew Road, in Dunedin.

The lots, 88 in all, will have 2-bedroom, 2-bath townhomes, which range in price from $260,000 to $290,000 and have been pre-sold, according to division President Michael Willenbacher. Construction on 40 units has already started and the entire project should be completed within 10 months, Willenbacher says.

Wal-Mart closes deal on purchase

of land for Tarpon Springs center

Wal-Mart Stores East LP purchased 30.3 acres on U.S. Highway 19 and Beckett Way in Tarpon Springs from ABR properties Inc. for $8.35 million or $275,577 per acre.

This would be Wal-Mart's first super center in Tarpon Springs, according to Eric Brewer, Wal-Mart's community affairs manager in Florida. The store will be a typical 180,000- to 200,000-square-foot facility.

The center, according to company projections, is expected to be ready by summer of 2006, Brewer says, adding: "It's a wonderful opportunity for us to increase our presence in the growing Tampa Bay area."

Rogers Beach Development buys

apartment building in Clearwater

Roland Rogers of Rogers Beach Development Real Estate Services bought an apartment building at 180-188 Brightwater Drive, Clearwater, from Gus Di Giovanni of Di Giovanni Development LLC for $4.5 million.

Rogers says the existing apartment building will be razed, giving way to condominiums that are now being designed.

"It will take about three months to complete the plans and get the necessary approval from the city," Rogers says. He's considering about 24 condos, with an average of 2,100 square feet in size. Prices will start at $850,000.

Rogers used Flamingo Bay Clearwater LLC and Di Giovanni used Flamingo Bay Condominium Development LLC for the transaction.

Rogers and Di Giovanni are partnering on the on-going waterfront Brightwater Point condo project in Clearwater.

Etc. ...

• The private groundbreaking party of the 20-story Plaza Harbour Island brought residents, Realtors, city officials and officers of the developer Patrinely Group to celebrate the sales of more than 80% of the 118 luxury tower condominiums to be built in the first phase. Mayor Pam Iorio graced the party to offer congratulations. Eventually the project will be a 600,000-square-foot urban lifestyle village with 300 luxury residences, ranging from 1,350 square feet one-bedroom residences to eight 4,300-square-foot penthouses and are priced from the $400,000s to more than $3 million and also include retail space and various amenities.

• Belleair Village Condominiums LLC has obtained a mortgage of $5.62 million from First Tennessee Bank NA to complete the renovations of 80 condominiums at 1550 S. Belcher Road, Clearwater. Joseph Reed of Knoxville, Tenn.-based First Southern Mortgage signed for Belleair Village Condominiums.

• Larry Newsome's Queensboro LLC obtained a $5.49 million mortgage from Neighborhood Learning Partners. Newsome is president and CEO of the nonprofit Urban Development Solutions, which is well known for redeveloping a 3.6 acre site as the Queensboro project located between 21st and 22nd Streets South and 18th Avenue and Queensboro Avenue South, near St. Petersburg's Midtown.

• On behalf of On Deck LLC, Clearwater attorney John M. Elias obtained a mortgage of $5.47 million from First Community Bank of America for a mixed-use commercial development at 1600 Central Ave., St. Petersburg.

• San Diego's Pacifica Cos. Inc.'s local affiliate Pacifica Tampa LP, which owns Doubletree Guest Suites at 11310 N. 30th St., near Busch Gardens in Tampa, has obtained a $5 million mortgage from Wells Fargo Bank NA.

• Laura Hausen and Larry Stockton, managing brokers of Port Richey and New Port Richey, respectively, of Prudential Tropical Realty were recently honored with the Cornerstone Award, which recognized the offices as two of the leading ones in the Prudential Real Estate Network that have a gross profit of at least 8% of growth commission income or a minimum of $300,000 gross profit. The awards were announced during Prudential Real Estate's annual sales convention held March 14-16 in Las Vegas.

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