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Business Observer Friday, Apr. 1, 2005 13 years ago

Real Estate Briefs (Tampa)

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MI Homes plans 2,200-unit residential developmentCondo-offices to be developed at Clearwater's Northwood Plaza Alvarez Homes opens model homes in SouthshoreHoliday Inn Express mortgaged as part of a collateral loanMobile home park on Valrico Road soldEuromax International buys Pinellas manufacturing facilityHarrod Properties Inc. sells Bryan Dairy Road East property
by: Adam Hughes Staff Writer

Real Estate Briefs (Tampa)

Hillborough/Pinellas

MI Homes plans 2,200-unit

residential development

A large-scale residential development is planned for the northwest corner of U.S. Highway 301 and 19th Avenue, which runs along Interstate Highway 75 in Hillsborough County.

Ohio-based MI Homes Inc. bought 558 acres of vacant land for $34.9 million from Arthur Falcone of Tampa 301 Partners LLC.

"The total development will be roughly 2,200 residential units," said Mark Spada, vice president of land acquisitions at MI Homes of Tampa LLC, the name used for the transaction. Groundbreaking is expected in the third quarter.

Part of the proposed development will require approval as a Development of Regional Impact, Spada said.

Condo-offices to be developed

at Clearwater's Northwood Plaza

Northwood Plaza in Clearwater, which borders four streets - McMullen Booth Road, Enterprise Road, Landmark Drive and Eastland Boulevard - will undergo alterations.

The 297,000-square-foot mixed-use plaza includes retail stores and offices, according to Ray Martin, director of leasing at United American Realty, the asset manager of Northwood Plaza LLC.

"We took 60,000 square feet of office out of retail and plan to sell it as condo-offices," Martin said. "They are now lease offices. We will improve them and sell them to the tenants or other buyers. We will also do remodeling of the retail portions."

For the proposed development, the partners of Northwood Plaza LLC - Peter Holden and John Holden - created a separate entity called the Northwood Plaza Office Condominium Inc. and paid $7 million for the transfer. Northwood Plaza Office Condominium LLC obtained a mortgage of $6 million from Northwood Plaza LLC and $2,650,000 from Regions Bank.

Alvarez Homes opens model

homes in Southshore

Overlooking the 135-acre lagoon at MiraBay in the Southshore area of Hillsborough County, Alvarez Homes has opened a $3 million Mizner-style estate model home community.

The two-story Miramar is a 5,867 square-foot, four bedroom, 5.5 bath home, according to a company news release. When MiraBay is completed in about five years, it is expected to have 1,750 homes. The prices range from the mid-$200,000s to more than $5 million.

Mirabay is being developed by Newland Communities.

Holiday Inn Express mortgaged

as part of a collateral loan

Raleigh, N.C.-based Winston Hotels Inc., a real estate investment trust that specializes in the development, acquisition and repositioning of upscale hotels nationwide, has obtained a $155 million five-year line of credit for a revolving loan from General Electric Capital Corp.

Twenty-three hotels, owned by one of the company's wholly owned subsidiaries, Winston SPE II LLC, collateralized the loan, according to Joseph V. Green, president of the group. A local property, The Holiday Inn Express on Icot Boulevard in the Clearwater-Gateway area, was mortgaged for $15.28 million to secure the loan.

The wholly owned subsidiary paid $4.45 million to the WINN Limited Partnership for the conveyance.

The company borrowed $77.5 million from General Electric and paid off its outstanding $125 million loan from Wachovia Bank, according to a press release.

Approximately $77 million will be used to acquire new hotels, as well as for renovations at existing hotels, Green said.

Mobile home park

on Valrico Road sold

Amnon Dabach and Ziva Dabach of Azzdva International Fund Inc. bought the mobile home park at 1221 North Valrico Road, Valrico, for $2,150,000. The seller was Suvawinds Inc., whose partners are Rosemarie Adam and Henri Demartell of Valrico and Donald A. Adam and Beverly Adam of Santa Ana, Calif.

Usher Bryn, the attorney who represents the new owners, said no major changes are planned to the 70-unit park.

Euromax International buys

Pinellas manufacturing facility

Georgia-based Euromax International Inc., which specializes in aluminium, steel, vinyl and fiberglass products, has acquired a manufacturing facility at 424 31st St., N., in Lealman for $1.07 million.

Gutter Acquisition Inc., a subsidiary of Euromax International, bought the property, according to Pinellas property records. Michigan-based Gutter Suppliers Inc. was the seller.

Euromax CFO Scott Vansant said the company will operate the 60,000-square-foot facility that manufactures patio and awning facilities. It's too soon, he said, to say whether the company plans to renovate or expand the facility. It is the company's first investment in the Tampa Bay area.

Harrod Properties Inc. sells

Bryan Dairy Road East property

Harrod Properties Inc. sold an office/industrial property at 7300-7480 Bryan Dairy Road, Largo, for $25,850,000. The buyer was FRPO-501 LLC, an affiliate of Santa Barbara, Calif.-based Rancho San Juan Inc.

FRPO-501 and Fort V MT LLC, a subsidiary of Los Angeles, Calif.-based Fort Properties Inc., mortgaged the property to Barclays Capital Real Estate Inc. for $15.47 million. Charles B. Runnels III is the president of Fort Properties Inc.

Gary Harrod, founder of Harrod Properties, declined to discuss specifics of the sale. The new owners could not be reached.

The 280,645-square-foot property was built in 1996.

Etc.

• 6th Street Partners LLC, an affiliate of Clearwater-based Byrd Corp., bought about 30 acres of orchard groves at 1203 Sixth St., S.E., Ruskin. Dan S. Tillett and Joani J. Tillett were the sellers.

• Maurice Wilder of Wilder Corp., a company based in Clearwater, bought Parc Center, a multistory office building at 410 Ware Blvd., Brandon. Tenants include Rent A Car Inc., Brandon chapter of American Red Cross, Florida Coastal Islands Sanctuary and a Missing Children Help Center.

• Grady C. Pridgen III of Grady Pridgen Inc. bought a warehouse at 232 Second St., N., St. Petersburg, according to the Pinellas property records. Bill Pendergast and Bob Barnes sold the 13,000-square-foot building for $1.6 million. Pridgen mortgaged the property to the sellers for $1.3 million. Pridgen used the name of Grahar Second Street LLC for the transaction.

• Staubach Capital Partners LLC conveyed its property - a CVS store on North Dale Mabry Highway - to the CVS Corp. For the conveyance, SCP 2004 E-573 LLC, the name used for the transaction, borrowed $6.08 million on behalf of CVS. Wells Fargo Bank Northwest NA was the lender.

• James Buckley, Sam Hakki and Scott Hall are the new owners of a supermarket at 5401 East Busch Blvd., Temple Terrace. They bought the property for $3.28 million from Jack's Square Pinchasi LLC, Jack's Square Smith LLC and Jack's Square Heissler LLC of California.

• Philip Craft and Karin Craft of PKC Properties LLC of Redington Shores bought multiresidential units at 528, 546, 612, 628 and 646 88th St., St. Petersburg, for $2.25 million. Belleair Shore's Richard Surette of Property GW40 LLC was the seller. PKC obtained a $1.68 million mortgage from Colonial Bank NA.

- Gaurav Ghose

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