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Business Observer Friday, Aug. 5, 2005 13 years ago

Real Estate Briefs (Tampa)

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South Florida condo converter buys 300 apartments in TampaNew Jersey investment firmbuys 29 retail sites in FloridaSimDag affiliate pays $12.4 million for 1 acreClearwater Inn owner pares interest rates, reduces costsSouth Florida investors buy pasture land for $10 million
by: Adam Hughes Staff Writer

Real Estate Briefs (Tampa)

South Florida condo converter

buys 300 apartments in Tampa

BUYER: Preserve 300 LLC, Miami

seller: Linebaugh Development LLC, Tampa

property: The Preserve Apartments, 12349 Linebaugh Ave., Tampa.

price: $33,000,000.

PRIOR SALE: $2,060,000, undeveloped in 1998.

Law Firm on Deed: Holcomb & Mayts PA, Tampa.

PLANS, DESCRIPTION: Over the past year or so, a partnership between South Florida developers Prestige Builders Group LLC and Transeastern Properties Inc. has converted hundreds of apartment units into condominiums. The work even earned Miami-based Prestige Builders the Condominium Converter of the Year award from South Florida's Latin Builders Association.

Last year, the partnership converted Sarasota's Villagio apartments into the Villa D'Este as part of its statewide condo conversion strategy. It's a strategy the partnership apparently plans to execute in the Tampa area.

The partnership, operating as Preserve 300 LLC, recently purchased the 300-unit Preserve at Westchase for $33 million from Tampa's Linebaugh Development LLC. That's about $110,000 a unit for the 6-year-old property at 12349 Linebaugh Ave. in north-central Hillsborough County.

Preserve 300 lists Marty Caparros Jr., Prestige Builders' co-CEO, and Arthur Falcone, chairman of Coral Springs-based Transeastern Properties, as the firm's managing members.

The partnership financed the acquisition with a $32.3 million mortgage through U.S. Bank NA. The mortgage allows for future advances of up to $50 million.

Caparros did not respond to a request for comment.

New Jersey investment firm

buys 29 retail sites in Florida

BUYER: Sovereign TB LLC, Princeton, N.J.

seller: Tromble & Co. Inc., Port Charlotte

property: 29 fast food retail sites in 10 Florida counties, including Collier, Hillsborough, Lee, Manatee and Sarasota.

price: Multiple sales in excess of $31 million.

PRIOR SALES: Not available

LAW FIRM ON DEEDS: Law Office of Thomas Garrard PA, Punta Gorda.

PLANS, DESCRIPTION: Over the past couple of years, Sovereign Investment Co. has negotiated at least $140 million in sale-leaseback agreements with companies such as Sunstate Equipment Co. and franchisees ranging from Jiffy Lube to Roadhouse Grill.

Just recently, the Princeton, N.J.-based subsidiary of Marcus & Millichap Co. negotiated the purchase of 29 Taco Bell fast-food retail sites in Charlotte, Collier, Hendry, Hillsborough, Lee, Manatee, Martin, Palm Beach, Sarasota and St. Lucie counties.

Neither officials at the buyer nor the seller, Port Charlotte's Tromble & Co. Inc., responded to requests for information about the transactions. It doesn't appear either issued any releases about the deals.

However, current accessible online property records in eight of those counties reveal the Princeton company purchased 17 properties through Sovereign TB LLC for almost $31 million.

It financed the transactions with a $44.5 million mortgage through Wells Fargo Bank NA. The mortgage describes the financing as an encumbrance on all 29 properties in those 10 Florida counties.

Properties records show the Princeton company paid $6.3 million for three sites in Hillsborough, $5.1 million for three sites in Sarasota, $4.73 million for two sites in Collier, $4.72 million for three sites in Charlotte and $3.2 million for two sites in Manatee.

Individual sales ranged as high as $2.5 million for one store in Collier and as low as $1 million for one in Charlotte.

Of the 17 properties GCBR documented, individual sales averaged about $1.82 million.

SimDag affiliate pays

$12.4 million for 1 acre

BUYER: TI Group Investments LLC, Tampa

seller: Buccaneer Beach Resort Motel Inc., Treasure Island

property: 10800 Gulf Blvd., Treasure Island

price: $12,400,000

PRIOR SALE: $2,590,000 in 1999.

TITLE FIRM ON DEED: Stewart Title of Pinellas Inc., St. Petersburg.

PLANS, DESCRIPTION: Condominium developer SimDag Investments LLC has moved a step closer in its plan to build 75 more waterfront condos. An affiliate has acquired Treasure Island's Buccaneer Beach Resort Motel for $12.4 million with plans to build luxury condos on the site.

TI Group Investments LLC paid about $283 a square foot for the 43,747 square feet of land at 10800 Gulf Blvd. The development group intends to raze the 57-unit motel built during 1950-53. The hotel closed earlier this month.

The sale price is almost 380% more than the prior sale price. Buccaneer Beach Resort Motel Inc. last acquired the property in August 1999 for almost $2.6 million.

Once completed, the proposed Buccaneer Beach Resort condo building would offer buyers two-bedroom, two-bath units with about 1,000 square feet of living space. Most of the units will have direct views to the Gulf.

This is the second related acquisition for SimDag's TI Group. Earlier this year, it paid nearly $4.8 million, or $271 a square foot, for the adjoining Fargo Motel, 10810 Gulf Blvd.

At the time of that sale, TI Group secured nearly $17 million in financing for the project through AmSouth Bank. The bank just filed a mortgage modification agreement that advances $5.1 million to help TI Group offset acquisition costs.

Founded in 1999, SimDag Investments is a partnership of entrepreneurs Jody Simon and Frank Dagostino and real estate developer Robert Lyons. Together they have built hundreds of condo units throughout Pinellas County's beachfront communities.

Another affiliate, SimDag/Robel LLC, is building a 52-story condominium tower in downtown Tamp in partnership with New York real estate mogul Donald Trump.

California investment group

buys 238 rental apartments

BUYER: Ronald D. Asher & Andria L. Asher Living Trust, et al.

seller: Matrix Country Crossing LLC, Loveland, Ohio

property: 7903 Holly Lea Court, Tampa

price: $10,250,000

PRIOR SALE: $7,600,000 in 2004.

Law Firm on Deed: Robert S. Foreman PA, Fort Lauderdale.

PLANS, DESCRIPTION: A group of investors from Southern California has acquired the 238 rental units in Tampa's Puritan Place apartment community.

The venture paid almost $10.3 million, or $43,067 a unit, for the 34 buildings constructed in 1974 at 50th Street and Puritan Road in north-central Tampa.

The purchase price is almost 35% more than what Loveland, Ohio-based Matrix Capital Partners paid for it. In February 2004, the affiliated Matrix Country Crossing LLC paid $7.6 million for the site. That compares with a prior purchase price of $5.8 million in July 2002.

More than a dozen investors, who list an Alta Loma, Calif., mailing address, pooled resources to purchase Puritan Place. The investment stake ranges as high as 33% to as low at 1%. The majority investor is the Ronald D. and Andria L. Asher Living Trust with a 33.024% stake.

Roseville, Calif.-based Goodstein Puritan LLC owns 10.866% of the venture. Corporate records list Lawrence M. Moniak as the firm's managing member. Moniak owns a 6.251% stake individually and a separate 6.251% stake as a co-trustee with Ellen G. Moniak.

The venture partners financed the acquisition with an $8.2 million mortgage through Greystone Servicing Corp.

Clearwater Inn owner pares

interest rates, reduces costs

BORROWER: 185Clearwater LLC, East Lansing, Mich.

LENDER: Prudential Mortgage Capital Co. LLC.

property: 21030 U.S. 19 N.

MORTGAGE AMOUNT: $11,307,776.

LAW FIRM ON MORTGAGE: Winston & Strawn LLP.

PLANS, DESCRIPTION: The owner of the Clearwater Inn has found a way to reduce operating costs by paring its mortgage interest rates.

HRC Hotels LLC recently obtained a $46 million conduit loan through Prudential Mortgage Capital Co. LLC, says Terry Hall, president of the East Lansing, Mich.-based hotel company. The deal consolidates loans on about 10 of the company's hotel properties from Florida to Michigan.

The company earned an overall reduced interest rate in a fixed, 10-year mortgage through Prudential Mortgage, Hall says. The lender offered favorable rates since it pooled the loans and remarketed them as a package to Wall Street investors.

In Clearwater, the company obtained about $11.3 million in refinancing on the 174-unit hotel at 21030 U.S. 19 N. The company purchased the 41-year-old property in July 2002 for about $1.22 million.

South Florida investors buy

pasture land for $10 million

BUYER: Apollo Beach Holdings LLC, Pembroke Park in Broward County.

seller: Apollo Beach Investments LP, Pineland in Lee County.

property: Pastureland south of Big Bend Road on the west side of U.S. 41

price: $10,100,000

PRIOR SALE: $2,550,000 in 2004.

Law Firm on Deed: DeBoest Stockman Decker Broughton & Hagen PA, Fort Myers.

PLANS, DESCRIPTION: Apollo Beach Holdings LLC, a Broward County investor group, recently acquired almost 121 acres in southeast Hillsborough County for $10.1 million. That's about $83,915 an acre or $22.65 a square foot. The buyer, a partnership headed by Pembroke Park developers Sam Jazayri and John Tavone, paid almost 300% more than the prior purchase price.

In February last year, Apollo Beach Investments LP paid $2,550,000 for the 120.36 acres south of Big Bend Road on U.S. 41. That's about $21,186 an acre or about $5.72 a square foot. It's uncertain what the buyer intends to do with the property. Gulf Coast Business Review was unable to locate either Jazayri or Tavone for comment.

The seller is a venture between Andress Family Florida LP and Capri Holdings Investment Inc., two firms based in the Lee County community of Pineland.

- David R. Corder

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