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Business Observer Friday, Apr. 7, 2006 12 years ago

Real Estate Briefs (Tampa)

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California investors' group buys Wyndham WestshoreTampa partnership buys former Eckerd headquartersFormer ranch land slated for residential development
by: Adam Hughes Staff Writer

Real Estate Briefs (Tampa)

California investors' group

buys Wyndham Westshore

BUYER: Lowe Enterprises Investors

SELLER: W2005WYN Hotels

PROPERTY: 4860 W. Kennedy Blvd., Tampa PREVIOUS PRICE: $22,261,000

PLANS, DESCRIPTION: Los Angeles-based Lowe Enterprises Investors acquired the 322-room Wyndham Westshore Hotel, part of the Urban Centre mixed-used development on West Kennedy Boulevard, from W2005WYN Hotels LP March 30.

A Lowe Enterprises spokesperson said she wasn't allowed to release the purchase price, and the deed was not yet recorded with the Hillsborough County Clerk of Court by the Review's deadline.

W2005WYN Hotels, a private investment fund managed by Goldman Sachs and affiliates of Highgate Holdings, had owned the property for a year, according to Hillsborough public records. In March 2005, WYN2500 paid $22,261,000 for the Tampa hotel as part of its $366 million acquisition of 25 hotels.

Lowe Enterprises is part of Lowe Hospitality Investment Partners, a $266 million fund that invests solely in hotels and resorts. The group plans a $21 million renovation of the 11-story hotel built in 1984.

The lobby, guest rooms, common areas and meeting spaces will be remodeled to create "the luxury experience for guests," according to a news release.

Guest rooms will have stone and marble bathrooms, luxury linens and flat screen televisions.

In addition, the group is adding 4,370 square feet to its corporate meeting area. Renovations should be completed by September 2007.

Lowe Enterprises manages more than $2 billion in real estate assets on behalf of investment clients.

Tampa partnership buys

former Eckerd headquarters

BUYER: BD Fairways, Tampa

SELLER: Eckerd Corp.

PROPERTY: Bryan Dairy Road, Largo

PRICE: $24 million

PLANS, DESCRIPTION: Colliers Arnold Commercial Real Estate Services, Inc. sold the former Eckerd Corp. headquarters at 8285-8333 Brian Dairy Road, Largo, for $24 million to a Tampa partnership.  

The transaction, completed March 30, included 39 acres and buildings with more than 538,000 square feet. The buildings have been vacant since September 2005.

The site is across the street from Bardmoor Golf Course and six miles from Pinellas beaches, said Delores Seymour of Colliers Arnold. Seymour and Edward Miller negotiated the transaction.

BD Fairways Ltd. is part of Harrod Properties, which owns the office building at 8250 Bryan Dairy Road, according to Pinellas property records.

Founded in 1990, Harrod Properties Inc. designs, builds, leases and manages office and industrial buildings. The company, currently manages more than 4 million square feet.

Colliers Arnold, a national company founded in the Tampa Bay area in 1974, is a full service commercial real estate firm with 150 employees.

 

Former ranch land slated

for residential development

BUYER: Long Lake Ranch LLC

SELLER: Geraci Family Associates Ltd., Roy and Peter Geraci

PROPERTY: 19026 Sunlake Blvd., Pasco

PRICE: $20,947,300

LAW FIRM ON DEED: Lopez & Kelly PA, Tampa

PLANS, DESCRIPTION: Brothers Roy and Peter Geraci sold about 1,000 former acres of ranch land on State Road 54, Lutz, to Long Lake Ranch LLC for development.

Tennessee-based Beazer Homes Corp. plans to build about 1,900 homes and 2 million square feet of commercial and retail space. The company is part of Beazer Homes USA Inc., a public company based in Atlanta.

The sale appears to have solved a legal dispute between the Geraci brothers over land inherited from their father. The two have been fighting in Hillsborough court over the distribution of property.

Beazer Homes obtained a $15.4 million mortgage from BankUnited.

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