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Tampa Bay Area
Business Observer Friday, May 13, 2005 13 years ago

Real Estate Briefs (Tampa)

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Sterling Equities LLC buys Cameron Lakes ApartmentsTreasure Island Best WesternSea Castle sold for $9 millionInland Retail Trust buys vacant property on U.S. 19San Diego broker buys restaurant buildingTampa industrial facility sold
by: Adam Hughes Staff Writer

Real Estate Briefs (Tampa)

Sterling Equities LLC buys

Cameron Lakes Apartments

New York-based Sterling Equities LLC, which has acquired, developed and operated commercial, residential, retail and industrial properties in the U.S. since 1972, purchased Cameron Lakes Apartments, a 207-unit complex at 2550 Stag Run Blvd., Clearwater, for $14.3 million, or $69,082 per unit.

The seller was Tucson, Ariz.-based NCH Corp., whose partners include Michael Hanson, Randal Dix and Laurie Tucker. The complex was mortgaged to Wachovia Multifamily Capital Inc. for $11 million.

The company, which also owns the New York Mets, has no plans to convert the complex, built in 1987-1988, to condominiums, says Jeffrey Smith, senior vice president at Sterling Equities. Instead the company plans to invest more than $1.5 million in capital improvements. Fire and safety are the first priorities, along with balcony and stairwell reinforcements. The landscaping and pool will also be renovated. The complex has a 3% vacancy rate.

And since the racquetball and the handball courts are not used, Smith says, they will be turned into a fitness center and the existing fitness center will be transformed into a business center. The roadways and signage will be improved later.

Sterling Equities cited the property's location, off U.S. Highway 19 with easy access to office and retail, with Wal-Mart nearby, as the primary reason for buying the complex, the company's first in Pinellas County.

In the Tampa Bay area, the company owns a multifamily residential complex called the Preserve at Deer Park at Livingston Avenue in Lutz.

Treasure Island Best Western

Sea Castle sold for $9 million

David King and Henry King, partners of Tahitian Treasure Island LLC, bought the 41-unit Best Western Sea Castle Suites at 10750 Gulf Blvd., Treasure Island, from Sea Castle Motel Inc. for $9 million. The hotel is on less than an acre.

"No, it is not going to be razed and condominiums built in its place," says David King. After all he owns the adjoining Thunderbird Beach Resort and says the latest acquisition complements the Thunderbird. While Thunderbird consists of hotel rooms and efficiencies, the Best Western consists of one-bedroom suites.

He plans to upgrade the Best Western and has not yet decided whether he'll give it a new name.

Inland Retail Trust buys

vacant property on U.S. 19

Oak Brook, Ill.-based Inland Retail Real Estate Trust, one of the biggest and fastest growing companies that invests, develops, renovates and manages retail estate properties in the U.S., purchased a 132,000-square-foot vacant Target store at 221750 U.S. 19, Clearwater, for $3.65 million. The seller was Brighthouse Florida LLC, a subsidiary of Omaha, Neb.-based Dicon Corp.

"It's going to be redeveloped for multiple retail use," says Barry Lazarus, president of the group. "We will start the physical development next month and should be substantially done by the end of the year."

Lazarus says that negotiations are going on with prospective tenants such as Office Depot, LA Fitness and Bealls Department Store.

"The nature of the tenants will determine the kind of redevelopment," he says.

San Diego broker buys

restaurant building

Frank Morgan, a real estate broker in San Diego for more than 20 years, and Jerelyn Morgan, trustees of the Frank and Jerelyn Morgan Family Trust, purchased 69,300 square feet of property that's home to a Sweet Tomatoes restaurant from CNL Realty Inc. for $2.7 million. The building has a total area of 8,825 square feet and is located at 31151 U.S. 19 N., Palm Harbor.

"It's a move toward retirement," says Frank Morgan, "and the investment in a single tenant triple net lease property is an excellent retirement vehicle." The lease runs for another 19 years and Morgan says that assures him of what he has always wanted: "to retire with income."

Morgan says he is moving his equity out of California and more so out of management intensive properties to less management intensive properties.

The property was mortgaged to BMC Capital LP for $1.86 million.

Sweet Tomatoes, a soup, salad and bakery restaurant, is part of the national Garden Fresh chain.

All homes at The Bellamy

on Bayshore sold out

St. Petersburg-based JMC Communities says all 64 residences at the Bellamy on Bayshore have been sold. The building is located on Bayshore Boulevard, between Knights Avenue and Wallcraft Avenue, in South Tampa.

"We are delighted with the overwhelming response to our first Tampa luxury project, and proud to say we've sold all our homes while still under construction," says Michael Cheezem, JMC Communities' CEO.

The 21-story condominium community features Mediterranean, Palm Beach-style architecture and offers amenities such as a wine cellar, fitness center and spa, library, theater, landscaped swimming pool plaza, concierge services and club and social rooms.

Sydness Architects of New York is the architect for the project.

Completion of the construction is scheduled for next spring.

Tampa industrial

facility sold

Oxford, Fla.-based Sloan Family Partnership Ltd. sold a 20,000-square-foot industrial facility at 6402 at 6402 Badger Drive in Tampa to Daniel T. Mier of Tampa for $1.3 million or $65 per square feet.

Mark McKell, industry property specialist, at Colliers Arnold Commercial Real Estate Services Inc. represented the seller; while the buyer was represented by Walter Dickinson of Tampa Bay Inc.

Etc....

• Anchor Court Apartments motel at 940 Gulf Blvd. N., Indian Rocks Beach, was sold to Da Vinci Development LLC for $7.35 million. The new owner Sandip I. Patel could not be reached.

• Earl J. Small Growers Inc. has sold warehouse and office properties at 6901 49th St. N. and 68th Avenue North, Pinellas Park, to GMAC Model Home Finance Inc. for $6.61 million.

• A grand opening celebration was held May 10 for the Fifth Avenue Villas, a mixed-use residential/commercial project in historic Ybor City on the northeast corner of Fifth Avenue and 20th Street. Developer and owner Steve Yturriaga was the host and Tampa Mayor Pam Iorio was a guest. The project consists of 29 residential units and seven commercial spaces on the first floor.

• A subsidiary of Minnesota-based EBF & Associates LP, called Tampa Groves LLC, purchased more than 500 acres of orchard groves east of Balm-Wimauma Road in unincorporated Hillsborough from William and Julian Lane of Lane Groves Inc. for $6.67 million. EBF & Associates did not return calls by press time.

• Isaac Reiter, managing partner of Tampa-based Canterbury Gardens LLC, paid $4.7 million for agricultural land near Cross Creek Boulevard in Hillsborough County to develop more than 200 residential units. The seller was Riverview-based SDD Trust Inc.

• George H. Hayes III, a partner at Hayes and Martohue PA, has invested $4.5 million purchasing pasture land at 11550 Infields Drive in unincorporated Hillsborough County under the name of Clear Ocean Investment II Corp. Cynthia and Robert McGray were the sellers.

• A Sam's Club opened May 5 near Pasco County's Seven Oaks, a 3,000-home community off S.R. 56 between Interstate 75 and Bruce B. Downs Boulevard.

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