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Business Observer Monday, Jun. 13, 2005 13 years ago

Real Estate Briefs (Tampa)

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Cobalt Capital acquires light industrial propertyChicago company buys Carrollwood Cove ApartmentsOffice Depot site sells for $133 a square footBlume Brothers Swap Largo warehouse property
by: Adam Hughes Staff Writer

Real Estate Briefs (Tampa)

Cobalt Capital acquires

light industrial property

BUYER: Cobalt-Eastgate LLC

SELLER: Tampa East Flexxspace Ltd., Tampa East Flexxspace Ltd. LLC and AP Adler SPV Member II Inc.

PROPERTY: 9850 Currie Davis Drive, unincorporated east Hillsborough County.

PRICE: $11.53 million

PREVIOUS PRICE: $7.45 million, 1999.

LAW FIRM ON DEED: Stroock Stroock & Lavan LLP, Miami

PLANS, DESCRIPTION: Cobalt Capital Partners LP completed this deal as part of a targeted geographic strategy to increase its portfolio of light industrial-warehouse properties.

The Irving, Texas-based company lists Tampa on its Web site (www.cobaltcapitalpartners.com) as one of 21 metropolitan growth markets. In Florida, Miami is also one of the company's targeted markets.

About three years ago, the real estate arm of United Services Automobile Association - San Antonio-based USAA Real Estate Co. - and real estate executive Lewis Friedland formed Cobalt Capital with the purpose of investing in light industrial properties. It prefers fee simple ownership of high-quality properties that range from 50,000 to 250,000 square feet.

In this deal, the Cobalt Capital subsidiary paid about $48 a square foot for 238,976 square feet of flexible office-service space in Tampa's Eastgate Distribution Center.

The Cobalt Capital subsidiary paid 50% more than what the building sold for six years earlier when Adler Group Inc. affiliates paid $7.45 million for the 14-acre site at 9850 Currie Davis Drive. The seller reported the site as 100% leased at the time of the sale.

A company spokesperson says the sale does not lessen the Adler Group's focus on the Tampa Bay area as a growth market. The Miami-based Adler Group affiliates still own about 1.2 million square feet of flexible industrial space in the Tampa Bay region. Of the total, Adler Group owns about 674,365 square feet of flexible office-service space in Tampa's Tri-County Business Park.

Cobalt Capital officials did not respond to a Gulf Coast Business Review request for comment about the acquisition.

Chicago company buys

Carrollwood Cove Apartments

BUYER: Carrollwood Cove LLC

SELLER: Ehrlich Road Properties Inc.

PROPERTY: Greens at Carrollwood apartments, 14702 Par Club Circle, unincorporated Hillsborough County.

PRICE: $11.5 million

PREVIOUS PRICE: $795,000, 1994, (land).

LAW FIRM ON DEED: Stearns Weaver Miller Weissler Alhadeff & Sitterson PA, Miami

PLANS, DESCRIPTION: The subsidiary of Providence Management Co. LLC paid about $166,667 a unit for this 69-unit multifamily property on Ehrlich Road just west of North Dale Mabry Highway.

This is one of the largest multifamily sales per unit completed in the Tampa Bay area, reports Clearwater's Colliers Arnold Commercial Real Estate Services. John W. Stone, managing director of Colliers Arnold's multifamily services division, and multifamily specialist Jason Stanton represented the seller.

Market conditions account for the company's interest in the Greens at Carrollwood, says Bruce LaMotte, Providence's president. He and Alan H. Pollack, the company's chairman, guaranteed the $11.5 million note that Compass Bank issued on the property to PMC Cove LLC and Providence Management Co.

In particular, LaMotte cited the Tampa Bay area's positive employment and population growth as two of the principal reasons for their investment. The property also has high occupancy, LaMotte says, though he would not cite a specific percentage.

"We've been looking at the market for the past three or four years and decided it was good timing to enter the market," he says.

The Chicago company purchased the 9-year-old property from Ehrlich Road Properties Inc. Scott H. Westmore is listed on the warranty deed as that company's president.

Described as a gated luxury community, Greens of Carrollwood offers two-bedroom, two-bath condo-style units that rent as low as $950. On the other end, it offers three-bedroom and two-and-half-bath villas that rent for $1,700. It touts video-surveillance among amenities such a heated swimming pool, a fitness center and a putting green.

Except for this recent acquisition, LaMotte says, Providence Management focuses most of its multifamily asset management and acquisitions in the Midwest. He would not disclose the total number of apartment units the company now owns.

Office Depot site sells

for $133 a square foot

BUYER: 2300 Restaurant LLC

SELLER: Pillisch Properties Inc.

PROPERTY: Retail warehouse, 40545 U.S. 19 N., Tarpon Springs.

PRICE: $4.1 million

PREVIOUS PRICE: $3.75 million, 2000.

LAW FIRM ON DEED: Baker & Hostetler LLP, Orlando

PLANS, DESCRIPTION: Pompano Beach-based 2300 Restaurant LLC paid almost $133 a square foot for the 30,839-square-foot retail warehouse that Office Depot occupies at 40545 U.S. 19 N., Tarpon Springs.

Five years ago, Brecksville, Ohio-based Pillisch Properties bought the site for about $122 a square foot or $3.75 million. That's amounts to 9% appreciation per square foot.

The deal involved creativity. The buyer assumed a $2.15 million mortgage that General Electric Capital Corp. granted to Pillisch in 2000. Pillisch principal Leslie P. Radigan guaranteed that mortgage.

The Pompano Beach company assumed the mortgage in a deal with Wells Fargo Bank Minnesota NA. Barry Florescue, 2300 Restaurant's managing member, guaranteed the note.

Florescue is president of Pompano Beach-based BFMA Holding Corp., former owner of Marietta Corp., a provider of hotel guest amenities.

Mark Shellabarger of CB Richard Ellis represented Pillisch in the sale.

Blume Brothers Swap

Largo warehouse property

BUYER: Pyramid Enterprises LLC

SELLER: Stephen G. Blume, individually and as trustee of the Stephen G. Blume Family Trust

PROPERTY: Warehouses and vacant lots, 6354 118th Ave. N., Largo.

PRICE: $3.2 million

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

PLANS, DESCRIPTION: Brothers Stephen and Daryl Blume recently swapped corporate ownership of property in Largo's Pyramid Corporate Center in a deal valued at slightly more than $3.2 million. The deal included the BCH Mechanical LLC corporate facilities.

About five years ago, Stephen Blume retired as president of the BCH predecessor, BCH Mechanical Inc., after Teco Energy Inc.'s BGA subsidiary acquired the plumbing, heating, and ventilation and air-conditioning contractor. Daryl Blume remained with the company.

Earlier this year, however, Daryl Blume reacquired BCH Mechanical in a deal that allowed Teco Energy to retain BCH's net working capital - determined as of Dec. 31 this year. The new company re-emerged as BCH Mechanical LLC.

The deal between Stephen Blume, individually and as trustee of the Stephen G. Blume Family Trust, and his brother includes about 21,200 square feet of warehouse-office space on 64,486 square feet of land. It also includes about 166,103 square feet of vacant property in the corporate center.

Daryl Blume secured the properties with a $1.7 million mortgage through First Community Bank of America. He did not return calls for a comment.

Etc....

• Colliers Arnold Commercial Real Estate Services, one of Florida's largest commercial real estate firms, closed 12 lease and sales deals valued at more than $27 million over a 16-day period ended May 31. J. Patrick Duffy, president of the Clearwater-based firm, says he expects the firm's total volume of sales and leases to reach nearly $1 billion, up from about $800 million last year.

? The U.S. tower division of Taylor Woodrow Homes expects to begin construction in mid-2006 on a mixed-use condominium-hotel project at the site of the Adams Mark Hotel in Clearwater Beach. The firm began presales of 113 condo units in January. Prices range from around $500,000 to more than $2 million.

- David Corder

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