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Business Observer Monday, Nov. 14, 2005 12 years ago

Real Estate Briefs (Tampa)

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Tarragon pays $59 million for New Tampa apartmentsD.R. Horton buys Hidden River lots for $19 millionHallandale investors acquire Clearwater rental apartmentsTenants in common purchaseHarbourwood Nursing Center
by: Adam Hughes Staff Writer

Real Estate Briefs (Tampa)

Tarragon pays $59 million

for New Tampa apartments

BUYER: Tampa Palms Tarragon LLC, New York

SELLER: Preserve at Tampa Palms LLC, Cincinnati

PROPERTY: 17220 Heart of Palms Drive, New Tampa

PRICE: $58,500,000

PRIOR SALE: Vacant land in 2001 for $2,775,000

LAW FIRM ON DEED: Broad & Cassel, Boca Raton

PLANS, DESCRIPTION: New York's Tarragon Corp. closed on the acquisition of the Preserve at Tampa Palms apartments for $58.5 million.

The publicly traded real estate investment trust, which focuses on the condo-conversion market, paid almost $154,761 each for the 378 units at 17220 Heart of Palm Drive in the New Tampa community.

The New York REIT purchased the property from an affiliate of Cincinnati's Hills Communities Inc. The privately owned Cincinnati company purchased the vacant 44-acre site in 2001 for nearly $2.8 million. It developed the site in partnership with Boca Raton's Altman Development Corp.

D.R. Horton buys Hidden

River lots for $19 million

BUYER: D.R. Horton Inc., Fort Worth, Texas

SELLER: Crescent Resources LLC, Charlotte, N.C.

PROPERTY: Vacant lots in Hidden River Corporate Park, Tampa

PRICE: $18,571,428

PRIOR SALE: $9,195,900 in 1997

LAW FIRM ON DEED: Pohl & Short PA, Winter Park

PLANS, DESCRIPTION: Last month, Fort Worth homebuilder D.R. Horton Inc. acquired 110 acres in the Hidden River Corporate Park for nearly $18.6 million from Crescent Resources LLC, the Charlotte-based development arm of Duke Energy.

The publicly traded Texas homebuilder paid $168,831 an acre for the property at Interstate 75 and Fletcher Avenue. That's nearly double what Crescent Resources paid in 1997 for the vacant commercial lots.

Earlier this year for the first time, Tampa authorized residential use within the 476-acre plot. That decision gave Crescent Resources more flexibility over how to market the vacant commercial lots.

Under terms of the deal, the homebuilder must pay the seller a supplemental fee if it persuades city officials to allow a density higher than the 600 units already approved. All the units must be owner-occupied, and the seller has the right to review and approve all architectural designs.

The terms also require the Texas homebuilder to complete construction of the 600 units within four years. If not, the Charlotte firm may seek recovery of the development entitlements for the 600 units. The homebuilder also must purchase any transportation impact fee offsets from the seller.

In exchange, the seller took responsibility for all transportation improvement costs required to accommodate development of the 600 multifamily units.

Approved in 1985, Hidden River now allows for 4.2 million square feet of offices, 145,000 square feet of retail and 750 hotel rooms.

Hallandale investors acquire

Clearwater rental apartments

BUYER: MountRoyal Realty Group III Inc., Hallandale

SELLER: Jack Alli, Ursula Otto and Alban Frasheri

PROPERTY: 2159 Nursery Road, Clearwater

PRICE: $8,723,400

PRIOR SALE: $5,934,500 in March 2004

LAW FIRM ON DEED: Law Offices of David E. Platte, Belleair

PLANS, DESCRIPTION: An affiliate of a South Florida-based watch importer-exporter has purchased Clearwater's Belleair Gardens apartments for about $8.7 million.

Hallandale's MountRoyal Realty Group III paid $59,749 a piece for the 146 rental units at 2159 Nursery Road, almost 50% more than what private investors Jack Alli, Ursula Otto and Alban Frasheri paid in March last year for the 11 buildings constructed in 1973.

The buyer is an affiliate of Mount Royal LLC, a watch distributor that operates markets 150 models of watches through its Web site, www.mountroyal.net.

Several reasons attracted the Hallandale investment group to the Tampa Bay area, Gandelman says.

"We see a lot of upside and [price] appreciation," he says. "The quality of life in the area also seems to be quite good."

As for the Clearwater acquisition, Gandelman says, it's in a good location and produces strong cash flow. So there are no immediate plans to convert the units into condos.

Tenants in common purchase

Harbourwood Nursing Center

BUYER: Several national tenants in common

SELLER: Harbourwood Nursing Center Inc., Roswell, Ga.

PROPERTY: 2861 Gulf to Bay Blvd., Clearwater

PRICE: $6,250,000

PRIOR SALE: $3,150,000 in October 2001

LAW FIRM ON DEED: Greenberg Traurig LLP, Atlanta

PLANS, DESCRIPTION: Several national tenant-in-common investors recently pooled resources to buy Clearwater's Harbourwood Nursing Center.

The individuals, trusts and private corporations paid almost $6.3 million for the 120-bed facility at 2861 Gulf to Bay Blvd. The 9-year-old facility contains almost 50,000 square feet on about 2.7 acres.

The state Agency for Health Care Administration last reported the facility charges a minimum of $145 a day. Based on 100% occupancy, the facility would produce annual revenue of almost $6.4 million on 120 beds.

The majority investors included Erlys C. Spitzer, with a 15.6% interest; Lawrence E. and Elizabeth J. Livers as trustees, at 14.9%; John R. Jr. and Asuncion M. Caudillo, at 13.8%; and Robert W. and Lois W. Rentz, at 12.3%.

The investors purchased the facility from Harbour Wood Nursing Center Inc.

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