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Business Observer Friday, Mar. 11, 2005 13 years ago

Real Estate Briefs (Tampa edition)

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Atlanta developer to build second set of condosGrand Rivage at Brandon Lakes has a new ownerDeal closed on Seaboard Square at Channel District Sunrise Homes Inc. buys land to build 1,000 residential units Modtech borrows refinancing credit against all holdings
by: Adam Hughes Staff Writer

Real Estate Briefs (Tampa edition)

Hillsborough/Pinellas

Atlanta developer to build

second set of condos

Miles Properties Inc. continues its condo march in the Tampa Bay area. The Atlanta, Ga.-based real estate development company bought St. Petersburg properties at 409 Delmar Terrace and at 418, 419 and 426 4th Street for $1,425,000.

There are a few single and multifamily family homes on the properties, which will be razed to make way for condos, according to Jason Perry, development manager of Miles Properties. Algirdas M. Bobelis of Bokada LLC was the seller.

Perry said the condos will vary in size and prices will range from $200,000 to $500,000. Miles Properties is already known for its loft style condos in Tampa: Art Center Loft at 1501 Doyle Carlton Drive and Box Factory Loft at 2001 E. 2nd Ave in Ybor City. The company is also building condos at 1010 Central Ave., St. Petersburg.

Grand Rivage at Brandon

Lakes has a new owner

The St-Louis, Mo.-based Gannon Group of Cos. sold The Grand Rivage at Brandon Lakes apartments, at 2211 Grand Isle, to Naples Realty Group LLC for $37,000,000, according to Alan T. Schiffman, one of the buying partners.

The Grand Rivage consists of 390 units built in 2000.

Naples Realty obtained a mortgage of $28,875,000 from Bank of America NA and Mortgage Electronic Registration Systems Inc. "We believe any real estate in Southwest Florida creates a good opportunity for our investment portfolio," said Schiffman, adding the mortgage obtained was for "initial financing."

Under the deal, Naples Realty Group bought out the partnership of Grand Rivage at Brandon Lake Ltd. from the Gannon Group. Other partners of the Naples Realty Group include Peter Cross of Naples, Peter Gulick of Herndon, Va., and Michael Pashley of Tustin, Calif.

Deal closed on Seaboard

Square at Channel District

St. Petersburg developer Roger Gatewood closed the deal on the Seaboard Cold Storage building at 110 S. 11th St. and adjoining property at 210 S. 11th St. and 114 S. Meridian Ave. The Greenbaum family sold the property to Gatewood's Westbay City Homes LLC for $9 million.

Westbay City Homes LLC and Roger B. Gatewood mortgaged the property to Bank of America NA for $9,870,000.

The $100 million project will be built in two phases, and include 76 condos, retail and a few offices in its first phase. The condos will be mostly loft style and will be priced between $200,000 and $450,000.

Sunrise Homes Inc. buys land

to build 1,000 residential units

Transcend Development Corp., a land development affiliate of Sunrise Homes Inc., paid $6,386,850 for a 344-acre dairy farm on South Rhodine Road, east of U.S. Highway 301, in Riverview. The property was sold by dairy farmer Bill Martinez.

Transcend plans a 1,000-unit mixed use housing development on the property, 25% of which would be town homes, according to Bob Appleyard, executive vice-president of Sunrise and Transcend. Site development of the $200 million project is expected to start in the third quarter; and homes should be available by the first or second quarter of 2006.

Modtech borrows refinancing

credit against all holdings

California-based Modtech, a publicly traded company that manufactures permanent modular buildings, secured a refinancing credit of $38 million from New York-based Fortress Credit Corp, against its assets. The company used Modtech Holdings Inc. to secure the loan.

According to the agreement reached with the lender Fortress Credit Corp, which will act as both the collateral and administrative agent, the credit consists of a revolving credit facility in an aggregate principal amount not to exceed $17 million and a term loan in the initial aggregate principal amount of $21 million.

Hillsborough Court property records show the factory, at 1602 Industrial Park, Tampa, was mortgaged for $7.3 million as part of the overall credit facility.

Etc.

• Military personnel newly assigned to the MacDill Air Force Base can obtain information about suitable housing in the area from the Greater Tampa Association of REALTORS (GTAR), a trade association representing more than 6,500 real estate professionals.

Beginning March 1, REALTORS are providing general advice with regard to Multiple Listing Service System rental and sale listings, real estate transactions and mortgage information, according to a press statement.

• University Park Business Center, a three-building, single story Class A office/flex property, located at the southwest corner of Fowler Avenue and 40th Street, has been sold to Evanston, Ill.-based AHP Metro Realty Fund for $10,060,000. Kyle Burd, Mark Shellabarger, Gary Bauler, and Brian Rettig of CB Richard Ellis represented the seller, Summit Real Estate Investment Trust of Halifax, Nova Scotia, according to a CB Richard Ellis press release.

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