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Tampa Bay Area
Business Observer Friday, Feb. 25, 2005 13 years ago

Real Estate Briefs (Tampa edition)

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California firm buys buildings for $49.14 millionFirm buys land, plans townhomesMissouri Avenue apartments to be converted into condosGrubb & Ellis reports positive fourth-quarterTarpon businesswoman appointed to state board
by: Adam Hughes Staff Writer

Real Estate Briefs (Tampa edition)

TampaBriefs

California firm buys

buildings for $49.14 million

After acquiring a considerable presence in South Florida's Broward, Miami-Dade and Palm Beach, Sherman Oaks, Calif.-based Investors Management Trust Real Estate Group Inc. has been on an acquisitions spree in the Tampa Bay area.

"Our focus is to expand our presence throughout the state," said Christopher Hill, vice-president, principal transactions.

The firm bought three complexes, with a total of 868 units, for $49.14 million. They are located at 5510 Himes Ave. and 9302 E. Martin Luther King Jr. Blvd. in Tampa and 3975 Country Place in Palm Harbor and they were purchased for $15.72 million, $15.24 million and $18.18 million, respectively. Sellers were King Courtney Cove Apartments LLC, King Sabal Park Associates Limited and Kings Sabal Park Realty and Kings Country Place Associates Limited.

Ronald Fieldstone of Fieldstone, Lester, Shear and Denberg LLP declined to confirm ownership details.

Investment Management Trust is one of the leading apartment management companies in the country with operations in California, Arizona, Texas and Florida, said Hill. Renovations are planned for some of the buildings.

Firm buys land,

plans townhomes

Jason Woods and Arthur Woods Jr., the son and father developer duo of Statewide Associates Inc., bought three parcels in south Tampa at the corner of South Howard and Bristol avenues from Bristol Development LLC and Zons Development LLC for $4 million.

"We are building 42 units of brownstone-style townhouses with a price range between the high 300,000s to the low 500,000s," said Jason Woods. Statewide Associates Inc. is building the units.

Patti Kampsen, of Florida Executive Realty, which is handling the deal, said that half of the units were booked in the past week. The units, ranging in size from 1,350 square feet to 2,040 square feet, are expected to be ready by year's end, Kampsen added.

The Woods, who used the corporate name of Bristol Corner LLC for the transaction, and Statewide Associates Inc. mortgaged the property to Gold Bank for $14.24 million.

Missouri Avenue apartments

to be converted into condos

The Villas at Renaissance Square, located at 1220 S. Missouri Ave., Clearwater, will be converted into condominiums, according to Bill Rogers, general counsel for the new owners, Montecito Property Co., a Jacksonville Beach real estate developer.

"We buy, hold and develop properties, converting apartments to condos, and we are the second largest condo converters in the country," Rogers added.

Montecito bought the 200-unit complex from Renaissance Square Apartments Ltd. for $15.5 million.

In Florida, the company also owns residential properties in Sarasota, Palm Beach and Jacksonville. And it has holdings in Arizona, California and South Carolina, Rogers said.

Chip Conk, Montecito's president, Edward Conk and Joellyn Conk are partners at Montecito. The company, which used Montecito Renaissance LLLP for the transaction, mortgaged the property to Chevy Chase-Md.-based CapitalSource Finance LLC for $14.20 million.

Clearwater Beach property

sold to NJR Development

Tampa developer Brian Taub of Beachwater Resort LLC sold South Gulfview Boulevard property - the proposed site of the Clearwater Beach Hyatt - to Neil Rauenhorst, president of NJR Development, for $18.5 million.

Taub had bought the property in October 2004 from Clearwater lawyer William Kimpton and Dunedin-based project planner Richard Gehring for $16.3 million.

Crystal Beach Capital LLC, the name used for the transaction by NJR Development, mortgaged the property at Gulfview and Coronado Boulevard for $8.25 million to Wachovia Bank NA.

Grubb & Ellis reports

positive fourth-quarter

With 314,597 square feet leased out and 1,355,943 square feet under construction in the fourth quarter, the Tampa Bay area industrial market held positive for the third consecutive quarter, according to a Grubb & Ellis Commercial Florida study.

Overall, the area's fourth-quarter vacancy rate was 7.3%. Pinellas County's industrial market had an impressive 6% vacancy, whereas Hillsborough County had 7.5%. Downtown Tampa industrial area had a 8.4% vacancy rate.

"Based on past years' figures, what's available in the construction market this year and what's going on in the national economy, the industrial market will improve in 2005," said Melanie Garlock, marketing and research manager at Grubb & Ellis. "Vacancy will drop and absorption will increase."

If the current pace of growth continues, the industrial vacancy rates in the area could drop to 6% by year's end, according to the report.

Nationally, the vacancy rate is forecast to drop to a single digit.

In the Tampa Bay area's commercial market, Grubb & Ellis says net absorption turned in positive figures for the third consecutive quarter. A total of 659,557 square feet of office space was leased and 799,636 square feet were under construction.

The area's overall vacancy rate of 16% was the lowest since the fourth quarter of 2002.

With Florida continuing to lead the country in new job creation, adding 159,800 jobs during the past year, rental rates continued to increase, according to the report.

The significant positive net absorption is forecast to continue through mid-year. But major layoffs announced by J.P. Morgan Chase & Co. and Capital One could marginally increase the vacancy rate by year's end.

West Coast company buys

Lutz apartment complex

San Francisco-based Klingbeil Capital Management bought the Collegiate Hall Apartments, 2919 Network Place, Lutz, from Greenville, S.C.-based Collegiate Hall Properties LLC for $16.6 million.

The apartments, built in 2000, consist of 180 units with 560 bedrooms. Klingbeil Capital Management's student property division, American Collegiate Communities, will own and operate the student housing.

"We kept on the existing management team, but ultimately we will have our own team in place," said Bruce Crane, vice-president, acquisitions.

The company has invested in 1,700 other units in east, central and west Florida, most of which are conventional multifamily apartments.

Klingbeil mortgaged the property to Red Mortgage Capital Inc. for $10.9 million.

Tarpon businesswoman

appointed to state board

Gov. Jeb Bush appointed Tarpon-Springs resident and senior vice-president at CLW Real Estate Services Ann W. Duncan to the Florida Department of Education's Board of Governors. The appointment is subject to Senate confirmation.

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