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Tampa Bay Area
Business Observer Monday, Mar. 28, 2005 13 years ago

Real Estate (Tampa)

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Australian shareholders buy shares in Brandon centersSteven Green buys more Tampa rental property Clearwater YMCA to get new officeSun Communities buys Hillsborough RV ParkKindred Hospital mortgaged for revolving credit facilityTRG buys land for apartmentsSt. Petersburg Banyan Motel is soldLakefront land bought for stormwater retentionTrust buys multimillion Largo property
by: Adam Hughes Staff Writer

Real Estate (Tampa)

Hillborough/Pinellas

Australian shareholders buy

shares in Brandon centers

Beachwood, Ohio-based Developers Diversified Realty Corp. sold its interest in two community shopping centers, Lake Brandon Village and Lake Brandon Plaza, at 11325 and 11245 Causeway Blvd., Brandon, to the trust's joint venture Macquarie DDR Trust, an Australian property trust sponsored by Macquarie Bank Limited for $14,682,860.

It was two of four shopping centers sold to Macquarie DDR trust - the others are in Plainville, Conn., and Brown Dee, Wis. The company obtained a mortgage of $12,475,382 from UBS Real Investments Inc.

Lowe's Home Improvement, Sports Authority, Publix Supermarkets, Linens 'N Things, CompUSA, PETsMART and Jo-Ann Fabrics anchor the local centers, which have a total of 440,000 square feet.

Michelle Mahue, vice-president of DDR's investor relations, says the firm retains 14.5% ownership interest in the properties acquired by MDT. DDR divested the properties to MDT to enable the company to " redeploy that money into higher yielding investments," Mahue added.

As for MDT's Australian shareholders, she said, this was an opportunity to invest in large vibrant shopping centers, and the assets in Florida, Wisconsin and Connecticut fit the firm's profile of "a good solid investment."

DDR Corp., a self-administered and self-managed real investment trust, currently owns and manages more than 470 operating and development properties totaling approximately 108 million square feet of real estate in 44 states and Puerto Rico, according to the firm's Web site.

DDR used the name of JDN Realty Corp. for the sale of the Brandon properties.

Steven Green buys more

Tampa rental property

Steven Green of Bronxville, NY-based Green Realty Development Corp. bought Fountain Bridge Apartments at 8402 Waterford Ave. for $10,888,524. White Bridge Equity LLC of Nashville, Tenn., was the seller.

The Fountain Bridge Apartments includes 324 multifamily rental units. Green said he liked the area so he decided to invest in the property. He plans major renovations, including installation of new roofs, pavement, windows and a new swimming pool. The complex presently has one swimming pool.

BRT Realty Trust, a public mortgage real investment trust, provided a mortgage of $12,750,000, which was used for the acquisition and for capital improvements and renovations.

BRT's Vice President Mitchell Gould said the company's experience with Steven Green has been excellent throughout for properties in Florida and elsewhere. "We have seen Steven Green improve and renovate the properties," Gould said. "We saw potential for increased value for the Fountain Bridge Apartments."

Clearwater YMCA

to get new office

YMCA of the Suncoast Inc. will move its administrative office from 2536 Countryside Blvd. to 2469 Enterprise Road, a Clearwater office property it bought from Vosko Properties Inc. for $1,280,000.

Tim Ackerman, the group's associate vice president of buildings and grounds, said the company will renovate the 12,000-square-foot office. But no major work is planned.

"We hope to occupy it by the middle of August," Ackerman said.

Sun Communities buys

Hillsborough RV Park

Michigan-based Sun Communities, Inc., a publicly traded self-administered and self-managed real investment trust, bought a recreational vehicle park and manufactured home community at 4630 McIntosh Road, Dover, for $7,250,000.

"It has probably 500 out of the 700 seasonal RV sites where people come in and out," said Tom O'Branovic, senior vice president of operations and sales. In addition, it has 30 manufactured homes and a few park models.

The company will carry out $500,000 in improvements, including building, facilities, road upgrades and landscaping, he said. With proper management, he expects the resort to grow.

"It's a great spot and RV business is very strong right now in Florida," he said, citing the reasons for the acquisition.

Dover is two miles east of Interstate 75 on I-4, close to Busch Gardens and Tampa, he said. The company also owns Meadowbrook Village, a manufactured housing community at 8920 Sheldon Road, Tampa.

Kindred Hospital mortgaged

for revolving credit facility

Louisville, Ky.-based Kindred Healthcare, which operates nursing centers, acute care hospitals, institutional pharmacies and rehabilitation services in approximately 40 states, obtained a mortgage of $888,481,652 from JP Morgan Chase Bank NA.

The asset-based line will be used for general corporate uses and accessed on an "as needed basis," said Hank Robinson, vice president of tax and treasurer at Kindred.

The mortgage was obtained against the company's nationwide assets, including facility No. 4640 of Kindred Hospital in Tampa at 4656 Manhattan Ave. Court records show the mortgage against the Tampa facility was $1.8 million.

TRG buys land

for apartments

The Richman Group of Florida Inc. has bought vacant land - about 23 acres - adjacent to Grand Regency Boulevard and Lake Kathy Drive in Brandon for $3,775,000. The seller was RGI Regency Square Brandon Associates LLC.

"We liked the location as it related to its proximity to services and jobs, schools, shopping centers," said Todd Fabbri, vice president of the Richman Group of Florida Inc. "It's about a mile from Brandon Town Center, a very decent location."

In the past few months, the group has acquired 18 acres at East Hillsborough Avenue in Tampa and also on Williams Road in unincorporated Hillsborough.

The group plans to build 360 multifamily rental units, which would include a mix of two- and three-bedroom apartments, according to Fabbri. A third party general contractor will build the apartments.

Groundbreaking and construction will commence in August or September, and leasing of the units should begin 12-14 months thereafter, Fabbri added.

The company, which used the name of Lake Kathy Ltd. for the transaction, obtained a mortgage of $3,020,000 from SunTrust Bank.

St. Petersburg Banyan

Motel is sold

The ownership of Banyan Tree Motel on 600 Fourth St. N., St. Petersburg, recently changed hands. Carl S. Persad of VSV Enterprises Inc. sold the property to ED&PS Enterprises Inc.

The 25 unit-motel will not be made into condominiums, said Eikhram Dinanath, president of ED&PS. The company will upgrade the facility.

Lakefront land bought

for stormwater retention

StoneLake Ranch Community Development District bought vacant unplatted land at 1113 Hendry Ranch Road on the shoreline of Lake Thonotosassa where custom homes are being built by developers Charles Funk and Jeffrey Meehan. The district paid $1.8 million to StoneLake Ranch LLC.

"It's a conveyance of the common areas and stormwater retention areas from the developer to the community development district," said attorney Mark Straley who represents the StoneLake Ranch Community Development District.

The Hillsborough County Commission approved the StoneLake Ranch Community Development District on McIntosh Road, east of Lake Thonotosassa on Sept. 15, 2003.

According to Florida statutes, a community development district is a local special purpose quasi-government unit organized to plan, operate and maintain planned communities.

Trust buys multimillion

Largo property

Dawn M. Miller, president and CFO of Seminole Machine & Welding Inc., as trustee of Three D Investment Irrevocable Trust, bought retail and warehouse properties on 9216 Ulmerton Road, Largo, from Macrae Inc. for $7,810,000.

Miller, who didn't return telephone calls to GCBR, obtained mortgages from United Bank and Trust for $6,918,000.

Etc.

Planters Club Ltd. sold off Lake Walden Townhomes to Benjamin Mallah, managing member of Lake Walden Apartments LLC, for $5,650,000. The multifamily rental property is at 2302 Maki Road, Plant City. Colonial Bank NA provided a mortgage of $4,000,000.

Cushman & Wakefield's Apartment Brokerage Services Division recently created a record when it sold the 354-unit Courtney Palm Apartments in Brandon for $36,962,000. Byron Moger, who brokered the deal on behalf of the seller, Contravest of Lake Mary, said the sale price of $103,000 per unit is the highest per unit sale price for any apartment ever sold in the Brandon area. Miami-based Belle Rive Group was the buyer.

Metairie, La-based PMAT Real Investments LLC closed the deal Feb. 15 on its latest acquisition, the Westgate Plaza on 12086 Anderson Road, Tampa. GCBR reported last week that PMAT had obtained a mortgage of $8.1 million from Nomura Credit and Capital Inc. for the purchase.

- Gaurav Ghose

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