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Real Estate Briefs (Sara/Mana edition)
Blalock Walters starts
headquartersi expansion
One of Bradentonis oldest and largest law firms Blalock Walters Held & Johnson is expanding its headquarters at 802 11th St. W. with the addition of a $2.2 million building. Plus, the firm plans to hire another eight lawyers.
In the first phase, the firm is constructing a two-story, 7,000-square-foot building next to its 9,400-square-foot main building.
iWe have already broken ground, and we are digging footings right now,i says Jonathan Fleece, a firm shareholder. iWe are also renovating our current building to give it more of a cohesive look. We should have it completed in seven to 10 months.i
If business growth continues, the firmis principals plan to add a third building, at 9,000 square feet, to connect with the firmis main headquarters.
iThat should allow us to add another eight to 10 lawyers,i Fleece says. iOur fastest growing departments are health care and corporate. We have added three health care attorneys in the last three years, and we will be adding another one to two attorneys on the corporate side soon. It also goes without saying that we do a lot in the real estate arena; itis always been a staple for the firm. Estate planning, litigation and real estate are all expected to bring on new attorneys in the next few years. We (also) are eager to participate in the continued revitalization effort of downtown Bradenton.i
The firmis property is across the street from land slotted for the new judicial center expansion.
JEBCO Ventures
plans design center
Jim Bridges, president and founder of the Alpharetta, Ga.-based real estate company JEBCO Ventures Inc., bought about 5.1 acres of vacant commercial land at 950 University Parkway, Sarasota, from the Gilbert Waters Family Limited Partnership and Northern Trust Bank of Florida Sarasota, as trustees, for $720,000.
iIt is looking very strongly like we will be developing a design center there,i Bridges says. iThis is going to be something where these (home-trade business owners) can own their own space. I already have commitments for 25,000 square feet.i
Units in the development will range from 1,000 square feet to 7,000 square feet. The location could accommodate up to a 38,000-square-foot building.
Bridges has developed three condominium buildings on Golden Gate Point: the 8-story, 13-unit The Phoenix; the two-building, 16-unit Vista Bay Pointi and the 14-unit Grande Point condominium.
Last year, Bridges opened a design center, called Design Nation, which is a retail area for interior suppliers, in a Sarasota DeSears Appliance & Home Entertainment location. The concept is working well, he says.
Bridges will also develop a 216,000-square-foot retail strip, with three outparcels at 1301 Tamiami Trail S., Osprey. In addition, JEBCO Ventures plans to develop a two-unit, about 10,000-square-foot luxury residence on Lido Key. The spec building is expected to cost more than $9 million.
Ken Smith, Bill Dooley
develop office-flex space
Dooley and Mack Constructors Inc.is principals o Ken Smith and Bill Dooley o purchased three vacant lots at 180 Triple Diamond Blvd. in the Park of Commerce at Triple Diamond from Triple Diamond Commerce Plaza LLC for $483,800.
The company plans to build 26,780 square feet of flex space, with the condominium units priced from $110 to $115 per square foot, Dooley says.
One building will have seven units, at 2,190-square-foot each; while the second will have seven units at 1,640 square feet each. All will feature roll-up doors and glass storefronts with awnings. Construction should start late next month and will likely take 180 days.
Loyd Robbins, of Harry E. Robbins Associates Inc., is the sales agent.
American Financial Realty Trust
buy Bank of America portfolio
The Jenkintown, Pa.-based real estate investment trust American Financial Realty Trust purchased a bank building at 4311 Manatee Ave. W., Bradenton, from Bank of America for $1.27 million. The purchase was part of an acquisition of a large portfolio from Bank of America, which includes 248 properties o 191 bank branches and 57 office buildings. The purchase price for the portfolio was about $535 million, excluding transaction-related expenses, for an average purchase price of $2.16 million. The portfolio includes 7.3 million square feet of space.
Bank of America NA will lease back from American Financial Realty about 4.5 million square feet, or 62%, of the portfolio, for a term of 15 years.
American Financial Realty Trust is a self-administered, self-managed REIT that acquires properties from, and leases properties to, financial institutions. The company owns and manages its assets primarily under long-term triple net and bond-net leases with banks.
Masterwork Sign Systems
buys Bradenton building
Dennis Martin, president of Masterwork Sign Systems Inc., and Tony Bruscino, general manager, purchased the businessis existing 10,500-square-foot building at 4653 19th St. Ct. E., Bradenton, in Manasota Industrial Park from Steve Solomon Inc. for $640,000.
iWe also have enough ground there to construct a duplicate of this building,i Bruscino says. iIf someone came along, we are now in a position to build one for them.i
Osprey resident plans to
renovate Bradenton motel
Ospreyis Isis Rosander purchased Rays Motel Court, at 4406 102nd St .W., Bradenton, from House Watchers Inc. for $475,000. Rosander, who owns several rental properties, plans to renovate the 14-unit motel.
The hotel will be painted, inside and out; all furniture and most appliances will be replaced; and the floors will be tiled.
The motelis name is being changed to Paradise Bay Motel, in order to draw attention to its location near Paradise Bay, he says.
Rosander, who used the corporate name of Mil and Ros Investments Inc. for the transaction, mortgaged the motel to the former owner House Watchers Inc. for $242,500.
George and Loren Palermo
buy Cattlemen Road land
George Palermo, owner and namesake of George Palermo Architect Inc., and his wife, Loren, bought three vacant acres at 5954 Cattlemen Road, zoned for light industrial or warehouse use, in Sarasota from Scotts Development Co. for $1.72 million. A firm representative said the Palmeros had no immediate plans for the property.
Developer George Palermo was behind Garden Office Park, a 12-building development in Lakewood Ranch. Buildings in the park range in size from 2,328 square feet to 3,880 square feet.
Etc...
i Developer and Realtor Tom Brown and his wife, Jane, acquired several lots on Fourth Avenue Circle East from George Najmyis Opus LLC for $1.05 million.
i Richard and Heidi Koepsel have signed a five-year lease for a 5,000-square-foot space at 8590 Potter Park Drive at Palmer Ranch for a new Sylvan Learning Center site. The Sarasota facility will feature a computer center and should be fully operational by early 2005. Robert Brillon of Realty World o Sarasota, represented the tenant, and Ian Black, of Ian Black Real Estate, represented the landlord.
i Jo Woodworth, principal of the Academic School of Interior Design, opened a new virtual training branch facility at the eXecutive center at Palmer Ranch, Sarasota. Lyn Bloink, of the eXecutive center, facilitated the lease.
i Reggie Fit-N-Kick Inc. leased space in the eXecutive center at Palmer Ranch, Sarasota, while a new Sport Karate and Aerobic Center is completed. The new center is slated to open on Clark Road in 2005. Lyn Bloink, of the eXecutive center, facilitated the lease.
i Laurie McDowell, of NCA Insurance a full-service insurance agency, has opened a new virtual sales and marketing branch operation at the eXecutive center at Palmer Ranch, Sarasota. Lyn Bloink, of the eXecutive center, facilitated the lease.
i Topeka, Kan.-based CD Tradepost leased space at 7339 52nd Place E., Creekwood Crossing. This new location brings the total number of CD Tradepost stores to 15.
i Construction has started on the first condominium tower in the Bel Mare at Riviera Dunes Resort & Yacht Club, at 130 Riviera Dunes Way, Palmetto. The 62-unit condominium is the first of three planned buildings and is 95% sold. Units in Bel Mare, which is being developed by Bloomfield Hills, Mich.-based Corvus International, will run from the high $400,000s to more than $2 million.
i SKY Real Estate Co., an independent luxury real estate brokerage in Sarasota, will become part of the Sothebyis International Realty franchise network. The company will do business as SKY Sothebyis International Realty and will be headquartered in Sarasota at 1237 N. Gulfstream Ave.
SKY Real Estate was formed by Brandyn Herbold and Chad Roffers in January. Since then the company has grown from three associates to 13, and is on pace to produce more than $100 million in residential volume during its inaugural year in business.
iOur association with the Sothebyis International Realty network enables us to take the next step in our mission to offer platinum-level service to our clients,i says Herbold. iTodayis buyers and sellers, in all price ranges, are more sophisticated than ever and expect the high level of service and expertise that is synonymous with the Sothebyis International Realty brand.i
In February 2004, Cendant Corp., a real estate brokerage franchiser, entered into a long-term strategic alliance with Sothebyis Holdings Inc. The agreement provided for the licensing of the Sothebyis International Realty name, the acquisition of 15 company-owned offices and the development of a full franchise system.
i Dr Tariq Khan and Jaffer Khan, who used the corporate name of Center of Medical Excellence Jacaranda, purchased vacant land at Pont Loop Drive, Venice, from Woodmere Village Development Co. for $1.25 million.
i 1798 Queen Palm Way LLC purchased planned commercial development land at 1798 Queen Palm Way, Sarasota, from Melvin Graves as trustee for $550,000.
i Sharon and Brad Frank, have relocated from Tampa, to open a new Primrose School in Lakewood Ranch. Construction crews have begun work on the 10,250-square-foot school, scheduled to open in February of 2005. The Franks expect to welcome up to 186 students to Primrose. The facility will have 10 private classrooms with wireless technology. The Primrose School Franchising Co. in Acworth, Ga., currently operates schools in 10 states and has 123 locations.
i Sarasota Business Centeris Phase I is officially sold out and pre-selling has already begun on phase II, which is scheduled for completion in January 2005. The 61-acre business park is located at Jacaranda Boulevard near I-75.
David Howell, president and CEO of National Constructors Inc., designed the industrial business park to reduce design and construction costs in order to appeal to independent, mid-sized businesses that want to own their own units. Units, which start at $245,000, range in size from 3,000 square feet to 40,000 square feet.
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