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Real Estate Briefs (Sara/Mana edition)
Layton, Russell
plan Foundation Park
Cathy Layton, president of Layton & Co., and her husband, developer Pete Russell, plan to create an office-condominium development, called the Foundation Park, next to the new Sarasota Community Foundation building on Fruitville Road in Sarasota.
iWe are going to build a total of 40,000 square feet in three buildings,i Layton says. iTwo of the buildings are going to be interconnected. Already we have one entire building spoken for.i
Tom Wessel Construction Corp. will build the office park in the same Venetian-Mediterranean style as the Community Foundation property. The architect for the park is the Lawson Group Inc.
iWeire planning to file a site plan toward the end of October,i Layton says. iWeive already contracted to buy 2.2 acres from the Community Foundation. I just know there are a lot of downtown professionals that want to own a stylish building over there. They have brought so much credence and credibility to the area.i
The first building is scheduled for occupancy in beginning of 2006.
Centre Park developers
build for VivaTech
Webb Carter and T.J. Richardson, developers of the Centre Park industrial business subdivision, have started construction on a 20,350-square-foot warehouse building at 1905 72nd Drive E., Bradenton. The developers are constructing the building for lease to VivaTech, a Santa Clara, Calif.-based glass distributor.
Construction should be completed by February, Richardson says. VivaTech needs the building for expansion. Much of the companyis business is on the East Coast of the United States.
The company expects to employ between 8 and 10 people. Richardsonis general contracting firm, Executive Construction, which will construct the building, is in the midst of developing 17 buildings in Centre Park.
Centre Park is completely sold out.
Lineberry Properties
buys Cracker Barrel building
Lineberry Properties Inc., based in Mount Juliet, Tenn., purchased the new Cracker Barrel building on Cortez Road, Bradenton, from Cortez Pointe II LLC for $1.5 million.
iIt really is a transparent deal for the general public,i says Mark Lineberry, vice president of Lineberry Properties. iWe bought the property, but the restaurant will have a long-term lease. This is pretty typical of the type of properties we own.i
Lineberry Properties mortgaged the property to CNL Bank for $1 million.
Walgreen Co. plans
new North Port store
Deerfield, Ill.-based Walgreen Co. purchased land in Heron Creek at the corner of Sumter and Price boulevards in North Port from Winheron Ltd. for $1.85 million.
Carol Hively, corporate spokeswoman for Walgreen, says the company plans to open a 15,000-square-foot Walgreens Drug Store in the fall of 2006.
iWe currently have 14 stores there, excluding this one,i Hively says. iIt will employ at least 25 people depending on its hours. This is just part of our overall expansion rate of opening a new Walgreens every 19 hours. Florida has obviously been an especially exciting market for us because of the tourism traffic.i
N.Y. Investors buy
Central office building
Laurie and Fernando Hathorn of Elmsford, N.Y., purchased the 8,000-square-foot building at 323 Central Ave., Sarasota, from JEM Property Holdings LLC for $1.53 million.
The building, which is currently fully leased, has three tenants: Barger + Dean Architects, Inc. (also known as BMK Architects), American Office Systems Inc. and Siebert Architects.
iThe purchase was strictly for an investment,i says Barbara Baseman, of Michael Saunders & Co. iThis is setting a new benchmark for downtown Sarasota prices.i The building is located near the new One Hundred Central and Whole Foods Market Centre development under construction at 100 Central Ave.
Baseman was the real estate agent for the seller.
The Hathorns, who used the corporate name of Hunter Street River View LLC for the transaction, mortgaged the property to Gold Bank for $1.2 million.
Waterford Cos.
trade with Moose lodge
Veniceis The Waterford Cos. has completed the first of three building exchanges as part of its development at the Waterfront on the Island of Venice. Waterford gave the Venice lodge of the Loyal Order of the Moose a new building at 1780 Venice Ave. E. in exchange for the 47-year-old, 4,400-square-foot lodge building at 143 Tampa Ave. E. The monetary exchange as part of the transfer was a wash but listed $938,000 for both transactions.
Michael Miller, president of the Waterford Cos., has established contracts to do similar property transfers with the American Legion and Elkis Lodge.
Waterfront on the Island of Venice is a condominium project that will feature three 32-unit tower. Waterford has topped the second tower and is about to start on the third.
Units in the development range from the high $400,000s to $1 million.
Etc ...
i John and Esther Veltheim purchased a 2,100-square-foot office condominium at 2750 Stickney Point Road, Sarasota, from Serena Lennox for $405,000. John Caragiulo, of Hembree & Associates Inc., handled the transaction.
i Suncoast Home Healthcare leased 1,100 square feet of office space at 5500 Bee Ridge Road from International Bodytalk Associates Inc. Bill Preissner and John Caragiulo, of Hembree & Associates Inc., represented the respective parties.
i Hospice of Southwest Florida leased 8,600 square feet of office space at 6310 Capital Drive in Lakewood Ranch from Towne-Hembree II LLC. Bill Preissner, of Hembree & Associates Inc., handled the transaction.
i John Hancock Financial Service leased 4,770 square feet of office space at 101 Arthur Andersen Blvd. from Wells Real Estate Fund Ltd. Ken Hoskinson Jr., of Hembree & Associates Inc., represented the lessee.
i Bradenton-based Bruce Williams Homes reported record sales for the third quarter, which ended Sept. 30. Peter D. Mason, vice president of sales and marketing at Bruce Williams Homes, said the homebuilder sold 110 homes in seven neighborhoods. Since Jan. 1, Bruce Williams Homes has sold 365 homes, and another 60 home sales are expected for 2004. Last year, Bruce Williams Homes sold 231 homes for the calendar year.
Bruce Williams Homes, has also started construction of two model townhomes and two model villas in two buildings at Lexington located off U.S. 301, Parrish. Ultimately Bruce Williams Homes will build 97 two- and three-bedroom town homes and villas at Lexington priced from the high $100s.
i Realtor Barbara Baseman, of the MSC Commercial Group, has leased three more spaces at the newly constructed Orange Dolphin Galleria, located at the intersection of Orange Avenue and Dolphin Street downtown. The three most recent retailers to lease space at the Orange Dolphin Galleria are: Mariposa Designs LLC, Cravatis, and E.M. Kidd d/b/a Cynthiais, which Baseman handled in conjunction with Robin Pasler of the Montage Group.
iWe are presently looking for a small coffee shop or cigar store, or a book store, to lease the end unit which would provide some outdoor seating,i Baseman says.
i RE/MAX International has named the RE/MAX Propertiesi Sarasota office as the largest individual RE/MAX office in the entire organization. The RE/MAX real estate franchise network consists of more than 5,000 offices and spans 52 countries. This recognition was based on the total number of associates in individual offices.
The 28,000-square-foot mega-office, located at the corner of U.S. 41 and Webber Street, houses more than 240 associates
Since Tim and Jude Crowley opened their first office in 1989 with only one associate, RE/MAX Properties has grown to five offices and more than 320 associates.
i H&R Block leased 2,210 square feet at 1001 Third Ave. W., Bradenton, from Third Avenue Associates LLP. Christopher Leonard, of Colliers Arnold Commercial Real Estate Services, represented the tenant.
i Universal Insurance Managers Inc. leased a 5,831-square-foot office at 101 Arthur Andersen Blvd., Sarasota, from Wells Real Estate Operating Partnership LP. Christopher Leonard, of Colliers Arnold Commercial Real Estate Services, represented the tenant.
i The Council of Residential Specialists, the largest nonprofit affiliate of the National Association of Realtors, has donated $5,000 to the Florida Association of Realtors Disaster Relief Fund.
i The Florida Green Building Coalition has awarded WCI Communitiesi Casa Verde model home in Venetian Golf & River Club in Venice top honors in the demonstration model category of the Aurora awards.
The honors, presented at the Southeast Builderis Conference in Orlando, recognized builders that construct or renovate homes that meet the FGBCis Florida Green Home Designation standard. The standard was released in July 2001, and all homes certified since then were eligible to apply.
i Holiday Retirement Corp.is Colson and Colson Construction has received a building permit to build a 115-unit retirement home at 5201 Desoto Road for $6.5 million.
i William and Lynn Bacon, of Bacons Furniture, received a building permit for a Drexel Heritage Furniture store at 7766 Tamiami Trail, Sarasota. The building permit estimates the cost of construction at $2 million.
i Crescent View Beach Club received a building permit to construct a $10-million five-story condominium at 6512 Midnight Pass Road on Siesta Key.
i An investment group led by Joel McNair of Manatee County, has completed the purchase of the dilapidated Trail Motel and Mobile Home Park, Bradenton, from a trust operated by James Maglione of Sarasota for $700,000. The mobile home park was recently at the center of regulatory action by Manatee County because most of the park properties were declared unsafe.
i M&S Dairy Farm Inc., purchased vacant land at 8755 S.R. 70 E., Bradenton, from Creekwood Investors Ltd. for $627,264 to develop a 6,500-square-foot Normanis Liquors. The new store is slated to open in December.
i Palmetto Value LLC purchased an orchard grove at 9100 U.S. 41 N., Palmetto, from Parson Brown Oranges Inc. for $420,000.
i Local potato farmer Alan Jones purchased a 725-acre ranch at 40109 Carlton Road from Dixie Southern Constructors Inc. for $3.74 million. Simultaneously, Jones Potato Farm sold 253 acres to Manatee County for $1.8 million.
i 1266 First Street LLC and 1501 Second Street LLC purchased property at 1266 1st St. and 1503 2nd St. from Raymond and Ann Hautamaki for $1.5 million.
i Bradentonis IMG Academies has opened an on-site real estate agency on its campus. Broker Steven Band and David and Wendy Leventhall will operate the Academy Realty Group LLP. The new firm will be based out of IMGis clubhouse. The majority of the new customers for the real estate agency are parents of children enrolled in IMG Academies that want to find real estate in the surrounding area.
i Sarasotais Carbiz Inc. closed financing that will allow the company to accelerate expansion in its credit center business as the company seeks a listing on the U.S. OTCBB. Expansion is planned for Florida, beginning in the Tampa Bay area. Carbiz is publicly traded in Canada. The companyis headquarters are located in Manatee County. In May, the company opened a credit center in Palmetto.
i Michael Saunders & Co. has been selected as the exclusive affiliate of Christieis Great Estates, Inc. o a subsidiary of Christieis International plc, the worldis oldest fine arts auctioneer o for Sarasota and the surrounding communities in Florida. Christieis Great Estates is the largest network of real estate brokers specializing in the marketing and sale of important properties. This network of real estate firms includes more than 650 offices and approximately 15,000 agents in 17 countries, offering local expertise combined with worldwide reach.
i Michael Milleris Waterford Cos. has opened four new divisions: Waterford Real Estate Services, Inc., Waterford American Mortgage Ltd., and under Waterford Cos. new design and marketing divisions. Broker Jayne Parrish, a Waterford employee for 16 years, will lead Waterford Real Estate Services, Inc., a full-service real estate office. Waterford American Mortgage Ltd. allows the Waterford Cos. to offer a variety of mortgage products for Waterford homes. Waterford Cos. has built single family homes, condominiums and villas as well as a variety of commercial projects for the past 17 years in the Venice area.
i The Lakewood Ranch Golf and Country Club, which opened in 2001, is expanding. The club will begin renovations in April or May 2005 with a plan to complete the improvements by that fall. The expansion will include improvements and additions to the Ladiesi Locker Room, Ladiesi Lounge, Menis Locker Room and the 19th Hole Lounge with an adjacent new outdoor patio area.
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