Real Estate Briefs (Sara/Mana)
Indiana developer to convert
Bradenton's Columns at Cortez
It seems like everyone is getting in on the condominium conversion movement. Highland, Ind.-based Precision Development recently purchased the 450-unit Columns at Cortez apartment complex, at 4802 51st St. W., Bradenton, from Manatee Columns Ltd. for $46.3 million.
"My father-in-law lives in Bradenton and told me about the market," says David VanDyke, owner of Precision Development. "So we thought we might as well get involved. It really only needs some pretty minor work ... mainly new landscaping. The units are only two years old."
VanDyke expects to start converting the complex, which will be renamed the Palms of Cortez, in the next 60 to 90 days.
The firm develops and builds commercial offices, strip malls and residential projects mainly in Illinois and Indiana.
Precision Development, which used the name of Cortez Florida Investments LLC for the transaction, mortgaged the property to LaSalle Bank for $4 million.
Nelco Cos. buys
into office plaza
The Nelco Cos. has closed on about 32,000 square feet in the Pinnacle Office Park in downtown Bradenton, at the 300 block of Sixth Avenue West, from Pinnacle Plaza Associates Limited Partnership for $2.25 million.
Earlier this year, Manatee Glens Corp., a behavioral-health services provider, acquired about 56,000 square feet of space at the center for $4.47 million.
Both companies bought the center to prepare for their future growth. "We are growing by leaps and bounds," says Linda Alcathie, vice president of operations.
Nelco currently occupies about 18,000 square feet; while Manatee Glens is housed in 16,000 square feet in the center.
Current tenants in the office park will remain in the development for the near future.
Nelco Realty Holdings mortgaged the property to the former owner for $2.25 million.
Bay Street Village
plan moves forward
The Sarasota County Commission approved an amendment to the Osprey Revitalization Plan and a rezone petition filed by Henry Rodriguez and the Sarasota Development Corp. This sets the stage for Rodriguez to move forward with his 40-acre mixed-use Bay Street Village project.
The board approved an amendment to the Osprey's land use map to change 40.95 acres from medium density residential to high density residential. In addition, the board rezoned the 40 acres from residential and open use zoning to residential multifamily/PUD, a public use development overlay that gives the developer more flexibility.
Bay Street Village, planned for the east side of U.S. 41 from Bay Street to Old Venice Road wrapping around the Wal-Mart Supercenter, is envisioned as 64,000 square feet of commercial property, with 532 residential units in a mixture of condominiums, townhomes and courtyard apartments. The development will feature several ponds to improve the look of the development and to aid in water retention.
Rodriguez plans to break ground on Bay Street Village in January. The first 100 units and the mixed-use community will be ready by mid 2006. And as per his agreement with the county to do site work for a new library, he expects construction on that building to begin in March 2006.
Company buys land
for North Port Sonics
McClain Sonics Inc. of Ridgeland, Miss., purchased about 1.5 acres at 14980 S. Tamiami Trail, North Port, from Liberty Savings Bank for $905,000.
The North Port location is one of about five sites, McClain Sonics plans to develop this year. The company has drive-Ins planned for Wauchula, Apollo Beach, Riverview and Palmetto.
Halfacre Construction Co., the general contractor for the drive-ins, builds each restaurant in about three months.
The typical Sonic facility features a 1,200-square-foot building, which is only used as a kitchen, about 30 drive up stalls for ordering food and 10 outdoor picnic tables.
Buddy McClain, CEO of McClain Sonics, says the company hires about 75 people for each location. McClain Sonics, which used the corporate name of Boyz N Burgers LLC for the transaction, mortgaged the property to Bank of America for $9 million.
Gibraltar Homes buys land
for 150 new homes
Sarasota's Gibraltar Homes Inc. purchased 38 acres on 60th Avenue E., Ellenton, near the Ellenton Outlet Mall from Landview Development LLC for $6.5 million.
"We're going to develop 150 villa and townhome units there," says Albert Sanchez, president and co-owner of Gibraltar. "We will start taking reservations in the next 60 to 90 days. We should start full-blown sales in late summer or early fall."
Construction is slated to start in the first or second quarter of 2006. Permits for the infrastructure are expected in June or July. Units will range in size from 1,600 to 2,100 square feet, and are expected to run from $285,000 to $385,000.
"It is becoming increasingly difficult to find land," Sanchez says.
Gibraltar Homes, which used the corporate entity of Gibraltar Nottingham Heights LLC for the transaction, mortgaged the property to Gold Bank for $4.3 million.
JM Communities readies
for new developments
Jim Moynihan's JM Communities, the developer behind the San Marco condominium/retail development on U.S. 41 in Sarasota, is getting ready to start construction on two new residential developments in the next few months.
JM Communities will replace the Bayside Breeze Motel on Stickney Point Road with a West Indies-style 19-townhome community called Siesta Pointe. The three-bedroom homes will have 2-1/2 bathrooms, a one-car garage and private driveways. Pre-construction pricing for the townhomes will start at $500,000.
The company, which is operating the Bayside Breeze as a motel, plans to close and demolish it next month. Construction on the new development is slated for June or July.
Following close behind, JM Communities plans to start marketing the 39-unit Siesta Tradewinds next month. The Siesta Tradewinds will replace Palm Breeze Inn and Apartments, which is across the street from the Bayside Breeze Motel. The number of buildings and pricing has not been selected. Construction is expected to start in the fall.
Both developments will be marketed by Partners Realty of Sarasota.
• Sarasota Commercial Management Inc. has relocated its headquarters to 711 S. Osprey Ave., Suite 1, Sarasota. The renovated 5,000-square-foot office will provide work area for the firm's growing management, development, leasing/sales, maintenance and administrative staff groups. SCM currently manages 27 properties in Sarasota and Charlotte counties - three times the number managed when the firm moved to its previous office in 2000. Mindy Parker, SCM owner and broker, attributes the need for additional space to company growth and the impending opening of Courthouse Centre.
"We've needed to move for a while, and now we'll have the room and resources - the infrastructure - to make us more efficient and better able to grow," Parker says.
SCM will occupy almost half of the 10,500-square-foot 711 Building, which was previously occupied by Glauser Subaru. Other tenants will include MP Artworks (of which Parker is also a co-owner) and the Metro Coffee & Wine Bar.
• Kellogg & Kimsey Inc. recently completed a 236-square-foot addition to the Ritz-Carlton Sarasota's Cigar Bar. The contractor also replaced the roof of the First Presbyterian Church in Sarasota's fellowship hall. Smith Architects PA acted as architect at First Presbyterian Church, and Milton Pate Architects did the design work at the Ritz Carlton Founder's Room.
• LWR Communities LLC, the developer of the master-planned community of Lakewood Ranch, has selected 10 builders for its newest village, The Lake Club. Home construction is expected to start in the fall. At completion, The Lake Club's land plan calls for about 768 single-family homes and about 322 coach homes and condominiums. Homebuilders include: Anchor Builders, John Cannon Homes, Lee Wetherington Homes, Peregrine Homes, Pruett Builders, Todd Johnston Homes, Landmark Development Group and London Bay, both of Naples; Marc Rutenberg Homes of Tarpon Springs and Westwater Construction of Sarasota.
The 1,600-acre Lake Club is east of Lorraine Road, just north of University Parkway.
• The Sarasota Herald Tribune leased a 10,000-square-foot warehouse at 1001 Corporate Ave., North Port, from Arnold Development Co. for about $6.45 a square foot. The warehouse space will be used as a distribution facility for newspapers throughout south Sarasota County and Charlotte County. Tony Veldkamp of Michael Saunders & Co.'s Commercial Group represented the Sarasota Herald Tribune.
• Verifier Inc. and a Pennsylvania commercial retail developer H.L. Libby have leased two suites (204 and 205) in Sarasota at 950 South Tamiami Trail, Sarasota. Both properties are more than 750 square feet and both leased for $14 per square foot. Tony Veldkamp of Michael Saunders & Co.'s Commercial Group, is the exclusive transaction agent for the building.
• GTE Federal Credit Union purchased a parcel at the DeSoto Square Mall, 303 301 Blvd. W., Bradenton, from Simon Capital Ltd. Partnership for $750,000.
• Lucuma Designs leased 2,400 square feet of office/warehouse space at 1144 Tallevast Road, Unit 107, in the Tallevast Commerce Center from DTC Enterprises Tallevast Partnership. Christine Walter, of Richardson, Kleiber, Walter Walter Partnership, represented the lessee, and Jim Walter, of Richardson, Kleiber, Walter Walter Partnership, represented the lessor.
• Premier Mortgage Funding Inc. leased 2,500 square feet of office space at 1144 Tallevast Road, Unit 101, in the Tallevast Commerce Center from DTC Enterprises Tallevast Partnership. Christine Walter, of Richardson, Kleiber, Walter Walter Partnership, represented the lessee, and Jim Walter, of Richardson, Kleiber, Walter Walter Partnership, represented the lessor.
• Cessaroni Technology U.S. leased 2,400 square feet of office/warehouse space at 1144 Tallevast Road, Unit 108, in the Tallevast Commerce Center from DTC Enterprises Tallevast Partnership. Christine Walter, of Richardson, Kleiber, Walter Walter Partnership, represented the lessee, and Jim Walter, of Richardson, Kleiber, Walter Walter Partnership, represented the lessor.
• Little Palm Real Estate LLC leased 2,358 square feet of office space at 341 Miami Ave. W., Venice, from trustee Jack M. Severson. Christine Walter, of Richardson, Kleiber, Walter Walter Partnership, represented the lessor, and Donna Palm, of Little Palm Real Estate LLC, represented the tenant.
• Sean and Rachel Hill purchased the office/warehouse building, located at 500 Base Ave., Venice, from Donald and Janet Landis for $335,000. Jim Walter, of Richardson, Kleiber, Walter Walter Partnership, handled the transaction.
• Dick, Johnson & Jefferson Insurance leased a 2,500-square-foot office at 7305 Merchant Court, Lakewood Ranch. John Caragiulo, of Hembree & Associates, represented tenant in the transaction.
• KWWO, Kingdom Worldwide Web Operations Inc. leased 10,000 square feet at 1549 State St. in downtown Sarasota. KWWO Inc., an e-commerce marketing company, leased the property from the Windom Family. KWWO will be relocating its corporate headquarters and 17 of its employees from Gainesville. Kim Nielsen, owner of KWWO and Nielsen Classic and Contemporary Furniture, plans to convert a portion of its first floor space to accommodate a retail operation of modern, Danish furniture. Karen Cook, of Michael Saunders & Co.'s Commercial Group, represented the tenant.
• Lake Lansing Development LLC, Heron Investors LLC and Ganakas LLC bought vacant commercial land at 120 E. Dearborn St. from Larry and Ann Linder for $2 million.
• Bradenton-based Bruce Williams Homes has started 2005 with 50 home sales in only nine neighborhoods. Peter Mason, vice president of sales and marketing for the homebuilder, says the average price for a Bruce Williams home is $312,000. In 2004, the homebuilder closed on 291 homes and posted sales of 460 homes for $143.6 million. Mason projects that the company will sell more than 500 new homes this year.
• The Founders Club has moved its sales gallery and all administrative functions onsite, to its rapidly developing community just off Fruitville Road, three miles east of Interstate 75. The new, 4,500-square-foot sales gallery is just outside the gate at the Club's main entrance.
The relocation is the latest in a series of moves marking the progress of The Founders Club, a 700-acre, gated community with a private equity golf club and 262 luxury homes. In earlier moves, the 18-hole course, designed by noted golf course architect Robert Trent Jones Jr., held its grand opening on February, and the golf staff is already at work in the golf shop. The 24,000-square-foot clubhouse, Golf Hall, is scheduled for completion by October.