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Real Estate Briefs (Sara/Mana)


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  • | 6:00 p.m. April 8, 2005
  • Commercial Real Estate
  • Manatee–Sarasota
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Real Estate Briefs (Sara/Mana)

Sarasotans Angus Rogers, Gary Steadman, Robert Roskamp and Philip Kaltenbacher have started construction on Floridays Orlando Resort, a 432-unit luxury resort condominium complex. The $125 million resort, at International Drive and Wildwood Avenue, Orlando, will include six, six-story buildings with 72 condominium units in each, and is slated to open in the first quarter of 2006.

Current prices for two-bedroom units range from $305,400 to $351,200, and for three-bedroom units from $351,200 to $404,000. Fugleberg Koch of Winter Park is the architect for the project, and W.G. Mills Inc., based in Sarasota, is the general contractor. SunTrust Bank is providing construction financing. A 22,000-square-foot welcome center will include hotel check-in and concierge operations, conference rooms, fitness center, electronic game room, a children's activity center, restaurant and marketplace.

"We have taken a proven formula - combining condominium vacation home ownership with rental income opportunity - and applied it to a prime location in one of the world's most desired tourist destinations," Steadman said.

Sarasota dentists buy

Aloha Mobile Home Park

Buyer: Vito LLC (principals: Dr. Joseph Gata, Dr. Alex Giannini and Dr. George Strickland)

Seller: Aloha Mobile Home Park Inc.

Property: 3100 Hawthorne St., Sarasota

Price: $7 million.

Previous Price: $3.3 million, Dec. 1987

Law firm on deed: Richard M. Sepler, Miami

Plans, description: Six Sarasota dentists acquired the 275-space Aloha Mobile Home Park in Sarasota.

"It was a park that we thought with some management help could be run a lot better," says Dr. Alex Giannini. "It had decent cash flow ... and only nine vacancies."

Giannini emphasized that the sale is going to have no immediate impact on residents. "It's just going to be business as usual," Giannini says. "If anything we will be making upgrades throughout the park."

Three investors buy

Bradenton warehouse

Buyer: 2310 Whitfield Industrial LLC

Seller: West Coast Signs Inc.

Property: 2310, 2314 and 2322 Whitfield Industrial Way, Bradenton

Price: $2.3 million

Previous Price: $1.35 million, Feb. 2000

Law firm on deed: Grimes Goebel Grimes Hawkins Gladfelter & Galvano PL, Bradenton

Plans, description: Three Manatee County businesspeople: Klaus Doranth and Harry and Peter VanDerNoord purchased a 50,000-square-foot industrial building as an investment. "It's fully leased," says Doranth, the managing partner. "We really have no major changes planned for it."

The investors mortgaged the industrial property to Community Bank of Manatee for $1.96 million.

In addition, Doranth says the partners have also agreed to acquire a soon to be vacant 32,000-square-foot industrial building at 1520 Northgate Blvd., Sarasota. That building, designed for two tenants, is expected to lease for $6 a square foot.

Waterford Cos. buys

20 acres for condos

Buyer: Waterford at San Lino LLC (Waterford Cos., Venice)

Seller: Carl Kunze Jr. and Kathryn Kunze

Property: Venice Avenue and Auburn Road, Venice

Price: $1.65 million

Law firm on deed: Boone Boone Boone Koda & Frook PA, Venice

Plans, description: Michael Miller's Waterford Cos. plans to develop 20 acres into a total of 132 condominium units in 11 buildings.

"We should start any time now," says Pat Waguespack, site and development coordinator for Waterford. "We are going to develop it in two phases ... and have already started taking reservations on buildings nine and 11."

Each 12-unit building is slated to be three stories high and will include garages.

The project company, Waterford at San Lino LLC, mortgaged the property to Branch Banking for $1.5 million.

Rape Crisis Center

expands on Main

Buyer: Safe Place and Rape Crisis Center Inc., Sarasota

Seller: Dennis Hernandez & Associates South LLC

Property: 2121 Main St., Sarasota

Price: $1.2 million

Previous Price: $775,000, Jan. 2004

Law firm on deed: Kirk Pinkerton PA, Sarasota

Plans, description: Safe Place and Rape Crisis Center (SPARCC) purchased a small office building next to its existing administrative office at 2139 Main St. Stephanie Woods, executive director, said: "We had four staff people sharing one common area." SPARCC has owned its administrative building in downtown since May 1999. Woods said the organization's clients are not housed on the premises.

Sarasota investor

buys land out east

Buyer: South Fork Land Ventures LLC (principal David Rosenberg), Sarasota

Seller: Frances and Dean Votrian, trustee

Property: 900 Myakka Road and additional property in Sarasota County

Price: $875,000

Previous Price: $100, 2002 for part of the parcel; quit claim for all of property, $100, in 1990.

Law firm on deed: Bradley W. Hogreve PA, Sarasota

Plans, description: Sarasota businessman David Rosenberg purchased more than 30 acres just off Fruitville Road east of Interstate 75. Rosenberg says he was attracted to the heavily wooded land primarily because of the future opportunity for residential development.

"I would be well positioned if Sarasota ever decided to allow greater zoning on residential property (east of the urban services boundary)," Rosenberg says. "(But) until then I plan to enjoy the wilderness. It is just a lovely piece of property."

Rosenberg's South Fork Land Ventures LLC mortgaged the property to Northern Trust Bank for $460,000.

Keenan Development Group

prepares for new building

Fort Lauderdale-based Keenan Development Group plans to start construction by July on a sister building to the Keiser College building, located at 6151 Lake Osprey Drive, Lakewood Ranch.

"Things have just gone somewhat slower than we had planned," says Dale Chynoweth, chief financial officer for Keenan Development. "We are really working on a sister building that may not look identical but that will have similar curbside appeal."

Chynoweth says most of the leasing work will start once construction has commenced on the second 75,000-square-foot building. Asked about the possibility of a restaurant, cafe or coffee shop in the new building, Chynoweth says his group is considering it.

One use that would almost surely be excluded would be higher-traffic medical practices, which Schroeder-Manatee Ranch has designated for only a few certain parcels in the master-planned development.

The new building is on about 6.8 acres on Lake Osprey and will likely offer Interstate 75 signage.

The current Keiser building is 100% leased.

The architect for the project was Don Lawson of the Sarasota-based Lawson Group Inc. Architects. Chynoweth says Albert Myara, of Re/Max Properties, will likely list the space.

"We just feel that near the entrance [from University Parkway] to Lakewood Ranch is just a great position to be in," Chynoweth says.

Port Manatee Center

lands first tenant

Port Manatee Commerce Center, adjacent to Port Manatee on U.S. 41, has leased its first warehouse to Port Manatee Forestry Terminals Inc., a subsidiary of Stamford, Conn.-based Gearbulk. The company, which primarily imports Brazilian forestry products, has agreed to lease 84,000 square feet of covered storage space making it the port's largest and fastest growing customer.

Port Manatee Forestry Terminals expects its imports at Port Manatee to grow from 450,000 tons in fiscal year 2004 to more than 500,000 tons in fiscal year 2005.

The $20 million Port Manatee Commerce Center, under development by Sarasota investor Stanley Riggs, is designed to offer additional maritime, commercial and industrial staging and storage space.

"Port Manatee is embracing its potential by expanding its facility to attract more cargo," Riggs says. "The commerce center is equipped to grow right along with it."

Future phases of the 400,000-square-foot Port Manatee Commerce Center will include a total of seven warehouses linked via rail spur to the north-south CSX Transportation rail line.

Port Manatee is Florida's fastest growing deepwater seaport, handling more than 8.3 million tons of cargo in fiscal year 2004.

Etc...

• 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 the tenant.

• KWWO, Kingdom Worldwide Web Operations Inc. leased 10,000 square feet at 1549 State St., 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 the company will sell more than 500 new homes this year.

• The Founders Club has moved its sales gallery and all administrative functions 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 shop. The 24,000-square-foot clubhouse, Golf Hall, is scheduled for completion by October.

• European Marble Co. purchased a 5,288-square-foot office/warehouse space from Brian and Murielle Wallace for $576,728. Jeff Button, of Richardson Kleiber Walter, Kleiber Partnership, handled the transaction.

• First Impressions Fashion Jewelry and Accessories LLC leased 2,500 square feet at 2195 Porter Lake Drive from Rabish Investments LLC. Jeff Button, of Richardson Kleiber Walter, Kleiber Partnership, handled the transaction.

• Sarasota Coffee and Tea Co. leased 2,500 square feet at 1925 Barber Road, Sarasota, from Rabish Investments LLC. Jeff Button, of Richardson Kleiber Walter, Kleiber Partnership, handled the transaction.

• Mitsui Lifestyle USA Inc. leased 2,500 square feet of office space at 1457 Tallevast Road, Sarasota, from Airport Commerce Center. The transaction was handled by William Preissner, of Hembree and Associates, and the Airport Commerce Center.

• Skyway Investigation and Security Inc. leased 2,500 square feet of office/warehouse space at 7672 15th St. E. from Airport Commerce Center. The transaction was handled by Airport Commerce Center.

• LIFEGAS LLC leased 5,000 square feet of office/warehouse space at 1241 Tallevast Road, Sarasota, from Airport Commerce Center. The transaction was handled by Airport Commerce Center.

• Prime Time Player LLC leased 2,330 square feet office/warehouse space at 1450 Tallevast Road, Sarasota, from Airport Commerce Center. The transaction was handled by Airport Commerce Center.

• Interior Specialty LLC leased 5,000 square feet of office/warehouse space at 1223 Tallevast Road, Sarasota, from Airport Commerce Center. The transaction was handled by Airport Commerce Center.

• Atlantic Specialty Lines of Florida Inc., a commercial insurance underwriter headquartered in Richmond, Va., leased 2,304 square feet at 5581 Broadcast Court, Lakewood Ranch, from Santo LCC. Bob Brillon, of Michael Seery & Associates, negotiated the three-year lease.

• James and Cherry Ford's Gulf Gate Enterprises I and II LLC purchased units 10-13 Venice Business Suites II, from H and H Enterprises of Venice LLC for $770,000. the new owner mortgaged the property to First State Bank, $525,000.

• Alexander Tucci's Venitian Trail LLC purchased a professional building at 1868 S. Tamiami Trail, Venice, from Jay Raja for $1.115 million. Venitian Trail mortgaged the property to LandMark Bank of Florida for $1.38 million.

• JH Investment Condominium Developers LLC, principally: Daniel Prewett and Allan Scott, bought the 47-unit Bermuda Apartments, located at 3350 S. Osprey Ave., Sarasota, from Bermuda Apartments of Sarasota LLC for $5 million. JH Investment Condominium mortgaged the property to Bank of Commerce for $4.7 million.

• AmSouth Bank purchased land in the Shoppes of Heron Creek in North Port from Win-Heron Ltd. for $1.1 million. Jerri Franz, a spokesperson for AmSouth, says the bank has no set schedule for the development and is also looking for other property that could prove key in its future expansion plans.

"We have to buy property while it is there on the market," Franz says.

 

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