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Real Estate Briefs (Tampa)

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  • | 6:00 p.m. April 15, 2005
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Real Estate Briefs (Tampa)

Georgetown Apartments on South

Westshore sell for $125 million

Georgetown Apartments at West Fair Oaks Avenue and South West Shore Boulevard was sold on April 1 to Chicago-based Walton Street Capital LLC for $125 million, or $772,000 an acre, according to property records.

The late Ralph Kaul, a well-known Tampa developer, built the 64-building, 624-unit bayfront apartment complex over a 20-year period, starting in the mid-1960s.

Kaul's wife, Virginia, as the sole trustee of the Ralph Rains Kaul Revocable Trust of 1981, sold the 162-acre property that had been on the market since July. Kaul, a Harvard University business graduate, passed away in 2002.

Although the deed lists only Walton Street Capital as the new owner, Fort Lauderdale-based The Motta Group is also an owner with Walton Street, according to Jim Motta, the developer in charge of the project.

Walton Street is a private real estate investment firm with about $1.8 billion in equity commitments from public and corporate pension funds, foreign institutions, insurance companies and banks and endowments and trusts. With 18 principals, the group has participated in about $25 billion in real estate transactions with an objective of at least a 20% return, according to the company Web site.

Motta calls the land "a unique piece of property at a great location."

The existing brick and cement block buildings will be razed and "a quality community" will be built, Motta said. The group is working on a conceptual plan and it's too soon to say whether a multifamily complex or single-family homes will be built.

Tenants have not yet been asked to leave, Motta said.

Walton Street Capital represented itself in the transaction, while John Gerlach, vice president for Colliers Arnold, represented the seller. Attorney H. William Walker Jr. of Miami's White & Case LLP handled the transaction.

Last month, Walton Street Capital bought other commercial properties in Tampa for $16.2 million, located at Pioneer Parkway, Sunstate Street and Waters Avenue.

Villas at Cross Creek

gets a new owner

New York-based Global Securitization Services LLC bought the The Villas at Cross Creek, an apartment complex at 10401 Cross Creek Boulevard, Tampa, for $26,433,000. Fred Hazel, vice president of Morrow Investors Inc., of which Waide Development Southeast is an affiliate, sold the complex.

The company obtained a mortgage of $23.8 million from California-based Fremont Investment and Loan.

Global Securitization Services specializes in the ownership and administration of special purpose vehicles (SPVs) established in connection with structured finance transactions, according to the company Web site. "The focus of Global Securitization is to provide SPVs with equity capital, independent officers and directors as well as commercial paper administration, accounting, treasury management and corporate services."

Andrew L. Stidd, Kevin P. Burns, Frank B. Bilotta and Bernard J. Angelo form the management of the group. Stidd is the current president.

Sale of Wyndham Westshore

closed as part of package

Dallas-based Wyndham International Inc. closed the sale of Tampa's Wyndham Westshore on March 23 along with 22 other hotels nationwide for $366 million. The purchase price of the Tampa hotel was $22.26 million, according to property records.

Wyndham International announced the sale of 23 hotel properties, including the Wyndham Westshore, to a private investment fund managed by New York-based Goldman Sachs and affiliates of Dallas-based Highgate Holdings, according to a March 23 press release. The buyers obtained a $50.4 million mortgage against the Tampa hotel from Archon Financial, a commercial mortgage lender that is a subsidiary of Goldman Sachs.

Wyndham Westhore, at 4860 W. Kennedy Blvd., is a three-star hotel with 321 rooms.

The sale of the hotels concludes Wyndham International's planned asset disposition program, which over the last five years led to the sale of 180 properties for gross proceeds of more than $2.5 billion. Net proceeds from the asset sales have been used to reduce debt and overall company leverage, according to a press release.

Goldman Sachs did not return calls to GBCR.

Interstate Hotels & Resorts signed management agreements to operate the 23 upscale hotels acquired by the Goldman Sachs-Highgate Holdings affiliates partnership. According to a press release, the partnership has released $75 million for renovations to the properties.

Wilder Corp. buys Harbour

Island Wyndham Hotel

Maurice Wilder, sole owner of Wilder Corp. of Delaware, bought the Wyndham Harbour Island Tampa hotel for $26.43 million. The seller was H I Venture Four Inc. of Prospect Heights, Ill.

Wilder Corp. obtained a mortgage of $15.9 million from Thrivent Financial for Lutherans. Wyndham hotel is a three-star deluxe hotel with 299 rooms.

In another transaction, the Wilder Corp. obtained a mortgage of $2.5 million for vacant lots in Pinellas Groves, according to property records.

Retail building at Adamo

Drive sells to investors

A 294,000-square-foot building at 10097 Adamo Drive, west of Interstate 75 and State Road 60, with Home Depot and Office Depot as tenants, was sold to Brandon Crossings LLC for $16.5 million. William Weisman and Dan Mandeo are the partners of Brandon Crossings LLC. The seller was Lasalle Bank NA, as trustees of the registered holders of the First-Union Lehman Brothers Commercial Mortgage Trust.

The company has a presence in North Florida, but this is its first investment in the Tampa Bay area, he said. Earlier efforts to buy in Tampa were unsuccessful.

"We're excited about this investment and working on some other deals here," Weisman said.

Brandon Crossings obtained a mortgage of $14.3 million from Prudential Mortgage Capital Co. LLC.

EcoGroup Inc. closes deal

on former Hendry Corp. land

EcoGroup Inc. paid $14.9 million for the former 36-acre Hendry Corp. shipyard at West Shore Boulevard and Tyson Avenue in Tampa, according to property records. EcoGroup has also acquired the 17-acre adjacent property of Imperial Yacht Basin from Grady Pridgen-Carl Lindell group.

The company plans to build a mixed-use development, including 1,000 residential units and about 145,000 square feet of office, restaurant and retail space. Ed Oelschlaeger, the Tampa-based EcoGroup president, said the company has applied for a permit and hearings are scheduled for June 9. For the Imperial Yacht Basin part, permits have been approved for 750 residential units and 95,000 square feet of retail and commercial space.

Infrastructure improvements will begin by late summer or early fall, he said.

EchoGroup obtained a $20 million mortgage from Bank of America NA and Battleview Enterprises II LLC.

Amalie Oil Co buys vacant

land at Causeway Boulevard

Amalie Oil Co. Inc. bought 15 acres of vacant industrial property at Causeway Boulevard for $3.13 million. The seller was Transcontinental Marine Repair and Drydock Corp.

Richard Barkett, chief operating officer of Amalie Oil Co., declined to disclose company plans, saying an announcement will be made later.

Amalie Oil Re LLP obtained a mortgage of $3.2 million from Fleet Capital Corp.

Southern Crafted Homes

buys 49 lots in New Tampa

Southern Crafted Homes bought 49 lots on Bruce B. Downs Boulevard in New Tampa from Live Oak Development LLC for $3.03 million or $61,000 per lot.

The company plans to build single-family homes, with floor plans ranging from 2,850 square feet to 3,905 square feet and prices starting in the upper $300,000s, according to Marcianne Foster, Southern's sales and marketing coordinator.

There has been considerable interest in the property, Foster said, and several lots were pre-sold. Construction has already begun.

Southern Crafted Homes obtained a mortgage of $2.57 million from Platinum Bank.


• California-based Milan Properties Ltd. bought vacant industrial property at Falkenburg Road for $3.9 million. The seller was First industrial Development Services Inc.

• DeBartolo Development bought pasture land at 10349 Big Bend Road, Tampa, from George Baxter and Peter Irving of Tampa-I 75 for $3.34 million. DeBartolo obtained a mortgage of $5.56 million from National City Bank.

• Royal Yacht Club Inc. bought a condominium at 1420 Bayshore Blvd., Clearwater, for $3.35 million. Ela Investments was the seller. Royal Yacht Club obtained mortgages of $1.55 million and $1.5 million from Starquest Investments and Global Connections LLC, respectively.

• Richard Surette of Property GW5 LLC, based in Belleair Shore, bought a retail store at 12125 Indian Rocks Road and other property at 11975, 11983, 11987, 12063 and 12031 Indian Rocks Road, Largo, from Jason R. Loiselle for $2.7 million. Jason Loisselle is the trustee for Gerard J. Loiselle.

• Colliers Arnold Commercial Real Estate Services recently negotiated the sale of of a 157,960-square-foot shopping center at North Florida and Waters avenues, Tampa, for $4.3 million. Jeffrey J. Tolrud of Colliers Arnold's Tampa represented the buyer RAM Realty Services of Palm Beach Gardens. Joe Greco Family Partnership Ltd. sold the fully leased retail center, anchored by Kash 'n Karry, Dollar General and Wendy's.

• Minoan Development sold vacant property in Tarpon Springs to Peter A. Rivellini of Clearwater-based WD Development for $2.5 million.

• CB Richard Ellis made the list of the top 25 national brokerages, with investment sales and leasing totaling $127.4 billion in 2004. Cushman & Wakefield Inc. came in second with $52.3 billion and Colliers International was third with $36.9 billion. The listing is based on responses to the National Real Estate Institute's Top Brokerage Survey conducted via e-mail.

• Prudential Tropical Realty announced the new location of an office at 2539 Countryside Blvd., Suite 3, Clearwater.

• Kimberly Mackey has been named the new sales manager of the Tampa division of U.S. Home. A graduate of the University of Tennessee, Mackey is the former sales and marketing director of Inland Homes. Mackey named Antoinette Verga as a new home consultant for the Tampa Bay area.


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