Real Estate Briefs (Sara/Mana)
Sarasota Realtor Buys Three Rental Complexes
Buyer: Bermuda on Osprey LLC and Elite Program Services Inc. (principal for both Warren Hickernell Jr.), Sarasota
Seller: JH Investment Condominium Developers LL and JH Investment Services Inc.
Property: 3350 S. Osprey Ave., Sarasota
Price: $10.2 million
Previous Price: $5 million, February 2005
Buyer: Tropic Isle Investors LLC (principal Warren Hickernell Jr.), Bradenton Beach
Seller: Tropic Isle a Seaside Inn Inc.
Property: 101 22nd St. N. and additional property nearby, Bradenton Beach
Price: $4.1 million
Buyer: Siesta Plaza Investors LLC (principal Warren Hickernell Jr.), Sarasota
Seller: Siesta Plaza Motel Inc.
Property: 6732 Sarasea Circle, Siesta Key
Price: $7 million
Law firm on deed: Desjarlais Title Co., Sarasota
Plans, description: Sarasota Realtor/developer/investor Warren Hickernell and his investment partners have purchased three large residential complexes the past month. Most recently, Hickernell and his partners purchased the 46-unit Bermuda Apartments for conversion to condominiums. The purchase price breaks down to $221,739 per unit. Hickernell says the units are currently undergoing extensive interior improvements.
The investment group Bermuda on Osprey LLC is renaming the development Bermuda on Osprey. Hickernell hopes to have condominium documents prior to the Christmas weekend and to start sales shortly afterward. Closings are slated for March.
Units in the development, which range in size from 900 to 1,800 square feet, will run from the low $300,000 to the $400,000s.
Bermuda on Osprey mortgaged the complex to Bank of Commerce for $9.4 million.
A week earlier, Hickernell and a different investment group, all of whom used the corporate identity of Tropic Isle Investors LLC, purchased the Tropic Isle Resort on Bradenton Beach. Hickernell says the 17-unit resort is being repaired and will be retained as a motel. Tropic Isle Investors LLC mortgaged the property to Orion Bank for $4.5 million.
Similarly, Hickernell's Siesta Plaza Investors LLC purchased the 37-unit Siesta Plaza Motel. The group plans to renovate it after season. Siesta Plaza Investors LLC mortgaged the property to Orion Bank for $15 million.
Mango Bay Beach Resorts has been hired to manage both resort properties.
buys Serenata land
Buyer: MCZ Centrum Florida 14 LLC, Chicago
Seller: University Manatee LLC
Property: 8307, 8397, 8391, 8387, 8381, 8377, 8367, 8357, 8351, 8341, 8335, 8325. 8319 38th St. Circle E., Sarasota
Price: $47 million
Previous Price: $1.45 million, July 2004
Law firm on deed: Holland & Knight LLP, Miami
Plans, description: Chicago-based MCZ/Centrum has purchased 15 acres north of University Parkway on Tuttle Avenue to develop the 240-unit Serenata-Sarasota. So far, MCZ/Centrum, a joint venture between MCZ Development and Centrum Properties, has completed seven of the 10 buildings planned in the complex.
Prudential Palms Realty agent Cheryl Loeffler, who is marketing the project, says that currently 60 of the units have been reserved.
"They range from $176,000 to $348,000," Loeffler says. "They are definitely more in the mid-range. We are trying to appeal to a younger professional group, and the art community. We are also attempting to appeal to the medical crowd and medical support personnel."
The units are set for closing in the middle to end of January.
The development features a swimming pool, lake, walking path, clubhouse, fitness center and picnic area.
MCZ/Centrum also recently purchased 800 acres of former phosphate land off Buckeye Road. So far no news has been released about the developers' future plans for the large site.
MCZ/Centrum mortgaged the 15-acre tract to LaSalle Bank for $44.8 million.
Penn-Florida buys out
partner, converting apartments
Buyer: Bermuda Estates Inc., Boca Raton
Seller: Bermuda Estates Associates Ltd.
Property: 4021 McIntosh Road, Sarasota
Price: $37 million
Previous Price: $2.95 million, November 2001
Law firm on deed: Hodgson Russ LLP, Boca Raton
Plans, description: Boca Raton-based Penn-Florida has purchased the 220-unit Bermuda Estates apartment complex. Penn-Florida was the developer of the original complex in 2003 and was part of the original landownership along with CCM Advisors Inc. of Tampa. Bruce Sirof, director of asset management for Penn-Florida, says the company plans to convert the apartment units to condominiums in the next two to three months. Penn-Florida is currently doing some renovations and adding additional amenities in preparation for the sale.
The Kirschner International Realty will market the property, which has not yet been priced.
Blackpoint Group buys
more land for business park
Buyer: Business Park at Washington Crossing LLC, Bradenton
Seller: Lucien and Elvire Levy, Roland Levy, trustee, Michele Levy, trustee
Property: 2550 Tallevast Road, Manatee
Law firm on deed: Porges Hamlin Knowles Prouty Thompson & Najmy PA, Bradenton
Plans, description: With this second purchase by Anthony Mazzucca's The Blackpoint Group, the company has acquired 10 acres for the retail development Business Park at Washington Crossing. The Blackpoint Group acquired its first portion of the development in April, and it is scheduled to close on the remaining half of the project site in June. The development is planned as a mixture of retail, office and light manufacturing buildings, along with a hotel at the southeast corner of U.S. 301 and Tallevast Road in Manatee County. Excluding the hotel space, the commercial portion of the development will be about 200,000 square feet.
1350 Main group
plans 1740 development
Florida Main Street LLC, a joint venture between LB Jax Development LLC of Jacksonville and Boca Raton-based Southcoast Partners Inc. and the same group that is building 1350 Main in downtown Sarasota, has filed plans to build a 15-story mixed-use development at 1740 Main.
The project is planned as 49 hotel rooms, 49 condominium units, 74,000 square feet of office space, 7,000 square feet of retail space and a 362-space garage.
Chris Brown, one of the partners in the proposed development, says the commercial portion of the development will likely be offered for sale or lease, mirroring the use of many similar downtown projects .
"We will like start working on the tenants in the spring," Brown says. "We still have to get through the approvals." The development is slated to open in December of 2008.
Sarasota Fireplace buys
more manufacturing space
Buyer: O'Donnell Options Inc. (principals Brian and Melinda O'Donnell), Sarasota
Seller: Pamaro Shop Co.
Property: 2089 20th St., Sarasota
Previous Price: $303,000, November 1999
Law firm on deed: Voigt & Voigt PA, Sarasota
Plans, description: Brian and Melinda O'Donnell, owners of Sarasota Fireplace and Barbecue Centers, have purchased an 8,400-square-foot warehouse and manufacturing facility. According to Andrew Gwilliam, sales manager for Sarasota Fireplace, the goal of the new acquisition was to consolidate the business' manufacturing and warehousing facilities, which have been spread out in leased locations. The new space is also expected to double the company's current capacity. Sarasota Fireplace designs and manufactures outdoor kitchens for the public and builders.
O'Donnell Options Inc. mortgaged the property to AmSouth Bank for $680,000. Jon Kleiber of Richardson Kleiber Walter Kleiber Partnership handled the transaction.
• Limelight Consulting Services leased about 2,000 square feet, 324 8 Avenue West in Palmetto from HAWA Enterprises LLC. Brian Hollifield of RCB Properties represented the tenant, and Don Lewis of Re/Max Gulfstream represented the landlord.
• Bradenton-based Fawley Bryant Architects Inc. has been awarded the contract for the new $22.6 million, 158,342-square-foot middle school prototype for Collier County.
• Pembroke Pines' NYC Taco Investment LLC purchased a Taco Bell building, 430 N. U.S. 41 By-Pass, Venice, from Sovereign TB LLC for $1.7 million. The Florida Division of Corporations lists Annamaria Reina as the manager of NYC Taco Investment.
• Entrust Administration Inc. of Largo and Robert F. Boksa IRA 1107 have purchased about fives acres on Manasota Beach Road and another acre at 1956 Bayshore Drive, Englewood, from American Gulf Breeze Inc. for $1.48 million. Entrust Administration specializes in self-directed retirement plans.
• R.W.L. Communications has purchased the 13,424-square-foot office/warehouse space, located at 2001 Limbus Avenue in Sarasota, from US Tanks & Cryogenics Inc. for $975,000. Carl Wise, president of Preferred Commercial Inc., represented the former owner, and Tony Veldkamp with Michael Saunders & Co.'s The Commercial Group represented the buyer.
• Carlos Beruff's River Woods LLC purchased grazing land at 15471 State Road 62 from William Manning for $2.8 million. River Woods LLC mortgaged the land to Regions Bank for $1.89 million.
• dk Concepts leased 8,000 square feet of office and warehouse space at 1856 Apex Road in Sarasota from Advantage Enterprises Corp. Jeff Button of Richardson Kleiber Walter Kleiber Partnership handled the transaction.
• Lena Place LLC purchased 5.88 acres at 7509 Pennsylvania Ave., Sarasota from Gulfwinds Development LLC for $1.1 million. Bill Kleiber of Richardson Kleiber Walter Kleiber Partnership, and Ian Black of Ian Black Real Estate handled the transaction.
• Fisher Auction Co., the company selected by Sarasota County to market and sell at auction more than 1,900 residential lots in North Port, has opened an office in the former North Port Yacht Club building at 7050 S. Chancellor Blvd. The auction will occur in two phases: an online auction conducted from Jan. 19 through Feb. 20, followed on Tuesday, Feb. 28, by a live auction at the North Port Performing Arts Center on the campus of North Port High School on Price Boulevard. Online bidding will also be available during the live auction.
• The Bert Rodgers Schools of Real Estate has completed its move to a new 5,000-square-foot building at 1855 Porter Lake Dr., Sarasota. The school also purchased an adjacent 2,500-square-foot office/warehouse unit to serve as a distribution center for materials sent to students who choose to study online. The school offers classroom and online education courses for the real estate, appraisal, and mortgage brokering/lending industries.
• Suncoast Imports, owned by Clermont-based Rolling Hills Ford, has purchased about 3.8 acres of land at 985 S. U.S. 41 By-Pass, Venice, near its existing dealership from Global Development LLC for $1.57 million. Suncoast Imports mortgaged the property to Wachovia Bank for $2.66 million.
• Jonathan Parks Architect P.A. has leased 2,962 square feet from Boulevard of the Arts, LLC for two years at 1471 Fifth Street in Sarasota's Rosemary District. Debbie Anglin of Ian Black Real Estate handled the transaction.
• ACP/Alinari, LLC leased the 2,800 square feet of office space at 500 and 520 N. Tamiami Trail in Sarasota from The May Group, LLC for $7,500 a month. The space will be used as the model home sales center for the Alinari Project. Tony Veldkamp with Michael Saunders & Co.'s The Commercial Group handled both sides of the transaction.
• Kenneth Craig Stevens purchased a 5,000-square-foot building at 1729 Northgate Blvd., Sarasota, from Clive Lawson for $625,000. Jeff Button of Richardson Kleiber Walter Kleiber Partnership and Charles Volkert of Coldwell Banker handled the transaction.
• Kellogg & Kimsey Inc. was recently awarded the Sunrise Pointe condominium project in Englewood. The development, which consists of two 12-unit buildings, is located on Lemon Bay and is slated to take about 14 months.