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Real Estate Briefs (Sara/Mana edition)
Investors buy Ranch
Lake Plaza building
Ranch Lake Investors LLC bought the 12,400-square-foot Ranch Lake Plaza office building in the 8500 block of State Road 70 E., Bradenton, from Lake Plaza Associates LLP for $2.2 million. The building, which has four office/medical suites, is now occupied by Dental Care Alliance and Augustyniak Insurance and Financial Services.
Hazel Ford, an administrator for Ear Nose and Throat Associates of Manatee and president of Ranch Lake Investors, says a satellite office of the medical practice will occupy the sole empty suite. The practice's main office is located at 701 Manatee Ave. W., Bradenton. The firm currently leases space in Health Park East, at 6040 S.R. 70, but it will relocate once the Ranch Lake Plaza suite is renovated.
"We want to be closer to the Lakewood Ranch community," Ford says. "We feel like it is a better location. We will probably have some time-share space available."
Ford expects to start renovating the space in March. Ranch Lake Investors mortgaged the property to Northern Trust Bank Florida for $1.88 million.
Developer plans center
for Suncoast Roofers
Sarasota Suncoast LLP, an investment group made up of principals from Clearwater-based Haydon-Rubin Development Inc. and Suncoast Roofers Supply Inc., purchased vacant land in Centre Park from Wasat LLC for $635,000.
"We are building a 36,000-square-foot distribution facility for Suncoast Roofers," says Rogers Haydon, president of Haydon-Rubin and managing partner of Sarasota Suncoast. The roofing company now occupies 20,000 square feet at Whitfield Industrial Park. Haydon-Rubin Development is the design-builder for the project
Haydon hopes to break ground on the new facility in April, which would lead to an expected completion date in October. Sarasota Suncoast LLP mortgaged the property to First National Bank Florida for $476,250.
Victoria Bay buys land
for 10-home project
Victoria Bay Inc. bought residential land at 7517 Midnight Pass Road, Siesta Key, from Lysle, John and Gregory Veach and Barbara Semerjian for $7.15 million.
Klaus Lang, a Realtor with Michael Saunders & Co. who is representing Victoria Bay, says the group plans to develop 10 maintenance-free Victorian-style homes in a gated development.
"This will be a very small community with architectural elements of older homes," Lang says. "This is something that has not been done here before."
Lang estimates the price for the homes will range from $2.5 million to about $5 million. The development is expected to start in the second half of the year.
Victoria Bay mortgaged the property to People's Community Bank of the West Coast for $4.45 million.
Pacer Marine buys land
for new manufacturing facility
Pacer Marine, a Sarasota-based harness manufacturer, purchased 1.5 acres at 2224 72nd Terrace E. and 7265 21st St. E. in Bradenton from Wasat LLC for $381,750.
"This is really just land for future development," says Joe Swiatkowski, Pacer Marine's vice president. "We will probably be developing something there in the next 18 months."
Swiatkowski says the company will likely build an about 25,000-square-foot manufacturing and warehouse facility. "We have about 11,000 square feet in Bradenton right now," Swiatkowski says. "We also have 42,000 square feet in Sarasota. This new location should just allow us to expand our product line. We should be able to increase sales by 20%."
Pacer Marine mortgaged the new property to RBC Centura Bank for $305,400.
Stephens, Bennett plan
multibuilding project
Stan Stephens, of Manasota Commercial Construction Co. Inc., and Florida Sen. Mike Bennett bought about 23 acres of vacant industrial land in Creekwood East Industrial Park from K&F Land Co. LLC for $1.8 million. The property is located on the northeast corner of State Road 70 and Interstate 75.
"We are looking for tenants right now," Stephens says. They will build to suit or find tenants after construction is completed.
The property is envisioned as a total of 140,000 square feet in multiple buildings. Stephens says the two developers are considering a campus style development similar to several projects in Lakewood Ranch.
"We have no real time constraints right now," Stephens says. "This is really going to be market driven."
The two developers mortgaged the property to First National Bank and Trust for $1.2 million.
Sarasotans plan
new ice cream store
Cheryl and David Land of Sarasota are going into the ice cream business. The Lands' company Icecream Science Inc. purchased vacant land at 335 Commercial Court, Venice, from Venice Interchange Corp. and Loren and George Palermo for $330,000.
The Lands plan to develop a 1,000-square-foot Bruster's Ice Cream franchise on the site. David Land says he hopes to break ground on the new store later this month, and plans to open the store in early June. The new store will employ 30 employees part-time and two full-time.
Icecream Science Inc. mortgaged the land to Comerica Bank for $800,000.
Etc...
• Tru-Temp Heating & Cooling Inc. leased a 2,465-square-foot office/warehouse unit at 4366 Independence Court. Jennifer and Jeff Button, of Richardson Kleiber Walter, Kleiber Partnership, handled the transaction.
• The Sarasota general contracting firm of Kellogg & Kimsey Inc. recently completed construction on two local projects. The firm completed the demolition, renovation and addition of an existing retail center to 43,000 square feet of new retail space in Paradise Plaza, at U.S. 41 and Bee Ridge Road.
In addition, Kellogg & Kimsey Inc. also recently finished work on Yankee Traveler on St. Armand's Circle for Casto Southeast. Kellogg & Kimsey remodeled the existing space to create 25,000 square feet of new retail space.
• Adam Wieand, of Venture Rentals Ltd. and Bayshore Rental Apartments, bought property at 2519 Ninth Ave. W. from Five Star 2 Manatee Inc. for $475,000. Wieand, who used the corporate name of Odyssey Properties Manatee LLC for the transaction, mortgaged the property to Coast Bank of Florida for $380,000.
• Ritchie Enterprises Inc. bought vacant industrial land in the 1900 and 2000 block of 60th Place E. from Steve Solomon Inc. for a total of $835,000.
• Lennar Communities and U.S. Home say the first three homes put on the market at Talon Bay in North Port sold in one day. Construction has begun on two models at Tallon Bay and land development is scheduled for completion in six months, according to Tony Squitieri. Home prices in Tallon Bay will range from the $250,000s to the $350,000s.
The 220-home, gated community's planned entrance is located just west of Mineral Springs off U.S. 41 in North Port. The western-portion of Tallon Bay will abut the Myakka River. Architect Don Evans, of the Evans Group, in Orlando, created U.S. Home's designs.
• Dan Abbott leased 1,000 square feet at 100 Wallace Ave., Sarasota, from H&M Holdings LLC for a year. Steve Horn, of Ian Black Real Estate, handled this transaction.
• Fifth Third Bank, Florida has opened its new Bradenton 53rd Ave. banking center, located at 5305 26th St. W. The Bradenton banking center is the second location to open since the completion of Fifth Third's merger with First National Bankshares of Florida Inc. in January. The first, located in downtown Naples, opened on Jan. 3. Cincinnati, Ohio-based Fifth Third Bancorp has $94.5 billion in assets, operates 17 affiliates with 1,088 full-service Banking Centers, including 129 Bank Mart locations inside select grocery stores and 1,979 Jeanie ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia and Pennsylvania.
• Last year was good for Sarasota's Prudential Palms Realty. President Scott Sosso says the company grew by four-and-a-half times and had the second highest average sales in the marketplace.
"We should be opening a couple more this year - maybe one or two," he says. "We are also looking at a couple acquisitions and title and mortgage services. Most customers want us to be a one-stop shop."
• The investment group Paradise Autos LLC bought the former BMW auto dealership location at 6000 Tamiami Trail S., Sarasota, from Rodney Dessberg for $2.55 million. According to Doug Tibbetts, managing partner for Paradise Autos, the dealership location has already been leased to another dealer for luxury cars. Southpointe BMW is now located at 5151 Clark Road, Sarasota. Paradise Autos mortgaged the Tamiami property to Orion Bank for $2.04 million.
Barry Seidel, president of American Property Group of Sarasota Inc., handled the transaction.
• Edmund Mogford Jr.'s Heritage Shower Doors Inc. bought two buildings at 430 Venice Ave. E., Venice, from Thomas Conner, as trustee, for $900,000. Each of the two buildings is about 2,000 square feet.
"This was really an investment for our future expansion," says Mogford, whose Heritage Shower Doors is located nearby at 504 E. Venice Ave. "We like being east of Venice." Heritage Shower Doors mortgaged the property to the former owner for $900,000.
• Universal Healthcare leased a new office in Palm Aire Plaza. Steve Ross of Hembree & Associates represented Universal Healthcare.
• Steve Ross, of Hembree & Associates, represented Thai Accounting and NV Beginnings at Clark Condominium LLP in the purchase of new offices at 4141 Clark Plaza.
In another transaction, Harry Robbins Real Estate represented Michigan Construction Industry in the purchase of space at 4141 Clark Plaza.
Ross represents Clark Management as listing agent and has sold all but three units within a nine-month period. The spaces in the project range from 1,300 square feet to 3,900 square feet.
• Robert Harris Homes plans to develop the 114-unit condominium Palm Lakes in Sarasota. The gated development will offer maintenance-free units starting in the low $200s. All homes will feature two- and three-bedroom ranch floor plans.
• Bradenton-based Bruce Williams Homes, Manatee County's most active locally based home builder, will start construction in February of the last two townhomes and villa buildings in the first phase at Lexington located in Parrish, off U.S. 301 and east of Chin Road in Manatee.
Altogether, there will be a total of 96 town homes and villas in Lexington.
• Lauren Crist from Inside Eden (a garden room design company that sells fountains, furnishings and accessories) has leased 1,200 square feet from Victor Calderon at 1490A Boulevard of the Arts in Sarasota. Debbie Anglin of Ian Black Real Estate handled this transaction.
• Florida Preferred Homes Inc. signed a two-year lease on an office at Suite B in Lakeside Office Park, located at 3934 State Road 64 E., Bradenton, from Alan Stein. The lease price was for about $15.50 a square foot. Rico Boeras, of Preferred Commercial Inc., was the listing broker.
• Opus Corp. chose Michael Saunders & Co. w as the exclusive broker for Laguna at Riviera Dunes, a condominium community overlooking the Manatee River and Rivera Dunes Yacht Basin, in Palmetto.
The community's five buildings consist of 210 residences, with five floor plans ranging in size from 1,800 square feet to 4,400 square feet. All residences have panoramic water views, private balconies and granite kitchen countertops. So far, the community is just under 50% sold. The units start in the mid $400,000.
• Savannah, Ga.-based PanaSteel has teamed with Sarasota's Murray Homes to bring cold-formed light gauge steel home construction to Bird Key in Sarasota.
Founded in 2003, PanaSteel develops and panelizes pre-engineered light-gauge steel-frame homes and is already becoming an industry leader with custom-built projects in south Georgia, South Carolina, North Carolina and Florida.
Murray Homes is a development and construction company focused on building luxury waterfront estates and custom homes. Currently, the company is working on eight major waterfront estates in Sarasota located in Harbor Acres, Bird Key, Lido Key and Longboat Key and a commercial office development in downtown Sarasota.
The offspring of this relationship will be a two-story, 3,800-square-foot home at 411 Pheasant Way in Bird Key.
The advantages of pre-engineered steel homes, according to officials for Murray Homes, are primarily the speed of new construction, the strength of the material and the fact that steel is resistant to termites, mold and other issues related to wood.
• Harry Cardillo II's LB Properties West Inc. bought the former China Palace restaurant, at 5131 14th St. W., Bradenton, from Mei Chun Wong and Choon Lee for $800,000. LB Properties West mortgaged the property to the former owners for $500,000.
• Manatee County purchased a mobile home park at 6106 63rd St. E., Bradenton, from Curtis and Helen Johnson for $758,000.
• Courthouse Centre, a new 60,000-square-foot mixed-use project in downtown Sarasota, has an anchor tenant: Synovus Bank (United Bank) has signed a lease and will be the anchor commercial tenant in this new project to open shortly. The bank will occupy 9,400 square feet for its new downtown Sarasota headquarters about 15% of the space. The building will be signed and named "Synovus Bank Center" upon its planned mid-year opening. Courthouse Centre, located on the corner of Main Street, Washington Street and Ringling Boulevard, is planning a spring/summer 2005 opening. This real estate transaction was handled and the project was proposed by Diane Lawson, of Sarasota Commercial, and Stan Rutstein, of Wagner Realty. The tenant Synovus Bank was represented by Jay Heagerty, of Wagner Realty.
• The Founders Club has announced plans to build 13 maintenance-free golf cottages in its 700-acre enclave at 9000 Fruitville Road. Tom Brown and Jay Tallman are partners of U.S. Assets Group, which is developing The Founders Club with Fred Starling of The Starling Group. Robert Trent Jones Jr. has designed the private golf course.
The Founders Club is releasing the home sites for sale this month and has begun accepting reservations. "We will begin construction in July and expect to complete the cottages in about 14 months," Brown says. Prices begin at $1.6 million for the estate homes. The three- to five-bedroom homes will range from 3,200 square feet to 5,700 square feet with detached garages and private guest quarters.
• Barry Seidel, president of American Property Group of Sarasota Inc., and his wife, Leslye, purchased a half acre car lot, at 904 Tamiami Trail in Osprey from CJB Property Development LLC for $475,000. "It's just down the street from Wal-Mart," Seidel says.
• The U.S. Tower Division of Taylor Woodrow plans to top out the eight-story luxury condominium Beleza on Venice Beach in mid-February. Frank Cirillo, project manager for Taylor Woodrow's U.S. Tower Division, said all 26 condominium residences at Beleza have been sold.
Beleza on Venice Beach will offer garage parking on the ground floor and a second floor community center with a fitness center and heated swimming pool. Three-bedroom luxury residences at Beleza average 2,400 square feet of living space. Beleza on Venice Beach is expected to open before the end of the year, Cirillo says.
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