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Real Estate Briefs (Sara/Mana edition)
Real Estate agents
buy Fishermanis Plaza
The officers of Holmes Beach-based real estate firm A Paradise Inc., Lynn and Mary Hostetler and W.M. Alexander IV, purchased the 5,300-square-foot Fishermanis Plaza shopping center, at 12106 Cortez Road W., Bradenton, from Suncatcher Unlimited Inc. for $1.3 million. Fishermanis Plaza is currently 100% leased to four businesses: a barber shop, Cortez CafE, Cortez Laundromat and a U.S. post office.
A representative from A Paradise, who spoke on behalf of the principals, says the new owners purchased the center because of demand for real estate in the Cortez Road area and its investment potential. The partners have no immediate plans for changes to the structure or tenants.
The partners, who used the corporate name of Parrish Ranch LLC for the transaction, mortgaged the property to Suncoast Bank, for $1.04 million.
Nation 1031 sponsor
buys Ranch Lake Plaza
Gemini Real Estate Advisors LLC along with 10 other 1031 Exchange investors purchased the Kash ni Karry-anchored Ranch Lake Plaza, located on State Road 70 west of Interstate 75, for $15.2 million.
The purchase price of about $178 per square foot is reportedly a premium for shopping center space, which tends to run closer to the range of $100 per square foot. Other tenants in the shopping center include: Crispers Restaurant, Blockbuster Video, State Farm Insurance, H&R Block, Foxis Pizza Den, the Wing Factory, Sunny Wok Chinese restaurant and a new Goodyear Superior Auto Center.
Dante Massaro, Geminiis vice-president, says the firm purchased the property because it was a new shopping center in one of the fastest growing areas of the country.
Gemini also emphasized that the existing Kash ni Karry store is scheduled to be rebranded as a Sweetbay Supermarket in the second quarter. Sweetbay Supermarkets, a new concept being implemented in all of Delhaize Americais Florida Kash ni Karry stores, replaces the standard grocery store with one more focused on healthy and prepared foods. The new store is designed to compete with the likes of Whole Foods and standard grocery stores.
Gemini structures and markets tenant-in-common, 1031-exchanges investments in retail real estate.
Nokomis developers buy
land at Woodmere Horse Farm
Mark and Paula Caithness, of Nokomis-based Caithness Construction Inc., bought about 130 acres on Laurel Road from Star Land Co. LLC for $7.7 million.
iWe are not really sure exactly what we are going to build there,i Mark Caithness says. iRight now we are trying to get it rezoned to six units per acre so we can build a really nice subdivision. The property is located on the old Woodmere Horse Farm and runs all the way to Border Road.i
If the company receives approval for six units per acres, that would mean it could build as many as 780 houses.
The new owners are also attempting to have the property annexed into Venice.
iLand is really scarce so you have to go after any land you can get,i Caithness says. iBut this is a prime piece of property; itis close to Venice and I-75. It will be a good investment, and it should make a great development.i
Mark and Paula Caithness mortgaged the property to Florida Community Bank for $6.3 million.
Three flex buildings
headed for Centre Park
Charles Wilson and the Sarasota-based investment group Rucha LLC plan to build three flex (office/warehouse) buildings on 22nd Street E., Bradenton, in Centre Park.
The first and second buildings will be 15,000 square feet each and the third one will be 8,000 square feet, says Wilson, president and owner of Charles Wilson Construction Co.
The buildings will be subdivided for lease into 2,500- to 5,000-square-foot units. Wilson says the development costs are still fluid, and that no lease rates have yet been chosen. Construction on the first building is slated to start in March or April and completion is expected in September.
iWe should start leasing them in February,i Wilson says. Jon Kleiber, of Richardson Kleiber Walter, is the leasing agent for the space.
Developer seeks approval
for 16-story Rosemary condo
Englewood developer Tom Perdew filed a site plan application with the city of Sarasota to develop a 3-story, 16-unit condominium at 1567 Boulevard of the Arts. The development will also include a pool and spa on one acre.
iWe are doing our due diligence, bringing it in front of the Planning and Zoning Board,i Perdew says. iOnce we have their answer we can start planning the project.i
Perdew expects that the condos would be geared to a lower cost and price per square foot than renaissance project, but iwould be of no less quality.i
iWe are trying to put the whole project together so it makes economic sense,i Perdew says. iBut I really donit think you can go wrong in the boundaries of Sarasota.i
Perdewis son, Kelly, had some exciting real estate news of his own recently. In December, the West Point graduate and former Sarasota resident was chosen by Donald Trump in the NBC reality show iThe Apprentice 2.i Perdew was awarded a $250,000 one-year contract to manage the $4 billion Trump Place real estate development in Manhattan.
Ring Power Corp.
builds new location
Jacksonville-based Ring Power Corp., one of the largest Caterpillar equipment dealers in the Southeast, has started construction on its new Sarasota facility at 6733rd St. E.
It will replace the companyis existing facility, which it ougrew, says Sue Miller, vice president of marketing. The company is developing a total of 43,775 square feet. Nearly 11,000 square feet is for a parts warehouse, 8,100 square feet is for office space and 16,800 square feet is for a service shop.
iThat location is going to feature four heavy-equipment service bays, four rental-services bays, a hydraulic cylinder press and an equipment wash rack,i Miller says. iWe expect to have 25 to 30 employees working at that location at least initially.i
The new facility is scheduled for completion in May 2005. The general contractor for the project is Jacksonville-based The Stellar Group. The building permit for the project estimates the construction costs at about $4.4 million.
Walker-Whitney buys
land for W. Penthouses
The new development partnership of St. Petersburgis Blake Thompson and Joel Walker of South Carolina, Walker-Whitney, has closed on vacant land at 1806 Ringling Blvd., Sarasota, from Landstar Associates of Sarasota LLC for $750,000. The developers plan to build an eight-unit condominium W Penthouses on the site.
Walker-Whitney is scheduled to start construction on the condominium in February. Thompson told GCBR last month that the firm already has three of the units sold. Units in 10-story W. Penthouses will be about 4,600 square feet and are priced in the $1.5 million range. The development will also feature 18 parking spaces.
W Penthouses is the second of three W-named developments planned by Walker-Whitney in the next three months. The first is the eight-unit W. Flats in St. Petersburg, which is already sold out. Construction on that project is set to start in January. The third is the 56-unit W. Plaza in St. Petersburg that is scheduled to begin in Mid-March.
Ginny Thompson is the director of design and marketing for all three projects.
Walker-Whitney, which used the limited liability company of WW at W Penthouses LLC for the transaction, mortgaged the property to First National for $562,500.
EtcO
i Tampais WRB Enterprises Inc. bought land from Dan Blalock Jr., trustee, for $2 million. WRB converted the historic Ybor Square into a mixed-use office and retail development. In residential housing, WRB is a joint-venture partner in various single-family lot developments throughout the Tampa Bay area.
WRB owns a portfolio of real estate holdings, including a 2,000-acre cattle ranch near Dade City and more than 3,000 additional acres of commercial and agricultural properties throughout the Southeast United States.
i Hal Gillihan, a sales associate in the Bradenton office of Michael Saunders & Co., set a record sale for Key Royale in November closing on 613 North Point Dr. with selling agent May McNeill for the record price of $1.6 million.
The highest sales price ever recorded for the Key Royale area, the property sold by Gillihan and McNeill is located in North Point Harbour, an exclusive waterfront community in Holmes Beach. The home features three bedrooms plus a bonus room, high ceilings, fireplace, caged heated pool and Jacuzzi, circular brick paver drive and a 73-foot dock on deep sailboat water.
i Sarasota County has agreed to purchase 11 acres of environmentally sensitive land on Lemon Bay. The acquisition involved some of the only undeveloped bay shoreline remaining within Sarasota County and expands the countyis Lemon Bay Park. The acquisition also provides 565 feet of bay frontage. The purchase price of the project is $2.6 million.
The property is adjacent to the 196-acre Lemon Bay Park.
i Advantage Payroll Services Inc. leased about 14,159 square feet of office space in CattleRidge Business Center, 2833 Cattlemen Road, Sarasota. Brian Kennelly, of Osprey Real Estate Services LLC, represented the landlord, and James Garvey, of CLW Real Estate Services Group of Tampa, represented the tenant.
i Michael and Melinda Voigtis Apricot Holdings purchased industrial and light warehouse space at 901 Apricot Ave., Sarasota, from Thomson Ltd. LLC for $330,000. Apricot Holdings mortgaged the property to Landmark Bank for $528,000.
i The Economic Development Corp. of Sarasota County leased about 2,994 square feet of office space in Live Oak Corporate Center, 2601 Cattlemen Road, Sarasota. Brian Kennelly and Marcia Sevigny of Osprey Real Estate Services LLC handled the transaction.
i Kimley-Horn and Associates Inc. leased an additional 8,542 square feet of office space at 2601 Cattlemen Road, Sarasota. The company now leases more than 26,000 square feet in Live Oak Corporate Center.
i Advantage Payroll Services Inc. leased about 14,159 square feet of office space in CattleRidge Business Center, 2833 Cattlemen Road, Sarasota. Brian Kennelly, of Osprey Real Estate Services LLC, represented the landlord, and James Garvey, of CLW Real Estate Services Group of Tampa, represented the tenant.
i Machine Designs and Concepts Inc. leased 5,000 square feet of office/warehouse space at 1465/63 Tallevast Road from Airport Commerce Center. The transaction was handled by Airport Commerce Center.
i Vox2Data leased 1,700 square feet of office/warehouse space at 1283 Tallevast Road from Airport Commerce Center. The transaction was handled by Airport Commerce Center.
i AG Industries leased 12,400 square feet of office/warehouse space at 4515 15th St. E., Bradenton, from M&M Joint Ventures. Jon Kleiber and Jeff Button, of Richardson Kleiber Walter Real Estate handled the transaction.
i Cherry Co. LLC bought an about 2,850-square-foot building on commercial land at 527 S. Pineapple Ave. from John, Henrietta and Frederick Engels and Eugenie Stine for $975,000. John Harshman, of Harshman &Co. Inc., represented the seller.
i Christos Makrodimitrasi Mama Leoneis Restaurant Corp. has purchased commercial land at 1168 Jacaranda Blvd. from Weingarten Nostat Inc. for $325,000. Makrodimitras plans a new restaurant on the Jacaranda site similar to the one he recently reopened at 2300 Tamiami Trail N., Nokomis. Mama Leoneis Restaurant Corp. mortgaged the property to Innovative Management Solutions Inc. for $300,000.
i Kevin and Sharyl OiConnor of Sarasota purchased property at 2427 Porter Lake Drive, Sarasota, from Russell Klosner for $335,000. The OiConnors, using the corporate name of OiConner Building Corp. for the transaction, mortgaged the property to First State Bank for $268,000.
i The principals of D.E. Murphy Constructors Inc.: Donald and Lisa Murphy sold property at lot 17 Paleo Park of Commerce in Sarasota to Bruce Zalkinis Marz Productions Inc. for $274,300.
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