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Real Estate Briefs (Sara/Mana edition)
Kodiak Capital Partners buys Edwards Systems building
Dallas-based Kodiak Capital Partners LLC and 20 tenants-in-common purchased the recently completed 109,000-square-foot Edwards Systems Technology building, at 8985 Town Center Parkway in Lakewood Ranch, from Indianapolis-based Duke Realty Corp. for $19.1 million.
This is the first property for the new company, opened by Denny Landers in September. The company was formed to sponsor tenant-in-common 1031 exchanges, where under certain circumstances property-owners can transfer the proceeds of real estate sales into another investment without paying capital-gains taxes.
Landers, was formerly a partner in the Dallas-based real estate investment firm of Gaedeke Landers LLC (now called Gaedeke Group), which owns several properties in south Florida and Orlando.
iFirst and foremost (we were attracted) to the quality of the tenant,i says Landers, Kodiakis chairman and CEO. iEdwards Systems is very well respected as a company. One of the other things to the deal was Duke (Realty) is just a first-class builder. We knew the building would be really high quality.i
In addition, Lander says Lakewood Ranch is the inicest-looking master-planned communities he has ever seen. O Putting all those factors together and it was a very win-win deal.i
Landers credits Mike Davis, of the Tampa office of Cushman and Wakefield, with introducing him to the property.
iWith a single-tenant property it should be much easier to manage,i Landers says. iBut we do plan to make frequent trips to Bradenton to make sure it is being maintained.i
Landers expects to open a Florida office later this year. He says there is a good chance that the office will be located in Sarasota.
Kodiak Capital Partners mortgaged the building to JP Morgan Chase Bank for $13.9 million.
New hotel planned
next to Renaissance
The investment group Paradise Hotels of Florida LLC bought land at 600 Tamiami Trail N., near the Renaissance of Sarasota and Alinari at Rosemary Place, from JFB Hotel I LLC for $1.9 million. Sarasota developer Doug Tibbetts, managing partner for Paradise Hotels, says a limited-services hotel has been tapped for the site, and the deal should be finalized within a month.
The four-story Mediterranean-style hotel will feature parking on the lower levels and design features such as hardwood floors, Tibbetts says. It will have 95 rooms.
General contractor for the development, Kellogg and Kimsey, is slated to break ground on the new hotel in March. Construction should take about a year.
Paradise Hotels of Florida LLC mortgaged the land to Orion Bank for $10.1 million.
Manatee Glens, Nelco Cos.
buys space in Pinnacle
Manatee Glens Corp., a Bradenton-based provider of behavioral-health services, has acquired about 56,000 square feet of downtown Bradenton space in the Pinnacle Office Park, 300 block of Sixth Avenue West, from Pinnacle Plaza Associates Ltd. Partnership for $4.47 million.
Manatee Glens previously rented about 16,000 square feet of space in the office complex.
iThis is the first property we have purchased in our 50-year history,i says Deborah Kostroun, chief operating officer of Manatee glens. iWe are a growing organization, and Manatee County is a very fast growing county. We had an adequate location to benefit ours programs. We want to ensure that into the future.i
The Nelco Cos., a Bradenton-based professional employer organization, plans to buy a little more than 32,000 square feet in Pinnacle. The firm currently leases about 18,000 square feet.
iWe are currently in negotiations now,i says Linda Alcathie, Nelcois vice president of operations. iThis really is about our growth. We are acquiring new businesses and have more leased employees.i
Current tenants in the office park will remain in the development for the near future.
Wagner Realty plans
Manatee Avenue office
Bradenton-based Wagner Realty bought a vacant lot in the parking lot of a shopping center at 7421-7461 Manatee Ave. W., Bradenton, from BF Investment 2 LLC for $375,000.
iWe are hoping to be able to build a 7,000-square-foot office building there,i says Lynn Parker, vice president and general manager. iItis going to be for business or professional uses. We just see with Perico coming on line, there is going to be more traffic in that area.i
The development is still being planned and no site plan has been filed requesting approval for the new building. Parker estimates it will take a year to construct the new office building.
iIt seems like things are (leasing) for $17 to $22 a square foot out there now,i Parker says. iBut a year from now there is no telling.i
Wagner, which used the corporate name of Anna Maria Investments Inc. for the transaction, mortgaged the property to First National Bank & Trust for $337,500.
CNC Investments buys
Sunchase apartments
Houston-based CNC Investments acquired the Sunchase Apartment Homes, 5909 30th Ave. W., Bradenton, from Berkshire Realty for $9.8 million.
iThis is part of the portfolio purchase of 16 or 17 different properties,i says Tracy Galindo, an administrative assistant with CNC. iTypically itis just a management change.i
CNC Investments, which used the corporate name of Gowri Nilayam Limited Partnership for the transaction, mortgaged the property to Column Financial Inc. for $8.56 million.
Bruce Williams sales
jump by 250%
Bradenton-based Bruce Williams Homes, the largest local homebuilder in Manatee County, reported record sales and closings for 2004, thanks to referrals from satisfied customers.
Peter Mason, vice president of sales and marketing at Bruce Williams Homes, says the homebuilder reported sales of 450 new homes in 2004, more than $130 million in revenue, and delivered a record 295 homes in nine neighborhoods. This represents a 250% increase in sales and a 100% increase in closings over the same period in 2003.
Mason largely attributed the growth to the companyis customer relations. iThirty percent of our new home sales in 2004 came as a result of referrals from other Bruce Williams home buyers,i Mason says.
Sarasota County buys
vacant acreage
Sarasota County Resource Management bought about 420 acres of vacant land on Border Road and Moon Drive, just outside North Port, from Churchill Ranch Estates LLC for $7.5 million.
iThis was an environmentally sensitive lands protection purchase,i says Belinda Perry, manager of Sarasota County Resource Management. iIt was part of the larger site we had targeted for protection called Deer Prairie Creek.i
The county paid about $17,857 per acre.
iLand is certainly not getting any less expensive,i Perry says. iThe nature conservancy has been negotiating with the many different owners of this site for quite a while.i
EtcO
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 The Economic Development Corp. of Sarasota County leased about 2,994 square feet of office space at Live Oak Corporate Center, 2601 Cattlemen Road, Sarasota. Brian Kennelly and Marcia Sevigny of Osprey Real Estate Services LLC handled the transaction.
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 a 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 is reportedly planning 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 Lot 17, Paleo Park of Commerce in Sarasota, to Bruce Zalkinis Marz Productions Inc. for $274,300.
i Shayco Corp. purchased a 4-unit resort complex, located at 5225 Avenida Navarra on Siesta Key, from Partners III Inc. for $875,000. Ian Black and Steve Horn, of Ian Black Real Estate, and Miford Inganamort, of Maxpoint, handled the transaction.
i Scoop Real Estate LP purchased a BB&T branch at 100 34th St., St. Petersburg, from Belleair Development Group for $2,726,000. Steve Horn, of Ian Black Real Estate, and Bob Fraser, of Net Leased Investment Co., handled the transaction.
i Dr. Michael McClure signed a three-year lease for 1,450 square feet at 2055 Wood St., Sarasota, from Wood Street Investors LLC. Steve Horn, of Ian Black Real Estate, handled this transaction.
i Dan Abbott leased 1,000 square feet at 100 Wallace Ave., Sarasota, from H&M Holdings LLC for one year. Steve Horn, of Ian Black Real Estate, handled this transaction.
i National Constructors Inc. has starting raising the walls for the first of five new buildings at Sarasota Business Center II. The Sarasota Business Center II sits on 12 acres and is situated near the Fruitville Road and Interstate 75 area, directly off Porter Road.
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