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Real Estate Briefs (Sara/Mana edition)

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  • | 6:00 p.m. January 28, 2005
  • Commercial Real Estate
  • Manatee–Sarasota
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Real Estate Briefs (Sara/Mana edition)

Stratland Homes

buys 305 acres

Woodcliff Lake, N.J.-based Town & Country Developers, the parent company of Florida home builder Stratland Homes, bought 305 acres from Alva Pennington and his trust for $4.2 million. The purchase was part of a larger acquisition of 346 acres at Erie Road and Interstate 75, north of the J.P. Igloo Ice and Inline Sports Complex in Ellenton.

"We are planning to develop a mixture of residential units there," says William Furst, senior vice president for Stratland Homes. "We are working with the architect right now designing the development."

Town & Country Developers paid about $13,777 per acre, a good price for the area, Furst says, because the land had been under contract for two years.

Town & Country Developers mortgaged the land to Ferlise Holdings Ltd. for $4.5 million.

In November, Stratland Homes bought about 460 acres, which includes Lester Ranch on Mendoza Road west of Interstate 75 in Ellenton, from Jerold Daniel, trustee for the Daniel Family Trust, for about $16.1 million. Furst says the developer has other parcels under contract and is still looking for additional property.

Investor buys Rosin

Way Office Park

John McElderry, individually and through the John B. McElderry J. Living Trust, purchased the three-building Rosin Way Office Park, at 5731 Rosin Way, Sarasota, from Sarasota Developer Barry Edwards for $3.15 million.

"Barry Edwards built it to lease it for a daycare center for Doctors Hospital, a Senior Friends fitness center and for some executive office suits for himself," says Linda Emery, of Barry D. Edwards & Associates. "But then he got a nice offer to sell."

All of the tenants, Edwards included, are expected to stay at the site. Emery says the total square footage of all three buildings is slightly more than 15,000 square feet.

MacDill Federal Credit

to start new branch

Tampa's MacDill Federal Credit Union is finally ready to start construction of its second Manatee County branch. The credit union has received a permit to build on land it bought last February from Schroeder-Manatee Ranch Inc. for $676,673.

The two-acre parcel is near a Publix-anchored shopping center south of State Road 64 on Lakewood Ranch Boulevard. The credit union's first Manatee branch is in a Beall's-anchored shopping center on Manatee Avenue in Bradenton.

Emily Nichols, product development manager for MacDill Federal Credit Union, says the bank is expanding to take advantage of the county's fast-growing residential base.

About 15 people will work at the 6,000-square-foot branch. The general contractor for the project is J.O. Delotto & Sons based in Tampa; Reynolds, Smith & Hill designed the building.

MacDill Federal Credit Union has 17 locations in Hernando, Hillsborough, Pasco, Pinellas and Manatee counties and plans to have two additional branches open by year's end.

Sarasota sign business

to move to Bee Ridge

Business is booming for Signs In 1 Day. The commercial signage company is nearly tripling its space to 3,700 square feet with the recent purchase of a 5,400-square-foot building at 4118 Bee Ridge Road, Sarasota. Ken and Gayle Frank's Logan Holdings LLC paid CP Properties LLC $790,000 for the building.

The couple's business, Signs In 1 Day, will occupy about 3,700 square feet at the new location, while the remaining space is being offered for lease. The company previously had a 1,300-square-foot office on Tamiami Trail, Ken Frank says.

The company will to move into the new location in early March after minor cosmetic renovations are completed.

Logan Holdings LLC mortgaged the property to People's Community Bank of the West Coast for $671,500. Ian Black and Steve Horn, of Ian Black Real Estate, and Barbara Baseman, of Michael Saunders & Co., handled the transaction.

SMR applies for permit

for commercial subdivision

Schroeder-Manatee Ranch Inc. has filed a site plan to develop 110 acres as part of its existing Lakewood Ranch Commerce Park as Lakewood Ranch Industrial Park.

"We have already rezoned the land to PDI (Planned Development Industrial), and the roadway plans have been approved," says John Swart, president of Lakewood Ranch Realty. "This will just expand the commerce park up towards State Road 64."

The park will be dedicated to light industrial manufacturing, office or flex (office/warehouse) users.

The new subdivision will house the 5,000-square-foot building slated to hold both the Manatee Chamber of Commerce and the United Way.

Investors buy Silkwood

apartments in Sarasota

Chicago real-estate investors Colin Hebson and Tom Eggers bought 18 townhomes at 8902 Silkwood, Sarasota, from CJB Property Development LLC for $2.5 million.

"These are some really grade-A tenants," Hebson says. "We are not sure what we are going to do there. We could do a condo conversion there, or we could hold it for the next 10 years. There is a real lack of good apartments in the area."

Both partners own a significant number of properties in the Chicago and Sarasota areas.

Hebson and Eggers, who used the corporate name of Tomcol LLC for the transaction, mortgaged the property to Century Bank for $1.3 million and to U.S. Funding Group LLC for $900,000.

Primerica Group buys

land for shopping center

Tampa-based Primerica Group Inc. bought several acres on Jacaranda Boulevard in Venice, east of Interstate 75, from Marilyn Muzzonigro and Robert Clever for $925,000.

George Trujillo, director of leasing and sales, says that Primerica plans to develop a regional community shopping center on the site.

"If you look at the future traffic pattern for Venice, it seems to be right in the path of that future growth," Trujillo says. "As a retail developer you want to not be too early or too late."

The Primerica Group owns the Venice Commons Shopping Center and a CVS/Pharmacy on U.S. 41 in Venice.

Prestige Corp. plans

gunite storage facility

Prestige Corp. has filed a site plan to develop its first Manatee County satellite gunite plant in the Lena Road Business Park at 3302 81st Court E.

"We have a number of facilities all over the state," says Jack Paine, construction manager for Prestige, "but none in Bradenton so far. We really need this to improve transportation time. It is also convenient to I-75."

Paine says the company would likely hire 10 to 15 new employees to help manage the storage of the building material, which is used primarily in pool construction.


• Shayco Corp. bought a 4-unit resort complex, 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.

• 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.

• 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.

• National Constructors Inc. has starting raising the walls for the first of five buildings at Sarasota Business Center II. The Sarasota Business Center II sits on 12 acres and is situated near Fruitville Road and Interstate 75, directly off Porter Road.

• Comfort Enclosures Roofing & Contracting Inc. purchased a 9,100-square-foot office/warehouse building, at 203-205 Base Ave., Venice, from Casey Key Associates Ltd. for $575,000. Jeff Button, of Richardson Kleiber Walter, Kleiber Partnership, represented the seller, and Mary Beth Wilson, of Preferred Properties of Venice, represented the buyer.

• David MacRae, as trustee, purchased a 2,322-square-foot office/warehouse condominium unit within the Sarasota Business Center at 752 Commerce Drive, Venice, from SCP Condominium LLC for $235,000. Courtney Milligan, of Sarasota Business Center, represented the seller, and Jeff Button, of Richardson Kleiber Walter, Kleiber Partnership, represented the buyer.

• Mark & Joan Holdings LLC bought an office/warehouse condominium unit at 2123 Porter Lake Drive, Sarasota, from Graphic Property Holdings LLC for $139,900. John Caragiulo, of Hembree & Associates, represented the seller, and Jeff Button, of Richardson Kleiber Walter, Kleiber Partnership, represented the buyer.

• 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 several pieces of 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 announced that the first three homes put on the market at Tallon 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 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 one 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 a good one for Sarasota's Prudential Palms Realty. Its president Scott Sosso says, the company grew by four and a half times and had the second highest average sale in the marketplace.

"We should be opening 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 auto 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 currently 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.


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