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Real Estate Briefs (Tampa)
Walton Street obtains
$97 million for project
BORROWER: WBC I LP, et al, Chicago.
LENDER: LaSalle Bank NA, Chicago.
MORTGAGE AMOUNT: $97,266,000.
PROPERTY: 480 W. Fair Oaks, Tampa
LAW FIRM ON MORTGAGE: Sidley Austin Brown & Wood LLP, Chicago.
PLANS, DESCRIPTION: Walton Street Capital LLC has obtained nearly $97.3 million in permanent financing for the Georgetown Apartments four months after one of its partnerships acquired the Tampa rental property. Chicago's LaSalle Bank NA financed the mortgage.
A Chicago-based sponsor of private equity real estate investments funds, Walton Street Capital bought the 162-acre property in an equal partnership with Fort Lauderdale's Motta Co. LLC.
The partnership - operating as WBC I LP, WBC II LP, WBC III LP, WBC IV LP, WBC V LP and WBC VI LP - purchased the property from Virginia Kaul, as trustee of the Ralph Rains Kaul revocable trust, for $125 million. Her husband, Ralph, built the 64, four-story apartment buildings at Gandy and Westshore boulevards over a 17-year period from 1968-80.
The partnership plans to redevelop the 624-unit waterfront site into 1,200 condominiums and call it the Westshore Beach Club.
The property is affiliated Walton Street Real Estate Fund IV LP, which had total equity commitments of $742 million as of January 2004. Its assets also include the CDT Industrial portfolio, which contains 3 million square feet of industrial-warehouse space in Chicago, Detroit and Tampa.
Jacaranda Beach developer
buys 48 condo-hotel units
BUYER: Mariner Marketing Services & Development Co. LLC, Fort Myers.
SELLER: RIA-Tradewinds Inc., St. Pete Beach.
PROPERTY: 5600 Gulf Blvd., St. Pete Beach.
PRICE: $14,925,000.
PRIOR SALES: Not available.
LAW FIRM ON DEED: Baker & Hostetler LLP, Orlando.
PLANS, DESCRIPTION: The developer that converted Jacaranda Beach Villas into a condominium-hotel has purchased 48 of 288 units in the St. Pete Beach property.
Fort Myers-based Mariner Marketing Services & Development Co. acquired the units for about $14.9 million, or $310,038 a unit, from St. Petersburg Beach-based RIA-Tradewinds Inc., a holding of Fortune Hotels Inc.
About a year ago, Mariner Marketing Services in partnership with RIA-Tradewinds converted Jacaranda Beach Villas into a condo-hotel property. The Jacaranda property is part of Fortune Hotel's Tradewinds Resort portfolio on St. Petersburg Beach.
Constructed in 1985, the Jacaranda condo-hotel contains villas with space of up to 300 square feet, one-bedroom suites of up to 535 square feet, two-bedroom suites of up to 835 square feet and penthouse units of about 1,100 square feet. The owner began the condo conversion last fall.
RIA-Tradewinds will use the money from this deal for specific purposes, says Tim Bogott, Fortune Hotels' president.
"It's certainly an exacting market," Bogott says about condo-hotels. "It's a financing technique very popular today to generate cash.
These are large capital-intensive investments. We'll take a large amount of the cash and put it in capital improvements and pay down debt.
CVS buys three vacant
stores for $19 million
BUYER: CVS Corp. affiliates, Woonsocket, R.I.
SELLER: Sembler Co. affiliates, St. Petersburg.
PROPERTY: One site in Largo; three others in St. Petersburg.
PRICE: $18,568,442
PRIOR SALE: Not available.
LAW FIRM ON DEED: Powell Carney Gross Maller & Ramsey PA.
PLANS, DESCRIPTION: CVS Corp. has acquired four retail sites from St. Petersburg's Sembler Co. in deals valued at nearly $19 million.
The Woonsocket, R.I.-based pharmaceutical retailer paid nearly $5.7 million, or $440 a square foot, for a 13,050-square-foot store at 10751 Ulmerton Road in Largo. That was the highest cost per square foot the publicly traded retailer paid out of all four deals.
In St. Petersburg, the retailer paid almost $4.7 million, or $328 a square foot, for a 14,210-square-foot store at 3801 49th St. N. It paid nearly $4.6 million, or $326 a square foot, for a 14,022-square-foot store at 840 Dr. M.L. King Jr. St. N. The sale of 11,200 square feet at 4901 Central Ave. cost the retailer almost $3.6 million, or $320 a square foot.
The St. Petersburg developer built and leased the stores to Eckerd Corp. prior to its merger with CVS Corp., says a Sembler Co. spokesperson. CVS then closed each of the four stores it just purchased. It's uncertain how CVS intends to use those sites.
Developer pays $15 million
for 14 acres on Tierra Verde
BUYER: International Capital Properties Inc., Tierra Verde.
SELLER: GCI Development LLC, Palmetto.
PROPERTY: Vacant land on Tierra Verde
PRICE: $15,000,000.
PRIOR SALE: Not available.
TITLE AGENCY ON DEED: Title Agency of Florida Inc., Largo.
PLANS, DESCRIPTION: An investment group led by St. Petersburg condominium developer Edward Medley has purchased 13.7 acres on Tierra Verde for $15 million.
Operating as International Capital Properties Inc., Medley paid nearly $1.1 million an acre to GCI Development LLC. The deal included some submerged land.
Based in Palmetto, GCI is controlled by Richard and Olga Cueto as sole representatives of the estate of Agustin Cueto.
Pinellas investors acquire
Vacant Kmart building
BUYER: Belleair Capital Group Inc., et al, Indian Rocks Beach.
SELLER: U.S. Bank NA, as a trustee.
PROPERTY: 7651 W. Waters Ave., Tampa.
PRICE: $5,025,000.
PRIOR SALE: $8,262,200.
LAWYER ON DEED: David Greenman, Irvine, Calif.
PLANS, DESCRIPTION: Two Clearwater-area investment groups headed by real estate investors Eric Stober and Peter Krauser have acquired a vacant Kmart store in Hillsborough County for about $5 million, or $42 a square foot.
Belleair Capital Group Inc., a Clearwater investment firm headed by Stober, acquired a two-thirds majority interest in the 119,530-square-foot building at 7651 W. Waters Ave.
Krauser's Korner LLC, a Palm Harbor firm controlled by Peter Krauser, acquired a one-third interest in the 12.63-acre site. Krauser also serves as president of Palm Harbor-based Mark Maconi Homes of Tampa Bay Inc.
The investment groups purchased the property from U.S. Bank NA, as trustee under the DR Securitized Lease Trust Pass-Through Certificates Series 1993 K-1 Pooling and Servicing Agreement. U.S. Bank took control of the property last year in foreclosure proceedings. The property last sold for about $8.3 million in November 1993 to Tampa Caroline Ltd., an investment group affiliated with New York developer Jed Manocherian.
- David R. Corder
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