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Real Estate Briefs (Sara/Mana)

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  • | 6:00 p.m. June 24, 2005
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Real Estate Briefs (Sara/Mana)Wal-Mart, Home Depotbuy North Port landBuyer: Wal-Mart Stores East LP, Bentonville, Ark., Seller: Sumter Crossing LLC, SarasotaProperty: 26 acres at Sumter Boulevard and Tamiami Trail, North PortPrice: $5.2 millionLaw firm on deed: GrayRobinson PA, TampaBuyer: Home Depot USA Inc., Atlanta, GA.Seller: Sumter Crossing LLC, SarasotaProperty: 14 acres at Sumter Boulevard and Tamiami Trail, North PortPrice: $2.9 millionLaw firm on deed: Gronek & Latham LLP, OrlandoPlans, description: It took two years, but finally the Frank Menke Organization LLC is ready to kick off some of the largest national retailing yet seen in the city of North Port. On top of bringing two of the largest big-box retailers to North Port, the development called Sumter Crossing is slated to locate the city's first national franchise sit-down restaurant on at least one of the five outparcels planned for the development. Wal-Mart will use a new design that emphasizes extra articulation on the façade to meet North Port's appearance review ordinance for Tamiami Trail development. "We have contracts on the outparcels, but the contracts preclude talking about them at this point," says Todd Menke son of Frank Menke and president of the Frank Menke Organization. "They want to do their own announcements. We think this is just going to be great for North Port. The market is just really exciting. This has really been a labor of love."Bayonne Developmentplans mixed-use on U.S. 41Buyer: Bayonne Development LLC (principals Thomas Lefevre and Leonard Nadolski), OspreySeller: Elling EideProperty: 8000 S. Tamiami Trail, OspreyPrice: $29.7 millionPrevious transfer date: January 1974Law firm on deed: Berlin Law Firm PA, SarasotaPlans, description: The former Bob's Boathouse partners, Osprey businessman Thomas Lefevre and Leonard Nadolski, of Howell, Mich., have purchased about 31 acres of land on the west side of U.S. 41 near Vamo Road, Osprey. The new landowners are expected to ask the county to rezone the residential parcels for a mixed-use village. The Vamo property is located across from Westfield Sarasota Mall.Elling Ide purchased a Vamo area highway frontage piece in the early 1970s, when it was originally zoned R3, a residential zoning designation that allowed most commercial uses. Ide, who also owns about 50 acres along the bay, says his intentions were to generate money from commercial sites on highway frontage land so that he could sustain residential home sites along the waterfront."However, in 1975 after a growth spurt in mid-county businesses, the county cracked down on what they called urban sprawl, rezoning Ide's R3 parcel to R2, restricting any opportunities for commercial land use. In 1986 Ide sued over the change and two years later lost in federal appellate court. Twenty years later the property owner gave up. Ide sold 18 acres of highway frontage and 13 acres of waterfront land.The owners of Bob's Boathouse closed the restaurant in early 2001. The three-acre site was redeveloped as the 38-unit Marina Del Sol condominiums. Bayonne Development mortgaged the property to Comerica Bank for $21 million.Investors buy Duette landfor equestrian subdivisionBuyer: LF LLC (principals John Stephens, Peter Vole and Hardee Land and Cattle Co.), PalmettoSeller: Downey Family Ltd. PartnershipProperty: About 2,300 acres, DuettePrice: $3.1 millionLaw firm on deed: Shutts & Bowen LLP, MiamiPlans, description: An investment group called LF LLC purchased about 2,300 acres of land across from Manatee County greenway in Duette."We are going to create an equestrian home neighborhood," says John Stephens, managing member of LF LLC. "These are going to be at least five acres tracts. We are also going to have much larger tracts from 30 to 40 acres. Some friends and I bought this across the street from a Manatee County greenway, which is going to have equestrian tracts. So our residents are going to be able to pay Manatee County an annual fee and ride across Highway 62 to enjoy the trails. It's a long way out there, but I think it will be very attractive."Stephens, who also owns North Manatee Realty, expects to sell the five-acres lots starting at $125,000."We figure at those prices we should be done in a year," Stephens says. "Manasota Home Builders will probably build homes for us out there."LF LL mortgaged the property to Wauchula State Bank for $2.99 million.Heritage Acers buysland near funeral homeBuyer: Heritage Acers LLC, VeniceSeller: SCI Funeral Services of Florida Inc., Gibraltar Mausoleum of Florida Inc. and Gulf Pines Memorial Park Inc.Property: 2401 Englewood Road, EnglewoodPrice: $3.6 millionLaw firm on deed: Dooley & Drake PA, SarasotaPlans, description: Heritage Acers LLC bought a large vacant lot next to a funeral home. A spokesperson for the company says while it is still being determined what the future land use for the property will be, the investment group currently envisions the property as a mixed-use development.Heritage Acers mortgaged the land to Colonial Bank for $5.7 million.Inland associated company buys Beachway PlazaBuyer: Inland Western Retail Real Estate Trust Inc., Oak Brook, Ill.Seller: Beachway Partners LLC (RMC Property Group)Property: 7200 block of Manatee Ave. W., BradentonPrice: $17 millionPrevious price: $3.5 million, Feb. 2004Title firm on deed: Florida Commercial Title, TampaPlans, description: Inland Western Retail Real Estate Trust Inc., a separate real estate investment trust sponsored by a subsidiary of Oak Brook, Ill.-based The Inland Real Estate Group of Cos. Inc., purchased the recently redeveloped 120,990-square-foot Beachway Plaza at the corner of Manatee Avenue West and 75th Street, Bradenton."We are planning to continue some of the construction on the remaining vacant places," says Darryl Cater, spokesman. "The former owners demolished and reconstructed the Publix, renovated the storefront, painted (the center) and improved the parking lot. Inland bought it because we liked it, and it was just upgraded."At the same time Tampa-based RMC Property Group purchased the Kmart portion of the plaza.Construction startedon Longboat's La FirenzaConstruction is under way by Orlando-based CORE Construction on La Firenza, a gated, gulf-front luxury community on Longboat Key. The $12 million development will include 10 gulf-front residences ranging from 3,521 square feet to 4,810 square feet. Residences at La Firenza are currently listed for about $2.9 million. La Firenza's developer expects to complete the development early next year. CORE recently opened new offices in south Orlando and has offices in Naples and Sarasota. Last year the company exceeded $500 million in sales volume and was recently named "General Contractor of the Year" by American Specialty Contractors of Florida Inc. Etc...• David Fletcher of Wagner Realty completed closings of three shopping center sales in the a span of one week and two days. On May 16, the sale of Bayshore Crossing was recorded at $6,120,000; Closing Mills Station in Atlanta closed at $5,700,000 and Bradenton Commons closed on May 25 for $3,250,000. • Kingdom Worldwide Web Operation Inc. leased 10,000 square feet at 1492 State St., Sarasota, from Bob Windom. Kingdom Worldwide is relocating from Gainesville. Ken Hoskinson, of Hembree and Associates, represented the owner.• Frank and Adele Davis bought a warehouse building at 5823 21st St. E., Bradenton, in 301 Park of Commerce from Spectrum Custom Molds Inc. for $599,983. The property is being leased to Walt and Betty Spangler for their business Door Solutions.• Grace Bible Foundation Inc. purchased a 3,000-square-foot office building on a 35,000-square-foot lot at 2600 Tamiami Trail, Nokomis, from Jenkins Starr LLC for $700,000. Peter Bartys of Michael Saunders & Co.'s The Commercial Group, represented the seller; Keller Williams represented the buyer.• Access Mortgage of Florida LLC, a commercial and residential financing group, has leased 1,500 square feet of office space at Peridia Commons, 5266 Office Park Blvd., Bradenton, from Thomason & Thomason. The space will be a lending unit for the new tenant. Bob Brillon of Michael Seery & Associates negotiated the terms of the deal.• Airfleet has leased 900 square feet of office space at 1461 Tallevast Road from Airport Commerce Center. The transaction was handled by Airport Commerce Center.• 4900 Trust purchased about 3,700 square feet of office/warehouse at 5770 Sarah Ave., Sarasota, from 5770 Sarah Avenue Associates for $875,000. Jon Kleiber of Richardson Kleiber Walter Kleiber Partnership handled the transaction. • B.H.D. Precision Products Inc. leased 4,000 square feet of office/warehouse space at 1470 12th St., Sarasota, from James Ferguson. Jon Kleiber of Richardson Kleiber Walter Kleiber Partnership handled the transaction.• Beeman Enterprises Inc. leased 8,220 square feet of office/warehouse space at 1734 Apex Road, Sarasota, from Tom Johanning. Bill Kleiber of Richardson Kleiber Walter Kleiber Partnership handled the transaction.• Houston-based New Plan Excell Realty Trust Inc. transferred the 170,000-square-foot Sarasota Village shopping center from CA New Plan Venture Fund LLC to CA New Plan Sarasota LP for about $13.7 million. The internal transaction allowed CA New Plan Sarasota LP to mortgage the Publix-anchored shopping center to Bank of America for $10.85 million.• Jeffrey Jones' Sarasota Restaurant Corp. bought property at 351 N. Cattlemen Road, Sarasota, from Southcoast Restaurants for $1.5 million. The new owner mortgaged the property to Fifth Third Bank for $1 million.• AMI Beach Resort LLP purchased the Anna Maria Island Beach Resort at 105 39th St., Holmes Beach, from Anna Maria Island Beach Resort LC for $4 million. AMI Beach Resort LLP mortgaged the resort property to Mercantile Bank for $4.03 million.• Dr. Bram Riegel and Dr. Abraham Kozma purchased a 5,600-square-foot office, at 4000 Sawyer Road, Sarasota, from Dr. Kevin O'Neil for $1.15 million. Louise Guido of Waterside Realty represented the seller, and Frank Kovach of Michael Seery & Associates Inc. represented the buyers.• Hawa Enterprises LLC purchased an 8,300-square-foot commercial building at 324 w. Eighth Ave., Palmetto, from Pier 5 Inc. for $1.13 million. The building is located on nearly a half acre. State records show that Hawa Enterprises is owned by Gulzar and Liaquat Allarakhia of Bradenton. Carl Wise of Preferred Commercial Inc. represented the seller, and Don Lewis of REMAX Gulfstream Realty Inc. represented the buyer.• Boyle Ventures Inc. bought 1.7 acres, known as Lot 11, Phase 2, Centre Park Industrial subdivision, Bradenton, from McLeod Land Services Inc. for $480,805. Carl Wise of Preferred Commercial Inc. represented the seller, and Richard Kingan of CB Richard Ellis represented the buyer.• Crestline LLC bought two multifamily buildings at 5521 and 5525 Palmer Blvd., Sarasota, from Crestline Villas LLC for $1.1 million. The Florida Division of Corporations lists the principals in the new ownership group as Sarasota residents Mary Mohr, Carol Green and Nancy Markle. Crestline LLC mortgaged the property to Colonial Bank for $880,000. • Hillview Property Management LLC purchased a 2,200-square-foot medical office condo at 1762 Hawthorne St., Unit 4, Sarasota, from Lexi Properties LLC for $641,000. Ian Black and Steve Horn of Ian Black Real Estate handled the transaction.• Mooresville, N.C.-based Lowe's Cos. Inc. has announced plans to open the Lowe's of Venice on July 15. The 119,000-square-foot store, located at 1745 Tamiami Trail S., Venice, creates about 175 new jobs. • Kerkering, Barberio & Co. P.A. Certified Public Accountants has relocated from its current Lakewood Ranch office in Town Center on Enterprise Circle to the Northern Trust Building, at 6320 Venture Drive, Bradenton. Kerkering, Barberio opened a new headquarters office in the Courthouse Centre building on Main Street in Sarasota in April.• Suburban Realty of SW Florida leased the 750-square-foot office space at 2765 Tamiami Trail, unit B in Port Charlotte from Acu-Heal Medical Acupuncture Profit Sharing Plan and Trust for $16 per square foot. Suburban Realty will use the location as a real estate office. Larry Schaper, a broker-associate in The Commercial Group of Michael Saunders & Co., represented the owner.• W. Barnett Enterprises Inc. leased 900 square feet of office/warehouse space at 240 Blue Juniper Blvd., Venice, in Interstate Business Center from Douglas and Diana Shaw. Christine Walter of Richardson Kleiber Walter Partnership, represented the lessee, and Jim Walter of the same company represented the lessor.• Jim Fralin Construction Inc. purchased lots 22 and 23 in the Sarasota County Interstate Business Center in Venice from Oak Tree Properties for $514,145. The construction company mortgaged the property to Orion Bank for $327,000. Christine Walter of Richardson Kleiber Walter Walter Partnership handled the transaction.• Youthful Aging Home Health Inc. has leased 2,500 square feet at 8588 Potter Park Drive, Sarasota, in the Palmer Ranch Office Park for three years from Michael Seery. The lease terms were negotiated by Nicci Kobritz of Youthful Aging Home Health and Bob Brillon of Michael Seery & Associates. The company operates a regional home nursing service.


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