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Real Estate Briefs (Sarasota)
Irish American buys Splash Sun & Fun
Buyer: Irish American Management Services Limited LLC (principals Rene and Jeffrey Gareau, Patrick Kelly and John McCabe), Sarasota and Dublin, Ireland
Seller: R Land Inc.
Property: 231 N. Tamiami Trail, Sarasota
Price: $5.96 million
Previous Prices: $100, April 1998/ $200,000, October 1992
Law firm on deed: Ruden McClosky Smith Schuster & Russell PA, Sarasota
Plans, description: Noah and Lili Rosenberg have finally sold their 4,250-square-foot Splash Sun & Fun building on U.S. 41 to Patrick's Irish American Management, owner of the Sarasota Quay. Recently, Irish American also acquired the historic Belle Haven Inn, located at 1143 Fourth St., Sarasota, from Albert Sanchez and Jerry Blumberg for about $3.75 million. Kelly says the acquisitions are progressing well for redevelopment of the Quay, which is slated to start in next year's first quarter. However, contrary to published reports, Kelly says his company has not been able to acquire all of the 48 condominium units in the El Verona condominium development.
"We have one unit there where they are just asking too much money," Kelly says. "We own 47 of them. We will probably just design around (the holdout). We are really just trying to create the big picture - to create a real neighborhood in tandem with the two hotels."
Kelly's vision for the site calls for demolishing the Quay and developing four 18-story towers next to the Ritz-Carlton, Sarasota and an upgraded Hyatt, Sarasota property. The towers would feature condominium units and possibly a hotel property on the upper levels with retail shops on the lower levels.
Kelly has partnered with Casto Lifestyle Properties to work on providing the retail component. Kelly emphasized that public water views would be an integral part of the layout of the retail properties.
Kelly says talks are still continuing with WCI Communities, but that WCI has been reluctant to commit to the partnership because of the risks inherent with the land assembly.
"We are very long-term investors so it doesn't bother us," Kelly says. "But they have to report in every four months. We hope that in due course we will be able to form some form of a partnership."
As for the look of the site, Kelly wants to add a European feel to the site giving the buildings and street an Italian - as well as Irish - feel.
Taylor family buys
La Venezia, selling condos
Buyer: BV Development I LLC (principals James "David" and Elizabeth Taylor), Venice
Seller: La Venezia Sarasota LLC
Property: Building A of 4100 Central Sarasota Parkway, Sarasota
Price: $7.46 million
Previous Price: $33 million, Jan. 2003 (entire development)
Law firm on deed: Williams Parker Harrison Dietz & Getzen
Plans, description: The Taylors have purchased the first building (51 units) in the about 348-unit La Venezia Apartments in Palmer Ranch.
Following the standing real estate investment trend that is especially virulent in the Palmer Ranch community, the Taylors plan to convert the apartments to condominiums.
"It's just a great location," David Taylor says. "It's going to be called the Bella Villino." The Taylors have already recorded the sale of two of the units in the first building.
Sale prices for the units currently range from $145,000 to $269,000. The new owners have invested in a $1-million clubhouse renovation, new appliances, new carpeting, carports and landscaping upgrades. The Taylors plan to sell out the entire complex over a year and a half.
Extrapolating the sale price per unit in the first building - $146,275, the total sale price for the development is likely to be in the $40 million to $50 million range.
Bella Villino Realty is handling sales of the units.
Quincy Investments
buys warehouse property
Buyer: Quincy Investments LLC, Sarasota
Seller: Stem & Savary, Boca Grande
Property: 601 S. School Ave., Sarasota
Price: $3.53 million
Title company on deed: MSC Title Inc., Sarasota
Plans, description: Quincy Investments LLC purchased about 3.5 acres containing about six warehouse buildings - a total of 52,742 square feet of space. But, Quincy Investments is less than interested in the future of the site as industrial space; especially since the property has been rezoned to multifamily residential.
"It's near downtown and across from what will be a wonderful park," says Ron Burks,, a manager with Quincy Investment. "It should have a wonderful future."
Burks says Quincy Investment plans to develop housing that it calls "attainable" referring to the pricing. Under its current zoning of 18 units per acre, Quincy could develop 63 units on that site alone, but Burks says the company has contracts to buy adjoining property allowing it to develop more than 100 future housing units.
Burks says that the new development is years off. Quincy Investments mortgaged the property to SunTrust Bank for $3 million.
Watson Publications
buys building in Ranch
Buyer: Watson Publications & Promotions Inc., Bradenton
Seller: Portal Crossing West LLC (developer Anthony Mazzucca)
Property: 10540 Portal Crossing
Price: $1.48 million
Law firm on deed: Harrison Hendrickson & Kirkland PA, Bradenton
Plans, description: Watson Publications, a publisher of souvenir sports programs, has purchased the Lakewood Ranch building it has occupied for about a year. The business, run by CEO Deborah Watson, originally came to the area from Columbus, Ohio, in the early '90s. According to published reports the company employs 40 people.
Watson Publications, which previously leased space from a former building owner Anthony Mazzucca, mortgaged the building to Coast Bank Florida for $1.5 million.
Sarasota Business Center I, II
expansion continues
Miramar-based National Constructors Inc. just continues to grow its warehouse/office condominium developments: Sarasota Business Center and Sarasota Business Center II. National Constructors has already completed the first phase of the Sarasota Business Center, located in the upper 700 block of Commerce Drive, Venice, and has started construction on the first two of five buildings in the second phase of the development. Building A in the second phase will be 39,200 square feet, and building B will be 40,000 square feet.
"Sales are going great," says Courtney Milligan, director of marketing for Sarasota Business Center. "The first building is sold out, and we only have two units left in the second building (a 2,800- and a 3,200-square-foot unit)." Prices, which vary for each building, in the third building average about $107 a square foot. The first building is slated for completion in July, while the second one is set to follow in August.
In the second development, Sarasota Business Center II, located off Porter Road in Sarasota, National Constructors has started on two of the five buildings in the campus. The first one will be 25,400 square feet, and the second will be 27,150 square feet.
The second building, in which 20,560 square feet is still available, is priced at an average of $130 per square foot.
W.G. Mills Inc. is the general contractor for both developments.
Etc...
• MSM-South Orange Ltd. purchased a 13,116-square-foot office building at 635 S. Orange Ave., Sarasota, from 635 South Orange Partnership for $2.75 million. The new owner mortgaged the property to Orion Bank for $2.16 million.
• Brookfield, Wis.-based MLG Development purchased a shopping center, at 4808 14th St. W., Bradenton, from Morris Realty Co. LLC for $5.4 million. The new owner mortgaged the property to New South Federal Savings Bank for $4.6 million.
• Steven Sanders' Sanders Realty LLC purchased a medical office at 401 Manatee Ave., Bradenton, from Benderson Development Co. Inc. for $1.025 million. Sanders mortgaged the property to Compass Bank for $1.73 million.
• Bill Gryboski and Dan Howe of Decatur, Ga.-based Gryboski and Howe purchased an office building at 503 Manatee Ave., Bradenton, from Inland Southeast Holmes Beach LLC for $835,000. The new owner mortgaged the property to Compass Bank for $1.73 million.
• Bozeman, Conn.-based VFL LLC purchased commercial land at 252 and 262 S. U.S. 41 Bypass, Venice, from Venice Auto Mall Inc. for $790,000. VFL LLC mortgaged the property to Intervest National Bank for $592,500.
• Thomas and Joel Sivertson and Jay Raja bought industrial land on South River Road from Danron LLC for $440,000.
• KWWO, Kingdom Worldwide Web Operations Inc., an e-commerce marketing company, leased a 10,000-square-foot office at 1549 State St., Sarasota. KWWO will relocate its corporate headquarters and 17 of its employees from Gainesville to the new office. Kim Nielsen, owner of KWWO and Nielsen Classic and Contemporary Furniture, plans to convert a portion of its first floor space to accommodate a retail operation of modern Danish furniture. Karen Cook of Michael Saunders & Co.'s Commercial Group represented the tenant.
• Hamilton Square Holdings LLC purchased a 1,024-square-foot commercial building, at 200 N Tamiami Trail, Venice, from Craig and Lisa Stern for $180,000. Jag Grewal and Michele Fuller, of Coldwell Banker Commercial, represented the sellers, and Thomas D. Ward, of Waterside Realty LLC, represented the buyer.
• Coldwell Banker Residential Real Estate Inc. recently completed renovation of its downtown Mediterranean-style office at 100 N. Tamiami Trail, Sarasota. Built in the 1960s, the original one-story building had 2,400 square feet of office space and was originally used by Hertz Rent-a-Car. In 1986, a second floor was added to the office of a former real estate firm. Coldwell Banker added about 2,000 square feet of new office space, including a new lobby, conference room and a mortgage and title closing office.
"I am so pleased with the results of the renovation. Aesthetically, it just does so much for the image of our downtown office," says Lynn Robbins, a sales associate with Coldwell Banker.
• Barbara Ackerman, a Previews International Sales Associate with Coldwell Banker Real Estate Inc.'s Longboat Key office, recently sold a custom-built waterfront home on 2400 N.W. 90th Street in Manatee County for $5.5 million. "To my knowledge this is the highest priced home ever to sell in Manatee County and has raised the benchmark for residential sales," Ackerman says.
The 8,500 square foot, 5-bedroom and 7-bath home features a gourmet kitchen with double appliances, a custom cherry wood entertainment center, a stone fireplace, pegged oak floors, a state-of-the-art security system and a heated swimming pool.
• FORTUNE magazine ranked Tampa-based Centex Corp. as the top of the magazine's annual list of "America's Most Admired Companies."
FORTUNE selects "America's Most Admired Companies" from among the largest U.S. Companies in 65 industry categories. In evaluating companies in their respective industries, FORTUNE asked more than 10,000 executives at these companies to rate candidates on innovation, use of assets, employee talent, management, social responsibility, financial soundness and products and services.
Locally, Centex Homes employs more than 100 people.
• Sarasota County government has dedicated the environmentally friendly Community Services Green Office Complex. The complex consists of two office buildings - a new building completed recently and a renovated building that was originally constructed in 1971 as part of a training complex for the Kansas City Royals baseball team.
The two buildings include administrative offices for Sarasota County Community Services (Libraries, Parks and Recreation, the History Center and the University of Florida/IFAS-Sarasota County Extension). The new building, which houses the extension offices, also includes an education center for public programs and meetings.
The Green Office Complex includes a sustainable site with Florida-friendly landscaping and erosion and sedimentation control; water efficiency in landscape design and interior water usage; energy-efficient heating, ventilation and air conditioning; the use of recyclable materials throughout the building; and low-emitting materials and natural lighting in the interior spaces.
• Wal-Mart Stores purchased about 32 acres on Fruitville Road, Sarasota, from the New York Times Co. (NYT Management Services Inc., NYTRNG Inc. and Sarasota Herald Tribune) for $13.7 million.
• Advanced Mortgage Professionals Inc. purchased the building it currently operates from at 4509 Bee Ridge Road, Sarasota, from APBR Inc. for $405,700. Advanced Mortgage mortgaged the property to Bank of Commerce for $243,390 and to APBR Inc. for $162,260.
• E. Chester Stokes, Jr., R. Scott Griffith, Thomas Bergmann and John Kinkel (Parrish Plantation LLC) sold orchard and grove land at 7319 Spencer Road and 13320 Circle Road 675, Parrish, from Larry and Deborah Parrish for about $1.1 million.
• East Ellenton Enterprises Inc. purchased Applebee's Neighborhood Bar & Grill, 5908 18th St. E., Ellenton, from Benderson Development Co. Inc. (Buffalo Greenbriar Associates LLC and WR-1 Associates Ltd.) for $800,000. East Ellenton Enterprises mortgaged the restaurant to Coast Bank of Florida for $800,000.
• Robert Martin's Professional Place LLC purchased a vacant tract of land in the Creekwood tract from Creekwood Investors Ltd. for $851,162. Professional Place LLC mortgaged the property to First State Bank for $1.9 million.
• Bradenton's SMG Property Management (SM 17th Avenue LLC) purchased an auto repair shop at 605 17th Ave. W., Bradenton, and a warehouse at 629 17th Ave. W., Bradenton, from Laser Works Inc. for $800,000. SM 17th Avenue LLC mortgaged the property to Wachovia Bank for $600,000.
• Comfort Bath Walk In Tubs of Florida LLC leased 1,350 square feet of office space at 3212-A Gulf Gate Drive, Sarasota, from VSK Enterprises LLC. Marcia Cuttler, of American Property Group, represented the landlord, and Matilda Bellanger, of Keller Williams Platinum Realty, represented the tenant.
• 300 Pineapple LLC purchased a small office building on 15,609 square feet of commercial land at 300 S. Pineapple Ave., Sarasota, from Anita Katzman for $1 million. John Harshman, of Harshman & Co. Inc., represented the seller.
• Jamieson Properties LP purchased a 8,000-square-foot warehouse, located at 4380 Independence Court, Sarasota, from M&A Enterprises LLC for $750,000. John Harshman, of Harshman & Co. Inc., represented the seller.
• Anna Frankowska's Anna's Oasis Grill LLC bought property at 205 S. Park Blvd., Sarasota, from Stanisla and Eugenia Szalbirak for $650,000. Anna's Oasis Grill mortgaged the property to Stainslaw and Eugenia Szalbirak for $500,000.
• Sarasota-based European Marble Co. bought a 5,300-square-foot industrial building at 1750 N. Lime Ave., Sarasota, from Brian and Murielle Wallace, individually and revocable trust, for $576,800. At the same time, European Marble purchased property at 1811 Seeds Ave., Sarasota, from Helen Abelt, individual and trust, for $335,000. European Marble currently operated from 1820 N Lime Ave.
• Fred Streck's Tampa-based Priority Developers Inc. acquired the Woodlands Golf Course, located at 5901 Erie Road, Ellenton, from Hole in One Sarasota Inc. for $3.2 million. In December, Priority Development bought several acres of vacant land on Upper Manatee River Road from Country Meadows LLC for $3.9 million. Streck is the former owner of Bearss Avenue in Tampa and developed property in Tampa Palms Professional Center and a 126-home subdivision near Suncoast Parkway and State Road 54.
• Claude and Lydia Melli's Brandon-based Florida Land Management Inc. purchased about 40 acres of orchard land in Duette from Ella Day for $360,000. In March, Florida Land Management Inc. purchased a 200-acre orange grove between Myakka City and Wachula from Arrowhead Management Inc. for $1.4 million.
• Mark and Elizabeth Thomason, of Thomason & Thomason LC, purchased office professional, 9030 58th Drive E., Bradenton from 9030 58th Drive E. LLC for $622,000. The Thomasons mortgaged the property First America Bank for $282,700.
• The first building of office/warehouse condominiums in Sarasota Business Center II has sold out. There were 13 units in the building with an total of 26,000 square feet. Four additional buildings are in the works. All of the units in the development feature 20% office build out, quality tilt-wall masonry construction, storefront entries, 22' clearance heights, roll up doors and load bearing mezzanines. Sarasota Business Center II is located on 12 acres near the Fruitville Road, I-75 area directly off of Porter Road.
• IMG Bollettieri Academies Country Club LLC bought property at 4400 El Conquistador Parkway, Bradenton, from Harvey and Marilynne Anderson, Douglas Lindsay and Petsi Corp. for $1.15 million.
• David and Kimberly Grissom purchased a 3,750-square-foot, six-bed assisted living facility at 880 Baffin Drive E., Venice, from seller John O'Callaghan for $325,000. Tony Veldkamp of Michael Saunders & Co's The Commercial Group, represented both the buyer and seller.
• Ronald Gallagher bought a 15-lot mobile home park, located at 6600 Ave. A, Sarasota, from Crescent Beach Trailer Park LC. Barry Seidel, of American Property Group, represented the seller; and Michael Witt, of the same company, represented the buyer.
• James Braendel bought a 6,224-square-foot industrial building, at 2036 20th St., Sarasota, from Charles and Marilyn Peters for $493,000. Harry Robbins, of Harry Robbins Associates, represented the sellers, and Barry Seidel, of American Property Group, represented the buyer.
• Ralph and Edward Curry purchased a 960-square-foot office space at 3982 Bee Ridge, Unit L, from JWJ Holdings Inc. for $186,000. The Currys will use the space as a real estate office. Larry Schaper, a broker-associate in the Michael Saunders & Co. Commercial Group, represented JWJ Holdings.
• John Georgi purchased a 1.25-acre lot, at 1060 Goodrich Ave., Sarasota, from 214 Main Street Corp. for $550,000. Ian Black and Steve Horn, of Ian Black Real Estate, handled the transaction.
• Four Palms Plaza LLC has purchased a 7,700-square-foot building, at 1865 S. Tamiami Trail, Venice, from Brothers SPE LLC for $930,000. Ian Black and Steve Horn, of Ian Black Real Estate, and Tom Coppola and Gerald Raasch, of Century 21 Sorrento Realty, handled the transaction.
• Hillview Property Management LLC purchased a 3,030-square-foot medical office condominium, at 1762 Hawthorne Street, Unit 5, Sarasota, from Lexi Properties LLC for $884,000. Ian Black and Steve Horn, of Ian Black Real Estate, handled the transaction.
• Wallace Avenue LLC purchased a 941-square-foot office condominium, at 100 Wallace Ave., Suite 130, Sarasota, from H&M Holdings LLC. Steve Horn, of Ian Black Real Estate, and Assist 2 Sell from Miami handled the transaction.
• Succession Planners LLC leased 3,000 square feet from Abel, Band, Russell, Collier, Pitchford & Gordon for three years at 240 S. Pineapple Ave., Sarasota. Steve Horn, of Ian Black Real Estate, handled the transaction.
• Sonshine Computers, d/b/a NextWave Computers, leased 1,660 square feet from Bersam Development Co. for three years at 3908B Tamiami Trail, Sarasota. Debbie Anglin, of Ian Black Real Estate, and Michael Witt, of American Property Group, handled the transaction.
• Mutual of Omaha Insurance Co. leased 1,816 square feet from Starward Partnership for three years at 5959 Cattlemen Lane in Sarasota. Debbie Anglin, of Ian Black Real Estate, and Marcia Sevigny, of Osprey Management Co., handled the transaction.
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