Real Estate Briefs (Tampa)
Crossroads Mall buyer
objects to neighbor's plans
Soon after buying the almost empty Crossroads Mall located at U.S. 19 and Roosevelt Boulevard for $26 million, Clearwater-based Boulder Venture South LLC ran into a problem.
The development company objects to the proposed industrial use of land adjacent to the 36.5 acres where Boulder plans to build a $145 million center with 548,000 square feet of retail shops, 90,500 square feet of offices, 250 condominiums and apartments, a 120-room hotel and two-story movie theater. Cepcot Corp., a subsidiary of Pinch-A-Penny pool stores, is trying to rezone the neighboring 29 acres to light industrial so that it can process chemicals at the site.
Pinch-A-Penny, which has a facility nearby that repackages chlorine products for pools, plans to build offices, a distribution center and 400,000 square feet of warehouse space next to the proposed Boulder project.
On May 10, experts hired by the two property owners argued their cases to the Largo City Commission. A decision has not yet been made.
A spokesman for Boulder Venture says the company expects the commission to deny the rezoning. "We are confident that the Largo City Commission will do the right thing for the city of Largo," says John Sabow, Boulder Venture's director of development.
Mike Meidel, director of Pinellas Economic Development, however, supports the proposed change. He contends the facility where Pinch-A-Penny now has a manufacturing facility is only quarter of a mile south from the land in controversy and it has been in existence more than 20 years without any major incidents.
"It is an economic issue," Meidel says.
The proposed industrial facility will add 400 additional jobs in the next five years that would pay 120% of the local average wage, Meidel says. And the products manufactured by Pinch-A-Penny are sold across the southeastern United States. That means new money is returned to the local economy, and "that's what we are after," he says.
Boulder Venture plans to raze the existing mall by year's end. "But we have to wait and see what the decision is before we move forward," Sabow says.
Mall Owners LLC sold the Crossings Mall to KB Crossroads LLC, the name used by Boulder Venture. The company mortgaged the property to Wachovia Bank NA for $9 million.
Liberty Group buys motel
to build luxury condos
The Liberty Group bought the Wits End Motel and Beach Resort at 13646 Gulf Blvd., Madeira Beach, for $3 million and plans to build five luxury beachfront condominiums with floor plans ranging from 3,200 to 6,200 square feet and prices starting at $2 million.
The groundbreaking for the $9 million project, to be called the Grand Murano, will be Aug. 1, says Punit Shah, director of development.
Among the other luxury condominium projects the group is working on are Paradiso in Tierra Verde, Mirabel Pointe in Clearwater and Pasadena Pointe in South Pasadena.
Mississippi group buys
more Sonic franchises
Ridgeland, Miss.-based, McClain, Harvey and Vaughn added two more restaurants to its investment portfolio taking the total of Sonic franchises it owns in the Tampa Bay area to eight. The company bought the two restaurants at 4625 66th St. N., Kenneth City, and 7725 49th St. N., Pinellas Park, for $2.7 million from Carbill Foods LLC.
Carbill Foods "just wanted to get out of the business," says Clark Spencer, chief financial officer and partner at McClain, Harvey and Vaughn.
Spencer says the group has six more Sonic restaurants lined up at various stages of permitting, and plans to add more stores.
"We need to reach that critical mass that would justify the management team we have in place in Florida," Spencer says.
The group is the second largest owner of Sonic restaurants in the area with the franchisor Sonic owning the largest number.
Wal-Mart plans new
Wal-Mart Stores East LP bought the 73,676-square-foot Northgate shopping center for $2.52 million to build a Neighborhood Market. The seller was Northgate Partners Ltd.
Neighborhood Markets are typically 40,000 square feet, one-third of the size of Wal-Mart's conventional supermarket and one-fifth the size of the super centers. The stand alone buildings usually carry grocery, general merchandise and health and beauty care products only, with a drive-through pharmacy.
Eric Brewer, community affairs managers for Wal-Mart, says, "We don't have a schedule (for its opening) as we are in the process of permitting."
West Anclote Property Inc.
buys land for development
West Anclote Property Inc. bought six acres at 575 Anclote Road, Tarpon Springs, for $3.09 million from Florida B. Tarapani of Bayshore Drive in Tarpon Springs.
The partners of the West Anclote Property Inc. are Jon Steele and Brian Bunbury, who is the president of Clearwater-based general contractor RJ Bunbury Inc.
The group is still waiting to close on another six-acre parcel where it plans to build either condominiums or town homes, Bunbury says. The properties are 10 minutes from the waterfront.
This would be the group's second residential development in Tarpon Springs. Bunbury expects groundbreaking to commence within a year.
Sembler's Legacy Place
to have natural food store
St. Petersburg-based The Sembler Co.'s development of The Legacy Place, Miami, will be the site of a Publix new natural food store. Legacy Place will be one of the two stores in the Miami division under the GreenWise banner in 2006.
The Legacy Place is a 469,000-square-foot mixed-use center at PGA Boulevard and AIA, directly across from The Gardens Mall, and is expected to open in early 2006.
Prudential Tropical Realty
acquires company in Lakeland
Prudential Tropical Realty has acquired Lakeland's Chandler & Co. expanding its reach east into Polk County, according to a press release.
With the new acquisition, Prudential has 12 offices with about 450 associates in Hillsborough, Pinellas, Pasco and Polk counties.
Since its inception in 2001, Chandler & Co. has been recognized as one of Lakeland's leading independent real estate firms specializing in residential properties. In 2004, the company boasted sales of more than $41 million.
Dee Chandler and the Realtors on her team will remain with the firm and become a part of Prudential Tropical Realty's team.
• Bell Vista Group Inc. bought a residential property at 200 Beach Trail, Indian Rocks Beach, for $3.3 million from JTTG Marina Development LLC, according to property records. Venture India Rocks I LLC, the name used for the transaction by Bella Vista, has obtained a mortgage of $16.64 million from AmSouth Bank. A company spokeswoman says the planned use of the property won't be disclosed until mid-July.
• Ron Pollack and Benjamin Kugler, partners of Georgia Street Properties LLC, bought two single-family residential properties at 400 and 404 N. Osceola Ave., Clearwater, for $3.35 million from Sunset Properties Inc. The partners mortgaged the properties to Liberty Bank for $4.87 million.
• Palm Villa Apartments 2 LLC bought Palm Villa Apartments at 5601 22nd Ave. N., St. Petersburg, for $2.7 million. The seller was Palm Apartments LLC. The sole partner and proprietor of Palm Villa Apartments 2 LLC is Hoc Truong of Bradenton.
• Palazzo Di Oro mortgaged office property at 3600 34th St. S., St. Petersburg, for $4.3 million to First State Bank.
• Century Automotive Hillsborough LLC has bought what was a theater at 3306 W. Hillsborough Ave., Tampa, for $2.9 million. The seller was Star 3306 LLC and DeBartolo South.
• Crownpoint LLC's Michael Schweiger and Mark Hatfield bought office and warehouses at 8800 133rd Ave. and 13191 Starkey Road, both in Largo, for $2.15 million from Starkey 133rd Partnership. The property was mortgaged to the seller Starkey 133rd Partnership for $1.93 million.
• Jim Clemens has been promoted to senior vice president of Skanska USA Building Inc's South Florida office and named an account manager for the company's aviation market for Florida as well as North Carolina, South Carolina and Virginia. Based in Skanska's Ft. Lauderdale office, Clemens is responsible for overseeing all operations and increasing market share in Florida and the aviation market for the southern U.S. Previously, Clemens was vice president and project director for Skanska's Tampa office, leading a team on several projects at Tampa International Airport.
• Fishhawk Ranch, a master-planned community in southern Hillsborough County, was presented with an Award of Excellence in Environmental Projects by the Hillsborough County-City County Planning Commission.