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Real Estate Briefs (Sara/Mana)

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  • | 6:00 p.m. October 7, 2005
  • Commercial Real Estate
  • Charlotte–Lee–Collier
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Real Estate Briefs (Sara/Mana)

Prestige Builders

Buys Citation Club

Buyer: Citation 320 Delaware LLC (principal Jose Boschetti and Marty Caparros Jr.), Miami Lakes

Seller: Palmer Ranch Ltd. Partnership aka Beztak of Palmer Ranch Ltd. Partnership

Property: 4110 Winners Circle, Palmer Ranch

Price: $44.3 million

Previous Price: $2.88 million, September 1988

Law firm on deed: Evans & Luptak PLC, Boca Raton

Plans, description: Miami Lakes-based Prestige Builders Partners LLC has purchased the 320-unit Citation Club in Palmer Ranch. This is the third apartment complex in Palmer Ranch that Prestige Builders Partners has purchased. The company purchased and has already converted the Savoy at Palmer Ranch and the Camden at Palmer Ranch to condominiums.

Jeff Lagomacini, vice president of operations for Prestige Builders, says that the firm has no immediate plans to convert the property.

"We are not planning for a new community there yet," Lagomacini says. "We are trying to sell out Vintage Grand at Palmer Ranch first. We have a lot of history in Sarasota. We saw a need for more affordable housing and for two years this is what we have been doing. It's been a great success. It gives everyone from the blue-collar worker to newlyweds or even empty nesters a chance to own a piece of the American dream."

Prestige Builders Partners mortgaged the property to Citigroup Global Markets Realty Corp. for $40.7 million.

Investment group plans

Village West condo conversion

Buyer: West Village LLC (principals Stan Rutstein and David Eckel), Longboat Key

Seller: Village West LLC

Property: 4522 26th St. W., Bradenton

Price: $2.46 million

Law firm on deed: Sheryl A. Edwards PA, Sarasota

Plans, description: Wagner Realty Realtor Stan Rutstein and its owner David Eckel along with three other partners have purchased the 28-unit Village West apartment complex.

"It was just really a great property in a great great great location," says Rutstein, managing partner of the investment group. "We are renaming it the West Village."

Rutstein says the new ownership group plans to convert the complex into condominiums that are in the medium market price range.

"These are going to be very affordable," Rutstein says. "We are working on the project as we talk. But we are still a ways off. We still need state approval."

The project will be marketed by Wagner Realty. The new ownership mortgaged the property to First National Bank & Trust for $3 million.

Two doctors buy

Silverstein Institute land

Buyer: Floyd Street Properties LLC (principals Dr. Herbert Silverstein and Dr. Seth Rosenberg), Sarasota

Seller: Ear Research Foundation Inc.

Property: 1901 Floyd St., 1886 Prospect St. and additional property on Prospect Street, Sarasota

Price: $2.3 million

Previous Price: $70,000, July 1979

Law firm on deed: Abel Band Russell Collier Pitchford & Gordon Chartered, Sarasota

Plans, description: Ear, nose and throat doctors Herbert Silverstein and Seth Rosenberg have purchased the land housing the 30,000-square-foot Silverstein Institute from the Ear Research Foundation.

"The foundation owned the land, and Dr. Silverstein and Dr. Rosenberg thought they would help the foundation with cash flow by buying it from them," says Eileen Milligan, director of administration for Silverstein.

The specialized otolaryngology-focused medical facility opened in early 2003 to treat people affected with diseases and disorders of the head, neck, ear, nose and throat. The facility features multiple examination and minor surgery rooms, a hearing-aid center and testing and rehabilitation areas.

The new owners mortgaged the property to Ear Research Foundation Inc. for $2.3 million.

Robert Harris Homes

buys land for The Paddocks

Buyer: Paddocks LLC (Robert Harris), Marrietta, Ga.

Seller: Serenity Farms Properties LLC and Robert Warren

Property: 2920 and 2904 29th St. E., Palmetto

Price: $1.57 million

Previous Price: $43,800, February 1999 and $101,700, December 1998

Buyer: Paddocks Land Venture(Robert Harris), Marrietta GA

Seller: Dixie Air LLC

Property: 3503 37th St. E. and 3104 29th St. E., Palmetto

Price: $4.23 million

Previous Price: $1.2 million, March 2004

Law firm on deeds: Dunlap & Moran PA, Sarasota

Plans, description: Robert Harris, who recently expanded his company Robert Harris Homes into Sarasota from Marrietta, Ga., purchased about 83 acres east of the Manatee River.

"It's going to be residential, but we are still trying to get our land plan together," says Hal Lutz, land acquisition manger for Robert Harris Homes in Florida. "We are not sure exactly what kind of units or how many. Demographically, it is quite a different city east of the river. We are seeing a higher of number of people from St. Petersburg, and there is a lot of commercial coming on board there."

The residential community is being called The Paddocks. Paddocks Land Venture mortgaged the property to Keybank for $3.5 milion. Robert Harris Homes's first development planned for Sarasota is the 114-home gated Palm Lakes development. Home prices in the development are set to run from the mid $200s to mid $300s.

Whole Foods building certified by Green Building Council

Austin, Texas-based Whole Foods Market has received a LEED (Leadership in Energy and Environmental Design) Silver Certification for its new downtown Sarasota store by the United States Green Building Council.

The council's LEED certification follows a difficult registration process. Of nearly 2,000 applications received since the inception of the LEED program in 2000, just 300 buildings worldwide have been awarded certification.

Whole Foods Market Sarasota is the sixth building in Florida to receive the certification.

The USGBC, which promotes buildings that are environmentally responsible and healthy places to live and work, established the LEED rating system to provide guidelines and ideas for improved, more environmentally conscious construction and development.

"In short, this LEED certified supermarket responds to a global need - the necessity for our planet's buildings to be built in tandem with the environment," said Rick Fedrizzi, USGBC, president, CEO and founding chair.

"The Sarasota Whole Foods Market is to be congratulated for the certification in that it will enhance our environment and serve as a model for other supermarkets."

Several of the key LEED elements of the Sarasota Whole Foods Market building include a water treatment system designed to capture two-thirds of the roof water, which is filtered back into the building and used for all cleaning purposes. Also, the building utilizes recycled materials, non-toxic, environmentally friendly public art work, a specialized energy performance monitoring system, additional insulation, multiple skylights for lighting and a high performance mechanical and electrical system.


• Palmetto's Countyline Ranch LLC, of Harllee Packing, purchased 355 acres of grazing lands, located at 7300 Clay Gully Road, Myakka City, from David and Carole Council for $1.07 million. Countyline Ranch LLC mortgaged the property to Gold Bank for $859,932.

• Sheryl and Michael Edwards purchased a 7,500-square-foot office/warehouse at 7220 24th Ave. E., Bradenton, from D&D Dynasty Building Inc. for $465,000. Mike Sporer and Steve Pimlott of Bosshardt Realty Services Inc. represented the sellers, and Mike Edwards of Edwards Commercial Realty Inc. represented the buyers.

• Vicinni Holdings LLC purchased 1.6 acres of land at 7203 21st Street E., Sarasota, in Centre Park condominium from DFM/Sarasota Properties LLC for $193,750. Carl Wise of Preferred Commercial Inc. represented the buyer.

• WLS Holdings LLC purchased the 13,424-square-foot former U.S. Tank & Cryogenics Equipment building, located at 2001 Limbus Ave., Sarasota, from St. Armands Title Services LLC for $975,000. Carl Wise of Preferred Commercial Inc. represented the seller, and Tony Veldkamp of Michael Saunders & Co. represented the buyer.

• Kevin Daves and Richard Lam's Concession Land Development LLC have transferred about 506 acres of golf course land, located at 7720 Lindrick Lane in eastern Manatee County, to a company they also own called Concession Golf Club LLC, for $3.6 million. Concession Golf Club LLC took out a mortgage with First National America Inc. for $16.8 million.

• Catherine Meinhart's Long Creek Acres LLC purchased about 147 acres of land east of Myakka-Wauchula Road in Manatee County from Montgomery-Roberts Associates for $1.66 million. The new owner mortgaged the property back to Montgomery-Roberts Associates for $1.66 million.

• E. Frank Goodrich, Trustee and Louise Goodrich Living Trust purchased a mobile home park, 5811 14th St. W., Bradenton, from Carson City, Nevada-based Panda Properties LLC for $1.5 million. Louise Goodrich Living Trust mortgaged the property to LaSalle Bank for $1.15 million.

• Lennar Homes has broken ground on its 106-unit townhome community at Stoneywood Cove in Venice, just off I-75, exit 191, along River Road and north of Center Road. Slated for completion in Fall 2006, the Stoneywood Cove Townhomes will have 11 buildings, each with eight to 10 units. Lennar Communities has built more than 12,000 homes in 25 local neighborhoods.

• Goodman Family Limited Partnership has acquired a roughly 74,000-square-foot warehouse at 2150 Whitfield Industrial in Manatee County. Are Sarasota Limited Partnership sold the building for $3.6 million.

• Heritage Development has selected Impression Builders to build its Florida communities. Impression Builders previously built single-family home developments such as Oak Vistas and Ashton Pointe in Sarasota. Impression Builders is also building mixed-use developments at Gulf Lake Condominiums in Ft. Myers and Windwalker Marina in Englewood.

• Thomas Stephenson purchased a commercial building, located at 925 S. Tamiami Trail, Venice, from James and Elizabeth Hill as trustees, for $580,000. Jim Walter of Richardson Kleiber Walter Walter Partnership represented the seller, and Helen Moore of Michael Saunders & Co. represented the buyer.

• DFM/Sarasota Properties LLC purchased a 8.6 acres of light manufacturing land, located at 6820, 6821, 6830, 6831 Whitfield Road and 6848 33rd St. E., Bradenton from Alfred Camner for $1.85 million. Carl Wise of Preferred Commercial Inc. represented the buyer, and Barry Seidel of American Property Group of Sarasota Inc represented the seller.

• The Board of Sarasota County Commissioners has awarded a $29.7 million contract to Prince Contracting Co., Inc. of Palmetto for a major roadway construction project to widen Center Road from River Road to Jacaranda Boulevard, and to improve the Jacaranda/Center intersection in Venice.

The project consists of widening about a 3.5 mile stretch of existing two-lane roadway into a divided four-lane road with landscaped medians, street lights, 4-foot bicycle lanes, traffic signals, roadway drainage and stormwater ponds. A 10-foot-wide combination path and sidewalk would be built on each side of the roadway as part of the county's trails system.

• The Sarasota County Government's Twin Lakes Park Green Office Complex has received LEED (Leadership in Energy and Environmental Design) Gold certification from the U.S. Green Building Council. The complex is only the fifth facility in Florida to earn the gold rating. The county's North Sarasota Public Library earned LEED Gold certification this summer. LEED-certified buildings and grounds are "environmentally responsible, profitable and healthy places to live and work," according to the building council.

Twin Lakes Park Green Office Complex, located at 6700 Clark Road, Sarasota, consists of a new building and a renovated building that was constructed in 1971. The property is home to the administrative offices of Sarasota County Co mmunity Services (History Center, Libraries, Parks and Recreation and the University of Florida/IFAS-Sarasota County Extension).

• Sarasota developer U.S. Assets Group has relocated its headquarters into a new 5,000-square-foot office suite in the Gold Bank building, located in suite 400 of 240 S. Pineapple Ave., Sarasota. Jay Tallman, a partner in U.S. Assets Group, says the move was designed to allow the developer to "accommodate continuing growth."

U.S. Assets Group worked with Lee DeLieto of Michael Saunders and Co. and with SunTrust, its new landlord and also the lender at Orchid Beach Club.

Founded in Sarasota in 1993 as a boutique development firm, U.S. Assets Group has created three large-scale condominium complexes: en provence on Longboat Key, Beau Ciel in downtown Sarasota and Orchid Beach Club on Lido Key. In addition, U.S. Assets Group is the developer, with the Starling Group, of 700-acre gated golf course community The Founders Club.

• Randy Upman's Upman's Wrecker Service Inc. purchased industrial light warehouse land at 2175 12th St., Sarasota from Intra State Terrazzo and Cement Co. for $620,000. David Jennings of Prudential Palms Realty represented the seller, and Marcia Cuttler of American Property Group of Sarasota Inc. represented the buyer.

• Gator Title Insurance Agency of Florida Inc. has leased an office at unit 221F of 2831 Ringling Blvd., Sarasota from Schimmel & Schimmel LCSW PA. Marcia Cuttler of American Property Group of Sarasota Inc. represented the owner, and Brooke O'Malley of A Young Realty Group Inc. represented the tenant.

• Tommy K LLC purchased general commercial land at 6969 S. Tamiami Trail, Sarasota from Visible Holdings LLC for $1.38 million. Barry Seidel of American Property Group of Sarasota Inc. represented the seller, and James Wardlaw of Mount Vernon Realty represented the buyer.

• Great American Concessions Inc. has purchased an office/retail building, located at 909-919 S. Tamiami Trail, Sarasota from Nokomis Land Co. for $1.185 million. Barry Seidel of American Property Group of Sarasota Inc. handled the transaction.

• Shiraz Investments LLC purchased general commercial land at 4420 S. Tamiami Trail, Sarasota, from Siesta Ices Inc. for $1.3 million. Barry Seidel and Michael Witt both of American Property Group of Sarasota Inc. handled the transaction.

• Seal Properties LLC purchased a retail property at 4211 N. Tamiami Trail, Sarasota from 4211 N. Tamiami Trail Inc. for $800,000. Barry Seidel of American Property Group of Sarasota Inc. handled the transaction.

• Goalen LLC dba Lenny's Subshop leased 1,540 square feet in a strip center at 3230 Clark Road, Sarasota from JSA Properties. Michael Witt of American Property Group of Sarasota Inc handled the transaction.

• SMH Radiology Associates PA has leased a 1,700 square foot office space, at 1435 S. Osprey Ave., Suite 201, Sarasota, from Martin Management LLC. Barry Seidel of American Property Group of Sarasota Inc. represented the owner, and Michael Witt of American Property Group of Sarasota Inc. represented the lessee.

• Construction of a major roadway and utility improvement project on Webber Street is expected to begin within 30-60 days, after the Board of County Commissioners this week awarded contracts totaling more than $13.4 million.

Woodruff and Sons Inc. of Bradenton was awarded $12.4 million for roadway and utility improvements, including the reconstruction of a two-lane road from Mapleloft Road to just west of Nodosa Drive, and construction of a new two-lane road from Mapleloft to Cattlemen Road.

A separate contract for more than $1 million was awarded to Boyle Engineering Corp. of Sarasota for construction engineering and inspection services.

The construction project will be funded by the utility rates, the 5-cent local-option fuel tax and Communications Services Tax Revenue Bond proceeds.


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