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Real Estate Briefs (Sara/Mana)
Developers Buy Land
for Foundation Park
Buyer: Foundation Park Offices LLC (Cathy Layton, Pete Russell and Don and Lisa Lawson), Sarasota
Seller: CFSC Asset Co. LLC
Property: 2635 Fruitville Road, Sarasota
Price: $2.45 million
Previous Price: $1.95 million, June 2002
Law firm on deed: Icard Merrill Cullis Timm Furen & Ginsburg PA, Sarasota
Plans, description: Cathy Layton, of Layton & Co. Inc., developer Pete Russell, president of SDR Development Inc. and architect Don and Lisa Lawson have purchased property for a new office development called Foundation Park. The project, located on 2.2 acres surrounding the new Community Foundation building on Fruitville Road, is planned as two three-story buildings - a combined 42,000 square feet of Class-A office space.
"The first building is going to be 16,000 square feet," Layton says. "We filed for the building permit there about six weeks ago. So it is probably 30 days until we start moving dirt. We expect to start with the first building and if things continue in the manor they have been we should start the second shortly thereafter."
The buildings are being developed as office condominiums.
Designed by Lawson of The Lawson Group, the buildings will follow the Mediterranean-Revival architectural style to match the Community Foundation building.
The general contractor for the project is Sarasota-based Tom Wessel Construction Corp.
Layton expects the park to open in fall 2006. The developers are financing the deal through a mortgage with The Bank of Commerce for $8.8 million.
In the next two to three weeks, Layton and Russell along with Tim Buchanan, president and CEO of Windsor Senior Services, plan to open the assisted-living facility Windsor of Lakewood Ranch. The project was also constructed by Tom Wessel Construction.
Safety Harbor developer
buys Kirk Pinkerton building
Buyer: Paradise Communities, Safety Harbor
Seller: Alderman Investments
Property: 720, 740, 760 South Orange Ave., Sarasota
Price: $4.8 million
Previous Price:
Plans, description: Paradise Communities, a subsidiary of The Paradise Group, purchased the about 10,000-square-foot Kirk-Pinkerton PA law firm building, a 3,200-square-foot smaller facility and 8,761-square-foot vacant lot on Orange Avenue.
"In the interim, Kirk-Pinkerton is going to lease the space back from us for at least the next year," says Mike McCanless, development partner for Paradise Development. "Later we will probably do a retail/office and residential mixed-use development there. We were particularly interested in it because of the location and Downtown Edge zoning."
The Paradise Group led the redevelopment of Paradise Plaza, located at Bee Ridge and Bay roads, Sarasota, and the addition of Borders Books and Petco stores as tenants. In February, the company purchased the Gulf Professional Center at 635 Orange Ave. in Burns Court.
"We are planning a total of 24 residential units there over retail," McCanless says. "Eight of them will be townhomes. The other 16 will be in condo flats. We will probably start selling those in January." Mark Sultana of DSDG is designing the project
Debra Garrett, an associate with MAM Inc., handled the Kirk-Pinkerton transaction.
Cambridge, Schostak Brothers
buys The Landings
Farmington Hills, Mich.-based Cambridge Investors, LLC and Southfield, Mich.-based Schostak Brothers & Co. Inc. purchased the 94,000-square-foot The Landings shopping center at U.S. 41 and Proctor Road, Sarasota. The seven-acre site was purchased from Inland Partnership Property Sales Corp. for $15.8 million.
The center, completed in 1988, is currently 96% leased. Tenants include Jo-Ann Fabrics, PetsMart, Office Depot, Radio Shack, Subway, Oreck Floor Care and Albertsons.
"We were looking for a strategic partner with similar goals," says Bob Schostak, co-president of Schostak Brothers. "The partnership with Cambridge represents the type of new acquisition that will build our portfolio. We continue to actively look for investment opportunities."
Schostak Brothers & Co. Inc. is an 85-year-old real estate development, investment and corporate services company that owns a . portfolio of more than 50 retail and shopping center properties. Cambridge Investors is a real estate investment company focused on the acquisition and management of retail centers, manufactured home communities and medical office buildings throughout the Midwest and Southeast United States.
CB Richard Ellis agents Larry Foster, Anthony Jablonski, Bill Young and Fred Kermani handled the transaction.
Gold Coast Eagle relocating
to Lakewood Ranch
Gold Coast Eagle Distributing Co., Manatee and Sarasota County's Anheuser-Busch and Corona distributor, has purchased a 22-acre site in Lakewood Ranch Corporate Park from Schroeder-Manatee Ranch for $4.7 million. The property off of Lakewood Ranch Boulevard will be in a new light industrial area south of the FCCI building.
"It was important for me to keep my warehouse straddling University Parkway because it is centrally located to my franchise territory of Manatee and Sarasota counties," says John Saputo, president and owner of Gold Coast Eagle. "Lakewood Ranch Realty, John Swart (president of Lakewood Ranch Realty) and Rex Jensen (SMR's chief executive officer) were unbelievably cooperative. They were just a huge help in making this deal work."
Saputo and his daughter/co-owner, Andrea Saputo Cox, also credited Kathy Baylis from the Sarasota Economic Development Corp., Sarasota County commissioners Shannon Staub, David Mills, Jon Thaxton, Nora Patterson and Paul Mercier and Sarasota County Manager Jim Ley.
Saputo plans to develop a 150,000-square-foot warehouse with about 30,000 square feet of office, community center and training space. The land will also offer the business the possibility to expand by an additional 150,000 square feet.
Halfacre Construction Co., whose owners include Jack Cox, husband of Andrea Saputo Cox, has been selected as the general contractor. Halfacre recently completed another Anheuser-Busch warehouse in Tallahassee.
The company is currently looking to sell its current 10-acres facility at 2150 47th St., Sarasota.
Prestige Builders Group
buys Summer Cove
Buyer: Summer Cove 224 Delaware LLC (principals Jose Boschetti, Martin Caparros Jr. and Arthur and Edward Falcone), Miami
Seller: Prim Summer Cove LLC
Property: 7887 Lockwood Ridge Road and 4501-4625 Summer Oak Ave.
Price: $34.7 million
Previous Price: $17.3 million, October 2003
Law firm on deed: Greenberg Traurig PA, Miami
Plans, description: Miami-based Prestige Builders Group Corp. has purchased 336-unit Summer Cove Apartment complex. Prestige Builders Group has developed a reputation locally for its condo conversions of The Savoy at Palmer Ranch, now called the Serenade on Palmer Ranch and the Camden at Palmer Ranch, now known as Vintage Grand. Officials for Creative Mindworks, the marketing firm for Prestige Builders Group, did not return phone calls before deadline.
Prestige Builders Group mortgaged the property to Column Financial Inc. for $30.83 million.
In the first-half of 2005, Prestige Builders Partners acquired more than 6,500 units and is looking at more quality and desirable properties throughout Florida.
Prestige Builders Partners has undertaken more than 35 condominium conversion projects throughout Florida. It is projected that sales from this inventory will pass the $1 billion mark by the close of this fiscal year or second quarter of 2006.
Fifth Third Bank
buys in Sumter Crossing
Buyer: Fifth Third Bank, Cincinnati
Seller: Sumter Crossing LLC
Property: Sumter Boulevard and Tamiami Trail, North Port
Price: $1.1 million
Law firm on deed: Lutz Bobo & Telfair PA, Sarasota
Plans, description: Fifth Third Bank has purchased land in the 27-acre Sumter Square shopping center. Fifth Third's purchase follows the acquisition of land by Wal-Mart Supercenter, Home Depot and Applebee's Neighborhood Grill and Bar. John Dunn, senior vice president and retail division manager for Fifth Third, says the bank is developing the new facility to relocate an existing office that was farther north on U.S. 41.
"Our lease there is coming to maturity," Dunn says. "We are going to be building a new prototype bank."
The new 4,000-square-foot bank will feature seven individual offices and multiple drive-through lanes. Dunn says the bank expects to open in January.
Etc...
• Salem Ore.-based Holiday Retirement Corp. purchased for $875,000 about 4.8 acres in Venice to develop 117-unit independent-retirement living apartments. The sellers were Basil and Patricia Marrella and BJ Management Co. The property is at 1450 Venice East Blvd. The complex is scheduled for completion in the third quarter of 2006. The developer is building a similar complex in Sarasota called the Desoto Beach Club, and owns and runs the Woodlands Village in Bradenton. According to its website, Holiday Retirement is the largest owner and operator of retirement housing in the world.
• Michael Sporer's Rino Investment purchased about five acres of land from Gulfwinds Development Inc. at 1850 Whitfield Ave. to develop four buildings totaling 38,000 square feet of office/warehouse space. Rino purchased the property for $725,000. Sporer hopes to break ground in the first quarter of 2006 for delivery toward the end of the year.
• Hennessy Construction Services has announced the following new contracts: Tervis Tumbler, new 54,730-square-foot, single-story manufacturing and distribution headquarters in Venice, $3.7 million; Suncoast Orthopaedic, 3,000-square-foot medical office tenant buildout in Venice, $350,000; Morton's Ace Hardware, new 10,000-square-foot facility in Port Charlotte, $1.4 million.
• GMS Investments of Sarasota LLC purchased a 9,750-square-foot building zoned for heavy manufacturing at 1825 60th Place E., Bradenton, from Carl Webb and Vernon Yoder. Jon Kleiber of Richardson Kleiber Walter Kleiber Partners Real Estate handled the transaction.
• Orlando-based Camellia Pointe Ltd. purchased the Gulf Harbor Marina, 100 Circuit Road, Nokomis, from Gulf Harbor Marina LLC for $11 million. Camellia Pointe, which used the corporate name of Gulf Harbor Marina LLC and Gulf Harbor Landings LLC for the transaction, mortgaged the land to Keybank for $8.5 million.
• Sarasota developer Harry Rosenblum and George Graham of New York City purchased a retail property at 1501 Laurel St., Sarasota, from Donna Lincks, trustee for $1.125 million. Rosenblum and Graham, who used the corporate name of South Pineapple Partners LLC for the transaction, mortgaged the property to the former owner for $900,000.
• J&K Real Estate Holdings LLC purchased an 18,818-square-foot lot, located at 2446 S. Tamiami Trail, Sarasota, from Frank and Ellen Schwimmer for $1,300,000. Ian Black and Steve Horn of Ian Black Real Estate, and Ken Hoskinson from Hembree & Associates Inc. handled the transaction.
• The Sarasota Collection Home Store, LLC purchased a 3,300-square-foot building, located at 616 Central Ave. in Sarasota, from BT Partners, LLC for $613,000. Ian Black of Ian Black Real Estate handled the transaction.
• Circle Investors of Sarasota LLC purchased a 22-unit motel, located at 6760 Sarasea Circle, Siesta Key from Magdaline Koch Trust and John Koch Trust for $4.245 million. Warren Hickernell of Prudential Cascade represented the buyers, and Dan Page and Dan McLeroy of Re/Max Properties Commercial Division represented the sellers.
• Kmart, now owned by Sears, Roebuck & Co., purchased the existing Kmart department store, at 7350 Manatee Ave. W., Bradenton from Memphis-based Devonshire Associates and Devonshire Associates Ltd. for $2.85 million.
• An Indiana Beach Retreat LLC purchased A Beach Retreat, located at 105 Casey Key Road, Siesta Key, from A Beach Retreat LLC for $7.85 million. Florida Division of Coporations show Ronald Whistler, James Trueblood, Daniel Teder and James Andrew Jr. all of West Lafayette, In., as members of An Indiana Beach Retreat LLC. An Indiana Beach Retreat LLC mortgaged the property to the former for $6.85 million.
• Siam Retreat Partners LLC purchased the 16-unit Siam Garden, located at 512 Spring Ave., Anna Maria, from Siam Garden Resort Group LLC for $4.12 million. The new owner has suggested plans to sell the individual units while maintaining the complex as a resort. The new owner mortgaged the property to SunTrust Bank for $3.36 million.
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