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Commercial Real Estate Briefs

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  • | 6:00 p.m. January 13, 2006
  • Commercial Real Estate
  • Manatee–Sarasota
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Commercial Real Estate Briefs


Pointe Group Management

buys Northern Trust building

BUYER: Pointe West Plaza LLC, Plantation

SELLER: Northern Trust Bank of Florida

PROPERTY: 1515 Ringling Blvd., Sarasota

PRICE: $17.4 million

PREVIOUS PRICE: $7.89 million, May 2003

LAW FIRM ON DEED: Daspin & Aument LLP, Chicago

Plans, description: Plantation investment firm Pointe Group Management Inc. closed on the 11-story Northern Trust Plaza in downtown Sarasota. The purchase was an investment and was not expected to change operations at the 118,072-square-foot building, which also included 1.7 acres of land.

Pointe Group Management Inc. mortgaged the property to American General Life Insurance Co. for $12.25 million.

Cedarwood Development

buys more land for Magnolia

BUYER: Bradenton Land Co. II LLC (The Cedarwood Cos.), Akron Ohio

SELLER: Walter Eppard and David McNabb

PROPERTY: 225 and 245 E 48TH ST CT

PRICE: $4 million

PREVIOUS PRICE: $250,000, December 2004/ $713,000, November 2004

LAW FIRM ON DEED: Icard, Merrill, Cullis, Timm, Furen & Ginsburg PA, Sarasota

Plans, description: The Cedarwood Cos.' Cedarwood Development Inc. has purchased several acres along State Road 64, west of Interstate 75 as part of the company's planned development of Magnolia Lakes.

Magnolia Lakes is envisioned as 416 mid-rise units and 136 carriage homes. Prices for the units range from $300,000 to $600,000. Construction is set to start in March.

Builder buys historic hotel,

plans condominiums

BUYER: River Grande Development Inc. (Darrell Reha), Bradenton

SELLER: Illini Hotel Enterprises Inc.

PROPERTY: 309 10th St. W., Bradenton

PRICE: $3.5 million

PREVIOUS PRICE: $1.7 million, August 1996

LAW FIRM ON DEED: Greene & Shermer, Bradenton

Plans, description: Darrell Reha of the Bradenton construction company Kendar Corp. purchased the 80-year-old Riverpark Senior Residence to redevelop it as the 47-unit Riverpark Grande condominium. Reha hopes to start construction in April. Interior renovation of the main building and construction of a new parking garage connected to the building is slated for completion in April 2007.

Reha also plans to have about 12,000 square feet of retail/restaurant space on the bottom floor.

Nationwide Builders will be the construction manager, and Alfonso Architects of Ybor City is designing the renovations and additions.

River Grande Development mortgaged the retirement home to AmSouth Bank for $2.6 million. Charlotte-Lee-Collier


Tarragon Corp. buys

Naples apartments

BUYER: Bermuda Island Tarragon LLC

SELLER: Zom Development Inc. and Zom Vanderbilt Ltd.

PROPERTY: 3320 Bermuda Isle Circle, Naples

PRICE: $50 million

ATTORNEY ON DEED: Broad and Cassel, Orlando

Plans, description: Tarragon Corp., a New York-based homebuilder, bought Bermuda Island Apartments in Naples for $50 million. Orlando-based apartment developer Zom built the 360-unit complex in 1998.

Tarragon officials could not be reached, but the company recently acquired the 244-unit Monterra apartments in Bonita Springs and plans to convert those to condominiums.

The publicly traded company is headquartered in New York City and specializes in urban housing. The company expects to report $1 billion in sales in 2005, and it has 28 projects under way representing 10,000 homes with an estimated value of $3.3 billion.

Bermuda Island Tarragon mortgaged the property to LaSalle Bank for $45 million.

Boca Raton developer builds shopping center

BUYER: Woolbright Vanderbilt LLC

SELLER: Vanderbilt Galleria LC and Vanderbilt Partners Inc.

PROPERTY: 8183 Airport Pulling Road North, Naples

PRICE: $21.6 million

ATTORNEY ON DEED: Conroy, Conroy & Durant, Naples

Plans, description: Woolbright Development, a Boca Raton-based developer, is planning to start construction this month on a 253,000-square-foot shopping center on 30 acres at the northwest corner of Vanderbilt Beach and Airport Pulling roads in Naples.

The development will be called The Collection at Vanderbilt and tenants will include Fresh Market, Starbucks, Salad Creations, Pauli Moto's Asian Bistro and Strapazza Italian Restaurant. Woolbright plans to complete the first phase of the project by the third quarter of this year. Woolbright will complete the second phase by the summer of 2007.

Since 1999, Woolbright has developed and redeveloped 7.5 million square feet of shopping centers around Florida.

Woolbright Vanderbilt mortgaged the property to Wells Fargo Bank for $45.5 million.


Boston developer plans

mixed-use project in Charlotte

BUYER: Wilder/BN Parcel C LLC

SELLER: Dennis Fullenkamp

PROPERTY: 9160 Indian Springs Road, Charlotte County

PRICE: $14.8 million

ATTORNEY ON DEED: McKinley, Ittersagen, Gunderson & Berntsson PA, Port Charlotte

Plans, description: Boston-based Wilder Cos. bought 85 acres and is under contract to buy another 200 acres on Jones Loop Road at the intersection with U.S. 41 in Charlotte County. The company plans to build a mixed-use development called The Loop, which will have one million square feet of shops, 100,000 square feet of offices, a 200-room hotel and 800 homes. "We're looking at a late 2007 groundbreaking," says Wilder spokeswoman Shelley Lord. The project is still in the planning stages, so the company has not named any tenants.

Wilder is a privately held developer and manager of retail centers. It has developed, managed and leased over 20 million square feet of retail centers in the United States and Puerto Rico over 30 years. Wilder/BN Parcel C mortgaged the property to Dennis Fullenkamp for $11.9 million.


Thonotosassa warehouse

BUYER: Commercial Duct Systems LLC

SELLERS: Hughes MRO Ltd., Hughes MRO LP and Hughes GP & Management Inc.

PROPERTY: 9707 Williams Road, Thonotosassa

PRICE: $3 million

PREVIOUS PRICE: $2.7 million, March 2004

ATTORNEY ON DEED: Kathryn B. Williams, Holland & Knight LLP, Orlando

Plans, description: Cushman & Wakefield negotiated the $3-million sale of a 91,000-square-foot industrial warehouse at 9707 Williams Road, Thonotosassa, to Commercial Duct Systems LLC by Hughes MRO Ltd.

New York-based company

buys Pinellas Park condos

BUYER: P.P.S. Center LLC

SELLER: P.P.S. LLC and Geneva Realty of Tarpon Springs Inc.

PROPERTY: 11031-11141 U.S. 19 N. and 5291 110th Ave., N., Pinellas Park

PRICE: $10.3 million

PREVIOUS PRICE: $5.3 million, April 2004

LAW FIRM ON DEED: James J. Rowan, St. Petersburg

Plans, description: P.P.S. Center LLC, of 12 E. 33rd St., New York City, bought the Pinellas Park Square condominium. The company obtained a $4.1 million mortgage from Intervest National Bank.


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