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Commercial Real Estate Briefs
SARASOTA/MANATEE
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
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.
CHARLOTTE
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.
TAMPA BAY
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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