Real Estate Briefs
COMMERCIAL REAL ESTATE by Sean Roth | Real Estate Editor
Kite Realty Group buys three retail centersIndianapolis-based real estate investment trust
Kite Realty Group Trust purchased three Naples shopping centers for about $58 million, or $182 per square foot. The company acquired the 105,515-square-foot Publix-anchored Pine Ridge Shopping Center, the 78,340-square-foot Riverchase Shopping Center and the 134,667-square-foot Courthouse Shadows Shopping Center. Pine Ridge Shopping Center, which has a Target and Beall's, is at the southwest corner of Pine Ridge Road and Airport Pulling Road.
A Publix Supermarket and Blockbuster anchor Riverchase Shopping Center, at the northeast corner of U.S. 41 North and Immokalee Road. The Albertsons- and OfficeMax-anchored Courthouse Shadows Shopping Center is at the corner of U.S. 41 East and Peter Street.All three shopping centers are fully leased.Kite Realty Group now owns six shopping centers in the Naples area, one of the fastest growing regions of the country. The company also is developing a Super Target-anchored retail center on Immokalee Road near Interstate 75 and Estero Town Commons at Corkscrew Road and Three Oaks Parkway.
Kite Realty Group owns interests in 50 operating properties totaling approximately 7.7 million square feet and has 12 properties, expected to total 1.6 mill square feet, under development.David Stevens, a principal with Naples-based Investment Properties Corp., represented the buyer.
Investment group buys Metro Distribution
BUYER: BLS Holdings LLC (principal Stanley Stouder), Fort Myers
SELLER: Metro Distribution Center LLC and Medsup Development LLC
PROPERTY: 3511, 3551-3591 Metro Parkway, 3991 Sivan Road and 4040-4060 Warehouse Road, Fort Myers
PRICE: $13.3 million
PREVIOUS PRICE: $6.65 million, March 2003
BUYER: Suncoast Contractors Supply Inc. William Burdette and Lanny Moore Jr.)
SELLER: Metro Distribution Center LLC and Medsup Development LLC
PROPERTY: 3160 Kutak Road, Fort Myers
PRICE: $2 million
PLANS, DESCRIPTION: An investment group purchased the 20-building Metro Distribution Center in Fort Myers, one of the largest industrial centers in Lee County. The 263,400-square-foot complex is currently 97% occupied with about 24 tenants, according to group managing member Stan Stouder, who is also a partner at CB Richard Ellis in Fort Myers and Naples. Stouder says a similar group also purchased 8.5 acres of vacant land next to the industrial center. There are no plans to develop that land at this time.BLS Holdings mortgaged the industrial center to Merrill Lynch Mortgage Lending Inc. for $10.64 million.
Naples yacht club buys marina, plans Naples dockominium
BUYER: Naples Marina Investments LLC (principal Steeven Knight), Fort Myers
SELLER: Progeny II Corp.PROPERTY: 475 North Road, Naples
PRICE: $26.8 million
PREVIOUS PRICE: $1.6 million, August 1993
PLANS, DESCRIPTION: Fort Myers-based Yacht Clubs of the Americas purchased the Naples Marina & Boating Center. Steeven Knight's company buys existing marinas and redevelops them as dockominiums. The complex will be called the Naples Harbour Yacht Club. Yacht Clubs of the Americas' new facility at Naples Marina will have 638 dry slips. Knight is creating a chain of similar-service harbour yacht clubs nationally.Yacht Club of the Americas also recently purchased the Tampa Bayside Marina and Peninsular Marina in Key West.The company received a $200 million loan from iStar Financial to buy and develop the properties.
• McCann Development Series II LLC says construction has begun on the entry to Palmetto Cove, a gated condominium community on Cypress Lake Drive near McGregor Boulevard.
• Fort Myers-based J.L. Wallace Inc. started construction on the retail shops at Estero Town Commons on Estero Town Commons Place. The project consists of 25,500 square feet of retail in two buildings. Construction of the building shells is scheduled for completion in December.
• Trammell Crow Co.'s East Coast retail investment team was appointed the sales and marketing representative for the 85,000-square foot Mission Hills Shopping Center on Colliers Boulevard and Vanderbilt Beach Road, Naples. The development is 95% leased, with a Sweetbay Supermarket anchor. Other tenants include Hollywood Video, Cingular Wireless and Subway.
• Family Health Centers of SW Florida Inc purchased 40,000-square-foot series of lots at 306, 312, 317 and 326 S.E. Second St., Cape Coral, from Leo R. Johnson for $672,210. Gary Tasman and Brandon Stoneburner of VIP Commercial-TCN Worldwide negotiated the transaction.• Plumeria Holdings LLC purchased three office condominiums totaling 5,960-square-feet in Cypress Lake Office Park at 9407 Cypress Lake Drive, Suites 1, 2 and 3, from Cypress Lake Office Park LLC for $980,000. Gary Tasman and Enn Luthringer of VIP Commercial-TCN Worldwide negotiated the transaction.
• Southwest Florida Land & Investment Group LLC purchased 27,624 square feet of vacant land at 2350 Vanderbilt Beach Road, Naples, from NDC LLC for $2.3 million. Jay Crandall of Coldwell Banker Commercial NRT and David Stevens of IPC handled the transaction.
• Pondella Acquisitions LLC purchased a 6.44-acre commercial site at 850 and 890 Pondella Road, North Fort Myers, from Pondella Storage Inc. for $2.6 million. Tim Colen of D'Alessandro & Woodyard Inc. Commercial Realtors represented the seller; Sharon Tice of Land Development Services Inc. represented the buyer.
• DNR Engineering Inc. leased a 4,256-square-foot office space in the Royal Palm Professional Center at 1500 Royal Palm Square Blvd., units 101 and 102, Fort Myers, from NRP Leasing. Tim Colen of D'Alessandro & Woodyard Inc. Commercial Realtors negotiated the transaction.
• Q. Grady Minor & Associates PA leased a 2,150-square-foot engineering and surveying office in the Gateway Center at 11940 Fairway Lakes Drive, units 6 and 7, Fort Myers, from Dr. Robert Rapp. Tim Colen of D'Alessandro & Woodyard Inc. Commercial Realtors negotiated the transaction.
Sarasota hotelier acquires Regency Inn
BUYER: Kedareshwar of Sarasota LLC (principal Jignesh Patel), Sarasota
SELLER: MF Hospitality Inc.P
ROPERTY: 4200 N. Tamiami Trail, Sarasota
PRICE: $2.3 million
PREVIOUS PRICE: $650,000, July 1994
LAW FIRM ON DEED: Sader & LeMaire PA, Fort Lauderdale
PLANS, DESCRIPTION: Hotelier Jignesh Patel purchased the 36-room Regency Inn & Suites on Tamiami Trail for $2.3 million. The Sarasota County Property Appraiser Web sites show the 16,000-square-foot building and land had a 2005 just market value of $776,000. Patel mortgaged the property to LandMark Bank for a maximum of $1.73 million.New HeadquartersSarasota hotel developer Finergy Development expects to break ground in November on what is tentatively called Finergy Trade Center, a 15,000-square-foot, four-story office building at 2170 Main St., Sarasota. The company recently relocated its offices from a space in its 100-room Homewood Suites on Fruitville to downtown Sarasota at 205 N. Orange Ave. When the center is completed, it will serve as company headquarters; the remainder of the building will be sold or leased as commercial space.
Forest Acquisition Fundbuys Lockwood Ridge apartment
BUYER: FFR Applegate LLC (principal Forest Florida Realty LLC), Newton, Mass.
SELLER: Aquarius of Lockwood Limited Partnership
PROPERTY: 1500 N Lockwood Ridge Road, SarasotaPRICE: $7.1 million
PREVIOUS PRICE: $3.66 million
LAW FIRM ON DEED: Melissa Rice PA, Sarasota
PLANS, DESCRIPTION: Forest Acquisition Fund LLC purchased the 93-unit Applegate Apartments in Sarasota for $7.1 million, a per unit price of $76,344. The complex features 5 two- and three-story buildings on 3.95 acres, with four different unit styles and sizes, a swimming pool with a concrete sundeck and a fitness center. Bob Goldfinger, Tim Johnson and Jay Crotty of Marcus & Millichap handled the sale. The ownership mortgaged the property to Bank of America for $4.5 million.
Developers spend $15 millionfor Placida land
BUYER: Boca Creek Development Co. LLC (principal John Murray), Sarasota and Habern Acquisition LLC
SELLER: Placida Holdings
PROPERTY: property on Placida Road
PRICE: $15 million
PLANS, DESCRIPTION: Boca Creek Development Co. LLC and Habern Acquisition LLC purchased 163 acres of undeveloped land on Placida Road near Coral Creek Club, Placida, from Tampa's Placida Holdings for $15 million. The new owners have not announced plans for the property.Jag Grewal and Michele Fuller of Coldwell Banker Commercial NRT's downtown Sarasota office handled the transaction.
ACP buys two Clearwater office properties
BUYER: ACP/Prestige Owners LLC (America's Capital Partners LLC), Miami
SELLER: St. Joe Co.
PROPERTY: 2600 and 2650 McCormick Drive, Clearwater
PRICE: $18.1 million
PREVIOUS PRICE: $12.5 million, December 1999
PLANS, DESCRIPTION: Miami-based America's Capital Partners LLC acquired One and Two Prestige Place offices in Clearwater for $18.1 million.Built in 1987, One Prestige Place is 76,085 square feet, while the 70,713-square-foot Two Prestige Place was built in 1989. The two properties are 92% leased with a total of 17 tenants, including Market Street Mortgage and Arthur J. Gallagher & Co. The buildings are a mile south of Countryside Boulevard and U.S. 19.Brad Luger and Larry Randolph of the Tampa Investment Services Group of Advantis Real Estate Services Co., a partner in GVA Worldwide, represented the seller in this transaction.
Primerica buys on U.S. 301,developing retail/office plans
BUYER: Zephyr Commons LLC (principal Richard Trzcinski), Tampa
SELLER: Gores Dairy Supply Inc.
PROPERTY: 7939 Wire Road, Zephyrhills
PRICE: $9.1 million
PLANS, DESCRIPTION: Commercial developer Primerica Group One Inc./Primerica Developments Inc. purchased 60 acres on U.S. 301 across from a new Lowe's Home Improvement store and a Wal-Mart Supercenter in Zephyrhills. The company is still formulating its plans for the site, but it's envisioned as a mixture of retail and office space, says George Trujillo, director of sales and leasing for Primerica.Founded in 1987, Primerica specializes in developing and brokering shopping centers and free standing commercial properties.Primerica mortgaged the property to Wells Fargo Bank for $21.37 million.
Clearwater's Gibraltar buy Tampa office building
BUYER: Museum Towers LP (principals: Michael Scarfia Sr., Michael Scarfia Jr., Michelle Scarfia and Jennifer Berry), Clearwater
SELLER: 100 W. Kennedy LLC
PROPERTY: 100 W. Kennedy Blvd., Tampa
PRICE: $9 million
PREVIOUS PRICE: June 2005, $4.2 million,
PLANS, DESCRIPTION: Clearwater-based the Gibraltar Cos. purchased a multistory office building at 100 W. Kennedy Blvd., Tampa. Representatives from Gibraltar did not return a request for comment. Gibraltar Cos. is made up of Gibraltar Development Corp. and Gibraltar Construction Co., which covers services including land acquisition, zoning and permitting, finance procurement, site design, construction, management and leasing. Since 1988, the company has developed more than 8 million square feet of shopping centers - primarily in the Caribbean - and 2 million square feet of new development is expected to be available soon.Gibraltar Cos. mortgaged the property to Westernbank PR for $12 million.E.V.K. Enterprises Inc. paid $10.2 million for the 70,000-square-foot Corporate Square office building at 28050 U.S. 19 N., Clearwater. Elliott M. Ross of The Ross Realty Group Inc. represented the buyer and CB Richard Ellis represented the seller.
• Cleveland-based Laurel St. Commerce Center purchased a 60,000-square-foot industrial Chariot Building at 5402 W. Laurel St., Tampa, from the Laurel Street Corp. based in Tallahassee for $4.5 million. Jan Boltres and Mike Scott of Grubb & Ellis Commercial Florida's Tampa office represented the seller,
• Cooper Roberts Enterprises Inc. purchased a 4,800-square-foot office/warehouse at 6731 Industrial Ave., Port Richey, from Jerry Reynolds, as a successor trustee to the W. Joseph Wegman Jr. Revocable Trust, for $365,000.The Adler/Schuster Team of Coldwell Banker Commercial NRT Inc. handled the transaction.
• Scott Paint Co. signed a 5-year lease of 5,580 square feet at 712 Missouri Ave., Clearwater, from Robert Carlton Ward Family Trust and Ann and Mary Ward for $296,249. Ruth Whitney Duncan of Coldwell Banker Commercial NRT Inc. handled the transaction.• Gulf Fiberoptics agreed to lease 2,280 square feet of office space at 108 Pinckney St., Oldsmar, for three years from Kislin Enterprises of Tampa Bay for $74,181.70. Michael Taylor of Coldwell Banker Commercial NRT Inc. handled the transaction.• The Tampa Bay division of U.S. Home Corp. reported it sold 800 new homes and closed on sales of 900 new homes during the first six months of 2006. US Home's Tampa Bay division is active in 23 communities in the Tampa area, including Hillsborough, Pinellas and parts of Pasco counties.