Real Estate Briefs
Crossgate, EndVision buy into mixed-use project
BUYER: Bay Street Partners LLC, Sarasota
SELLER: Bay Street Village & Town Center LLC, Henry Rodriguez and SDC Communities Inc.
PROPERTY: Bay Street and U.S. 41, Osprey
PRICE: $12.5 million
PREVIOUS PRICE: $13.3 million
LAW FIRM ON DEED: Kirk Pinkerton PA, Sarasota
PLANS, DESCRIPTION: Crossgate Partners and Sarasota-based EndVision Development Group acquired an 11-acre lot in Osprey designated for the new-urbanist mixed-use $65-million Bay Street Village & Town Center.
Plans for the project include 69 residential villas, 60,000 square feet of retail and restaurant space, 56,000 square feet of commercial space and a "village green" community area for public gatherings, small festivals and other outdoor events. A 25,00-square-foot public library will also be developed adjacent to the village green.
Bay Street Village & Town Center is bordered by a 500-unit residential condominium project, known as Waterford at Bay Street Village, being developed by Waterford Companies, a Venice-based developer.
Bay Street Village & Town Center is scheduled to break ground April 2.
Bay Street Partners mortgaged the property to Whitney National Bank for $11 million.
buy Gardenwood Apartments
BUYER: IIYF LLC, IIYF LLC and BT Partners (Harvey, Mark and Joel Vengroff and Robert Williams), Sarasota
SELLER: S.E. Residential West LLC
PROPERTY: 3223 W. Third St, Bradenton
PRICE: $2.1 million
PREVIOUS PRICE: $969,200, July 2001
ATTORNEY ON DEED: Michael Gasdick, Orlando
PLANS, DESCRIPTION: An investment group headed by Harvey Vengroff, CEO of Vengroff, Williams & Associates, purchased the 55-unit Gardenwood Apartments in Bradenton. Vengroff says he plans to fix up the units and continue to rent them starting at about $600 a month. Vengroff now owns and operates a total of 150 rental units in Manatee County.
The new owners have mortgaged the property to Freedom Bank for $2.4 million.
Investor buys farm land,
expects to flip
BUYER: Watergrove LLP, Howard Sadwin and Grady Hartzog, Sarasota
SELLER: Robinson Farms Inc.
PROPERTY: Land near Erie, Mendoza and Moccasin Wallow roads, in Ellenton in northern Manatee County,
PRICE: $1.25 million
PREVIOUS PRICE: $2 million, December 1988
LAW FIRM ON DEED: Properties Title LLC, Sarasota
PLANS, DESCRIPTION: Real estate agent Howard Sadwin, accountant Grady Hartzog and a group of investors purchased 56 acres of agricultural land in Ellenton fronting Interstate 75.
"We actually already have that under contract to a third party to develop," Sadwin says, adding that the buyers originally planned to develop the property as a single-family community, but another group stepped in to buy it from them.
• Appliance Depot & More, also known as DEP Marketing, LLC, leased 10,000 square feet of retail space at Palm Plaza, 1951 South McCall Road, Englewood, from Palm Plaza Partners LLC. Paul Schouten of Michael Saunders & Co., and Robert Friedman of GK Development, Inc. negotiated the transaction.
• Linda Lane LLC purchased a 7-unit apartment complex at 3355 Central Ave., Sarasota, from Frances Richey and Margaret Jonikian, for $1 million. The apartment has three 4-bedroom units, three 3-bedroom units one 2-bedroom unit.
Boca Raton homebuilder buys land for 900 homes in Estero
Buyer: Prime Homes at Portofino Vineyards Ltd.
Seller: Villages of Cypress Island LLLP
Property: 71 acres in Lee County
Price: $15.7 million
Previous price: $5 million, December 2004
Attorney on deed: Ackerman Senterfitt, Miami
Plans, description: Boca Raton-based home builder Prime Homebuilders bought 71 acres in the San Carlos area of Lee County near Interstate 75 and Three Oaks Parkway, where it plans to build 900 homes.
The gated community, to be called Portofino Vineyards, will have a mix of single-family homes, town homes, garden homes and apartments. About 300 of the 900 units will be apartments. Fred Abbo, the company's president and owner, says he expects construction to begin in about six months. Prices for the homes and apartment rental rates have not yet been set.
Prime Homebuilders already has several projects planned or under construction in southwest Florida, including the Falls of Portofino in Naples, and Portofino Cove and Portofino Springs in Fort Myers.
Family trust invests
in Fort Myers warehouses
Buyer: Kelly Peel, Trustee
Seller: 4-M Properties
Property: 11803 Metro Parkway, SE, Fort Myers
Price: $6.5 million
Title company on deed: Watermark Title, Naples
Plans, description: The Liddell Family Trust bought 129,000 square feet of warehouse buildings in Fort Myers. Trustee Kelly Peel says the acquisition is for investment purposes; she declined to elaborate.
Kelly Peel, Trustee, mortgaged the property to Genworth Life Insurance Co. for $2.5 million.
buys Fort Myers motel
Buyer: L&M GBC Mar LLC
Seller: Teranga Management Inc.
Property: 17990 San Carlos Blvd., Fort Myers
Price: $6.1 million
Previous price: $2 million, February 1999
Attorney on deed: Pavese Law Firm, Fort Myers
Plans, description: Naples-based construction company L&M Building and Development bought the Mariner's Lodge and Marina on San Carlos Boulevard in Fort Myers.
"We are going to operate the motel on an indefinite basis until we get approved for a little residential community," says Steve Loveless, owner and managing member of L&M.
When it receives approval, L&M plans to build 14 to 15 luxury townhouses, each with its own boat dock. The property is located on a canal that leads to San Carlos Bay and the Gulf of Mexico.
L&M GBC Mar mortgaged the property to Cypress Lending Group Ltd. for $4.5 million.
• Homestead Road LLC bought 136 acres on Homestead Road in Lehigh Acres from Flint Family LLLP for $8.4 million. Frank D'Alessandro and Tom Woodyard of D'Alessandro & Woodyard negotiated the transaction.
• William Cousins bought a 9,424-square-foot building on 1.03 acres at 5720 Zip Drive in Billy Creek Commerce Center in Fort Myers from TK Investments for $1 million. Todd Homan of D'Alessandro & Woodyard represented the seller and Ron Bauer represented the buyer.
-All American Shutters leased a 13,090-square-foot office and warehouse building at 5601 Division Drive in Fort Myers from Castillo Properties LLC. Kevin Rosenthal and Todd Holman of D'Alessandro & Woodyard negotiated the transaction.
-Efficiency Enterprises of Tampa LLC leased a 9,000-square-foot office and warehouse building in Billy Creek Commerce Center at 5580 Zip Drive, unit 5, in Fort Myers from Little Leasing Inc. Bill Shuba of D'Alessandro & Woodyard negotiated the transaction.