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Commercial RE Briefs
by Sean Roth | Real Estate Editor
TAMPA BAY
Investment group buys, renovates American Marina
BUYER: Cotee River Ventures LLC (principal Stephen Voigt) Sarasota
SELLER: Gary R. Boesch
PROPERTY: 4800 Ebbtide Lane and additional land, Port Richey
PRICE: $4 million
PLANS, DESCRIPTION: The investment group Cotee River Ventures LLC purchased the American Marina in Port Richey for $4 million or about $13,800 per slip. The marina currently has 250 dry slips and 40 wet slips.
"It is a fantastic location ... in northern Pasco County that is just booming now," says Stephen Voigt Jr., of the Sarasota law firm Voight & Voight, PA and managing member of the investment group.
Voigt says the group has not decided if the marina ownership will change from rentals to an equity business structure, but acknowledged that with the current insurance and property tax problems, it is difficult to keep a marina as a purely rent-based operation.
"It's hard being in the marina business right now without carving it up." Voigt says. "There are just a lot more costs. I expect that most of the marinas in the state that are just rentals are going to have two or three major rates hikes next year. The great thing though is that with the price we paid for [American Marina], we would be able to put rackominiums on the market - if we decided to go that way - to directly compete with the rental market."
At this point, Voigt says the group is focused on renovating the existing marina, including dredging the yacht basin and putting in new floating docks.
"The entire facility just really needs an upgrade," Voigt says. "We'll likely be putting in new dry storage eventually."
Voigt is part of different ownership groups that are developing other marina properties, including the Philippi Creek Marina, which is scheduled for completion next month, and the Bellagio Harbor Village. Voigt is also involved in a group that has a contract to buy the Seafood Shack Marina property in Cortez in Western Manatee County.
Cotee River Ventures LLC mortgaged the American Marina property to Wachovia Bank NA for $3.3 million.
Praedium Group buys, renames Polo's at Brandon
BUYER: Polos Associates LLC (P VI Polos LLC), New York City
SELLER: Realty Assoc. Fund IV LP
PROPERTY: 10301 Marsh Harbor Way, Riverview
PRICE: $22.2 million
PREVIOUS PRICE: $11.75 million, July 1997
PLANS, DESCRIPTION: New York City-based investment company The Praedium Group LLC purchased the 320-unit Polo's at Brandon apartment complex for $22.2 million, or $69,328 per unit. The company has since renamed the facility the Park at Polo's Place and is renovating it. Most of the renovation to this point has focused on painting both the exterior and interior, tiling the apartments and changing the lighting.
Officials for The Praedium Group did not return calls for comment prior to publication. The company, which has more than $5 billion in investment, focuses on "underperforming and undervalued" assets. Praedium concentrates on middle-market assets, which generally cost less than $75 million.
The Praedium Group mortgaged the property to Wells Fargo Bank for $21.3 million.
Fort Lauderdale buyer pays $87.8 million for City Center
BUYER: One Tampa City Center LLC (principal Paul Kilgallon), Fort Lauderdale
SELLER: Tampa City Center Associates
PROPERTY: 201 North Franklin Street, Tampa
PRICE: $87.8 million
PREVIOUS PRICE: $105,870, July 1983
LAW FIRM ON DEED: DLA Piper US LLP, Tampa
PLANS, DESCRIPTION: Fort Lauderdale-based private equity group Mainstreet Capital Partners purchased the Tampa City Center from Verizon Realty Corp. for $87.8 million. The 38-story tower houses 743,201 square feet of office space, which equates to a per square foot price of $118.
The Class-A building was originally built in 1981, but was extensively renovated in 1993.
Mike Davis, Andy May, E. Barry Oaks, and Bill Reeves, all of Cushman & Wakefield, negotiated the transaction on behalf of the former owner.
Officials with Cushman & Wakefield reported that the first year capitalization rate, the purchase price divided by the profit from leasing operations, for the property was only 4%. A purchase for such a low cap rate indicates that MainStreet Capital expects rental rates to grow.
Mainstreet Capital Partners' limited liability company for the acquisition, One Tampa City Center LLC, mortgaged the building to Transamerican Life Insurance Co. for $69 million.
Crossland announces MiraBay mixed-use development
Charlotte, N.C.-based developer Crosland Inc. plans to develop a 31-acre village center at the perimeter of MiraBay, a 750-acre waterfront community in Apollo Beach just south of Tampa.
Anchored by a 50,000-square-foot Sweetbay Supermarket, the site will include 175,000 square feet of specialty retail shops, restaurants and office space, along with 80 townhomes. The project will also include extra-wide pedestrian sidewalks, a fountain plaza and heavily landscaped areas for outdoor dining and entertainment.
MiraBay Village is one of Crosland's eight retail development projects in the Florida, including ventures in north Jacksonville, Pasco County and Spring Hill. Crosland also has residential communities in the Tampa and Orlando metropolitan areas, such as Longleaf in Pasco County. Project construction will begin in late fall with Sweetbay anticipating a grand opening in 2008.
Etc...
• A new two-story, 24,000-square-foot medical office condominium at 3190 McMullen Booth Road, Clearwater has opened. Klein & Heuchan marketed the development. Condo unit owners include Bay Area Woman's Care, ENT Associates, Laura Mueller, M.D., Ophthalmologist, Michael Solomon, M.D., Pain Management, Serag & Lewis MDs, Internal Medicine and Sanja Madan MD Internal Medicine.
• First Tampa Hillsborough Bayou LLC purchased 7.44 acres at 12701 W. Hillsborough Ave. in Tampa from Tampa Bayou, LLC for $2.98 million. Andy May, Patrick Berman and Bruce Erhardt of Cushman & Wakefield represented the seller.
TMH Investments LLC purchased the 6,000-square-foot Honeywell Industrial Building at 14100 Honeywell in Clearwater from Edgardo and Nerida Zambrano for $475,000. Tom Pizurie of the Ross Realty Group, Inc. represented the sellers, and Babette Aiosa of Aiosa Realty Group. represented the buyer.
• Crawford & Co.'s Florida division leased 3,507 square feet at One Memorial Center, 4921 Memorial Highway from Tampa Memorial Center LLC. Richard Andretta of Grubb & Ellis|Commercial Florida represented the tenant.
• Houston-based CEMEX leased 2,636 square feet at Northdale Executive Center, 3820 Northdale Blvd. from Eisenham Tampa Ltd. Partnership. Mia Jarrell with Grubb & Ellis|Commercial Florida represented the tenant.
SARASOTA/MANATEE
Gold Coast Eagle sells center to Coke
BUYER: CC-Sarasota FL LLC (principal: Wachovia Development Corp.), Charlotte, N.C.
SELLER: Gold Coast Eagle Distributing LP
PROPERTY: 2150 47th St., Sarasota
PRICE: $7 million
PREVIOUS PRICE: $4.5 million, December 1996
LAW FIRM ON DEED: Norton Hammersley Lopez & Skokos PA, Sarasota
PLANS, DESCRIPTION: A little more than a year since Gold Coast Eagle Distributing LP announced plans to sell its Sarasota warehouse and move to Lakewood Ranch, the first part of that transition is complete. The distributor of Anheuser-Busch and Corona in Sarasota and Manatee counties sold its 10-acre distribution facility on 47th Street in Sarasota to an investment group managed by Wachovia Corp. for $7 million.
According to Gold Coast Eagle Distributing President John Saputo, the actual purchaser was Charlotte, N.C.-based bottler Coca-Cola Bottling Co. Consolidated. Simultaneous to the sale, Wachovia recorded a lease agreement with Coca Cola Enterprises Inc. to lease the property through 2021.
Don't expect the beer to stop flowing from the 47th Street location anytime soon. Gold Coast Eagle Distributing will lease the property for another two years while its new Lakewood Ranch distribution center is constructed, according to Saputo.
"We're getting ready to start on that [new facility] sometime towards the first of February," says Jack Cox, president of Halfacre Construction Co., general contractor for the new distribution facility.
After an extensive site search that covered both counties, Gold Coast Eagle Distributing found a 22-acre parcel in Lakewood Ranch's Corporate Park and reached an agreement with Schroeder-Manatee Ranch to buy it for $4.7 million. Besides the prospect of having additional land for future growth, the Lakewood Ranch space offered Saputo's company a site central to both counties and new growth patterns. However, construction of the new facility has been pushed back because of road and utility delays, which in turn delayed the platting of the new portion of the Corporate Park, Saputo says.
The company was slated to close on the Lakewood Ranch property soon.
"Ultimately, the timing though has been absolutely perfect," Saputo says. "This is really great because Coke was having the same problems finding a site that we were. This center for Coke could easily have been lost maybe to Charlotte County."
The new 150,000-square-foot center will feature, 20,000-square-feet of office space, a 7,000-square-foot conference center and a beer garden.
"Anheuser-Busch is experimenting with making our places tourist destinations," Saputo says. "At our [present] smaller conference center we still get 3,500 people a year. We host everything from the Ohio State Alumni to political parties. This is going to be a bigger and much more of an attraction. This is all about showing people with what care we market and warehouse our products."
Riviera Dunes outparcel fetches $6.2 million
BUYER: Bella Tramonto I LLC (principals: William Lucia Jr. and David Dey), Celebration
SELLER: Riviera Dunes Retail Partners LLC
PROPERTY: 98 N. U.S. 41, Palmetto
PRICE: $6.2 million
PREVIOUS PRICE: $400,000, September 2004
TITLE FIRM ON DEED: Advantage Title Services Inc., Lakeland
PLANS, DESCRIPTION: Sarasota-based developer Corvus International sold a 2.4-acre outparcel on U.S. 41 in the waterfront community of Riviera Dunes to a limited-liability company headed by William Lucia Jr. of Celebration and David Dey of Lakeland for $6.2 million. The property is adjacent to Opus South Development's five-building, 210-unit Laguna at Riviera Dunes, according to Corvus International principal Tim Morris.
Lucia, who owns the Florida Seals hockey team, did not return calls for comment. The Review was unable to contact Dey.
Addressing the obvious jump in property value, Morris responded simply "It's certainly better than losing money."
Corvus International has been a player in the Riviera Dunes development since 2004 when the developer purchased property for its twin condominium tower Bel-Mare at Riviera Dunes, along with some surrounding retail space. The company also currently holds about 211 acres east of the existing condominium project for a 1,190-unit residential and retail project called The Sanctuary.
Bella Tramonto I LLC mortgaged the property to Bountiful, Utah-based Palmetto Funding LLC for $6.9 million and to the former owner Riviera Dunes Retail Partners LLC for $1 million.
Sarasota group buys Budget Inn
BUYER: PREM Inc. (principals: Ramesh and Ranjan Khara), Sarasota
SELLER: Hari Hari Inc.
PROPERTY: 8110 N. Tamiami Trail, Sarasota
PRICE: $1.3 million
PREVIOUS PRICE: $750,000, April 2001
TITLE FIRM ON DEED: American National Title LLC, Largo
PLANS, DESCRIPTION: Ramesh and Ranjan Khara's purchased the 38-room Budget Inn motel in Sarasota from Kanchanben Petel's St. Petersburg-based Hari Hari Inc. The new owners did not return calls for comment.
PREM Inc. mortgaged the motel to the former owners for $1.19 million.
Etc...
• Tandem Construction has completed the site work for the 12-unit Hudson Crossing at 888 S. Orange Ave., Sarasota, and has started on the vertical construction.
• Sarasota-based general contractor Willis A. Smith Construction Inc. completed construction on the new 19,000-square-foot Ann & Alfred Goldstein Marine Mammal Research & Rehabilitation Center.
The space doubles the former space for Mote Marine Laboratory's Center for Marine Mammal and Sea Turtle Research. The three-story building features a 5,769-square-foot educational space on the first floor, a 200,000-gallon dolphin lagoon and a floor-to-ceiling window view of the bay.
• Construction Management & Development Inc. has been hired as project manager for the condominium development One Palm. Construction on the condo tower with street-level retail is scheduled to start in July.
• KVN Heating and Air Conditioning has relocated to an 11,000-square-foot office at 7186 21st St. E., Sarasota.
• World Electric Supply Inc. leased 11,731 square feet at 1100 Waterloo Ave. in Sarasota from Codisco International Inc. for five years. Debbie Anglin of Ian Black Real Estate and Allen Lindow of Brenner Real Estate Group handled the transaction.
• dkVogue sub-leased 6,228 square feet at 3550 S. Tamiami Trail, Sarasota from First Horizon Home Loan Corp. for three years and ten months. Debbie Anglin of Ian Black Real Estate handled the transaction.
LEE/COLLIER
Raymond Building Supply invests in land for future expansion
BUYER: Raymond Building Supply Corp. (principals: Duane Swanson Sr., Carolyn Swanson and Duane Swanson II), Fort Myers
SELLER: S.W. Florida Land 163 LLC
PROPERTY: 7701 Bayshore Road, North Fort Myers
PRICE: $2.55 million
PREVIOUS PRICE: $3.51 million, January 2005
LAW FIRM ON DEED: Bolanos Truxton PA, Fort Myers
PLANS, DESCRIPTION: The North Fort Myers-based building-material supplier Raymond Building Supply Corp. purchased 17 acres of vacant property adjacent to the company's existing main office at 7751 Bayshore Road. The goal of the purchase, according to Brian Marten, Raymond Building Supply president, was to allow the company the opportunity to expand sometime in the future.
"Right now our plan is just to hold on to it," Marten says. "It became available, and we knew that if nothing else, it's a good investment, especially because the market is a little slower now."
The property is currently zoned for light industrial uses.
Hunt Construction Group preparing land for Tuscany Park
The Southwest division (Tampa office) of Scottsdale, Ariz.-based Hunt Construction Group has started site work on an $136-million mixed commercial development at the intersection of Three Oaks and Estero parkways in Estero called Tuscany Park.
Hunt Construction is set to develop on 36 of the 46 acres, according to Samantha Scott, with Fort Myers-based Devious Design Studio, speaking on behalf of Hunt Construction. The developer for the remaining 10 acres has yet to be determined.
In total, the site is scheduled to house 400,000 square feet of office, retail and outparcel space designed with Tuscan architecture. The development will feature: The Shoppes, a retail strip center with additional selected drive-thru users; The Village, a larger retail project with fine dining, office and outparcels; and Cypress View, a street retail-centered complex with office space. The development is being promoted as a "more intimate, private, park setting than Gulf Coast Town Center and Coconut Pointe."
Vertical construction is scheduled to start in 8 to 10 months with completion expected in the summer of 2008.
Adam Smith buys 0.37 acres, plans three-story project
BUYER: 101 Building Development LLC (principal Adam Smith), Naples
SELLER: Buechel Family LP
PROPERTY: 101 8th St S., Naples
PRICE: $2.08 million
PREVIOUS PRICE: $665,000, March 2001
LAW FIRM ON DEED: Goodlette Coleman & Johnson PA, Naples
PLANS, DESCRIPTION: Naples developer Adam Smith purchased a nearly 40-year-old, 2,000-square-foot medical building on a little more than a third of an acre for $2.08 million, with plans to develop a three-story, mixed-use building. Smith is proposing 6,000 square feet of light retail and office space on the bottom level and 10 residential units on the second and third floor. The additional density is an option for Smith because the site is in a designated Community Redevelopment Agency overlay area known as 41-10, a reference to the intersection of U.S. 41 and 10th Street.
Smith is already moving forward with another development in the area at 950 6th Ave. N. That project is planned to have11,000 square feet of commercial and 12 residential units. Smith expects to start construction on the 6th Avenue project in January, followed by the 8th Street project 3 to 4 months later.
One of the biggest current concerns Smith has for the future of developments in the CRA area, stems from the price for parking. The Naples City Council is discussing increasing the price paid to the city for developers to meet its parking requirements. Smith worries that too drastic an increase, a figure such as the 1,000% increase that has been suggested by some on the commission, to the $2,500 cost, could drive much of the profit out of future redevelopment projects.
Scott Dunnuck and George Atkinson of CB Richard Ellis negotiated the 101 8th St. transaction.
Etc...
• Encore Mortgage Solutions leased a 6,889-square-foot office in the Renaissance Building at 9530 Marketplace Road from Renaissance Daniels Associates LLC. Gary Tasman and Brandon Stoneburner of VIP Commercial-TCN Worldwide negotiated the transaction.
• Robert Half International leased 4,259 square feet in the Renaissance Building at 9530 Marketplace Road, Suite 208, Fort Myers, from Renaissance Daniels Associates LLC. Gary Tasman and Brandon Stoneburner of VIP Commercial-TCN Worldwide negotiated the transaction.
• Carisch Brothers, LP purchased a 36,155-square-foot parcel at 1240 Homestead Road, Lehigh Acres, from DMPI LLC for $705,000. The property will be the future site of a new Arby's in Lehigh Acres. Gary Tasman and Scott Robertson from VIP Commercial-TCN Worldwide represented the buyer, and Adam Palmer of Coldwell Banker Commercial represented the seller.
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