- July 13, 2009
Real Estate Briefs
Commercial Real Estate by Sean Roth, Associate Editor
Retail land bank invests in Bradenton
BUYER: APA West Lake Plaza @ Bradenton LLC (primary Michael Adler), Miami
SELLER: Civix-SR 70 LLC
PROPERTY: 5503, 5485, 4556, 4502, 4512, 4576 and 4583 45th St. E, Bradenton
PRICE: $9 million
PREVIOUS PRICE: $3.7 million, August 2005 and $3.3 million, October 2004
LAW FIRM ON DEED: Icard Merrill Cullis Timm Furen & Ginsburg PA, Sarasota
PLANS, DESCRIPTION: A retail land bank formed by Miami-based The Adler Group Inc. and Apollo Real Estate Investors purchased 26.5 acres of retail land and a closed Winn Dixie supermarket at the corner of State Road 70 and Lockwood Ridge Road in Bradenton.
"The goal for the fund was to buy parcels throughout the state that are not quite mature for retail development," says Matthew Adler, executive vice president of The Adler Group. "Most of them will be ready in, between three to five years. The Bradenton site is a lot farther ahead than that. We think we'll have to hold that for the next year to year-and-a-half."
Adler expects to start soliciting tenants along with building permitting for a retail center in the next few months. The Bradenton purchase was the land bank's second acquisition. The land bank, which looks for properties from 5 to 50 acres, also owns 26 acres in northern St. Lucie County at the corner of Indrio Road and Emerson Avenue at Indrio and Fort Pierce and has contracted to acquire 76 acres on State Road 50 west of Orlando.
APA West Lake Plaza @ Bradenton LLC mortgaged the property to Eastern Financial Florida Credit Union for $4.75 million.
Pala Band of Mission Indians buys Bradenton Roadhouse
BUYER: Pala Band of Mission Indians, Pala, Calif.
SELLER: Sovereign Roadhouse LLC
PROPERTY: 1208 W 50th Ave. Plaza and a restaurant or cafeteria 5051 W. 14th St., Bradenton
PRICE: $2.96 million
TITLE FIRM ON DEED: All Florida Title Agency Inc., Tampa
PLANS, DESCRIPTION: Pala Band of Mission Indians from Pala, Calif., purchased the Roadhouse Grill restaurant and surrounding property in Bradenton. According to Andrew Moro, business manager for the Indian tribe, the properties were purchased as an investment, and the restaurant will stay on through a triple net lease. The property was attractive to the tribe, Moro says, because of the land value growth in Bradenton the past few years.
"We look at properties all over the place," Moro says. "What we're looking for are cities that are up and coming. Then we look for long-term lease with good cap rates."
The about 900-member tribe exists as a sovereign government on its 11,000-acre reservation in northern San Diego County.
People's Community Bank plans new Bradenton branch
BUYER: Peoples Community Bancshares Inc.,
SELLER: Manatee Avenue West Apartments LLC
PROPERTY: 2207 Manatee Ave. W., Bradenton
PRICE: $1.35 million
LAW FIRM ON DEED: Norton Hammersley Lopez & Skokos PA, Sarasota
PLANS, DESCRIPTION: Sarasota-based Peoples Community Bancshares Inc., parent of People's Community Bank, purchased a 29,616-sqaure-foot commercial lot at 2207 Manatee Avenue West in Bradenton for $1.35 million. People's Community Bank officials plan to build a 3,500-square-foot full-service branch with two drive-thru lanes. Construction is scheduled to start in early 2007.
The bank currently operates three offices: 25 South Links Ave., Sarasota; 3203 Manatee Ave. West, Bradenton; and 2091 South Tamiami Trail, Venice. As of its current quarter, ending June 30, the bank had total assets of $298.5 million and a net income after taxes for the first six months of $2 million.
• The Zuckerman Group and JEG Properties plan to develop a 23,000-square-foot class-A office condo building in Sarasota near the Sarasota-Bradenton International Airport. Construction is scheduled to start this summer with completion coming in the summer or fall of 2007.
• The Manatee County Board of Commissioners granted final plat approval for Gibraltar Homes' new Ellenton community on 60th Avenue East, Bougainvillea Place. The homebuilder plans to build 160 luxury villas and town homes in 34 buildings on the 38-acre site. The community will feature a 2,500-square-foot community clubhouse.
• Sarasota-based Michael Saunders & Co. opened a North Port office to cover the regions of North Port, Port Charlotte.
Iowa's BH Equites acquires Three Palms
BUYER: 3 Palms Owner LLC, Des Moines, Iowa
SELLER: TMG 3 Palms I LLC
PROPERTY: 3831 Northgreen Ave., Tampa
PRICE: $35.3 million
PREVIOUS PRICE: $24 million, June 2004
PLANS, DESCRIPTION: A Des Moines, Iowa-based private-capital company, BH Equites LLC, purchased the 438-unit Three Palms of Carrollwood apartments for $35.3-million. John Selby and Jim Bobbitt of CB Richard Ellis' Tampa office represented the seller.
"The purchaser really liked the Dale Mabry/Carrollwood location," Selby says. "There has really been no new apartment construction to speak of, and there's been strong rental growth. The market is good right now."
Another attractive element of the property, Selby says, was the high occupancy, which at the time of the sale was about 95%.
Greenbelt's Baywood Hotels plans suites for Tampa Fairfield
BUYER: Baywood Hotels Inc., Greenbelt, Md.
SELLER: Sunbelt Hotels Florida LLP
PROPERTY: 12260 Morris Bridge Road, Tampa
PRICE: $5.14 million
PREVIOUS PRICE: $624,800, February 1998
PLANS, DESCRIPTION: Greenbelt, Md.-based hotelier Baywood Hotels Inc. purchased the Morris Bridge Fairfield Inn by Marriott in Tampa from Dothan, Ala.-based Larry Blumberg and Associates for $5.14 million. Baywood Hotels plans to renovate and convert the 83-unit hotel into a Fairfield Inn & Suites. Niven Patel and Jaymie Patel of Marcus & Millichap's Tampa office represented the seller.
"[Baywood] really wanted to expand in Florida," Niven Patel says. "They're planning to position it to capitalize on Florida's extended-stay market. There's pretty good demand."
The hotel was purchased for an 8% capitalization rate, which Patel described as a "very good" return compared to other hospitality properties in the nearby area.
Founded in 1975, Baywood Hotels owns and operates more than $100 million in assets.
Paradigm Properties buys Lakeview Oaks
BUYER: LVO Collier LLC (principal: The Paradigm Group Inc.), Gainesville
SELLER: 14250 Realty Assoc. Ltd.
PROPERTY: 14201 Cyber Place, Tampa
PRICE: $23 million
PREVIOUS PRICE: $1.6 million, April 1997
PLANS, DESCRIPTION: Gainesville-based Paradigm Properties Inc. purchased 252-unit, garden-style Lakeview Oaks apartments in Tampa for $23 million. The apartment complex has 11 three-story buildings on 15.8 acres. The acquisition breaks down to $91,468 per unit. The JBM Realty Advisors represented the seller 14250 Realty Associates. Paradigm Properties also owns the Reflections, apartment complex, 14525 Prism Circle in Tampa.
• Psalms Chronicles Inc. purchased the Royal Oaks assisted-living facility property in Largo from Holy Grail Retirement Inc. for $2.25 million. Kenneth Carriero of Marcus & Millichap acted as a transaction broker.
• Bradford Tatum Inc. purchased a 40,000-square-foot industrial warehouse distribution building at 5805 53rd St., Tampa from BJI Financial, Inc., for $1.5 million. Mike Davis and Rian Smith of Cushman & Wakefield arranged the transaction on behalf of the seller.
• State Street Bank leased 8,000 square feet at 100 Harbour Pointe in Safety Harbor from Safety Harbor Investment Properties LLC. Jim Paladino and John Fish of Cushman & Wakefield represented the tenant,.
• Bariatric Partners Inc. leased 6,480 square feet at 5329 Primrose Lake Circle in Tampa from Urette Family Partnership Ltd. Andy May, Barry Oaks and Bill Reeves of Cushman & Wakefield negotiated the lease on behalf of the tenant.
• Developer Joel Cantor, CEO of Cantor Development, demolished the seven-story, 182,000-square-foot BayView Tower at 100 First Ave. S. in downtown St. Petersburg, to develop the 35-story Signature Place on the site. Groundbreaking for Signature Place is scheduled to start this fall.
Signature Place will feature 203 condo residences, priced from the $400,000s; 40 lofts; 19,313 square feet of ground-floor retail; 36,737 square feet of office space; and as well as a separate parking facility with 505 designated spaces. The development will also feature a 35,000-square-foot Sky Garden Oasis, Urban Plaza with a six-story Waterwall and an onsite spa.
• Carrier Sales and Distribution LLC, a subsidiary of Carrier Corp., signed a multiyear lease for a 107,925-square-foot bulk distribution space in building 2 of the Port Ybor project, the Trammell Crow Co. announced. Carrier, the global leader in heating, air conditioning, and refrigeration systems, is a business unit of United Technologies Corp. The Carrier Corp. deal is the second major lease for the Port Ybor project, which is being developed jointly by Trammell Crow Company and ING Clarion Partners. Last year, the U.S. Postal Service leased the 281,600-square-foot Building 1 for a logistics and distribution center.
• Old 97 Company of Tampa signed a lease for a 31,500-square-foot industrial building at 3909 E. 21st Avenue in Tampa from Tampa-based Rawls and Brown. Colliers Arnold Commercial Real Estate Services Inc., negotiated the agreement.
Santa Fe's BGK Group pays $9 million for office building
BUYER: Metro Parkway Operating Associates LP (principal: BGK Metro Parkway LLC), Santa Fe, N.M.
SELLER: Metro Parkway Investment LP
PROPERTY: 4305-4315 Metro Parkway, Fort Myers
PRICE: $9.95 million
LAW FIRM ON DEED: Dechert LLP, New York City
PLANS, DESCRIPTION: Santa Fe, N.M.-based BGK Group purchased a five-story, 73,185-square-foot office building on Metro Parkway in Fort Myers for $9.95 million. According to CoStar Group research, the class-A office building, which was built in 1986, is about 98.5% occupied. The former owner, Songy Partners Realty Ltd., had listed the remaining vacant space in the building for $12 triple net.
The BGK Group hired Colliers Arnold of SW Florida to provide property management.
Founded in 1991, BGK Group owns more than 200 properties - including more than 265 buildings - covering more than 20 million square feet of office, industrial, retail and multi-family residential space. It's current portfolio, worth more than $2 billion, covers 26 states, including: 31 Clearwater Bank Tower and SunPlex Business Center in Clearwater and Cypress Point in Tampa.
Bradenton resident buys Fort Myers CVS
BUYER: 12255 South Cleveland LLC (principal: Joaquin Demonet), Bradenton
SELLER: GH&G Crystal LLC
PROPERTY: 12255 S. Cleveland Ave., Fort Myers
PRICE: $9.2 million
PREVIOUS PRICE: $3.6 million, June 2005
LAW FIRM ON DEED: Fine and Block Attorneys, Atlanta
PLANS, DESCRIPTION: Joaquin Demonet of Bradenton purchased a 13,013-square-foot CVS/pharmacy building at Villas Plaza at the intersection of Cleveland Avenue and Crystal Drive in Fort Myers for $9.2 million. The retail building was completed earlier this year and occupies 2.18 acres.
Demonet's limited liability company, 12255 South Cleveland LLC, mortgaged the property to Merrill Lynch Mortgage Lending Inc. for $6.2 million.
Taggart buys building on First Avenue in Naples
BUYER: Taggart Naples 1 LLC (principal: Taggert Holdings Ltd.), Derry, Ireland
SELLER: The Supreme Building Corp.
PROPERTY: 852 1st Ave. S., Naples
PRICE: $2.68 million
PREVIOUS PRICE: $500,000, May 1998
LAW FIRM ON DEED: Leonard P. Reina PA, Naples
PLANS, DESCRIPTION: Derry, Ireland-based Taggart Holdings purchased an retail building at 852 1st Ave. S., Naples on one-half acre of land for $2.68 million.
The former homebuilder, which was founded in 1989, has grown into a property development company with offices in the United Kingdom, Eastern Europe and the United States. The company currently owns a combined land bank valued at about £250 million.
D'Jamoos Group announces São Grato
In conjunction with the International Council of Shopping Center's Florida conference this week in Kissimmee, The D'Jamoos Group announced the release of about 140,000 square feet of commercial space in its 23-acre, $100-million mixed-use Naples project, São Grato.
São Grato, on the former site of H.M Buckley Wholesale Growers off Airport-Pulling Road in the heart of North Naples, is scheduled to start in the summer of 2008.
With residential, office and retail uses, the Brazilian-themed São Grato is designed as a pedestrian-friendly main-street centered village. Two of São Grato's 15 three-story buildings will be devoted largely to general office use, with a restaurant included in one of the two buildings. The remaining 13 buildings will contain 371,185 square feet of residential space and will pair residential with either clubhouse, medical, retail or restaurant uses.
The 51,477 square feet of retail space will be available for lease, along with 11,188 square feet for restaurants. The D'Jamoos Group is offering 53,871 square feet of general office space for sale or lease, and 22,140 square feet of medical office space for sale or lease. David Bartley of Bartley Realty Services in Naples is brokering the project.
• George Thomson, Trustee in Bonita Springs, purchased 77.6 acres in Collier County from Emilio Baez of Naples for $2.6 million. According to Naples-based Cameron Real Estate Services Inc., the land was purchased for the transfer of development rights available through the stewardship program and will be donated to the State of Florida. Jeffrey C. Clapper and Todd T. Sabin, of Cameron Real Estate Services Inc., handled the sale.
• George Thomson, Trustee in Bonita Springs, purchased 161 acres from Timothy and Grace Maloney of Naples for $4 million. Jeffrey C. Clapper and Todd T. Sabin, of Cameron Real Estate Services Inc., handled the transaction.
• Fort Myers-based McGarvey Development completed construction of the last office building in phase I at Westlinks Business Park, at 12801 Westlinks Drive in Fort Myers. The two-story building includes 31,320 square feet of Class-A office space. The building is being leased for $18 a square foot plus maintenance and operating expenses.
• Don Jacobs purchased a 4,800-square-foot office space in Metro Commercial Park at 12155 Metro Parkway, units 1-3, Fort Myers from Raymer Properties Inc. for $385,000. Kevin Rosenthal and Tim Colen of Gates D'Alessandro & Woodyard LLC Realtors negotiated the transaction.
• Hamway Flooring Inc. purchased a 10,625-square-foot office/warehouse at 17600 East Street, North Fort Myers, from Sox Properties Inc. for $1.29 million. Todd Holman of Gates D'Alessandro & Woodyard LLC Realtors negotiated the transaction.
• Q. Grady Minor & Associates P.A. leased a 2,150-square-foot office in the Fairway Lakes Office building at 11940 Fairway Lakes Dr., Suites 6 and 7, in Fort Myers from Dr. Robert Rapp. Paul A. Sands and Tiffany Palmer of VIP Commercial-TCN Worldwide negotiated the lease transaction.
• Rentokil Inc., a national pest control company, leased 2,000 square-feet in the Alico Crossings Center at 17051 Jean Street, Unit 14, from Chason Investments, LLC. Paul A. Sands and Tiffany Palmer of VIP Commercial-TCN Worldwide represented the landlord, and Derek Bornhorst of CB Richard Ellis represented the tenant.
• TLC Properties Inc. purchased the vacant half-acre parcel on Colonial Boulevard, Fort Myers, from Andrew H. Nyboer for $500,000. Paul Sands and Mike Doyle of VIP Commercial TCN Worldwide negotiated this transaction.
• Fort Myers-based J.L. Wallace Inc. started construction of an 8,800-square-foot recreation center for The Reserve at Estero, at 19701 La Serena Dr. in Estero. Construction is scheduled for completion in February 2007.
• Entrix leased a 9,867-square-foot office building at 1388 Colonial Blvd., Suite 1388, Royal Palm Square, Fort Myers, from RSQ Limited Partnership. Noreen Caldwell, Debra Shuey and Brenda Nelson of Coldwell Banker Commercial NRT and Tom Buckley of Sellstate handled the transaction.
• Martin Haas Corp. purchased three office condominiums at 6338 Presidential Court, suites 301-303, Fort Myers, from Alice Sterman Tax Savings Trust for $525,000. Debra Shuey and Cathleen Jacobson, Coldwell Banker Commercial NRT handled the transaction.
• 4-M Properties purchased 12.85 acres, in SW International Commerce Park in Fort Myers, from Southwest Florida Investment Property LLC for $4.37 million. Fred Kermani, CCIM, Robert Johnston, and Jerry Messonnier, all of CB Richard Ellis Fort Myers and Naples negotiated the transaction.
• Horseshoe Village Partners, LLC purchased two 4,132-square-foot industrial condominium units within Horseshoe Village, at 2805 Horseshoe Drive South, in Naples from Horseshoe Park Holdings LLC for $775,000. Scott R. Dunnuck, George B. Atkinson, and Ryan A. Baum, all of CB Richard Ellis Fort Myers and Naples negotiated the transaction.
• Horseshoe Park Units 3 & 4, LLC purchased two 3,546-square-foot industrial condominium units within Horseshoe Village, at 2805 Horseshoe Drive South, in Naples from Horseshoe Park Holdings LLC for $633,400. Scott R. Dunnuck, George B. Atkinson, and Ryan A. Baum, all of CB Richard Ellis Fort Myers and Naples represented the seller, and Lonnie J. Martin represented the buyer.
• Baker Distributing Co. LLC leased a 47,194-square-foot office/warehouse at MetroPlex Industrial Park, 6151 MetroPlex Drive, Fort Myers from Harry Lowell. Todd Holman of Gates D'Alessandro & Woodyard, LLC Realtors negotiated the transaction.