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Commercial Real Estate Briefs
by Sean Roth | Real Estate Editor
LEE-COLLIER
Columbia Sussex buys
Sanibel Harbour Resort
BUYER: CP Sanibel Fee Owner LLC, Mitchell, Ky.
SELLER: Liberty/Sanibel II Limited Partnership
PROPERTY: 17260 and 17450 Harbour Pointe Drive and vacant commercial, 15004 Punta Rassa Road, Fort Myers
PRICE: $125.1 million
PREVIOUS PRICE: Three parcels: $10 million, December 1987, $1 million, June 1989 and $1.2 million, June 1998
BUYER: Columbia Sussex Corp., Mitchell, Ky.
SELLER: Liberty/Sanibel II Limited Partnership successor by merger to McGregor Pointe Limited Partnership and Berkeley Holding Co. Associates Inc.
PROPERTY: 15051 Punta Rassa Rd, units 323 and 517, Fort Myers
PRICE: $400,000
PREVIOUS PRICE: $144,000 and $145,000, May 2006
BUYER: Columbia Sussex Corp., Mitchell, Ky.
SELLER: Liberty/Sanibel II Limited Partnership
PROPERTY: 17170 Harbour Pointe Drive 306, Fort Myers
PRICE: $500,000
PREVIOUS PRICE: $230,000, January 1999
LAW FIRM ON DEED: Thomas H. Gunderson Esq., Fort Myers
PLANS, DESCRIPTION: Fort Mitchell, Ken.-based Columbia Sussex purchased the 85-acre Sanibel Harbour Resort & Spa in Fort Myers for $126 million. The property features 385 rooms with 45,000 square feet of meeting space, a 40,000-square-foot spa and fitness center with 29 treatment rooms, five tennis courts, a basketball court, a 19-slip marina, a private beach and seven food-and-beverage retail outlets.
The sale was the first hotel transaction handled by Cushman & Wakefield Sonnenblick Goldman, which marketed the hotel.
"The resort is in excellent shape," says Mark Gordon, executive vice president, principal and head of the U.S. Hotel Group for Cushman & Wakefield Sonnenblick Goldman. "It was renovated about three years ago. We found when we were marketing it that there are a lot of investors that want to own hotels on the west coast of Florida right now. They see the Fort Myers market ... it's got a great airport and infrastructure and find it attractive. There were a lot international buyers that were interest."
Columbia Sussex owns seven other hotels in Florida including the Crowne Plaza Orlando Airport, the Crowne Plaza Tampa East, Hilton Fort Lauderdale Airport, Hutchinson Island Marriott in Stuart, Jacksonville Marriott, Tampa Marriott Westshore and the Westin Tampa Harbour Island.
Cushman & Wakefield Sonnenblick Goldman was created in July as the joint company of debt/equity finance firm Sonnenblick Goldman and commercial real estate services company Cushman & Wakefield. Gordon says the firm's Lodging & Leisure Group is positioning itself as a full-service hospitality-property real estate firm with brokerage, acquisitioning and construction financing and refinancing and equity capital firm for hotel acquisitions. The group has already financed about $1.5 billion of hotel transactions in the first half of 2007.
CP Sanibel Fee Owner LLC mortgaged the hotel to Column Financial Inc. for $105 million.
McGarvey Development
plans Cape Coral flex park
BUYER: East Cape Associates LLC (principals: John McGarvey sand William Price Jr.), Fort Myers
SELLER: Pondella Partners LLC
PROPERTY: 1106, 1130 and 2300 Pondella Road, North Fort Myers
PRICE: $4.85 million
PREVIOUS PRICE: $6.6 million, November 2005
LAW FIRM ON DEED: Phoenix Law Partners PA, Fort Myers
PLANS, DESCRIPTION: Fort Myers-based McGarvey Development Co. purchased 59 acres at Pondella and Pine Island Road in Cape Coral for $4.9 million in order to develop a new flex park called East Cape Commerce Park. Site work actually kicked off in July on an adjacent parcel, and the developer has already started constructing the first two 40,000-square-foot buildings. The entire park is planned as 10 dock-high and/or at-grade tilt-up concrete warehouse/office buildings for a total of 400,000 square feet of flex space. The shells of the first two buildings are scheduled for completion towards the end of the year.
Building units will likely rent for an average of $10 a square foot according to Bill Price, senior vice president for McGarvey Development.
"In Cape Coral this will probably be the largest, contiguous, single-owner flex park," Price says. "That section of Pine Island Road and Cape Coral has just seen explosive growth."
The development was originally planned as a joint venture between McGarvey Development - which already owned the adjacent 13-acre parcel - and the former owner.
New retail center
planned for Naples Boulevard
BUYER: JHS & MCB Naples Blvd. I LLC (principals: Mark Bates and JHS Naples Boulevard I LLC), Naples
SELLER: Airport Road Limited Partnership
PROPERTY: A portion of Naples Boulevard, Naples
PRICE: $7.8 million
LAW FIRM ON DEED: Squire Sanders & Dempsey LLP, Tampa
PLANS, DESCRIPTION: An investment group headed by Mark Bates purchased 11 acres on Naples Boulevard in the Pine Air Lakes area between Airport and Pine Ridge roads near big-box retailers Cosco and Best Buy for $7.8 million. The new owner plans to build 120,000 square feet of retail space.
The project still must go through the site development and permitting processes, which will likely delay its start date by about 10 months.
"Most of it will be contiguous [space]," Bates says, "but we will probably have one or two smaller outparcels. We will definitely have an outparcel for a bank."
Bates says the development has letters of intent from several retailers but that it was too early to release their names. Bates expects all the existing retail in the area to increase demand for the planned retail project.
Larry Foster and Bill Young, of CB Richard Ellis in Naples, are marketing the development.
JHS & MCB Naples Blvd. I LLC mortgaged the property to Bank of America NA for $8.4 million.
Adams Brothers Cabinetry
plans future expansion
BUYER: Adams Family Properties LLC, Punta Gorda
SELLER: Southwest Land Developers Inc.
PROPERTY: A portion of Airport Commerce Park known as SEC 14-41S-23E
PRICE: $1.95 million
PREVIOUS PRICE: $1.5 million, February 2004
LAW FIRM ON DEED: Moore and Waksler PL, Punta Gorda
PLANS, DESCRIPTION: An investment group affiliated with Punta Gorda-based Adams Brothers Cabinetry purchased 10 acres in a 340-acre industrial parking being development next to the Charlotte County Airport for $2 million.
"It's a former orange grove," says Ethan Adams, vice president of Adams Brothers Cabinetry. "We're planning to develop a 60,000-square-foot warehouse there as a new headquarters."
The company, which does commercial cabinetry and mill work, currently rents three buildings totaling 33,000 square feet.
However, don't look for Adams Brothers to move soon. Adams expects the company to start construction on the new facility in two to three years.
"We think that this [new building] would let us expand [outside the Naples and Fort Myers markets and nationally]," Adams says. "We're also hoping to open an office in the Orlando area. We're hoping eventually to be a major player in the southeastern United States. We're preparing for the future."
Etc...
• Naples-based construction, development and real estate services firm Gates has signed a partnership agreement with Panama-based COCIGE, one of the largest construction companies in Central America with close to 3,000 employees. The partnership was created to help United States and European companies wanting to expand develop or build in Central America.
• Taylor-Pansing Inc. has been awarded the contract to build the Estero Animal Hospital, designed by Architecture Incorporated. The 8,000-square-foot building will be built at 9550 Corkscrew Road. The project is scheduled to break ground on mid-August 2007.
• Basik Development LLC is preparing to expand the secured, outdoor storage facility in the 60-acre Naples Big Cypress complex on U.S. 41 east of Collier Boulevard in Naples. The expansion will increase to 200 the number of outdoor storage units for boats, RVs and other vehicles and equipment. Basik Development is adding the units because of an increasing number of requests for storage from boat and RV owners. Naples Big Cypress Storage is located on U.S. 41 four miles east of Collier Boulevard.
• Fort Myers-based Stevens Construction Inc. has been awarded a contract to build a new pharmacy in the Florida Hospital Heartland Medical Center. The construction team will convert the existing medical records area into a 2,400-square-foot full-service pharmacy. Designed by HuntonBrady Architects, the new space will include a pharmacist's office, educational library, records control room, intravenous and chemical mix area and storage. The project will be Stevens Construction's seventh project for Florida Hospital in the past three years. Stevens also built a 36-bed, 50,000-square-foot expansion onto the hospital and remodeled a freestanding medical office on the hospital's campus. Construction is scheduled for completion in winter 2007.
• Ricky L. Stokes & Associates purchased a 12,191-square-foot office building at 8200 College Parkway from Milliken Limited Partnership for $2.63 million. Eric Lahaie of Market America Realty & Investments Inc. negotiated the transaction.
SARASOTA-MANATEE
Benderson acquires Jacaranda Plaza
BUYER: Benderson Properties Inc. (principals: Nathan and Randall Benderson, David Baldauf and Alan Wolfson), Sarasota
SELLER: Krayer Real Estate Management Corp.
PROPERTY: 1667 S. U.S. Bypass, Venice
PRICE: $5.5 million
PREVIOUS PRICE: $5.5 million, January 1991
LAW FIRM ON DEED: Alicia H. Gayton, Esq., University Park
PLANS, DESCRIPTION: Sarasota-based Benderson Development Co. Inc. purchased the Jacaranda Plaza retail center in Venice for $5.5 million. Officials for Benderson confirmed the sale, but did not offer further comment on the deal.
According to the real estate research firm the CoStar Group, tenants in the 96,628-square-foot retail center include: Softside Athletic, a 6,000-square-foot Blockbuster, 24,000-square-foot Lifestyle Family Fitness, Century Bank, 1,300-square-foot Classic Hair, 1,750-square-foot Coin-o-matic Laundromat, 4,051-square-foot Denny's, Restaurant, 12,000-square-foot Dollar General, Fannie Smith Beauty Salon, Greeting Card Outlet, H&R Block, Nails 4 U, Norma Jean Cafe, Namikas Inc., Payless ShoeSource, Reflections In Gold, Smith's Barber Shop and Top Dogs.
GE Capital Franchise
acquires land for Perkins
BUYER: GE Capital Franchise Finance, Orlando
SELLER: North Port Gateway LLC
PROPERTY: A portion of South Tamiami Trail in North Port known as lot 6E, North Port Gateway East
PRICE: $1.25 million
PREVIOUS PRICE: $3.11 million, January 2006
LAW FIRM ON DEED: Roetzel & Andress, Orlando
PLANS, DESCRIPTION: As part of plans for a new Perkins restaurant in the Gateway East shopping center area of North Port, GE Capital Franchise Finance purchased the 1.9-acre site at Salford Boulevard and U.S. 41 for $1.25 million. The parent company/operator of Perkins, Perkins & Marie Callender's Inc., will rent the property from GE Capital Franchise Finance in a triple net lease.
Jason Sepanski with Florida Commercial Source LLC represented the seller, and Charlie Alloway with CB Richard Ellis represented the buyer.
The site for the new Perkins has been cleared and should start going vertical soon, Sepanski says.
Florida Cancer Specialists
opening Lakewood office
BUYER: Lakewood Oncology Equities LLC, Sarasota
SELLER: Lakewood Ranch MOB II LLP
PROPERTY: a portion of 6310 Health Park Way, Lakewood Ranch
PRICE: $1.47 million
LAW FIRM ON DEED: Blalock Walters Held & Johnson PA, Bradenton
PLANS, DESCRIPTION: One of the largest oncology/hematology medical practices in the state, Florida Cancer Specialists, purchased 5,765 square feet on the second floor in the 61,950-square-foot Lakewood Ranch Medical Office Building II adjacent to Lakewood Ranch Medical Center for $1.47 million. Calls to Florida Cancer Specialists were not returned prior to deadline.
The 44-physician oncology/hematology practice already operates 16 offices, including two locations in Bradenton, two Sarasota offices, two Venice offices, an Englewood office and one in Port Charlotte.
Florida Cancer Specialists will join 21st Century Oncology, Lakewood Ranch Plastic Surgery & Family Medicine and Lakewood Ranch Cardiovascular Center, which have already committed to the center.
Lakewood Oncology Equities LLC mortgaged the space to SunTrust Bank for $1.58 million. Ian Black Real Estate has been appointed as the exclusive real estate broker for the building.
Etc...
• Bradenton Apartment Properties LLC of Clearwater purchased the 92-unit Desoto De Soto Village Apartments, 3810 E. Fifth St. in Bradenton from Mitchell Zerwin for $5.6 million. The apartment complex was built in 1975 and renovated last year. Dorothy Jackman and Travis Prince of the Jackman Group of Marcus & Millichap handled the transaction. The new owner mortgaged the apartment complex to Colonial Bank for $4.48 million.
TAMPA BAY
Woolbright buys Carrollwood's The Cascades
BUYER: Woolbright Cascades LLC (principal: Duane Stiller), Boca Raton
SELLER: Cascades LLC
PROPERTY: 13000 N. Dale Mabry Highway, Tampa
PRICE: $15 million
LAW FIRM ON DEED: Foley & Lardner LLP, Tampa
PLANS, DESCRIPTION: Boca Raton-based developer Woolbright Development purchased The Cascasdes, a retail and officer center on Dale Mabry Highway in Tampa, for $15 million. The developer, which typically builds open-air retail projects, plans to redevelop the 71,172-square-foot center.
Jeff Harpster, vice president of acquisitions for Woolbright Development Inc., says the company was most attracted to the property because of the intersection location, which he says puts the center "at the heart of everything" in the Carrollwood area. There are also a number of big boxes tenants on the opposite corners that bring a lot of traffic to the area. The renovations are scheduled for completion by spring of 2008. New tenant negotiations are ongoing.
The center's current tenants include: Catering By Design, Sudy's Beauty Center, Brent's Place, Centerstage Dance Academy, Gator Leasing, McNatt's Cleaners, Academic Center, Book Swap of Carrollwood, Arthur Ruttenburg Homes, Travel Specialists, Gulf Coast Insurance Services, Chili's Grill & Bar 5,972, SunTrust Bank, Side Splitters Comedy Club, Carrollwood Massage Therapy, Dolce Milano, Linden Galleries, Carrollwood Blackbelt Academy, Centerstage Dance Academy, Windy City Pizza, Thomas J Shannon, The Polo Group, Dental Health Services of Tampa, DTG Processing Corp., Catering By Design, HGB & Associates, Florida Relocation Network, Stuart Title of Tampa and Sharn Veterinary.
Woolbright Cascades LLC mortgaged the property to RBC Centura Bank for $16 million.
Woolbright Development Inc. is one of the largest acquirers and top 10 owners of retail real estate in Florida. The company's portfolio includes more than 30 projects totaling nearly five million square feet of retail and mixed-used space. Other Woolbright projects in the Gulf Coast include Bloomingdale Plaza in Tampa, Collection at Vanderbilt in Naples and Murdock Carrousel in Port Charlotte.
Providence Management
buys, repositions Portofino
BUYER: Portofino Apartments LLC (PMC Portofino Investors LLC), Chicago
SELLER: Portofino Tampa Investments LLC
PROPERTY: 19005, 19007, 19009 and 19013 Portofino Drive, Tampa
PRICE: $43.8 million
LAW FIRM ON DEED: Leopold Korn Leopold & Snyder PA, Aventura
PLANS, DESCRIPTION: Chicago-based Providence Management Co. purchased 365 units in the 396-unit Portofino Condominiums near the intersection of Bruce B. Downs Boulevard and New Tampa Boulevard/Cross Creek Boulevard for $43.8 million. The previous owner had converted the apartment complex for individual condo sales, but at the time of the sale only 31 had been sold.
Byron Moger and Luis Elorza with Cushman and Wakefield handled the transaction.
Providence Management will be marketing its 365 units as rentals, according to Moger. The complex will be governed by a homeowners' association, under which Providence Management will hold a majority of shares.
"It's an extraordinary asset," says Moger. "It's in a wonderful location. It was already attractive as a rental but the former owner had spruced up for sales as condos so it's even that much better looking."
As of the sale, the complex was about 70% occupied, Moger says. The cap rate was not disclosed.
Investment group
acquires Armenia Center
BUYER: Armenia Pro Center LLC (principal: Elliott Ross), Clearwater
SELLER: Armenia Avenue Investment LLC
PROPERTY: 4023 N. Armenia Ave., Tampa
PRICE: $2.488 million
PREVIOUS PRICE: $2.1 million, January 2004
LAW FIRM ON DEED: Icard Merrill Cullis Timm Furen & Ginsburg, Sarasota
PLANS, DESCRIPTION: Armenia Pro Center LLC, an investment group headed by Elliott Ross, of the Clearwater-based brokerage The Ross Realty Group Inc., purchased the 25,000-square-foot, four-story Armenia Professional Center office building.
The group is expected to hold the building as an investment. The building, which was constructed in 1987, was running at a 5% vacancy rate at the time of the sale. Ross Realty Group is leasing two small office units: a 745-square-foot and a 669-square-foot space for $17 a square foot full service.
"We are considering painting the exterior, but we haven't decided when that will start," says Judi Lechner of The Ross Realty Group.
Ross and Lechner represented the buyer in the transaction.
Armenia Pro Center LLC mortgaged the building to Lehman Brothers Bank for $1.95 million.
Etc...
• Creative Contractors Inc. recently completed Station 65 for the Palm Harbor Special Fire Control and Rescue District. The $3.4 million, 20,600-square-foot split-level building replaced an existing fire station. The facility includes four fire-engine bays, administrative offices, sleeping quarters, a kitchen and a fitness room. Klar & Klar Architects and Walker & Associates Architects, both of Clearwater, designed the building.
• Tampa-based Phillips Development & Realty LLC has received $202 million in financing for its Mosaic of Houston project, a dual-towered, mixed-use high-rise. The new financing is designed to allow PDR to complete tower one and begin construction of tower two of the project. Mosaic of Houston sits directly across from 445-acre Hermann Park and is the largest residential high-rise to be built to date in the city.
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