Commercial RE Briefs

By Business Observer Staff
| 6:00 p.m. January 19, 2007
| 2 Free Articles Remaining!

Manatee-Sarasota

by Sean Roth | Real Estate Editor

SARASOTA/MANATEE/CHARLOTTE

Ruben Holland, Gettel buy S.R. 64 land

BUYER: Kay Road Investments LLC (principal: James Gettel), Sarasota

SELLER: Jung Luck

PROPERTY: SEC 27-34S-18E, Bradenton

PRICE: $10 million

BUYER: Cypress Creek Investments LLC (principals: Wayne Ruben and Roger Holland), Sarasota

SELLER: Jung Luck

PROPERTY: SEC 27-34S-18E, Bradenton

PRICE: $3 million

LAW FIRM ON DEED: Blalock Walters Held & Johnson PA, Bradenton

PLANS, DESCRIPTION: Gettel Automotive and Ruben Holland Development purchased about 95 acres near the intersection of State Road 64 and Cypress Creek Boulevard next to a Wal-Mart Supercenter for a total of $13 million.

Wayne Ruben says his company, Ruben Holland Development, had a contract to buy the entire parcel, but eventually sold the 20 acres of State Road 64 frontage to Gettel Automotive. The two companies have a development agreement, but Gettel's acquisition for $10 million came directly from the former owner. Ruben Holland Development plans to develop the remaining 75 acres as 372 townhome units.

Gettel Automotive mortgaged the property to Wachovia Bank NA for $10.2 million.

Lofinos buy Siesta's 5011 Ocean Blvd.

BUYER: 5011 Ocean Boulevard LLC (Charles and Michael Lofino), Sarasota

SELLER: RM Dear Real Estate LLC

PROPERTY: 5011 Ocean Blvd., Siesta Key

PRICE: $2.45 million

PREVIOUS PRICE: $2.35 million, January 2005 (contained additional parcels)

LAW FIRM ON DEED: Syprett, Meshad, Resnick, Lieb, Dumbaugh, Jones, Krotec & Westheimer PA, Sarasota

PLANS, DESCRIPTION: Sarasota/Dayton, Ohio, developers Charles and Michael Lofino purchased an 8,355-square-foot office building on Siesta Key for $2.45 million. At the time of the sale, the building was about 60% occupied according to Anthony Homer, a Realtor with Hembree & Associates Inc., who handled the sale and will be leasing the building.

"There isn't a whole lot of CG zoning out on the Key," Homer says. "The building is in fair condition so its reasonable to assume that the new owners plan to renovate it."

Roberts Millwood Inc. buys Norwood Products and mill

BUYER: Roberts Millwork Inc. (principals; Tim and Heather Roberts), Sarasota

SELLER: Browmar Inc.

PROPERTY: 7436 Pennsylvania Ave. Sarasota

PRICE: $1.05 million

LAW FIRM ON DEED: Syprett, Meshad, Resnick, Lieb, Dumbaugh, Jones, Krotec & Westheimer PA, Sarasota

PLANS, DESCRIPTION: Tim Roberts of Sarasota-based Robert's Hardwood Lumber & Building Supply purchased the Norwood Products mill in Sarasota for $1.05 million. Carl Wise of Preferred Commercial Inc. handled the transaction.

Simultaneously, Roberts acquired the local Norwood Products Inc. business. The 12,000-square-foot air-conditioned manufacturing facility sits on a 1.5-acre site, according to Wise.

"An expansion of the building is definitely possible," Wise says. "The land is really being under utilized. It's also important to note that the building is poured concrete, which means it's also extremely energy efficient."

Robert's purchase entity, Roberts Millwork Inc., mortgaged the property to SunTrust Bank for $787,500.

Birnbach buys control in Collingwood Construction

A group of managers and investors led by Jeff Birnbach acquired majority control in luxury builder Collingwood Construction Group LLC.

Birnbach and Collingwood's chief operating officer, Keith Zolner, orchestrated the transaction. Birnbach, a licensed general contractor since 1988, began consulting to Collingwood in 2003 and was named COO in 2004. Birnbach, Zolner and several other parties held minority equity positions in Collingwood prior to the buy-out. Phil Chmieleski and Margo Bohaty, managing partners of Sandcastles of Sarasota, previously controlled Collingwood.

Following the change, Jeff Birnbach has become CEO and senior managing partner. Collingwood will no longer be an affiliate of luxury real estate developer Sandcastles of Sarasota.

Collingwood, is currently completing a 10,000-square-foot, gulf-front home on Siesta Key valued at $12.8 million.

Etc...

• Lakewood Ranch Commercial Realty, a subsidiary of Schroeder-Manatee Ranch, Inc., is accelerating plans for new medical office space and medical office condominiums in Lakewood Ranch, as part of the company's long-range development program.

New medical office plans include a major office building for Thomas M. Sweeney II, MD, PhD of the Southeastern Spine Center & Research Institute, and several affiliated corporations. The 50,000-square-foot building will house a physician practice of multi-specialties for spinal care and pain management along with associated research and development facilities as a medical campus to include SETI (Southeastern Educational & Technical Institute), which will house a bio-skills lab and meeting rooms. Both buildings will be located in the Lakewood Ranch Corporate Park.

This new medical office park will complement the existing Lakewood Ranch Medical Center, owned and operated by Universal Health Services. An adjacent 60,00-square-foot medical office building also supports the 180,000-square-foot, 120-bed hospital. An additional 60,000-square-foot medical office center is currently under development.

• Site work has started for the construction of Creekwood Commons East, a six-acre commercial campus in the new Creekwood East Corporate Park. Creekwood Commons East will be located along the I-75 corridor just north of SR-70 on Lena Road and will feature 3 buildings with a total of 22 flex office/warehouse units of about 1,500 square feet each. Phase 1 is scheduled for completion in the fall, and the shell units will sell for $150 per square foot.

Interstate Commercial Brokers has been awarded the listing for the commercial development and Gulfside Management will be responsible for the property management functions of the campus.

• Architura Inc., and Coastal Florida Interiors announced that the two companies have formed a joint venture to create a boutique-style firm offering custom residential and commercial architectural design, space planning, interior design and project development in Southern Florida. The new venture will do business under the Architura name in new office space at 1358 Fruitville Road in Sarasota.

Principals of the firm include Architura founders Edward Eible, president, and Richard Allen, architect, as well as Coastal Florida Interiors founder Anne Juliano.

• Lennar Homes LLC leased a 2,000-square-foot office/warehouse at 1561 Global Court, Unit C, Sarasota. Steve Pimlott of Interstate Commercial Brokers represented the tenant. Temp Hamilton of Good Life Realty represented the landlord

• Tallahassee-based builder Ajax Building Corp. opened a satellite office at 4055 Tamiami Trail in Port Charlotte. It is the company's seventh office in Florida.

• Lennar Homes awarded J.L. Wallace Inc. a contract to build the entry wall for Tern Bay Golf and Country Club, a new community at 14401 Burnt Store Road in Punta Gorda. Construction is scheduled for completion on May 2007.

• Bradenton-based Bruce Williams Homes will start construction of a model home in February at McKinley Oaks, a community of 36 single-family homes priced from about $400,000 in Parrish.

• Sallin Properties US Inc. purchased half an acre at 7220 24th Court E., Sarasota, in Centre Park Industrial Subdivision from Ginga Group LLLP and Lawrence M. Hankin and Frank R. Guididas for $750,000. Rico Boeras of Preferred Commercial Inc. handled the transaction.

• Sentry Management Inc. leased 6,069 square feet at 6901 Professional Parkway E., Suite 107, Sarasota from Magnolia Green 3, LLC. Rachel Neves of Hembree & Associates represented the landlord, and Diane Lawson of Sarasota Commercial Management represented the tenant.

• Erickson Consulting Engineers Inc. leased 3,300 square feet at 7201 Delainey Court, Sarasota from HR Lakewood Inc. Rachel Neves of Hembree & Associates represented the landlord, and Jim Herbert of Capital Properties & Services Inc. represented the tenant.

• Suffolk Construction Co. leased 5,271 square feet at 6901 Professional Parkway E., Suite 107, Sarasota from Magnolia Green 3 LLC. Rachel Neves of Hembree & Associates represented the landlord, and John Ask of John Ask Realty represented the tenant.

• Roper Industries Inc. leased 24,131 square feet at 6901 Professional Parkway E., Suite 200, Sarasota from Magnolia Green 3 LLC. Rachel Neves represented Magnolia Green 3.

• Developers RAM Development and RMC Property Group have completed construction on a new Publix Supermarket at 1044 N. Tamiami Trail, in Broadway Promenade and the new supermarket has opened.

• Construction has started on a new golf clubhouse for The Concession Golf Club & Residences at 7710 Lindrick Lane, Bradenton. Travel & Leisure Golf recently named the community the "Best New Private Course In America" by Golf Digest and to the "Top 100 Golf Communities" list.

LEE/COLLIER

Eastgroup Properties expands Laredo facility

BUYER: Eastgroup Properties LP (principal: Eastgroup Properties General Partners Inc.), Jackson, Miss.

SELLER: Whiteside Group Inc. fka Five Friends Properties Inc.

PROPERTY: 1750 Ortiz Ave., Fort Myers

PRICE: $3.13 million

PREVIOUS PRICE: $1.87 million, September 2005

LAW FIRM ON DEED: Patterson & Harmon PA, Deerfield Beach

PLANS, DESCRIPTION: Eastgroup Properties, a Jackson, Miss.-based distribution facility REIT, bought 20 acres near the intersection of Ortiz and Laredo avenues, adjacent to the developer's new SunCoast Commerce Park, for $3.13 million.

"Earlier we bought about 10 acres to build two 125,000-square-foot buildings [for SunCoast Commerce Park]," says John Coleman, senior vice president for Eastgroup Properties. "That [new property] will allow us to accommodate another four buildings for an additional 250,000 square feet of business distribution product."

At the same time, Coleman says that Eastgroup Properties is also buying another 33 acres further east on Laredo with frontage on Interstate 75 to further beef up its office/warehouse product development. That land will allow the developer to build 500,000 square feet of warehouse/office space bringing the total at build out for Eastgroup to 875,000 square feet.

"We're probably going to [develop the I-75 site] next," Coleman says. "We haven't decided if it will be under the SunCoast Commerce Park name. We're looking at I-75 Commerce Park or something similar. We will deliver the first building the end of March. Then we will let the leasing activity determine when we start on the next phase. We typically wait until we have a building about 50% leased up before we start to build it."

Coleman says the developer is also offering build-to-suit buildings to potential users along with the speculative buildings.

Space in the buildings is being leased by John Kremski of D'Alessandro & Woodyard Commercial Realtors.

Fort Myers spa owners buy second building

BUYER: Laila Bella Inc. (principals: Vinnie Sullivan and Will Hutt), Fort Myers

SELLER: Sunshine LLC

PROPERTY: 9405 Cypress Lake Drive, Fort Myers

PRICE: $1.358 million

PREVIOUS PRICE: $549,700, June 2005

LAW FIRM ON DEED: Truman J. Costello PA, Fort Myers

PLANS, DESCRIPTION: Vinnie Sullivan and Will Hutt, who own Top It Off Salon & Spa and La-Te-Da Spa, purchased the one-story, 6,100-square-foot building two in Cypress Lake Office Park for about $1.36 million.

The duo, whose La-Te-Da Spa occupies space in the first building of Cypress Lake Commons, have owned the first building in the park since mid-2005. Tenants in the first building include an upper-end gift shop called She3 and the real estate office for the nearby development of Palmetto Cove. The biggest tenant in the second building is Lighthouse Coffee Co.

Hutt says that the partners had such a good experience with the first building that buying the sister building just made good sense. The two buildings share a parking lot.

Sullivan and Hutt's Laila Bella mortgaged the property to, Edison National Bank for about $2.2 million.

Naples' Walkerbilt LLC buys nine-tenant office building

BUYER: (registered agent: William Hamp III), Naples

SELLER: Thomas Wanderon, LLC, JRL LLC and Sebalia LLC

PROPERTY: 809 Walkerbilt Road, Naples

PRICE: $2.95 million

PREVIOUS PRICE: $275,000, June 1997

LAW FIRM ON DEED: Donald K. Ross Jr., Esq., Naple

PLANS, DESCRIPTION: Walkerbilt LLC purchased a 12,000-square-foot office building on Walkerbilt Road for about $3 million. Nine tenants currently lease space in the building and are expected to remain for the long term. Attempts to contact the buyer were unsuccessful.

Paul Sands of VIP Commercial TCN Worldwide negotiated the transaction.

Etc...

• Retailer Costco Wholesale Corp., purchased property from 10000-10028 Gulf Coast Drive, Fort Myers from Gulf Coast Town Center Peripheral I LLC for $8.5 million. Costco officials declined to comment on the likely new store the site because of the competitive nature of the retail business.

• Cape Coral-based Nu-Cape Construction Company, a division of Grand Rapids, Mich.-based Owen-Ames-Kimball Co., has started construction on Radiology Regional Center's first floor office space in the Estero Medical Center, a building recently completed by Owen-Ames-Kimbal. The Radiology Regional Center space features new spaces for X-ray, CT Scan, MRI, ultrasound, nuclear camera, mammograms, patient waiting areas, associated exam rooms and offices for medical support staff. Further, the project requires Nu-Cape to create lead-lined walls, shielding rooms and specialized mechanical and electrical systems.

• Sheffer Properties LLC purchased the Jim Walter Homes model center site at 2570 Colonial Blvd. in Fort Myers from Jim Walter Homes Inc. for $1 million. The 1.1-acre site will be added to the Volvo dealership under construction on the adjacent property. Paul Sands and Mike Doyle, CCIM of VIP Commercial TCN Worldwide, represented the seller in the transaction.

• Barnhard Brothers Inc. leased a 9,000-square-foot warehouse in Billy Creek at Fort Myers LLC, at 2894 Palm Beach Blvd. in Fort Myers, from Billy Creek at Fort Myers LLC. Bob Pekol at VIP Commercial-TCN Worldwide represented the landlord, and Gary Barlow of Downing-Frye Realty, Inc. represented the tenant.

• European Design LLC leased about 9,300 square-feet of industrial office-warehouse space at 6280 Topaz Court in Fort Myer from Johnston's Campground Realty Ltd. Paul Sands of VIP Commercial-TCN worldwide negotiated this transaction.

• Miramar Development Corp. selected Compass Construction as its contractor for the new 26,000-square-foot Beach Club at Miramar Lakes in Estero. The project includes a bi-level dining area, a private dining room with fireplace, a 40-seat theater, a billiards and card rooms, entry courtyard area with fountain, interior and exterior bar and lounges, open terrace outdoor dining, a library with fireplace and concierge services.

• Compass Construction Inc. has completed Florida Gulf Bank's newest branch bank facility on Dani Drive in Fort Myers. The single story branch broke ground in June 2006. The Fort Myers bank is the third project Compass Construction Inc. has completed for Florida Gulf Bank.

• Physicians' Primary Care of Southwest Florida, P.L. leased a 4,200-square-foot office condominium at 13740 Cypress Terrace Circle, Fort Myers, from Grazyna Szenkiel. Tiffany Palmer and Paul Sands of VIP Commercial TCN Worldwide negotiated this transaction.

• Kite Realty has awarded Fort Myers-based J.L. Wallace Inc. a contract to build Tarpon Springs Plaza Outlot #6, a retail shopping plaza on Tarpon Bay Boulevard in Naples. The project includes construction of a single-story retail building totaling more than 11,200 square feet. Construction is expected to be complete in May 2007.

Tampa Bay

Total Land Development preps Dowling Mill offices

BUYER: Dowling Mills Corporate Park LLC (principal: Total Land Development Corp.), Tampa

SELLER: M. P. G. Citrus Park Ltd.

PROPERTY: 7815 Gunn Highway, Citrus Park

PRICE: $1.35 million

PREVIOUS PRICE: $782,000, October 1999

LAW FIRM ON DEED: Kalina Pagano Esq., Safety Harbor

PLANS, DESCRIPTION: Total Land Development Corp., Tampa-based developer, acquired about three acres next to an existing Publix-anchored shopping plaza in northwest Citrus Park for $1.35 million. Total Land Development plans to develop the site as Dowling Mill Professional Park, two 12,480-square-foot professional/medical office buildings.

"The ground is already cleared," says Chris Pappas, director of marketing and sales for Total land Development. "We should be ready for construction in the next couple weeks. We are aiming to have them ready by the third quarter of 2007."

The developer is offering space in the two buildings for sale or lease starting at 3,120 square feet. Pappas says the sale price will likely be from $200 to $220 a square foot. Lease rates have not been set. Legacy Builders will be the general contractor for the project. Total Land Development, which primarily does site development projects, plans to occupy about 6,000-square feet for its new headquarters.

Total Land Development's purchase entity Dowling Mills Corporate Park LLC mortgaged the property to Regions Bank for $3.85 million.

Brookdale Senior Living buys Grand Court Tampa

BUYER: BLC Tampa-GC LLC (principal: Brookdale Living Communities Inc.), Chicago

SELLER: Grand Court Bayshore Associates

PROPERTY: 4902 W. Bayshore Blvd. and 4901 S. Elberon St., Tampa

PRICE: $16.35 million

PREVIOUS PRICE: $15.7 million, December 1996

LAW FIRM ON DEED: Foley & Lardner LLP, Tampa

PLANS, DESCRIPTION: Chicago-based senior living company Brookdale Senior Living Inc. purchased the Grand Court Tampa for about $16.4 million. The 163-room facility features both assisted-living and independent-living housing. Brookdale Senior Living has managed the senior housing facility since 2000, so the acquisition will not effect the current management or staffing at the facility, according to Dennis Profeta, executive director for the center.

The Grand Court, which sits on Tampa Bay, also offers a heated swimming pool, a woodworking shop, a Wellness Clinic for physical and speech therapy and fitness center and an on-site beauty/barbershop.

Extra Space Storage buys, re-brands Tampa facility

BUYER: Extra Space Properties 2 LLC, Salt Lake City

SELLER: W/J Lessor East Coast LP

PROPERTY: 1009 N. Sherrill St. and 5045 W. Cypress St., Tampa

PRICE: $4.49 million

PREVIOUS PRICE: $3.93 million, June 2005

LAW FIRM ON DEED: Jones Waldo Holbrook & McDonough, Salt Lake City

PLANS, DESCRIPTION: Salt Lake City-based real estate investment trust Extra Space Storage Inc. purchased a 35,000-square-foot self storage facility in Tampa for about $4.5 million.

"It's being rebranded as an Extra Space Storage," says James Overturf, an Extra Space Storage spokesperson. "That means we'll be swapping out the yellow pages ad and changing the signage but we're not really planning any other capital work right now."

The storage complex, which houses 439 storage units, was purchased as part of a four-property portfolio acquisition. The remaining three properties are all in Texas.

Extra Space Storage already owns Extra Space Storage and/or Storage USA facilities in Tampa, Brandon, Riverview, Valrico, Madeira Beach, Venice, Fort Myers, Naples, Port Charlotte, Port Richey, Bradenton and Sarasota.

The REIT, the second largest operator of self-storage space in the United States, runs about 640 self-storage properties in 32 states and Washington, D.C. It rents out more than 430,000 units comprising more than 46 million square feet of storage space.

Office development uptick doesn't increase vacancy rate

Colliers Arnold's Tampa Bay Office Market Report for the fourth quarter of 2006 shows the market had the best year-end vacancy rate since 1999 even in the face of 1.2 million square feet in new construction.

At the beginning of the quarter, Colliers International reported a nationwide office vacancy rate of 12.9%, down from 14.1% a year ago. The Tampa Bay vacancy rate finished the year at 10.1%, down from 10.6% at the end of 2005.

Vacancy rates throughout the area ranged from 16.1% in the downtown Central Business District to 7.6% in the Westshore area, 9.0% in the I-75 corridor, 11.2% in North Pinellas, 8.5% in the Gateway area and 7.9% in downtown St. Petersburg.

Average direct asking rates for Class A space in the area increased from $21.04 per square foot in the first quarter of 2006 to $22.52 per square foot today.

Etc...

• Realty Associates Advisors LLC purchased the 98,034-square-foot President's Plaza II at 4904 Eisenhower Blvd. in Tampa from President's Plaza General Partnership for $13.75 million. Mike Davis of Cushman & Wakefield negotiated the transaction on behalf of the seller.

• US Home's Tampa Division reported it sold 1,723 new homes in 2006 in 23 Tampa Bay area communities. Mark Metheny, division president, said the homebuilder closed on sales of 1,649 new homes at an average sales price of $250,000 during the year. The three most popular communities for the Tampa Division during the year were Suncoast Meadows in Land O Lakes, where the homebuilder sold 120 homes in 2006; Bridgewater in Wesley Chapel, where US Home sold 107 new homes; and Carriage Pointe in Ruskin, where 105 new homes sold.

• Cott Beverages Inc. agreed to lease 255,950 square feet at 1820 Massaro Blvd. in Tampa from Tampa Industrial, LLC c/o High Street Equity Advisors. Mike Davis and Rian Smith of Cushman & Wakefield negotiated the lease on behalf of the landlord.

• MacDill Federal Credit Union purchased 1.7-acres at the southwest quadrant of Waters Avenue and Sheldon Road in Tampa from The Giunta Group, Ltd. The new owner plans to develop a credit union branch on the site. Bruce Erhardt and Patrick Berman of Cushman & Wakefield represented the buyer.

• Sembler Family Partnership #47 Ltd. purchased a 22.12-acre property at Park Street in Seminole from Essilor of America Inc. The Sembler Co. is building a shopping center, anchored by Kohl's and Ross, on the site. Bruce Erhardt, Patrick Berman and Derek Keys, all of Cushman & Wakefield represented the seller.

• The Tampa Division of Tri-City Electrical Contractors Inc. has started on more than $1.3 million of work at Pro Logics' new 280,000-square-foot Sabal Park Building 300 distribution center in Tampa, under its contract with Mathews Construction. Completion is slated for May 2007.

At the same time, the Tampa division completed the new multi-million dollar, 376-unit Villages of Bloomingdale condominiums in Hillsborough County for Premier Design Homes of Florida.

• National Paymaster Inc., a payroll/employee services company, increased its lease from about 8,000 square feet and to 32,500 square feet in the Airport Business Center at 14255 49th St. N., Clearwater, owned by Naidip Capital. James C. Moler of Ross Realty represented the lessor.