Commercial RE Briefs

By Business Observer Staff
| 6:00 p.m. March 30, 2007
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Charlotte–Lee–Collier

COMMERCIAL REAL ESTATE by Sean Roth | Real Estate Editor

Lee/Collier

Kosene & Kosene buys portion of Coconut Point

BUYER: The Residences at Coconut Point LLC (principals: Tadd Miller, Gerald Kosene, David Kosene and Angela Guinn), Indianapolis

SELLER: Coconut Point Developers LLC

PROPERTY: Air rights for building M-1, M-2, N and several walkways, tract A, Coconut Point, Estero

PRICE: $2.87 million

TITLE FIRM ON DEED: Interstate Title Services, West Palm Beach

PLANS, DESCRIPTION: Indianapolis-based developer Kosene & Kosene Residential purchased the vacant building levels above the Simon Property Group Inc.'s new Coconut Point mall in Estero and additional walkway space for $2.9 million. The property is planned as phase two of the 290-unit Residences at Coconut Point.

Kosene & Kosene has already started construction on the first five free-standing buildings for the project and a clubhouse behind the shopping center and is working to complete the interiors for the remaining 180,000-square-foot second phase. The general contractor for the residences is DeAngelis Diamond Construction Inc. Completion of the project is scheduled for January 2008.

Condominium units in the second phase of the development, which will range from 900 to 2,200 square feet, are being listed from $349,000 to $800,000.

Developers Diversified Realty takes over Cypress Trace

BUYER: DDRTC Cypress Trace LLC (principal: Developers Diversified Realty Corp.), Beachwood, Ohio

SELLER: Inland Southeast Cypress Trace LCC

PROPERTY: 13300 S. Cleveland Ave., Fort Myers

PRICE: $15.4 million

PREVIOUS PRICE: $18.5 million March 2004

LAW FIRM ON DEED: Baker & Hostetler LLP, Cleveland

PLANS, DESCRIPTION: Inland Retail Real Estate Trust Inc. transferred the 276,288-square-foot Cypress Trace shopping center in Fort Myers in a quit claim deed to Developers Diversified Realty Corp. as part of Inland's acquisition/merger into Developers Diversified Realty. The center, anchored by a 95,000-square-foot Bealls Department Store, was completed in 2004.

Other large retailers in the center include a 44,667-square-foot Ross Dress For Less, a 36,556-square-foot Stein Mart, a 27,000-square-foot Bealls Outlet, a 16,209-square-foot Wilford & Lee Inc. and a 10,356-square-foot Shoe Carnival. Developers Diversified Realty is currently looking to fill a 1,017 square foot vacancy in the center.

Developers Diversified Realty mortgaged the property to Wells Fargo Bank NA for $16 million.

North American Properties planning The Forum retail center

Developer North American Properties has detailed plans to build a 375,000-square-foot retail center to a new 706-acre, master-planned community in Fort Myers. The $60 million power center, to be called The Forum at Fort Myers, will feature seven anchors, about 50,000 square feet of small retail and restaurant space and several outparcels. The developer reported it is working with The Home Depot on the retail project.

Site work is underway and construction is slated to begin in June. The retail center is scheduled to open in fall 2008.

Champion Development Inc. planned the master-planned community, which is also called The Forum at Fort Myers. It will include about 850,000 square feet of office space, about 1,300 residential units, about 1 million square feet of retail space, 250,000-square feet of entertainment space and a 500-room hotel. The community will also include an 85-acre natural preserve.

Etc...

• Heatherwood Construction was selected to renovate the Port of the Islands Marina at 525 Newport Drive in Naples. Heatherwood will install new walls, wood floors and ceilings in the marina's Ship's Store and offices. Heatherwood also will convert storage space into additional retail floor space. Architectural Edge Inc. will provide architectural design services. Construction is expected to be complete in June.

• Fort Myers-based Community Engineering Services has started work on a construction materials recycling facility in Orlando. Community Engineering Services is providing surveying, mapping, replatting, conceptual site planning, engineering site design, permitting and construction and certification services for the facility. The plant is located southwest of Shader Road and John Young Parkway in Orange County.

• A & R Architects, P.A. has chosen Ringland Construction Inc. to provide the interior build-out for its new office space at 3850 Colonial Boulevard, Suite 200, Fort Myers.

Fort Myers-based J.L. Wallace Inc. has completed construction of Lifeline Family Center, a group home for teenage mothers, at 907 S.E. Fifth Ave. in Cape Coral. The 16,000-square-foot center includes 12 bedrooms, two houseparent rooms, a kitchen, a chapel and offices.

• Fort Myers-based Eagle Concrete Systems has completed 43,388 square feet of concrete work on the Landshore Business Park in Fort Myers. Located at 1685 Target Court Building B, the office building was designed by Land Investment Services Inc.

• J.L. Wallace Inc. started construction on the sports amenities at Bella Terra, a new community at 20070 Bella Terra Blvd., Estero. The project includes building four hard-surface tennis courts, two sand beach volleyball courts, one regulation basketball court with two smaller courts, a regulation in-line skating rink and two regulation bocce courts. the project will also includes a custom Kompan children's play park, a covered parent viewing area, a multi-functional sport field for soccer and softball and a walking/jogging path throughout the whole complex. Construction is scheduled for completion this spring.

• Zip 2 LLC purchased a 5,400-square-foot commercial condominium in Daniels Center at 8961 Daniels Center, units 401, 402, 404, 407, 409 and 410 in Fort Myers from DPC Lot 6, LLP for $1.23 million. Todd Holman, Steve Wood and Samir Cabrera of Gates D'Alessandro & Woodyard LLC negotiated the transaction.

Fort Myers-based Eagle Concrete Systems completed the 9,576 square feet of concrete work on the St. Mark's Surgery Center in Fort Myers, an outpatient surgical center, at 6820 International Center Blvd.

Sarasota/Manatee

Bradenton investor/developer buys Palmetto buildings

BUYER: William Manfull and Heather Lee Cosgrove, Bradenton

SELLER: Emed Co. Inc.

PROPERTY: 923 and 931 W. Fifth St. 904 Fourth St. W. and 420 10th Ave. W., Palmetto

PRICE: $1.5 million

PREVIOUS PRICE: $600,000, July 1993

TITLE FIRM ON DEED: Chicago Title Insurance Co., Tampa

PLANS, DESCRIPTION: Bradenton real-estate investor/developer William Manfull and his new wife Heather Manfull, a sales associate with Coldwell Banker, purchased 52,000 square feet of manufacturing, retail and office buildings on Fourth and Fifth streets and 10th Avenue West in Palmetto for $1.5 million.

The Manfulls say they are currently evaluating the property to decide whether the buildings should be demolished to make room for a new development or if one or all of the buildings should be renovated instead.

"We just don't know at this point," William Manfull says. "We bought it because we were looking for something in Palmetto and thought it made sense. We should have a better idea in the next couple weeks."

Manfull's attention at this point is primarily focused on renovating the 29,000-square-foot three-story historic Miller Furniture Store at 604 Manatee Ave. in Bradenton.

"We're restoring it back its original Spanish Mediterranean look," Manfull says.

The building is being subdivided into retail flex space on the bottom level and residential flats on the second and third floors. Prices for the units have not been set yet. Construction on the Miller Furniture building is scheduled to take six months. Tom Brown of Wagner Realty is listing the commercial space, and Heather Manfull is marketing the residential units.

First State Bank buys Venice office

BUYER: First State Bank (principals: Corey Coughlin, Wade Harris, Lester Baynard, Rick McDaniel, Terry Seiders and Lisa Ulrich), Sarasota

SELLER: Venice Development Inc.

PROPERTY: 1729 S. Tamiami Trail, Venice

PRICE: $2.55 million

PREVIOUS PRICE: $3.76 million, March 2007 and $510,000, August 1998

LAW FIRM ON DEED: Livingston Patterson & Strickland PA, Sarasota

PLANS, DESCRIPTION: Sarasota-based community bank First State Bank purchased a 5,000-square-foot office building in Venice for $2.55 million.

The Stanley Dean Insurance Agency will continue to lease the building back from First State Bank while the State Farm insurance office constructs a new building adjacent to the facility. Prior to housing the insurance firm, the building was a branch location for First America Bank. First State Bank officials plan to renovate the interior of the building and open the new branch in the second quarter of 2008.

First State Bank currently operates three bank locations in Sarasota County and three in Pinellas County.

Bailes Family buys University ABC liquor store

BUYER: Bailes Family Limited Partnership (principals: Charles Bailes Jr. and Jacqueline Bailes), Orlando

SELLER: ABC Liquors Inc.

PROPERTY: 8470 E. 37th St., Sarasota

PRICE: $1.75 million

PREVIOUS PRICE: $805,000, April 2003

LAW FIRM ON DEED: John F. Bennett, Esq., Orlando

PLANS, DESCRIPTION: The Bailes Family Limited Partnership, the family that owns ABC Liquor, purchased a 7,403-square-foot ABC Fine Wine & Spirits store in University Commons Commercial Center West for $1.75 million. Calls to Charles Bailes' home and ABC Liquors corporate office were not returned before deadline.

The 70-year-old ABC Liquors owns about 200 stores in Florida and is the largest privately owned alcohol retailer, according to the company Web site.

Bailes Family Limited Partnership mortgaged the building to Bank of America NA for $1.27 million.

Etc...

• Sarasota-based RE/MAX Properties was once again named the number one sales office in Florida in closed dollar volume at the RE/MAX Awards Banquet in Orlando. It is the eighth consecutive year that RE/MAX Properties has received this honor and the 15th time since the company's inception in 1989. RE/MAX Properties is a full-service real estate company with offices in Sarasota, Lakewood Ranch, Parrish, Venice, Englewood and North Port.

• Altamonte Springs-based Tilt-Con Corp. received Tilt-Up Achievement Awards from the Tilt-Up Concrete Association for its work on the University of South Florida's Crosley Campus Academic Building in Sarasota, the Seminole Harley-Davidson in Sanford and the South Regional Library in Pembroke Pines.

The winning projects were featured in the 2007 Tilt-Up Achievement Awards video presentation seen by 85,000 attendees during the World of Concrete/Technology for Construction tradeshow held earlier this year in Las Vegas. The awards were created by TCA to honor projects that utilize site-cast tilt-up concrete to introduce new building types, advance industry technology and provide unique solutions to building programs. Projects were reviewed by a panel of 13 judges representing the membership categories within TCA.

• The contract to renovate Siesta Key's Glebe Park has been awarded to D.E. Murphy Constructors Inc. of Sarasota. The Sarasota County Commission approved the contract March 13, and construction is expected to begin within 45 days. Construction work is scheduled to take six months. The 10-acre site is currently home to two baseball fields, a soccer field, a parking area and a passive recreation area. The new park will include a renovated youth baseball field, a renovated soccer field, a new basketball court, restrooms, gazebo, playground, nature trails, picnic tables and benches and a new parking area.

• Sarasota-based architecture firm Architura Inc. was awarded a contract to renovate and update the public spaces for 1800 Atlantic Condominiums in Key West. The project, which will begin this month, includes the lobby, walkways, elevators, condominium entrances and some two-miles of hallways. The complex is located at 1800 Atlantic Blvd. and houses about 160 condominium units.

Tampa Bay

Trump Group buys Koger office portfolio

BUYER: KP Holdings Florida LLC, KC Investors Florida I LLC and KC Investors Florida II LLC

SELLER: DRA CRT St. Petersburg Center LLC

PROPERTY: 9400, 9800, 701 and 801 4th St. N., 805, 877, 888, 9620, 9720 and 9721 Executive Center Drive and 9455, 9500, 9549 and 9600 Koger Blvd. N., St. Petersburg

PRICE: $94 million

LAW FIRM ON DEED: Blank Rome LLP, New York

PLANS, DESCRIPTION: A joint venture of DRA Advisors LLC and Colonial Properties Trust sold the former Koger 15-building office portfolio to Jules and Eddie Trump's The Trump Group (no relation to New York City's Donald Trump) for $94 million. The portfolio covers a mix of buildings, built from 1971 and 2000, with a total of 682,311 rentable square feet and additional vacant land.

DRA Advisors and Colonial Properties Trust acquired the property in 2005 as part of the joint venture acquisition of CRT Properties Inc. for $1.8 billion. At the time of the sale, DRA Advisors was managing the fund.

Ronald Rogg, Mike Harrell, Mark Shellabarger, and Ginger Gelsheimer of CB Richard Ellis, Inc.'s Orlando Florida Investment Properties Group listed the property and represented the seller.

The Trump Group developed the 1,700-residence Williams Island community in Aventura and a number of large luxury high-rise towers including the Acqualina Ocean Residences & Resort in Sunny Isles Beach. The firm also previously owned and operated the Williams Island Golf & Country Club in North Miami.

Bresler & Reiner buys Westbury at Lake Brandon

BUYER: Westbury Owner LLC (principal: Charlestowne North Owner LLC), Rockville, Md.

SELLER: William Pointe Ltd. Partner

PROPERTY: 1210 Westbury Pointe Drive, Brandon

PRICE: $42.05 million

PREVIOUS PRICE: $2.99 million, December 2000

LAW FIRM ON DEED: Baker & Hostetler LLP, Orlando

PLANS, DESCRIPTION: Rockville, Md.-based real estate developer/owner Bresler & Reiner Inc. purchased the 366-unit Westbury at Lake Brandon apartment complex for $42.1 million. Officials from Bresler & Reiner did not return calls prior to deadline.

Most of the firm's hospitality, development and commercial interests are in the Maryland; Delaware; Washington, D.C.; Pennsylvania Virginia and Texas markets, but the firm owns three Florida apartment complexes: the 364-unit Victoria Place Apartments in Orlando, the 400-unit Fountains at Waterford Lakes in Orlando and the 292-unit Huntington at Sundance in Mulberry.

According to the company's website, the firm owns 47 commercial buildings for a total of 3.7 million square feet; four residential properties with 1,136 units; two hospitality properties with 276 rooms and developments totaling 328 residential condo units, 838 residential lots, 1.25 million square feet of office space and 62,685 square feet of office condominium space.

Faison planning commercial side of Centex's Magnolia Park

BUYER: Faison Magnolia Park LLC (principal: Faison Capital Development LLC), Charlotte N.C.

SELLER: RF LP Group LLLP

PROPERTY: Pasture land in the Magnolia Park area near Progress Village, South Tampa

PRICE: $5.65 million

PREVIOUS PRICE:

LAW FIRM ON DEED: Latham Shuker Baker Eden & Beaudine LLP, Orlando

PLANS, DESCRIPTION: The Charlotte, N.C.-based developer/investment firm Faison Enterprises Inc. purchased 30 acres in the master-planned Magnolia Park community planned by Centex Homes in South Tampa for $5.65 million.

"We just bought the land for the commercial development out there," says James Culpepper, executive vice president of Faison. 'We thought it was an excellent retail opportunity for the future when the rooftops come on board."

Faison owns properties valued at about $1 billion.

Magnolia Park has been proved a hot buy recently. The Bainbridge Cos. purchased $21 million worth of property and First Industrial Realty Trust Inc. paid $9.7 million for land in the community.

Manchester, U.K. investors buy Pinebrooke office building

BUYER: 10210 Windhorst Boulevard LLC (principals: Robert Herzog and Shalom Halpern), Monsey, N.Y.

SELLER: Mountain High Pinebrooke 2 LLC, MUSA at Pinebrooke II LLC, Minor Pinebrooke II LLC, Rameakers Pinebrooke II LLC, TSL Pinebrooke II LLC and JDL Pinebrooke II LLC (as tenants in common)

PROPERTY: 10210 Windhorst Road, Tampa

PRICE: $9.2 million

PREVIOUS PRICE: $7.76 million, June 2005

LAW FIRM ON DEED: Hill Law Firm LLP, Aventura

PLANS, DESCRIPTION: Manchester, U.K.-based investment firm Jaymar Group/Deer Park Estates purchased a 60,000-square-foot office building in Pinebrooke Business Park for $9.2 million.

"We liked the area a lot," said Shalom Halpern, vice president with Jaymar Group. "There's a lot of population growth, and the vacancy rate in that area for Class-A office space is really low."

The building is currently leased to HSBC.

The joint companies Jaymar Group and Deer Park Estates have acquired more than $500 million worth of real estate over the past 12 years, according to Halpern.

"We have long track record of acquisitions [in the United Kingdom,]" Halpern says. "But the market has gotten so tight in the U.K. that attractive investments are hard to come by. Plus there's the excellent exchange rate. We were just looking for properties that require little management and have good tenants."

Statewide, the companies are involved in the development of the Blue Rose condominium/hotel in Orlando and an as-yet unnamed hotel in Miami.

TA Associates Realty buys Bermuda Lake Apartments

BUYER: Realty Associates Fund VIII LP (principal: TA Associates Realty), Boston

SELLER: Bermuda Lake Associates LLC

PROPERTY: 2648 Bermuda Lake Drive, Brandon

PRICE: $37.95 million

PREVIOUS PRICE: $3.2 million, June 2002

LAW FIRM ON DEED: Stutzman Bromberg Esserman & Plifka, Texas and Chicago Title Insurance Co., Tampa

PLANS, DESCRIPTION: Boston-based TA Associates Realty purchased the 352-unit Bermuda Lake Apartments in Brandon for $38 million. The new owner brought on a new management company, Michelson Realty, and renamed the one-year-old complex The Retreat at Broadway Centre. The new owners also plan to change the exterior colors of all the buildings, but will continue to run the development as rental apartments.

The Retreat at Broadway Centre is the second purchase for TA Associates Realty's Realty Associates Fund VIII LP in Hillsborough County. The investment group purchased the 96,491-square-foot, class-B President's Plaza II office building in Tampa in December for $13.75 million.

Surgery Partners buys Tampa McNichols office building

BUYER: Tampa Medical Properties V LLC (principals: Rodolfo Gari, Michael Doyle and Scott Lowe), Tampa

SELLER: Eugene H. McNichols, trustee of the Robert L. McNichols Trust for the benefit of my Grandchildren

PROPERTY: 5501 W. Gray St., Tampa

PRICE: $2.178 million

PREVIOUS PRICE: $400,000, May 1993

LAW FIRM ON DEED: Hill Ward & Henderson PA, Tampa

PLANS, DESCRIPTION: Surgery Partners, a group that owns a collection of private ambulatory and outpatient surgery centers in Florida, purchased McNichols Building 1, an 11,362-square-foot office building in Tampa for $2.2 million. The surgery center consolidator previously had operated from the Armenia Surgery Center, at 4703 N. Armenia Ave., Tampa, which was developed by Surgery Partners' CEO Rodolfo Gari. Calls to Surgery Partners and Gari were not returned prior to deadline. The office relocation comes as Gari is expanding the company's holdings with new centers in Pasco and Sarasota counties.

Surgery Partners mortgaged the Gray Street office building to Wachovia Bank NA for $1.7 million.

Etc...

• ACP Breckenridge VIII Owner LLC purchased a 58,192-square-foot building at 5804-5810 Breckenridge Parkway, Tampa. Joe Seidle of The Krauss Organization was the sales agent.

• John Michael Property Management LLC purchased 3,368 square feet at 12608 Henderson Road, Tampa. Dave Sarich of The Krauss Organization was the sales agent.

• O'Laker Moving leased 6,545 square feet at 9207 Palm River Road, Tampa. Michael Maloney of The Krauss Organization was the leasing agent.

• Homediscovery.com leased 4,599 square feet at 5810 D-E Breckenridge Parkway, Tampa. Joe Seidle of The Krauss Organization was the leasing agent.

• G&G Protection leased 2,000 square feet at 5410 Airport Blvd., Tampa. Michael Maloney of The Krauss Organization was the leasing agent.

• Household Finance leased 2,000 square feet at 2707 Forest Road, Spring Hill. Richard Skrovanek of The Krauss Organization was the leasing agent.

• Ponchatoula, La.-based Anytime Fitness leased a 4,000-square-foot retail space at Vanderbilt Square, 6439 U.S. 19 in New Port Richey from Tarpon Springs-based Vanderbilt Commercial Group. Michelle Seifert, in Grubb & Ellis|Commercial Florida's Retail Group, negotiated the transaction on behalf of the landlord.

• Proptek Realty of Ormond Beach purchased Berry Town Center in Davenport - a 61,421-square-foot Publix-anchored retail center, an 18,017-square-foot office building, and two retail strip buildings - from Jack M. Berry, Inc. and M&M Apex Properties, LLC for $25 million. The center was 98% leased at the time of sale. CB Richard Ellis's Tampa brokers, Ginger Gelsheimer and Rick Klepal of CBRE's Capital Markets Group, and Mark Shellabarger of the Private Client Group-Retail represented the sellers.

• GVA Advantis has been retained to exclusively represent Impact Properties in the sale of multiple office buildings within Cypress Ridge Professional Center in Wesley Chapel. Cypress Ridge Professional Center is currently under construction and will encompass 24 single-story, Class-A office buildings on 9.4 acres. Located at Interstate 75 and State Road 56, the project is being developed by Cypress Ridge Ventures, LLC, a VanBebber/Impact Properties Joint Venture.