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Commercial Real Estate Briefs
by Sean Roth | Real Estate Editor
SARASOTA/MANATEE
Cedar Hills plans first Florida hotel
BUYER: Bradenton Lodging LLC (principal: Jon Bortz), Mina, S.D.
SELLER: CABE LLP
PROPERTY: 5501 W. Cortez Road, Bradenton
PRICE: $3.2 million
PREVIOUS PRICE: $2.15 million, February 2006
LAW FIRM ON DEED: Law offices of George H. Mazzarantani PA
PLANS, DESCRIPTION: The Minneapolis area hotel developer/operator Cedar Hills Hospitality Inc. purchased six acres west of a Wal-Mart Supercenter and south of Golden Coral restaurant in Bradenton for $3.2 million.
The new owner plans to subdivide the parcel into three parcels, according to Jim Bortz, Cedar Hills Hospitality president.
"We are looking to sell off the lot closest to the Golden Coral for a family-style restaurant or a steakhouse," Bortz says. "South of that on a 2.3 acre lot we are planning to build an 85-unit Country Inn and Suites."
The remaining two acres, south of the other two parcels, will most likely end up as office space or something similar, Bortz says.
"We are entertaining ideas for that one right now," he says. "It's a very high-traffic location with good visibility. There is very little lodging in Manatee County, and with this site we are four miles from the beach on a very busy road. This is our first project in Florida ... but you can certainly expect more activity from us down there. We are always looking for good sites."
The purchase entity Bradenton Lodging LLC took out a first mortgage of $848,000 from Bank of Commerce and $474,000 second mortgage.
Investors planning Cortez carwash to replace gas station
BUYER: Royal Palm Car Wash LLC (principal: R.C. White Jr.), Bradenton
SELLER: Motiva Enterprises LLC
PROPERTY: 2515 W. Cortez Road, Bradenton
PRICE: $1.25 million
LAW FIRM ON DEED: Shannon Gracey Ratliff & Miller LLP, Arlington, Texas
PLANS, DESCRIPTION: Martin Emmrich and Curt White Jr. purchased a 1,914-square-foot gas station on about an acre at the southeast corner of Cortez Road and 26th Street West in Bradenton for $1.25 million.
"Motiva decided to sell it with a deed restriction preventing it from being used as a gas station," White says. "We certainly think this is a prime location with a great traffic counts."
The new owners plan to develop a tunnel self-serve carwash on the site with free vehicle vacuums. White says the schedule for demolition and construction of the new carwash facilities will depend on the timing of building approvals from Manatee County government. The two partners are currently building another carwash in Palmetto that is scheduled to open in September or October.
The owners, who used the corporate identity of Royal Palm Car Wash LLC for the purchase, mortgaged the land to Community Bank of Manatee for $900,000.
Investment group buys Clark Center Albritton Fruit building
BUYER: 5989 LLC, Sarasota
SELLER: Albritton Groves Ltd.
PROPERTY: 5947 Clark Center Ave., Sarasota
PRICE: $1.55 million
PREVIOUS PRICE: $1.5 million, July 1994
LAW FIRM ON DEED: Levin Tannenbaum PL, Sarasota
PLANS, DESCRIPTION: The limited liability company 5989 LLC, which lists its address as the Sandy Cove Condominiums, purchased a building behind Livingston's Amusement Center in Sarasota for $1.55 million. The building, formerly owned and run by Albritton Fruit Co. Inc. as one of its retail locations, is 10,890 square feet, according to the Sarasota County Property Appraiser's Office. The building sits on a 2.3-acre parcel.
Etc...
• Willis A. Smith Construction Inc. was recently awarded a contract for the expansion and renovation of Faith Lutheran Church. Located at Eugene Street and Beneva Road in Sarasota, the construction will take place in three phases, the first of which calls for construction of a 26,000-square-foot multi-purpose building. The new two-story building will consist of a new hall, classrooms, a gymnasium and a kitchen. The second phase calls for Willis A. Smith to renovate and expand the existing fellowship center. The 2,500-square-foot addition will provide offices for the church. The last phase will expand the existing sanctuary by about 600 square feet - adding 90 seats - allowing the new expanded sanctuary to seat nearly 400. The church renovation is scheduled to begin in November.
• Bingham Farms, Mich.-based Burton-Katzman Development Co. is scheduled to break ground on University Professional Park, a new class-A office development off 59th Street, south of University Parkway on Honore Avenue in Sarasota. University Professional Park will consist of two condominium office buildings totaling 85,000 square feet of space along with a retail outparcel. Diane Lawson, of Sarasota Commercial Management LLC, a Burton-Katzman company, is marketing the condominium office suites.
• Tandem Construction and Fawley Bryant Architects Inc. recently held a groundbreaking ceremony for their $6.2 million, 32,000-square-foot three-story corporate headquarters at the corner of Lakewood Ranch Boulevard and Energy Court. Tandem Construction will be moving its entire operation to Lakewood Ranch, while Fawley Bryant will occupy a portion of the building. The building will also offer 16,000 to17,000 square feet of leasable space.
TAMPA BAY
Investment firm buys Premier Corporate Centre
BUYER: Premier Corporate Centre LLC (Altamonte Ashley LLC), Tampa
SELLER: Stow Gunn LLC
PROPERTY: 3950, 3901 and 3920 Premier North Drive, 3816 W. Linebaugh, Tampa
PRICE: $22.2 million
PREVIOUS PRICE: $13.87 million, December 2005
LAW FIRM ON DEED: McNamara & Carver PA, Tampa
PLANS, DESCRIPTION: Altamonte Ashley LLC, a Tampa company, purchased Premier Corporate Centre in Tampa for $22.2 million or $152.22 per square foot. The Florida Division of Corporations lists the owner of Altamonte Ashley as Altamonte Investment Corp. of Central Florida, but attempts by the Review to contact or confirm the ownership were unsuccessful.
The four-building office complex is 145,840 square feet and covers a 12.3-acre site. Premier Corporate Centre is currently 97% occupied with some 30 tenants including Liberty Mutual Insurance, Persystent Technology, Body Tech Fitness Emporium and Taylor, Bean & Whitaker Mortgage.
Brad Luger and Larry Randolph of GVA Advantis represented the seller for the investment firm for Arcis Investments LLC. Ciminelli Real Estate Services of Florida represented the buyer.
The new owner mortgaged the four-building property to Column Financial for $16.95 million.
Boston's TA Associates Realty acquires Massaro warehouse
BUYER: Tampa East Industrial LLC (The Realty Associates Fund VIII LP), Boston
SELLER: Tampa Industrial LLC
PROPERTY: 1820 Massaro Blvd., Tampa
PRICE: $21.375 million
PREVIOUS PRICE: $17.6 million, October 2005
LAW FIRM ON DEED: Stutzman Bromberg Esserman & Plifka, Dallas
PLANS, DESCRIPTION: Boston-based real estate investment firm TA Associates Realty purchased a 410,000-square-foot warehouse/distribution building in the Tampa East Industrial Park from High Street Equity Advisors for $21.375 million. The property, on a 27-acre site, is currently fully leased to Builders FirstSource and Cott Beverages Inc.
Montgomery Ward formerly leased the industrial complex.
The purchase is TA Associates Realty's third in Hillsborough County. The investment group purchased the 96,491-square-foot, class-B President's Plaza II office building in December for $13.75 million. It purchased the 352-unit Bermuda Lake Apartments in Brandon for $38 million in February.
Kimco Realty Corp. buys Westgate Plaza
BUYER: Kimco Westgate Plaza LLC (Kimco Westgate Plaza 1554 Inc.), New Hyde Park, N.Y.
SELLER: PMAT Westgate LLC
PROPERTY: 12020 Anderson Road,
PRICE: $12.1 million
PREVIOUS PRICE: $9.6 million, February 2005
LAW FIRM ON DEED: Sher Garner Cahill Richter Klein & Hilbert LLC, New Orleans
PLANS, DESCRIPTION: New Hyde Park, N.Y.-based retail real estate investment trust Kimco Realty Corp. purchased the 100,200-square-foot Westgate Plaza on Anderson Road in Tampa for $12.1 million or $120.76 a square foot.
A 55,000-square-foot Publix Super Market anchors Westgate Plaza. Other tenants in the center include: Reds Sporting Goods, Allstate. Dollar Tree, Dr. Wallace Wade, E'chelon Hair Nail & Facial, Fu Wan, Hillsborough County Building Department, Honey Baked Ham Co., Pizza Hut, Pristine Cleaners, SN Electronics, Sport Clips, Subway, Tropical Splash Cafe, Twisted Lime Spirits, US Nails and Winners Sports Grill. The shopping center, which sits on an 11-acre parcel, was originally built in 1986.
According to its Web site, Kimco Realty Corp. owns 90 properties in Florida.
Kimco Realty Corp.'s purchase entity Kimco Westgate Plaza LLC assumed an $8.1-million mortgage loan on the property from Nomura Credit & Capital Inc.
Etc...
• Burton-Katzman Development Co. Inc. purchased 67 acres on Mall Hill Drive near Kathleen Road and Interstate 4 in Lakeland from Interstate Holdings for $12 million. Bill Eshenbaugh, ALC, CCIM and Ryan Sampson, ALC of Eshenbaugh Land Co. in Tampa represented the seller, and Tim Callahan of Cushman & Wakefield Florida represented the buyer.
• WilsonMiller Inc. renewed its 8,856-square-foot lease in Tampa's Magdalene Center from Arcis Investments Inc. Lauren Geller and Paula Buffa, of GVA Advantis negotiated the transaction on behalf of the owner. The Magdalene Center is a 40,725-square-foot, two-story office building at 15436-15438 N. Florida Ave., Tampa.
• Platinum One Marketing Group has agreed to lease 7,648 square feet of office space in the Gulf Tile Building at 13553 66th St. N., Largo, from Henry Tyler. James Moler and Erik Anderson of the Ross Realty Group represented the landlord.
LEE/COLLIER
California REIT buys Naples' Commons V
BUYER: NNN Healthcare/Office REIT Commons V LLC, Santa Ana, Calif.
SELLER: Commons V Investment Partnership
PROPERTY: 800 Goodlette Road N., Naples
PRICE: $14.1 million
LAW FIRM ON DEED: Conroy, Conroy & Durant PA, Naples
PLANS, DESCRIPTION: NNN Healthcare/Office REIT Inc., a portfolio sponsored by the commercial real estate asset management and services firm NNN Realty Advisors Inc., purchased the 57,552-square-foot Commons V medical office building in the Commons Professional Park for $14.1 million. The three-story building was 97% leased at the time of the sale. Its current tenants include Anchor Health Center and Collier Surgery Center.
NNN Healthcare/Office REIT vice president of acquisitions Danny Prosky said the demographics in southwest Florida and particularly the growing number of affluent seniors made the region an attractive place to invest. In addition, Commons V's stable cash flow and attractive tenant mix also played a factor, Prosky said.
Doug Connell and Steve Ware of Grubb & Ellis represented the seller.
The acquisition was financed using funds raised in NNN Healthcare/Office REIT's initial public offering. NNN Healthcare/Office REIT has acquired four other properties: Lenox Office Park Building G in Memphis, Tenn.; The Gallery Professional Building in St. Paul, Min.; Crawfordsville Medical Office Park and Athens Surgery Center in Crawfordsville, Ind.; and Southpointe Office Parke and Epler Parke I in Indianapolis.
NNN Realty Advisors and its affiliates manage a portfolio of about 34 million square feet of real estate, including more than 7,300 apartment units, with a combined market value of about $4.6 billion.
Royal Shell Vacations, Realty shuffles offices, expands
BUYER: Janny Titan LLC (principal: Randall Bacik), Sanibel
SELLER: Reuwer Enterprises LLC and R/E Group Inc.
PROPERTY: 1456 Periwinkle Way, Sanibel
PRICE: $1.2 million
PREVIOUS PRICE: $650,00, July 1998
PLANS, DESCRIPTION: An investment firm owned by Randy Bacik purchased a 4,400-square-foot office building in Sanibel as part of the relocation/expansion of his Royal Shell Vacations and Royal Shell Realty.
The vacation rental agency Royal Shell Vacations currently operates from a leased suite in 1200 Periwinkle, but with the purchase of the new building, it will eventually be moving to the current real estate brokerage offices at 1547 Periwinkle. Royal Shell Realty will move, Bacik says, to 1456 Periwinkle Way occupying 1,800-square-feet next to a pack and ship and chiropractic office tenants. The 1547 Periwinkle Way office is currently being renovated.
"When we were planning to grow and we wanted to have locations that we could grow into rather than having them packed to the gills," Bacik says. "This will put an end to us leasing space and put us into two buildings that we own. We figured if we were working on one we might as well save some work and do both [buildings] at the same time."
Janny Titan LLC mortgaged the property to Commerce Bank of Southwest Florida for $960,000.
Metro Storage buys A1 Shelters
BUYER: Tamiami South Storage LP (Metro JV Fund Manager-Tamiami South LLC and CLPF-Tamiami South Storage GP LLC), Lake Bluff, Ill.
SELLER: Kirby Family #2 LLC
PROPERTY: 17625-17627 S. Tamiami Trail and vacant industrial land known as tract A of Alico Lakes, Fort Myers
PRICE: $6.6 million
LAW FIRM ON DEED: DeBoest Stockman Decker Broughton & Hagan PA, Fort Myers
PLANS, DESCRIPTION: Lake Bluff, Ill.-based Metro Storage LLC purchased a 75,000-square-foot A1 Shelters Self-Storage facility for $6.6 million.
"We are just implementing the typical Metro Storage game plan there now," says Brian Blankenship, executive vice president of Metro Storage. "We're changing the signage and working on employee training. This was just part of our overall growth strategy for the Fort Myers market."
Including its most recent purchase, Metro Storage owns three self-storage facilities in Lee County. Earlier this year, Metro Storage purchased two ASAP Storage facilities in Lee County and a facility in Sarasota for a total of $26.5 million.
Blankenship says the company is focused on reaching critical mass in each of its markets, which he estimates is seven to 10 stores for an area like Lee County.
Metro Storage's purchase entity Tamiami South Storage LP, mortgaged the property to UBS Real Estate Securities Inc. for $4.6 million.
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• Community Engineering Services has started work on Parker Business Center, a five-acre planned development containing office and warehouse space in the Daniels Road corridor. Community Engineering Services is providing surveying, mapping, replatting, conceptual site planning, engineering site design, permitting and construction and certification services for the center, at 3351 Pinto Lane. The Jack Parker Corp. is the developer for the project. The center will have about 31,000 square feet of office space and 65,000 square feet of warehouse space.
• Manley and Helen Boss purchased a 12,000-square-foot commercial lot at 13338 Palm Beach Blvd., Fort Myers from Dominic and Michelle Constantini and Michael and Lisa Werab for $200,000. Godfrey Santini of Coldwell Banker Commercial NRT and Mario Constantini of Constantini Realty handled the transaction.
• Suncoast Federal Credit Union leased a 3,014-square-foot office in the Pelican Preserve Shoppes at 10580 Colonial Blvd., Fort Myers from PRIII Pelican Preserve Shoppes LLC. Jennifer Horne of Gates D'Alessandro & Woodyard LLC negotiated the transaction.
• Naples-based WilsonMiller was ranked 137th in Engineering News-Record magazine's annual special issue devoted to the "Top 500 Design Firms" in the United States. WilsonMiller improved its position eight places from 145th last year. The firm's ranking has improved fairly dramatically in recent years, climbing a 230 places since 1998.A division of McGraw-Hill Construction, ENR's Top 500 is based on 2006 revenues from the largest engineering, architectural, and environmental design firms nationwide.
• Fort Myers-based J.L. Wallace Inc. has completed construction of the clubhouse for the Bella Terra community at 20070 Bella Terra Blvd. in Estero. The 8,000-square-foot clubhouse includes a fitness center, library, craft room, game room and a multipurpose room.
• WilsonMiller's design of an emergency water main replacement program in southwest Florida earned the firm its second consecutive Consultant of the Year award from the Florida Chapter of the American Public Works Association. WilsonMiller was recognized as the 2007 Consultant of the Year in the field of Solid Waste/Wastewater/Stormwater/Water for its efforts on a horizontal directional drilling project as part of the Greater Pine Island Water Association Emergency Water Main Replacement.
Last year, WilsonMiller was named Consultant of the Year in the same category for a Bahia Vista/Lockwood Ridge floodplain reclamation project in Sarasota.
• Southwest Capital Bank awarded Fort Myers-based J.L. Wallace Inc. the contract to build the bank's new headquarters at 12670 Creekside Lane in Fort Myers. J.L. Wallace will convert the first floor, about 13,000 square feet, into Southwest Capital Bank's new headquarters. Construction is scheduled to begin in July, and completion is expected in November.
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