Commercial Real Estate Briefs
by Sean Roth | Real Estate Editor
Sturdivent Foods buys three buildings
BUYER: Sturdivent Holdings LLC (principal: Mark Sturdivent), Naples
SELLER: Richard Bell, individual and trust,
PROPERTY: 5566 Shirley St., Naples
PRICE: $1.95 million
BUYER: Sturdivent Foods Inc., (principal: Mark Sturdivent), Naples
SELLER: San Luis Peaks LLC
PROPERTY: SEC 11-49S-25E, Naples
PRICE: $1.03 million
PREVIOUS PRICE: $1 million, January 2007
TTILE FIRM ON DEED: First Title & Abstract Inc., Naples
PLANS, DESCRIPTION: Naples-based Sturdivent Foods Inc., dba Sturdivents Royal Produce, purchased three 11,252-square-foot buildings in the Pine Ridge industrial area of Naples for a total of $2.98 million.
The purchase was designed, according to Mark Sturdivent, president of Sturdivent Foods, to solidify the company's facilities needs while giving it the room to grow in the future. Including office space, the wholesaler occupies 9,500 square feet of the total 33,756 square feet of space in the three buildings. Sturdivent Foods currently leases the remainder of the space in the three buildings to seven tenants.
"We're definitely planning to expand our space out there," Sturdivent says, "but the timing is still being worked out. We've seen a 68% increase in business just over the past years."
Founded in 1964, Sturdivent Foods is a food wholesaler to country clubs, hotels and restaurants from Fort Myers south to Marco Island. The company currently employs 15.
Metro Parkway Realty
buys Metro strip center
BUYER: Metro Parkway Realty Associates LLC, Boca Raton
SELLER: Victor Paluck
PROPERTY: 12951 Metro Parkway, Fort Myers
PRICE: $4.05 million
PREVIOUS PRICE: $312,500, March 1997
TITLE COMPANY ON DEED: Platinum Land Title Agency Inc., Fort Myers
PLANS, DESCRIPTION: Metro Parkway Realty Associates LLC, a real estate company headed by Boca Raton real estate investors Bernard Vogel and Franklin Gutman, purchased a 29,700-square-foot retail center for $4 million.
The center currently houses a mattress store, a tanning salon, a beef jerky outlet store, a cabinetmaker, a salon and a deli. The center is the only completely retail center on the 55,000-car-a-day Metro Parkway.
Daugherty & Carr Commercial represented the seller.
Late last year, Vogel, under the limited liability company Eastpointe Realty Associates V LLC, purchased Eastpointe Professional Center at 4048 Evans Ave., Fort Myers for $3.6 million.
Miami builders plan
Marco Island office
BUYER: Bald Eagle Group Inc. (principals: Jose Armada Sr., Juan Macias, Fernando DeIzaguire and Luis Raton), Miami
SELLER: Procom Group of Marco Inc.
PROPERTY: 825 Bald Eagle Drive, Marco Island
PRICE: $2.25 million
PREVIOUS PRICE: $651,300, June 2004
LAW FIRM ON DEED: Alos & Associates PA, Miami
PLANS, DESCRIPTION: Miami investors Jose Armada Sr., Juan Macias, Fernando DeIzaguire and Luis Raton purchased an acre in Marco Island for $2.25 million. The new owners plan to develop an office building on the site, but are reportedly reviewing the size and makeup of the new building.
"It really still is preliminary until we meet with the City of Marco Island." Raton says. "It's just a great piece of property. It is one of only two C5 lots [highest commercial use] in the city. So we're planning to do a nice high-end office building with ground floor retail."
The new owners are currently building homes in Marco Island and have developed commercial projects in Miami. Raton says the owners are considering a Mediterranean-style building more in-line with upscale buildings in Naples.
"I think commercial is very attractive there because of the growth we are expecting in Florida," Raton says. "You have to first do the commercial so you are prepared before the rush."
Bald Eagle Group Inc. mortgaged the property to BankUnited FSB for $1.463 million and to Eight Peaks Capital LLC for $150,000.
Brooks & Freund begins Paseo
Brooks & Freund has started construction on phase I at Paseo, a 444-acre gated community at the northwest corner of Palomino Lane and Penzance Boulevard in South Fort Myers.
Phase I features 35 single-family homes and townhome buildings. Brooks & Freund will eventually build a total of 123 buildings in the Paseo community.
Architecture Network is providing architectural design services. Construction is scheduled for completion in January of 2009.
McGarvey Development has completed construction of Building III, the final building at the International Business Center in Fort Myers. The one-story building at 13851 Plantation Road, includes 7,600 square feet of flex space. The completed project, including Building III, consists of three commercial buildings for a total of 70,000 square feet of flex, office and distribution space. The site also includes the Six Mile Charter Academy.
• Gates McVey has broken ground on the Interpretive Center at The Six Mile Cypress Slough Preserve. Upon completion, the building is expected to be the first Leadership in Energy and Environmental Design certified project in Lee County. The two-story, 12,000-square-foot Interpretive Center is in the Six Mile Cypress Slough Preserve, which is located along Six Mile Cypress Parkway north of Daniels Parkway in Fort Myers. The Interpretive Center will feature educational displays and explain the details of green building. The building is scheduled for completion in the first quarter of 2008.
• Architecture Inc. has been named the architect of record for the upcoming Promenade at Universal Plaza on Turkey Lake Road, in Orlando. The bottom floor of the project will feature 40,000 square feet of retail space designed around an open-air patio with covered walkways. The upper levels of the building will feature 80,000 square feet of professional office space.
• East Lansing, Mich.-based Strathmore Development Co., through its affiliate Bonita Real Estate Partners LLC, closed the construction financing for the Bonita Exchange project in Bonita Springs. Comerica Bank provided financing. Construction on the project is scheduled to start in the third quarter of 2007, with completion slated for the fourth quarter of 2008. The 28-acre retail project will include a hotel, a 120,000-square-foot retail center and five outparcel sites. The project is next to a recently constructed Home Depot at the southwest corner of Interstate 75 and Bonita Beach Road.
• Owen-Ames-Kimball Co. received a 2007 Excellence in Construction Award for the Habitat for Humanity Lee County Senior Housing Complex by the Florida Gulf Coast Chapter of Associated Builders & Contractors Inc. The housing complex is a multi-family residential project, targeted to address the need for affordable rental properties for low-income seniors.
• Orlando-based Tilt-Con Corp. has opened its newest office at 11983 Tamiami Trail N., Suite 124, in Naples. Tilt-Con Corp. specializes in tilt-up concrete construction for commercial, industrial, educational and institutional projects.
• Fort Myers-based McGarvey Development has started construction on Phase III of the Mid Cape Corporate Center, an office/industrial business park in Cape Coral. The development company has already completed the first two phases of the corporate center, which included construction of Cape Coral Charter School for Charter Schools USA and three flex buildings. The corporate center is situated on 30 acres near the intersection of Pine Island Road and Santa Barbara Boulevard.
The third phase includes construction of four two- and three-story office buildings with a total of 176,500 square feet of office space. Completion of the first office building is scheduled for June 2007.
• with rendering
Stevens Construction Inc. has begun construction on First Capital Lending Corp.'s new branch office on Cape Coral Parkway West in Cape Coral. The corporation's new branch office will occupy 2,833 square feet, while the remaining space of the 8,143-square-foot building will house two future tenants. Jason P. Tramonte Architect Inc. designed the building.
The project is scheduled for completion by the end of October 2007.
• Community Engineering Services has started work on a new warehouse at16601 Old U.S. 41 in Fort Myers for Rosen Building Supplies Inc. Community Engineering Services is providing surveying, conceptual site planning, engineering site design, permitting and construction and certification services. The project involves demolishing existing buildings on the site and building a 25,000-square-foot warehouse with a 10,000-square-foot canopy and product delivery bay. The contract was awarded by Johnston Group Land Development Consultants Inc.
• Southwest Capital Bank purchased a 1.2-acre corner lot at 3131 N.E. Pine Island Road, North Fort Myers, from Merchants Crossing North Fort Myers for $925,000. Jennifer Horne of Gates D'Alessandro & Woodyard LLC represented the seller, and Shawn Stoneburner & Gary Tasman of Cushman & Wakefield of Florida Inc. represented the buyer.
• Marcel Vezina, Trustee purchased a commercial condo in Park Central, Building D, Naples from MAG Holdings of Naples for $950,000. Ray Spencer of Gates D'Alessandro & Woodyard LLC negotiated the transaction.
• George Perizes purchased a 2,200-square-foot commercial condominium in Fort Myers Commerce Park at 10090 Intercom Drive, Unit A11, from Fort Myers Commerce Park LLC for $360,000. Tim Colen of Gates D'Alessandro & Woodyard LLC represented the buyer, and JMK Realty Services represented the seller.
• Commerce Park Project LLP purchased five 2,200-square-foot commercial condos in Fort Myers Commerce Park at 10090 Intercom Drive, Units A1-A5, from Fort Myers Commerce Park LLC for $1.62 million. Tim Colen of Gates D'Alessandro & Woodyard LLC represented the buyer, and JMK Realty Services represented the seller.
Finergy closes on
Nokomis hotel site
BUYER: Finergy Nokomis LLC (principal: Innocenzo Gagliardi), Sarasota
SELLER: Leach and Leach Inc.
PROPERTY: southwest corner of Albee Road and U.S. 41, Nokomis
PRICE: $3.4 million
LAW FIRM ON DEED: Williams Parker Harrison Dietz & Getzen, Sarasota
PLANS, DESCRIPTION: Sarasota hotel developer Finergy Development LLC purchased a 4.6-acre former gas station at Albee Road and U.S. 41 for $3.4 million.
Finergy Development is already going through the complicated government approvals necessary to develop condominiums, a Hilton Garden Inn and ground floor retail on the site. The first approval hurdle the developer faces is the need to rezone two of the three separate parcels to general commercial. Finergy Development was scheduled to go before the Sarasota County planning commission May 17, after press time.
"We would like to start in the first quarter of next year." says Eric Collin, Finergy's vice president of development. "We are highly motivated to get moving on it; we already have a number of the end users for the retail."
As currently designed, the project would feature a five-story 100-unit hotel facing U.S. 41 next to retail space for a national coffee shop, whose name Collin declined to mention. Behind the hotel, Finergy plans to build a four-story condominium building with 35 condo units and ground-floor retail.
While it is busy in Nokomis, Finergy has broken ground on its planned 15,000-square-foot, four-story corporate headquarters, at 2170 Main St. in downtown Sarasota. The project is scheduled to take nine months for completion.
However, with the residential buyer slowdown in full swing, Finergy has halted work on its large condominium and hotel project in the Channelside area of Tampa.
moves to Tamiami Trail
BUYER: Warm Waters LLC (principals: Dr. Cornelius Halvey and Dr. David Campbell), Sarasota
SELLER: Roland Askins as trustee of P.T. Trust
PROPERTY: 2121 S. Tamiami Trail, Sarasota
PRICE: $2 million
PREVIOUS PRICE: $750,000, May 1992
LAW FIRM ON DEED: Saba & King LLP, Sarasota
PLANS, DESCRIPTION: Dr. Cornelius Halvey and Dr. David Campbell of Sarasota Ophthalmology Associates purchased a 6,200-square-foot medical office building, three blocks from Sarasota Memorial Hospital, for $2 million.
The two ophthalmologistes plan to relocate the Sarasota Ophthalmology Associates medical practice and its retail operations to the Tamiami Trail building from a leased location they currently occupy in Waldemere Medical Plaza.
"Its about the same size as our current facility," Halvey says. "From an owners point of view, there are nothing but positives to this move. There's the potential for growing the practice. The real estate market may not be great at the moment but the future potential is huge. People come to Sarasota from around the world to buy property."
The partners are updating the medical office building and hope to occupy it by late summer.
Barry Seidel, president of American Property Group of Sarasota Inc., handled both sides of the transaction.
The purchase entity Warm Waters LLC mortgaged the property to Colonial Bank for $2.55 million.
Ringling buys nine homes,
one commercial building
BUYER: Ringling School of Art and Design Inc., Sarasota
SELLER: Robert Jackson Sr.
PROPERTY: 1261, 1273, 1255 and 1267 N. Riverside Drive and 2936 and 2930 West Place, Sarasota
PRICE: $1.6 million
SELLER: John and Larae Sas
PROPERTY: 1368 and 1374 Dr. Martin Luther King Jr. Way, Sarasota
SELLER: Manifest Destiny LLC
PROPERTY: 1330 Dr. Martin Luther King Jr. Way, Sarasota
SELLER: Manifest Destiny LLC
PROPERTY: 1346 Dr. Martin Luther King Jr. Way, Sarasota
LAW FIRM ON DEED: Kimbrough & Koach LLP, Sarasota
PLANS, DESCRIPTION: The Ringling College of Arts and Design purchased six homes on Riverside Drive and West Place and three homes and the former Club Triangle nightclub on Dr. Martin Luther King Jr. Way for a total of $3.5 million.
The Riverside Drive/West Place properties will likely be used for student housing, according to Christine Meeker Lange, special assistant to the president for media & community relations.
Plans are still being developed for the MLK property, which stretches almost an entire block from the overflow gravel parking lot next to Fred Atkins Park east to a City of Sarasota owned vacant parcel at the intersection with Cocoanut Avenue.
"We haven't had a lot of time to specifically evaluate the properties individually yet," Lange says. "This isn't going to be something we are going to rush into. We're trying to approach this in a very methodical, strategic way. Of course our primary focus will be on housing for students or developing the property to help the school accommodate new classrooms and programs."
College President Larry Thompson says Ringling will continue to purchase properties that fit into the school's plan for growth. "Ringling College has developed a strategic plan that includes the possible acquisition of select properties that are close to the college's campus," he says.
• Fort Myers-based Stevens Construction Inc. has completed the renovation of the Florida Eye Health vision center at 109 Taylor St. in Punta Gorda. The center houses the office of cataract and LASIK specialist Dr. Jonathan M. Frantz. Designed by ABM Design Services Inc., the 2,400-square-foot facility includes the vision care center, a retail optical store and administrative offices.
• Sperry Van Ness, one of the nation's largest commercial real estate investment brokerage firms, has opened a new office in Port Charlotte at 4045 Tamiami Trail. Satya Voleti will now serve as managing director and principal broker for Sperry Van Ness, and Vijay Samtani will serve as an associate advisor. The new office is part of Sperry Van Ness' national expansion plan. In the past five years, the brokerage has grown from nine to more than 150 markets.
• The U.S. Veterans Administration purchased 295 acres of cattle ranch land on Clark Road four miles east of Interstate 75, previously known as Hawkins Ranch, for a national veterans cemetery. The property cost the VA $14 million. Currently, the closest VA cemetery is Florida National Cemetery in Bushnell, which is 110 miles from the city of Sarasota.
• Carlisle and Co. Inc., a Sarasota based general contracting firm, has been selected to renovate the Sarasota Hyatt. The $10.5 million renovation includes replacing the plumbing in the building, upgrades to all of the 294 guest rooms and improvements to many of the public spaces. The hotel will remain in operation during the renovation.
The initial phase of the project, including the upgrades to the guest rooms, is scheduled for completion by the end of 2007.
• Richard and Kirsten Suss have launched Sarasota's RKSuss Real Estate Group. The company is designed to assist developers and new home sales associates.
Keller Williams buys Channelside
building for new office
BUYER: Smart Channelside Properties LLC (principal: T. Christopher McLaughlin Jr.), Lakeland
SELLER: Grand Central at Kennedy LLC
PROPERTY: Grand Central at Kennedy Offices, units 2L and 2M, building E, Kennedy Boulevard between Meridian Avenue and Channelside Drive, Tampa
PRICE: $1.313 million
LAW FIRM ON DEED: Phelps Dunbar LLP, Tampa
PLANS, DESCRIPTION: Lakeland's Chris McLaughlin, who owns Keller Williams real estate brokerage offices in Sebring, Winter Haven, Lakeland and New Tampa, purchased two units, a total of 4,700 square feet, in Grand Central at Kennedy for $1.3 million.
The goal of the new office is to create a new brokerage office Keller Williams Tampa Central, according to Rod Lovell, general manager for Keller Williams Central Florida.
"It's a central location with easy access to all of Tampa," Lovell says. "It is a separate LLC which is owned by Chris McLaughlin. Temporarily the brokerage is already open in the Victory Lofts building. It's only been open a week and already there are 100 agents."
The office space is currently being renovated, and the new office is expected to open by the end of June.
McLaughlin's purchase entity mortgaged the new office condominium space to Citrus & Chemical Bank for $1.2 million.
buys Dixon Legal for condos
BUYER: Advanced Development Corp. (principals: Richard Barner Jr. and Frank Mooney), Ocala
SELLER: Dixon Legal Center LP
PROPERTY: 620 E. Twiggs St., Tampa
PRICE: $1.95 million
PREVIOUS PRICE: $800,000, December 2001
LAW FIRM ON DEED: Neil S. Schecht PA, Tampa
PLANS, DESCRIPTION: Ocala-based Advanced Development Corp. purchased a nearly 20,000-square-foot Class-C office building known as The Dixon Building for $2 million. The new owners are converting the building into about 20 business condominium units.
"Our main argument is that when you are renting you are throwing your money away," says Mike Richards, Realtor for the project and a minority partner in the deal. "Why not buy when it's not that much more expensive than renting and can sometimes be cheaper. Plus you get all the great tax advantages along with appreciation."
The units, most of which are less than 1,000 square feet, are priced from $250 to $275 per square foot with CAMs.
"We're pairing this project with another 20-unit office condominium project we are doing at 711 North Florida with much larger units," Richards says. "That way we have a product available for a number of different-sized users."
Advanced Development is primarily known for its residential projects, but recently the developer has expanded into strip centers and office condo conversions.
Advanced Development mortgaged the property to Mercantile Bank for $1.92 million.
BUYER: Franklin Metro LLC (principal: Mark Levey), Tampa
SELLER: CDS Partner LLC
PROPERTY: corner Falkenberg Road and Tuscany Ridge Drive, Brandon
PRICE: $2.2 million
PREVIOUS PRICE: $600,000, October 2006
LAW FIRM ON DEED: Gray Robinson PA, Tampa
PLANS, DESCRIPTION: Windwatch Properties, Tampa's Roche Surety & Casualty Co. and the still-in-organization bank Gulfshore Bank purchased slightly more than two acres on Tuscany Ridge Drive near the high traffic corner of Falkenberg Road and the Courtney Campbell Causeway for $2.2 million.
The new owners plan to develop a 28,000-square-foot, three-story building on the site to serve as the corporate headquarters for Gulfshore Bank, according to Mark Levey, of Windwatch Properties and a director in the future bank.
The site is near a planned major development by Developers Diversified at the northeast corner of Falkenburg Road and the causeway.
As the Review reported in February, Inland Retail Real Estate Trust, which is now owned by Developers Diversified, has site approvals on 41 acres there for 450 residential units, 230,000 square feet of retail space, 145,000 square feet of office space, a 140-room hotel and three OSI Restaurant Partners Inc. restaurants.
"People coming out of one of the restaurants sites will be facing our piece of land," Levey says.
Construction is scheduled to start on the office/bank building in September for a May or June opening. The general contractor for the building is ABI Construction Services.
The bank building is scheduled to be Gulfshore Bank's second location when it opens. The bank's first location - a former Mercantile Bank building at 3201 South MacDill Avenue, Tampa - is scheduled to open in July.
Franklin Metro LLC mortgaged the Brandon site to Nexity Bank for $1.28 million.
• Paul Margarone signed a lease for 3,672 square feet of industrial space in the Gateway 49th Industrial Park at 12003 49th St. N., Clearwater, from Gateway 49th LLC. Carolyn White of the Ross Realty Group represented the landlord.
• Winward Homes LLC has agreed to lease 4,322 square feet of retail space in Terrace Walk Plaza at 5681 Fowler Ave., Tampa, from Terrace Walk Plaza. Patty Malia of the Ross Realty Group represented the landlord.
• Kristin Baer and Reuben Jones leased 2,228 square feet of industrial space in Bayside 44 at 12555 44th St. N., Clearwater, from Bayside Industrial Park. Carolyn White of the Ross Realty Group represented the landlord.
• Parrish Res Ipsa Inc. purchased building F in BaLaye Office Park at 1123 Marbella Plaza Drive, Tampa for $609,900 or $217.82 a square foot from Marbella Properties LLC. Orlando-based Homeland Realty Services represented the buyer, and GVA Advantis represented the seller.
• Special Data Processing leased 8,720 square feet at 13100 56th Court in Clearwater in Rubin Center Ulmerton. Special Data Processing provides storage for paper products. Kirk Milne with Rubin Real Estate, negotiated this transaction.
• The Tampa Division of Tri-City Electrical Contractors Inc. won two ABC Eagle Awards in the 2007 ABC Excellence in Construction Awards Competition for its work at The Pines at Sarasota ($1 to $3 Million Electrical Category) and the Tampa International Airport Remote Parking Garage ($5 Million Electrical Category).
• David Sobelman of the Calkain Cos, a national real estate investment brokerage firm, recently handled the sale of Taco Bells in Tampa and Lakeland. The sites are currently occupied and operated by Yum! Brand, Inc. the parent company of Taco Bell. Calkain has offices in Tampa; Reston, Vir.; Nashua, N.H.; and McHenry, Md.
• Jacobs Engineering Group Inc. received a contract from the Florida Department of Transportation District Seven to provide design improvements on U.S. 19 from the Pinellas County Line to the Hernando County line. The project involves designing continuous right-turn lanes, improving drainage, reconstructing signals, modifying medians, and relocating existing lighting.
• Citizens Property Insurance Co. leased 60,000 square feet in Progressive-Sabal Building at 3802 Coconut Palm Drive in Tampa from PGR Owner LLC. Grubb & Ellis Phoenix Realty represented the lessee.