Commercial Real Estate Briefs

By Business Observer Staff
| 6:00 p.m. May 25, 2007
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Charlotte–Lee–Collier

Commercial Real Estate Briefs (Lee, Collier)

by Sean Roth | Real Estate Editor

LEE-COLLIER

Dealership buys Naples property,

moving to Pine Ridge Road

BUYER: J&C Auto Sales of Collier County Inc. (principal: Anthony Carter), Naples

SELLER: Andrew and Peter Latos and Savas Konstantinides

PROPERTY: 1701 Pine Ridge Road, Naples

PRICE: $1.8 million

LAW FIRM ON DEED: Law offices of Scott M. Ketchum PA, Naples

PLANS, DESCRIPTION: The used car dealership J&C Auto Sales purchased an 0.86-acre parcel on Pine Ridge Road near Taylor Road for $1.8 million. The dealership, which currently operates at 2390 J & C Blvd. in Naples, is expected to relocate to the new site in about six months, according to company president and owner Tony Carter.

"It's about the same size [as our current site], but it should be a much better location with a lot more drive-by traffic," Carter says.

The timing for the dealership's move is dependent on county approvals, Carter says, but the company plans to gut and renovate an existing 3,272-square-foot retail building. Once the dealership moves, Carter expects to lease out the J & C Boulevard location.

J&C Auto Sales mortgaged the property to the former owners: Andrew and Peter Latos and Savas Konstantinides for $175,000.

Fifth Third Bank planning

third Cape Coral branch

BUYER: Fifth Third Bank (principals: Michelle Vandyke, Janet Nisbett and Gwen Morris), Grand Rapids, Mich.

SELLER: Dodge Cape Coral LLC

PROPERTY: 2402 Surfside Blvd., Cape Coral

PRICE: $2.12 million

TITLE FIRM ON DEED: Old Republic National Title Insurance Co., Deerfield Beach

PLANS, DESCRIPTION: Cincinnati-based Fifth Third Bank purchased the northwest corner of Veterans Parkway and Surfside Boulevard in Cape Coral for $2.12 million. The bank is working toward having a new financial service center open there by June or July 2008, according to bank spokesperson Jama Dock.

The new branch will likely be 4,200 square feet with five drive-through lanes, an ATM and seven offices. Each new branch typically employees between five and seven people.

Based on its current schedule for completion, the new office will be the bank's third in Cape Coral. It already has open branches on Del Prado Boulevard and Hancock Bridge Parkway.

As of May 21, the bank had 50 open branches. Fifth Third Bank is scheduled to open a new branch in the Braden River area of Bradenton on May 29.

Land & Sea invests

in Tamiami building

BUYER: Land & Sea Holdings LLC (principals: Gregg Hanifin and Melvin Slawik), Marco Island

SELLER: Branmar Co. LLC

PROPERTY: 11315 Tamiami Trail E., Naples

PRICE: $2.25 million

PREVIOUS PRICE: $260,000, November 1999

LAW FIRM ON DEED: Ronald S. Webster, Marco Island

PLANS, DESCRIPTION: Gregg Hanifin and Melvin Slawik's Land & Sea Holdings purchased a 4,000-square-foot commercial building on Tamiami Trail with a parking lot for $2.25 million. Hanifin says the property was acquired as an investment, and that the partners' real estate brokerage Land & Sea Realty Inc. will be relisting it.

"We will sell it for $3.5 million," Hanifan says. "It would be about $18 a square for a lease. It's just a great piece of property down by St. Andrews Boulevard."

Land & Sea Holdings LLC mortgaged the property to Olde Cypress Community Bank for $1.8 million.

ETC...

• Community Engineering Services has started work on a new warehouse at 16601 Old U.S. 41 in Fort Myers for Rosen Building Supplies Inc. Community Engineering Services is providing surveying, site planning, engineering 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.

• The Cape Coral Community Redevelopment Agency selected MSCW Inc., an Orlando-based planning, design and civil engineering firm, to provide consulting services for the New Urbanism Design for Public Spaces Plan, which is part of the city's overall Downtown Community Redevelopment Area Plan.

MSCW will be working with the Cape Coral CRA to develop a plan that reinforces and establishes the area' distinctive character.

• Owen-Ames-Kimball Co.'s construction management services will soon complete the new City of Marco Island Police Department headquarters, a two-story building at 51 Bald Eagle Drive.

• An agreement has been reached between RE/MAX Edge and RE/MAX of Florida Inc. to open a new franchise in Fort Myers. Michael Bukowski has signed a purchase agreement and the new office is expected to be implemented by the end of 2007 or early 2008.

• Fort Myers-based Glory Homes LLC has begun construction on building 700 in Oak Ridge Center, an office condominium in Fort Myers, off Evans Avenue between Colonial Boulevard and Winkler Road. Designed by Alliance Design Group, the single-story building houses four office condominiums totaling 4,250 square feet. Each condominium unit has four offices with kitchenettes, reception areas and conference rooms. Construction of building 700 is scheduled for completion in October.

• Builder MLS LLC leased a 2,000-square-foot office at 963 4th Ave. S., Naples from Weakley Family Properties LLC. Doug Steele of Gates D'Alessandro & Woodyard LLC negotiated the transaction.

• Stevens Construction Inc. has completed construction of a 3,000-square-foot storage facility for Lee County Electric Cooperative at 2501 1st St. W. in Lehigh Acres.

SARASOTA-MANATEE

Sivertsen Commercial Real Estate

developing plans for Tamiami parcel

BUYER: 1750 Tamiami Trail LLC (principals: Thomas and Margaret Sivertsen), Bradenton

SELLER: DeSoto Groves & Development Inc. fka Desoto Development Inc.

PROPERTY: 1750 Tamiami Trail, Port Charlotte

PRICE: $1.4 million

LAW FIRM ON DEED: Riddell Title & Escrow LLC, Sarasota

PLANS, DESCRIPTION: The real estate brokerage/developer Sarasota Sivertsen Commercial Real Estate purchased a retail store on Tamiami Trail near Cochran Boulevard in Port Charlotte next to a K-Mart store for $1.4 million.

The store was previously owned and operated by DeSoto Groves. Tom Sivertsen says he is in talks with a number of retail, service and restaurant users about the site. Sivertsen Commercial Real Estate's 1750 Tamiami Trail LLC mortgaged the property to Community National Bank of Sarasota County for $1.4 million.

At the same time, Sivertsen is nearing completion on a similar retail development at 1500 S. U.S. 41 Bypass in Venice. There, the developer is building a 1,922-square-foot building for Starbucks Coffee Co. interconnected to a 2,600-square-foot building for FedEx Kinkos along with office space for Sivertsen Commercial Real Estate.

"We're planning to deliver these building to both tenants in June," Sivertsen says. "They will typically do a six-week build-out, so the stores should be open toward the end of August.

Lion's Gate Development

announces The Proscenium

After suggesting a new hotel project was in the works for downtown Sarasota in February, Karen Cook and Gary Moyer of Lion's Gate Development are starting to fill in some of the details.

The mixed-use hotel project envisioned to replace the Normandy hotel at 400 Tamiami Trail and several other properties from U.S. 41 to Coconut Avenue and Boulevard of the Arts to Fourth Street, is now called The Proscenium. A proscenium describes a large iconic archway in a theater usually located near the front of the stage.

The project calls for a 225-room luxury five-star hotel with 35,000 square feet of ballroom/meeting/exhibition space, 175 condominium units, 50 lofts, 230,000 square feet of office space, an 800-seat performing arts center and 130,000 square feet of retail/restaurant/entertainment space. The developer also plans to build 59 beachfront hotel rooms on Lido Key along with a restaurant, lounge and wedding pavilion.

The next step for the project is meetings with city staff, the Development Review Committee and neighborhood groups. Still, Cook was optimistic that the project could kick off in a year.

"It's probably going to take 30 to 36 months to construct so that puts its completion date in the fall of 2010," Cook says.

The architects for the project include Perkins Eastman in New York and Lawson Group in Sarasota.

Washington Crossing

to start in '08

BUYER: Business Park at Washington Crossing LLC (Blackpoint & Bison Development), St. Petersburg

SELLER: Lucien, and Elvire, Roland Levey trustee of the Roland Levey Short Form Revocable Trust and Michele Levy Spycher

PROPERTY: Tallevast Road also known as SEC 31-35S-18E,

PRICE: $1.6 million

LAW FIRM ON DEED: Porges Hamlin Knowles Prouty Thompson & Najmy PA, Bradenton

PLANS, DESCRIPTION: Anthony Mazzucca's Blackpoint Group LLC and his financial partners Bison Financial of St. Petersburg have acquired the final eight acres of a planned 27-acre project at the southeast corner of Tallevast Road and U.S. 301 (Washington Boulevard) for $1.6 million.

"We're still waiting for final site approvals," Mazzucca says "We expect preliminary approvals in July. We are shooting to start in the first quarter of 2008."

Following the residential demand slowdown, the developers say they have revised the project to offer more office space. Thee project is also still scheduled to feature a 100-room hotel.

Simply Self Storage acquires

Osprey self-storage site

BUYER: SS Osprey LLC (principal: Kurt O'Brien), Orlando

SELLER: USA Stor-A-Way at Osprey Ltd.

PROPERTY: 660 S. Tamiami Trail, Osprey

PRICE: $7.03 million

PREVIOUS PRICE: $568,000, January 2004

LAW FIRM ON DEED: Gray Robinson PA, Orlando

PLANS, DESCRIPTION: Orlando's OB Cos., which operates self-storage facilities under the name Simply Self Storage, purchased a USA StorAway facility in Osprey from StorAway Self Storage fro $7.03 million. The property was just one of four complexes in Florida the OB Cos. acquired in a portfolio purchase from StorAway. The four facilities house 3,284 individual units and 253,975 of total rentable square feet. The Osprey property is 74,091 square feet, according to Sarasota County Property Appraiser records.

OB Cos. officials declined comment.

OB Cos. is the largest privately held developer and operator of self-storage facilities in the United States and Puerto Rico. OB Cos./Simply Self Storage has more than 11.8 million square feet of storage space in more than 190 operating self-storage facilities.

SS Osprey LLC mortgaged the property to Mortgage Electronic Registration Systems Inc. for $6.36 million.

ETC...

• 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.

• Developer Pineapple Square Properties LLC says that Hyde Park Prime Steakhouse will be part of phase one of its Pineapple Square project in downtown Sarasota. The new Hyde Park Prime Steakhouse will be at the corner of Lemon Avenue and State Street, formerly the Ovo Cafe, and will occupy about 8,000 square feet.

Previously, Pineapple Square Properties LLC announced that Brooks Brothers, Sur La Table and Pastry Art would all be part of the first phase of the project. The three-phase development will eventually feature 30-40 new retailers and 276 residential units.

• Colonial Bank has opened a new office at 1299 North Sumter Blvd., North Port. The new office is Colonial Bank's fifth location in Sarasota County. The 3,617-square-foot office features four drive-thru service lanes and an ATM lane. Colonial Bank contracted with Owen-Ames-Kimball Co. to build the new branch.

• with headshots

Budge Huskey has been promoted to regional senior vice president of NRT's Florida region. Stepping into Huskey's former role as president and chief operating officer for Coldwell Banker Residential Real Estate Inc., Florida's largest real estate brokerage company will be Clark Toole. Toole held a similar role in overseeing NRT's Coldwell Banker Residential Brokerage company in Dallas/Ft. Worth.

In this new role, Huskey will oversee NRT's Florida region consisting of more than 150 Coldwell Banker Residential Real Estate offices and 6,500 sales associates. Huskey will focus on NRT's overall initiatives while Toole will oversee day-to-day operations and report to Huskey.

TAMPA BAY

Pinellas EDC pitching

Toytown to developers

The Pinellas County Economic Development Authority has issued a request for negotiation to developers for a 240-acre redevelopment site known as Toytown. Toytown is a closed landfill site that runs along Interstate 275 in St. Petersburg near the Gateway Business Parks, Jabil Circuit, Home Shopping Network and Danka. Interested developers can see the request and get more information about the site at pced.org/toytown. Submissions are due July 27.

Korman Residential Properties

buys River Chase for $69 million

BUYER: CNLKOR River Chase LLC (principals: John and James Korman and Carolyn Korman-Jacobs), Trevose, Pa.

SELLER: River Chase Florida LLC

PROPERTY: 6900 Aruba Ave., Temple Terrace

PRICE: $68.7 million

PREVIOUS PRICE: $46.25 million, February 2005

LAW FIRM ON DEED: Steckbauer Winhart Jaffe LLP, Los Angeles

PLANS, DESCRIPTION: Korman Residential Properties Inc. purchased the 776-unit River Chase apartments in Temple Terrace. The apartment complex has since been renamed Korman Residential at River Chase.

John Korman, CEO of Korman Residential Properties, says the firm is looking to buy additional properties in Florida, particularly in the area from Orlando to Tampa. Korman Residential has budgeted $1.2 million for renovations and upgrades.

The property features two pools, two tennis courts, a clubhouse with fitness and business centers and a playground. The community was running a 6% vacancy rate as of the real estate research firm CoStar Group's most recent review.

Korman Residential owns 6,000 apartments in Pennsylvania, New Jersey and Delaware. River Chase is the company's first Florida acquisition.

CNLKOR River Chase LLC mortgaged the property to UBS Real Estate Investment for $68.7 million.

Woolbright Development

buys Bloomingdale Plaza

BUYER: Woolbright Bloomingdale LLC (principals: Duane Stiller, Larry Bernick, Soraya Tyriver and Jorge Morell), Boca Raton

SELLER: Watch Omega Holdings LP

PROPERTY: 101 E. Bloomingdale Road, Brandon

PRICE:

PREVIOUS PRICE: $3.11 million, December 1997

LAW FIRM ON DEED: Greenberg Traurig PA, Fort Lauderdale

PLANS, DESCRIPTION: Boca Raton-based Woolbright Development Inc. purchased the 83,192-square-foot Bloomingdale Plaza shopping center in Brandon for $7.125 million or $85.65 per square foot. The Winn Dixie-anchored center, located at the southeast corner of East Bloomingdale Avenue and John Moore Road, has only a single 2,400-square-foot vacancy according to the Woolbright Development Web site and the real estate research firm CoStar Group.

Woolbright Development officials declined comment.

Tenants in the center include a 47,195-square-foot Winn Dixie, Pekelo's of Brandon with 3,600 square feet, Partyland with 3,385 square feet, Westshore Pizza and North American Title Co. with 2,400 square feet each, Valet Cleaners, China One, Peck's Flame Broiled Chicken, A Flower Shop, Nail Spa, Metro Planet, Raydiance Tan, The Dance Center, Quest Diagnostics, Coastal Dental, Kumon Math and Best Buy Liquor.

Woolbright Development Inc. is one of the largest owners of retail real estate in Florida, with about five million square feet of retail and mixed-used real estate in more than 30 projects. Currently, the developer focuses its developments in Orlando, West Palm Beach, Ft. Lauderdale, Miami, Tampa, and Jacksonville.

Woolbright Bloomingdale LLC mortgaged the property to Wachovia Bank NA for $7.7 million.

The Rosen Group

invests in Tampa BJ's

BUYER: RF Tampa LLC (principal: Jonathan Rosen), New York City

SELLER: Compson B. J. Tampa LLC

PROPERTY: 7651 W. Waters Ave., Tampa

PRICE: $18.3 million

PREVIOUS PRICE: $16.95 million, February 2007

LAW FIRM ON DEED: Cooley Godward Kronish LLP, New York City

PLANS, DESCRIPTION: New York City-based real estate developer and commercial property management firm The Rosen Group Inc. purchased a 123,000-square-foot former K-Mart building for $18.3 million. BJ's Wholesale Club currently has a 20-year triple net lease on the building. The property acquisition is planned as a long term investment, according to Joe Maguire, president of The Rosen Group.

The firm, which operates a regional office in Boca Raton, owns a Sweetbay-anchored center on Sheldon Road in Tampa and a second retail center in Homosassa. Maguire says the firm continues to seek out development, redevelopment and investment deals through the state

The Rosen Group owns more than 12 million square feet of office, shopping center and industrial space.

ETC...

• Orlando-based Tilt-Con Corp. completed the School District of Hillsborough County's two-story, 100,500-square-foot Hillsborough Ancillary Office Facility at 3915 E. 21st Ave. in Tampa under its contract with R.R. Simmons Construction Corp. in Tampa.

• Peter Kosoff MD purchased a 2,400-square-foot office building in Balm Riverview Office Park at 9406 Balm Riverview Road, Riverview, from Riverview Property Investors Partnership for $421,000. Mary Clare Codd and Ron Sparks of Colliers Arnold Commercial Real Estate Services represented the seller.

• The Law Offices of Kevin Ambler PA expanded and renewed its lease with PT Associates, LP for a total of 4,521 square feet in Park Tower, at 400 North Tampa Street, Tampa. Jeff Lanning and Jeff Tolrud of Colliers Arnold Commercial Real Estate Services represented the landlord, and Barry Hanerfeld of The Wilson Co, represented the tenant.

• First Charter Funding sublet 3,495 square feet of office space in Harborview Plaza at 3031 North Rocky Point Drive in Tampa from TEKsystems. Mary Clare Codd of Colliers Arnold Commercial Real Estate Services represented the sub-lessor, and Chad Rupp of The Staubach Co. represented the sub-lessee.

• GEA Power Cooling Inc. of Lakewood, Colo., leased 2,328 square feet in Colonial Center Bayside, 17755-57 U.S. Highway19 N. in Clearwater from Colonial Properties Trust. Tom Kennedy, and Richard Andretta in Grubb & Ellis Commercial Florida's Office Group in Tampa represented the landlord.

• Risk Placement Services Inc. of Lutz leased 3,500 square feet of office space in building 7 of SunLake Professional Center, 18950 N. Dale Mabry Highway in Lutz, from Tampa Bay Property Co. Richard Andretta in Grubb & Ellis Commercial Florida's Office Group in Tampa represented the tenant.

• St. Petersburg-based developer the Sembler Co. plans to develop Commercial Boulevard Shoppes, a redevelopment project in Lauderhill, on at the southwest corner of Commercial Boulevard and University Boulevard. Commercial Boulevard Shoppes is currently planned as a 75,000-square-foot center featuring PetSmart, Office Max, Mattress Giant, Chili's, Fifth Third Bank and more. Site work will begin this summer with an estimated opening date of first quarter 2008.