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Commercial Real Estate Briefs
by Sean Roth | Real Estate Editor
LEE-COLLIER
Edens & Avant buys Colonial Crossings
BUYER: Colonial Crossings (E&A) LLC (principal: Jean McLean), Columbia, S.C.
SELLER: Ezon Inc.
PROPERTY: 4600-70 Summerlin Road, Fort Myers
PRICE: $14.3 million
PREVIOUS PRICE: $2.4 million, September 1991
LAW FIRM ON DEED: Roetzel & Andress LPA, Naples
PLANS, DESCRIPTION: Columbia, S.C.-based developer/shopping center operator Edens & Avant purchased the 89,240-square-foot Colonial Crossings shopping center at the southwest corner of Summerlin Road and Colonial Boulevard in Fort Myers for $14.3 million.
The 15-year-old center is anchored by Publix Super Markets and also houses Audibel, Computer Clinic, Cookies by Design, Fast Frame, Florida Nails, H&R Block, Hi Tech Cleaners, Jamal's Jewelry, Matthew Thomas Hair Salon, Mother Earth, Pack & Send, Philly Junction, Regis Corp., Something Special Cafe, Tan USA, Twin Oaks Optical and West Marine. Although not part of the sale, the center also features a McDonalds restaurant and bank as outparcels.
"We are of course bullish on Southwest Florida," says Jami Passer, vice president of South Florida for Edens & Avant. "Statistics show this is one of the fastest growing areas not just in Florida but in the whole country. What attracted us to this particular center was it was very well located in a well established neighborhood."
Further, Passer says the barriers to entry in that area are significant, mainly because of the lack of developable land. The center is fully leased. The company doesn't have plans for immediate improvements to the center.
Edens & Avant already owns University Crossing, an Albertsons-anchored 77,181-square-foot shopping center at Summerlin Road and Daniels Parkway south of Colonial Crossings; the Publix-anchored 68,600-square-foot Coral Shores shopping center in Cape Coral; and the 253,534-square-foot, Winn Dixie-anchored Promenades in Punta Gorda. The company owns a total of 25 statewide.
Liberty Investment Properties
plans second Fort Myers hotel
BUYER: Liberty VP FT. Myers LLC (principals: Liberty Acquisitions LLC, Brian Pelski and Michael Mikkelson), Maitland
SELLER: Winkler Colonial LLC
PROPERTY: 4395 Colonial Blvd., Fort Myers
PRICE: $2.8 million
PREVIOUS PRICE: $1.3 million, November 2004
LAW FIRM ON DEED: Akerman Senterfitt, Orlando
PLANS, DESCRIPTION: Maitland-based Liberty Investment Properties Inc.'s Liberty Lodging LLC purchased five acres of vacant commercial land on Colonial Boulevard for $2.8 million.
The developer has announced plans to develop the site as one of its Value Place, extended-stay hotels. The 129-room business hotel development will also include a 3,700-square-foot detached office building.
The Colonial hotel is Liberty Lodging's second hotel planned for Fort Myers. The company purchased another five-acre parcel at Orange River Boulevard and Procopio Lane in Fort Myers back in July for another planned Value Place.
Officials with Value Place did not comment on the new hotel prior to the Review's publication deadline. However, speaking back in July, Mike Hart, marketing manager for Value Plaza, said Liberty Lodging expects to have 15 Value Places open by the end of 2007 and 50 by the end of 2008.
The company has received a $360 million loan from Goldman Sachs to develop 30 Value Places over the next three to four years. Goldman Sachs Mortgage Co. dedicated $13.4 million to the Colonial Boulevard project.
Location Finders
plans small retail strip
BUYER: Bonita Springs LLC (principal: Michael Rose), Mokena, Ill.
SELLER: James Chisholm
PROPERTY: 11900 Saradrienne Lane, Bonita Springs
PRICE: $1.6 million
PREVIOUS PRICE: $950,000, April 2004
LAW FIRM ON DEED: Roetzel & Andress LPA, Naples
PLANS, DESCRIPTION: Mokena, Ill.-based developer Location Finders International purchased 1.19 acres on Bonita Beach Road between I-75 and Livingston Drive at the entrance to a Home Depot-anchored shopping center for $1.6 million. The developer is planning to build a 5,000- or 6,000-square-foot retail strip center.
Fred Kermani of CB Richard Ellis represented the seller, and Michael Daly of Compass Realty Advisors Inc. represented the buyer.
Daly expects the company to start construction after the first of the year mainly because of necessary permitting approvals.
The roughly 34-year-old Illinois development company, headed by Michael H. Rose, has built more than 90 projects, principally in Illinois, Indiana, Ohio and Colorado.
Bonita Springs LLC mortgaged the property to Park National Bank for $1.2 million.
Etc...
• Karen Moore leased unit 114 at 8695 College Pkwy., Fort Myers in The Atrium Executive Center from The Atrium of SW FL for Golden State Ranche Inc. Robyn Wright and Alex Wright of Gates D'Alessandro & Woodyard LLC handled the transaction.
• Cariel Properties, LLC purchased 7,522 square feet of warehouse space at 7890 Interstate Court, Fort Myers from IAD Capital Corp. for $605,000. John Kremski of Gates D'Alessandro & Woodyard LLC negotiated the transaction.
• Bob's Barricades Inc. leased 9,450 square feet for its barricades and temporary traffic control business in Bayshore Road Industrial Park at 17610 East St., North Fort Myer from IAD Capital Corp. for seven years. John Kremski of Gates D'Alessandro & Woodyard LLC handled the transaction.
• Fort Myers-based McGarvey Development has begun construction on the East Cape Commerce Center at the intersection of Pondella and Pine Island roads in Cape Coral. The project will include 10 flex buildings totaling 412,000 square feet. The buildings will offer dock high and grade level loading with units starting at 1,500 square feet.
McGarvey Development also is building the Mid Cape Corporate Center near Pine Island Road and Santa Barbara Boulevard. Construction on three flex buildings and one office building at the Mid Cape Corporate Center is complete, with additional office building construction planned.
• Owen-Ames-Kimball Co. completed construction of the Canterbury Upper School campus expansion. The expansion included several new buildings and complete site work, such as a two-story 37,173-square-foot classroom building, a one-story 4,550-square-foot music/drama building, a one-story 2,525-square-foot administration building and a separate fire pump building to the west 22 acres of the already established campus.
The new classroom building includes a lecture hall and physics, art, chemistry, biology and general science laboratories. The music/drama building has soundproof practice booths. Outside, practice athletic fields were added to the site, and the existing tennis court was renovated and expanded.
SARASOTA-MANATEE
Holiday Cove RV Resort sold, may turn condo
BUYER: Holiday Cove RV Resort LLC, Bradenton
SELLER: Federal Resort Properties Inc.
PROPERTY: 11900 Cortez Road W., Bradenton
PRICE: $5.39 million
PREVIOUS PRICE: $2.6 million, May 2000
LAW FIRM ON DEED: Livingston Patterson Stickland & Siegel PA, Sarasota
PLANS, DESCRIPTION: McLean, Va., RV park consultant David Gorin, president of David Gorin and Associates, and an undisclosed real estate developer purchased the 8.8-acre Holiday Cove RV Resort for $5.4 million. Gorin declined to release the name of his partner. The camp features 112 RV spaces and 22 docks on a saltwater canal.
Jeff Button and Bill Kleiber both of Richardson Kleiber Walter handled the transaction. The purchase price equates to $48,102 per space.
Gorin says the owners are still evaluating their plans for the site but are said to be strongly considering selling off the individual spaces.
"For now they're focused on improving the park," Button says. "They're planning to spruce up the clubhouse and improve the pool area, water and sewer systems and landscaping. Then they will look at the ownership structure." Gorin says the owners may make a decision on the park as early as this winter.
"I think this park was a find," Gorin says. "It's in a particularly desirable location, and it's on the water. You can walk right from the park to the beach."
The new ownership Holiday Cove RV Resort LLC mortgaged the park to Federal Resort Properties Inc. for $1.89 million and to Whitney National Bank for $4.17 million.
Amsdell family
buys site for self storage
BUYER: Rising Tide Development LLC (Mizzen LLC), Middleburg Heights, Ohio
SELLER: Climatized Self Storage Construction Co. LLC
PROPERTY: 2145 University Parkway and single-family residential, 8440 Florida St., Sarasota
PRICE: $1.75 million
PREVIOUS PRICE: $250,000, January 2005; $250,000, October 2005; and $330,000, September 2003
LAW FIRM ON DEED: Moraitis Cofar Karney Moraitis, Fort Lauderdale
PLANS, DESCRIPTION: The Amsdell Cos. purchased a vacant 2.5-acre site on University Parkway for $1.75 million. The company plans to develop the site as an 80,000-square-foot self-storage facility.
"I want to get started as soon as possible," says Robert Amsdell. "We spent a long time going though the zoning and land use approvals. We're in the process of permitting, and we should be able to get started in the next 60 days or so."
Amsdell says the company has spent a lot of time to make sure the ascetics of the new building are consistent with the neighborhood.
"It's going to have the appearance of an office building," he says. "This is going to be a very upscale facility without a lot of the silly frills of some of the other projects. It's not going to have things like wine storage or boat storage." He expects construction to take six months.
Amsdell is a well-known name in the self-storage business. Until earlier this year, he and his family made up much of the management of the Cleveland-based self-storage REIT U-Store-It Trust that Robert and Barry Amsdell founded in 1970.
In February, Robert, Barry, Todd, and Kyle Amsdell left U-Store-It in a legal spat with the company that featured charges of financial double-dealing and corporate backstabbing. Four days before Rising Tide Development closed on the University Parkway property, U-Store-It Trust settled all legal issues with the Amsdell Family and acquired 14 facilities from it for $121 million.
Tempus Electronic owner
building new home, more
BUYER: Casey Holdings LLC (principal: Brett Price), Bradenton
SELLER: Lena Place LLC
PROPERTY: 7509, 7515, 7519 and 7525 Pennsylvania Ave., Sarasota
PRICE: $1.4 million
PREVIOUS PRICE: $1.1 million, November 2005
LAW FIRM ON DEED: Chapman, Chapman & Chapman PA
PLANS, DESCRIPTION: Brett Price's Casey Holdings LLC purchased 5.88 acres in University Park of Commerce north of the Sarasota-Bradenton International Airport for $1.4 million.
The main reason for the purchase, according to Price, was the need to find a home for his residential systems integrator company Tempus Electronic Lifestyles after the former Acterna building at 2501 63rd Ave. E., Bradenton was sold. With its approvals in place at the time of the sale, Price has started construction on the site work for a 61,500-square-foot four-building office/warehouse/showroom development, preliminarily called Pennsylvania Station or Penn Station.
Tempus, which currently occupies 20,000 square feet at 1074 N. Orange Ave. in Sarasota, will be the anchor tenant in the complex.
It will occupy the largest building of the four, a 31,500-square-foot structure. The remaining three buildings will be 10,000 square feet each and will be put up for lease.
"One of our biggest problems in finding space has been finding a place where we could park our fleet, have room for our office staff and still get customers in," Price says. "We'll have a total of 179 spaces there."
George Palermo Architect Inc. designed the buildings, and Jeff Charlotte's J. E. Charlotte Construction Corp. is the general contractor for the complex.
Price expects vertical construction on the Tempus building and a second 10,000-square-foot building to start before the holidays. He suspects the two buildings will be completed in the fall.
Steve Horn and Ian Black of Ian Black Real Estate represented both sides in the property sale.
Casey Holdings mortgaged the property to Whitney National Bank for $7.3 million.
Etc...
• Sarasota-based contractor Kellogg & Kimsey Inc. was recently awarded a contract to build a Gettel Acura Automotive Dealership in Sarasota near Clark Road. Ground breaking for the 40,249-square-foot dealership is scheduled for Oct. 15.
TAMPA BAY
Investors acquire Largo's Wachovia building
BUYER: LL Holdings Tampa Inc. (principals: Michael and Leonard Leeds), Tampa
SELLER: 801 W. Bay LLC
PROPERTY: 801 West Bay Drive, Largo
PRICE: $8.88 million
PREVIOUS PRICE: $5.5 million, November 2005
PLANS, DESCRIPTION: An investment group headed by Michael Leeds, president of RMC Property Group, and his father Leonard Leeds purchased a 95,000-square-foot office building in Largo for $9 million.
"Our plan is to fix it up," says Michael Leeds. "That corner in Largo is very prominent. It is one of the biggest and tallest buildings in Largo. You can see the Gulf of Mexico from the top floors. We see it as a good investment for the long term."
The new owners plans to renovate the exterior of the building, add to the landscaping, improve the look of the parking and common areas, redo the lobby and elevators and upgrade the building's mechanical system. Leeds declined to say how much money had been set aside for upgrades, but confirmed the budget was considerable.
The eight-story building, anchored by Wachovia, is mainly home to several small and mid-sized companies.
Jane Dizona of CB Richard Ellis is marketing 11 small tenants spaces totaling 14,952 square feet for lease. The new owners plan to particularly target the building to executive office users.
LL Holdings Tampa Inc. mortgaged the building to Regions Bank for $6.35 million.
Bayfront Health System
buys suites in St. Pete
BUYER: Bayfront Health System Inc. (principals: Roy Binger, Bill Heller Bernie Young and Sue Brody), St. Petersburg
SELLER: Bayfront Mob LLC
PROPERTY: St. Petersburg Medical Condominium, 625 Sixth Ave. S. units 105, 115 and 200, St. Petersburg
PRICE: $6.52 million
LAW FIRM ON DEED: Williams Parker Harrison Dietz & Getzen, Sarasota
PLANS, DESCRIPTION: Bayfront Health System has purchased the second floor of the Bayboro Building, a newly built, four-story, 109,000-square-foot medical office complex at the northwest corner of Sixth Avenue South a Sixth Street South in St. Petersburg, for $6.52 million.
Medical developer Optimal Outcomes LLC, owned by Andrew Boggini and Patrick Marston, developed the building, which is adjacent to the new All Children's Hospital complex and Bayfront Medical Center, and transitioned it into medical condominiums. The development also features a separate 800-space parking deck.
The Bayfront Health System's 29,636-square-foot space is dedicated expanding services for the Bayfront Heart Center. The space features four specialized cardiovascular-catheterization labs for arrhythmia studies, stenting and angioplasty; suites for ECHO, EKG and transeophageal echocardiography; and 18 private patient rooms for pre- and post-operative care. The complex has a walkway connector to Bayfront's cardiac intensive care unit in the main hospital. The building will also have a walkway to All Children's Hospital when that new facility is completed.
Marston says that 69% of the suites in the new building have been sold. Optimal Outcomes is listing the space for $2.30 a square foot and is considering lease options. "When we first started the building, we planned to lease it out," Marston says, "but the majority of people we approached about it wanted to own their own units."
Other tenants committed to the building include: Starbucks Coffee Co., obstetric practices of Maternal Fetal Medicine and New Beginnings, Cardiac Surgical Associates, the otolaryngology practice of Trina Espinola and the pediatric orthopedics practice Children's Orthopaedic & Scoliosis Surgery Associates.
Sterndrive Engineering
moving to Oldsmar
BUYER: Sage Ryan Realty Inc. (principal: Gregory Pickren), Clearwater
SELLER: DSC Sales Inc.
PROPERTY: 115 Forest Lakes Blvd., Oldsmar
PRICE: $1.75 million
PREVIOUS PRICE: $650,000, January 1998
LAW FIRM ON DEED: Law Offices of James M. Hammond, Clearwater
PLANS, DESCRIPTION: Greg Pickren's Clearwater-based boat-engine manufacturer Sterndrive Engineering purchased an about 13-year-old 17,300-square-foot warehouse building in Oldsmar for $1.75 million. Joe Lawrence of Coldwell Banker Commercial Wikle Properties in Palm Harbor was the seller's agent, and Steve Klein of Klein & Heuchan Inc. was the buyers agent.
Sterndrive Engineering had previously shared space with sister company PWC engine manufacturer SBT at 1401 N Myrtle Ave., Clearwater. Both companies are owned by Greg Pickren.
The new location offers, Sterndrive Engineering 4,800 square feet of office space and four dock-high overhead loading doors.
ETC...
• Xcelience Pharmasutics purchased a 23,890-square-foot industrial building at 5415 Laurel St., Tampa from Weisman Mandel for $4.89 million. Pat Duffy of Colliers Arnold represented the buyer, and Bill Weisman of Weisman Mandel represented the seller.
• Debrants LLC purchased a 1,220-square-foot office building at 1714 West Cass St., Tampa from WETA LLC for $299,000. Claire Calzon of Colliers Arnold represented the seller.
• Marshalls leased 27,580 square feet of retail space in Woodlands Square Shopping Center at Curlew Road and Tampa Road, Oldsmar from Woodlands Square CRP LLC. Jim Kovacs of Colliers Arnold represented the tenant, and Tom Meredith of RAM Real Estate represented the landlord.
• Digital Hand leased 7,000 square feet of office space in Park Tower at 400 N. Tampa St., Tampa from Sterling American Property Inc. Claire Calzon of Colliers Arnold represented the landlord, and Brenda Dohring of The Dohring Group represented the tenant.
• Tyler & Morgan LLC leased 2,569 square feet of flex space in Thompson Center at 6306 Benjamin Road, Tampa from First Industrial Realty Trust Inc. Mary Clare Codd of Colliers Arnold represented the landlord.
American Residential Services of Florida Inc. leased 14,860 square feet of flex space in Meridian Gateway Center at 3340 Scherer Drive, St. Petersburg, from Meridian Cos. John Dunphy of Colliers Arnold represented the landlord. Josh Tarkow and Jeff Bardin of Advantis represented the tenant.
• Mechanical Services of Central Florida Inc. leased 6,300 square feet of flex space in Meridian Gateway Center at 3340 Scherer Drive, St. Petersburg from Meridian Cos. John Dunphy of Colliers Arnold represented the landlord. James Parker of Coldwell Banker NRT represented the tenant.
• IDEXX Reference Laboratories leased 5,053 square feet of flex space in Pinellas Business Center at 10901 Roosevelt Boulevard, St. Petersburg from Denholtz Associates. John Dunphy of Colliers Arnold represented the landlord, and Deana Adams of Jones Lange LaSalle Americas represented the tenant.
• Romance Pros leased 2,770 square feet of retail space at 9505-9507 Anderson Road, Tampa from Schiefer Motels Inc. Pat Marzulli of Colliers Arnold represented the landlord. Tonna Gruber of Keller Williams Sarasota represented the tenant.
• Registered leased 2,074 square feet of office space in ICOT Center at 13830 58th St. N., Clearwater from VMS Properties LLP. Carol Warren of Colliers Arnold represented the landlord. Melanie Jackson and Alan Feldshue of Colliers Arnold represented the tenant.
• First Class Auto Care leased 2,000 square feet of industrial space at 8820 66th Court, Pinellas Park from Kuttler Kitchens. Pat Marzulli of Colliers Arnold represented the landlord.
• with mug
Lucas Hewett has been named president for the real estate firm GVA Advantis' Florida region. Lucas Hewett most recently served as president for the company's Northwest Florida region.
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