Commercial Real Estate Briefs

By Business Observer Staff
| 6:00 p.m. February 29, 2008
| 2 Free Articles Remaining!

Manatee-Sarasota

by Sean Roth | Real Estate Editor

SARASOTA-MANATEE

Contemporary Cabinets buys Coke plant

BUYER: Contemporary Cabinets LLC (principal: Larry Hollander), Sarasota

SELLER: Coca-Cola Enterprises Inc.

PROPERTY: 1126 N. Lime Ave., Sarasota

PRICE: $3.05 million

LAW FIRM ON DEED: Miller & Martin, Chattanooga, Tenn.

PLANS, DESCRIPTION: Sarasota-based Contemporary Cabinets purchased the two-building, 38,671-square-foot Coca-Cola distribution facility on Lime Avenue for $3.05 million.

"This is going to allow us to grow from being local and regional to a national manufacturer of cabinetry and closest," says Larry Hollander, president of Contemporary Cabinets. "Finally we'll have the room we need. We're planning on developing more of an Internet presence and opening a string of cabinetry dealers."

Contemporary Cabinets currently occupies 15,000 square feet in three nearby buildings. Coke is expected to lease the center until sometime in June when Anheuser-Busch/Corona distributor Gold Coast Eagle vacates its distribution center at 2150 47th St., Sarasota. Coke bought the Gold Coast Eagle distribution facility in early 2007 for $8.8 million. Gold Coast Eagle is currently developing a larger distribution facility for itself in Lakewood Ranch.

Hollander is planning to do little renovation to the building, but will create a 6,000-square-foot showroom to appeal to local buyers.

"They have a larger mural of Coke, so we'll probably change that to a larger mural of cabinetry," Hollander says jokingly. "But in general this just gives us an abundance of room to stage our product to deliver and install it on time."

The building also sits on 4.25 acres allowing the cabinetry company the option of expanding on the site at a later date. If Contemporary Cabinets's growth rate continues, Hollander expects to double the company's employees to around 60 in two years.

Contemporary Cabinets mortgaged the building to The Lending Source LLC for $1.24 million.

OE Racing moves

to Centre building

BUYER: OE Racing LLC (principals: James Moore and Lance Bullock), Sarasota

SELLER: J-Mac of Florida LLC

PROPERTY: 1916 72nd Avenue East, Sarasota

PRICE: $2.18 million

LAW FIRM ON DEED: Icard Merrill Cullis Timm Furen & Ginsburg PA, Sarasota

PLANS, DESCRIPTION: Jim Moore's OE Racing purchased a 27,500-square-foot warehouse/office building in Centre Park Industrial for $2.18 million. The company, which previously occupied several buildings in the same industrial park, sells custom wheels and tires almost exclusively over the Internet.

"This is just a much larger space for us," says Lance Bullock, operations manager with OE Racing. "Our business has just grown. We have aggressive pricing, and all of us work about 80 hours a week, which helps on the overhead."

OE Racing mortgaged the building to Community Bank of Manatee for $1.86 million

Carl Wise, president of Preferred Commercial Inc., represented the buyer, and Lisa Anthony of Wagner Realty was the listing broker.

Investor buys tattoo parlor

BUYER: Kim Rueter Co. (principal: Kim Rueter), Grand Junction, Iowa

SELLER: David and Sylvia Groom as trustee of the David C. Groom Revocable Trust

PROPERTY: 2721 N. Tamiami Trail, Sarasota

PRICE: $1.35 million

PREVIOUS PRICE: $45,000, February 1974

LAW FIRM ON DEED: Gibson Kohl-Helbig Wolff & Hric PL, Osprey

PLANS, DESCRIPTION: Real Estate investor Kim Rueter purchased a 3,000-square-foot building on Tamiami Trail north of Indian Beach Drive for $1.35 million. The two-story building, which houses a tattoo parlor, sits on a 9,000-square-foot lot north of a 16,379-square-foot former gas station parcel, Rueter already owns.

Rueter plans to demolish the purple building and to market the two parcels as a single 0.58-acre site to business for development, according to Rueter's real estate agent Ken Morrissey of Re/Max Properties.

"That is one of the most viable pieces of real estate on the North Trail," Morrissey says. "It's one of the only signalized intersections on the market right down all the way down to Sarasota Memorial [Hospital]. It's directly across from Ringling College [of Art and Design]."

The sites, which share neighborhood transition zoning, have seen a lot of interest from high-end retailers and food service companies according to Morrissey.

Rueter, who is now retired, was formerly part of Reuter's, a family-owned construction and agricultural equipment retailer with locations in Iowa and Denver.

Rueter's purchase entity, Kim Rueter Co., mortgaged the northern building parcel to People's Trust & Savings Bank for $1.41 million.

Etc...

• Chicago-based auction firm Sheldon Good & Co. selected Prudential Palms Realty and Rooks Morris Real Estate, two Sarasota real estate firms, as its strategic partners in the greater Sarasota County-Manatee County areas. The two Sarasota firms have a combined total of nearly 300 agents in nine offices. The strategic alliance lets the two Sarasota firms offer properties at Sheldon Good & Co. real estate auctions.

• Bradenton-based home builder Taylor Morrison has signed an agreement with Disneyland Resort to be an exclusive home-building partner of the resort's Innoventions Dream Home in Tomorrowland. Taylor Morrison joins Disneyland partners Microsoft, HP and Life|ware in the development and design of the approximately 5,000-square-foot home, created to showcase current and future technology in one complete package. The Innoventions Dream Home, set to debut in late May, will be built by Taylor Morrison, utilizing the homebuilder's design and construction experience and is part of a five-year partnership agreement with Disneyland Resort. The home is a modern-day successor to the amusement park's original House of Tomorrow.

The Innoventions Dream Home revolves around an interactive experience featuring the fictional Elias family as they prepare for a trip to the World Soccer Championships in China where their son is competing. Elias family members rotate through the house, interacting with guests in various rooms while experiencing cutting-edge technologies.

The five-year partnership marks the second time Taylor Morrison has done work for Disneyland. The company also constructed Main Street USA at Disneyland-Paris in the 1990s. Taylor Morrison, Inc., is a wholly owned subsidiary of Taylor Wimpey plc.

• Tom Wessel Construction Corp. completed construction on the clubhouse for The Lake Club in Lakewood Ranch. The 25,000-square-foot clubhouse features a day spa, steam rooms and sauna and athletic center.

• Wagner Realty has been retained to market the homes at Legends Bay at IMG Academies. Ruben-Holland is developing the community with Gibralter Homes and Arthur Rutenberg Homes.

• Sarasota County leased 3,000-square-feet of office/warehouse space at 6121-B Clark Road, Sarasota from Fasting Inc. Barry Seidel of American Property Group handled the transaction.

• Kevin Heiss, account executive for Largo Capital Inc. in Sarasota arranged $2.95 million in first mortgage financing for the U.S. Bank Shopping Center in Rochester, Minn. Heiss secured a 10-year interest only loan for the borrower at a fixed rate of 5.44%.

• TD Ameritrade leased 2,986 square feet of retail space in 1350 Main St., Sarasota from Landchess LLC. Barry Seidel of American Property Group handled the transaction.

TAMPA BAY

Vegas developer plans Westshore Element

BUYER: GKT 5 LLC, Las Vegas

SELLER: RR Tampa LLC

PROPERTY: 4410 Boy Scout Blvd. and additional lot in West Shore Estates north of Interstate 275 west of Dale Mabry, Tampa,

PRICE: $4.1 million

TITLE FIRM ON DEED: Bayshore Title Insurance Co.

PLANS, DESCRIPTION: Las Vegas-based LaPour Partners, a company founded and headed by Jeff LaPour, purchased 2.5 acres at the corner of Manhattan Avenue and Boy Scout Boulevard in the new TriPointe development area of Tampa for $4.1 million.

LaPour plans to develop a 12-story, 170-room extended-stay Element hotel by Westin. Construction on the hotel is scheduled to start March 15, and completion is slated for mid-to-late 2009.

"We're a regional company that primarily does hospitality and suburban office and industrial development [principally in Arizona, Nevada and California]," LaPour says. "This is our first deal in Florida, although we're looking at several other opportunities throughout the state. We should go vertical in June."

LaPour says the Westshore market held a lot of appeal for the company.

"It's not often you see so many demand generators in one area," LaPour says. "You've got the best office space inventory in Tampa. All of the top retail and restaurants are present. You have a high-volume airport. There's all the tourism-related attraction. You've even got Raymond James Stadium, Yankee spring training and proximity to the beaches."

Westshore has also collected its share of other larger hotel flags, but LaPour says the Element's new design and youth will give it an edge over the competition.

The new hotel is being designed by Merriman Associates/Architects of Dallas, and Construction Management Technology (CMT) of Addison, Texas, will be the contractor.

The Tampa hotel will be LaPour Partners' third Element. The company has one under construction and a second in permitting in Las Vegas.

The TriPointe development will also feature a 50,000-square-foot, four-story office building, called TriPointe Plaza and anchored by Synovus Bank of Tampa Bay, and 380-space parking garage with a high-end restaurant. Paula Buffa of GVA Advantis has been retained by the developers of TriPointe Plaza, CMT, to lease up the office in TriPointe Plaza.

Tampa developer

buys Mercantile Building

BUYER: McNulty Station LLC, St. Petersburg

SELLER: One Progress Plaza LLC

PROPERTY: 240 First Ave. S., St Petersburg

PRICE: $3.57 million

LAW FIRM ON DEED: Goldberg Law Group PA, St. Petersburg

PLANS, DESCRIPTION: An investment group managed by real estate developer Jon Wittner purchased the 15,660-square-foot Mercantile Building in McNulty Station from One Progress Properties for $3.57 million. Wittner plans to convert the four-story office building into a commercial condominium.

"What I liked was the location and the design of the building," Wittner says. "It's in the epicenter of downtown St. Petersburg and right next to Bank of America Tower. It's about 75% occupied now."

The new ownership plans to renovate the facade of the building and improve the landscaping. Wittner expects to market the upper three floors, 4,000 square feet each, for $1.2 million. The bottom floor bank branch, which is currently leased to Mercantile Bank, is listed for $2.6 million.

"The biggest thing is we're presenting this to companies as a chance to own in downtown St. Pete," Wittner says. "Office condos there are rare."

Wittner previously developed a Rooms To Go store in Wesley Chapel and the 42,000-square-foot Shoppes of Wesley Chapel.

The purchase entity McNulty Station LLC mortgaged the building to Cornerstone Community Bank for $3.14 million.

Honolulu investors

buy Tampa AutoZone

BUYER: S.A.F.O. Inc. (principal: Heine and Leiann Fountain), Honolulu

SELLER: Gunna Development LLC

PROPERTY: 5702 S. Dale Mabry Highway, Tampa

PRICE: $2.6 million

PREVIOUS PRICE: $725,000, October 2005

LAW FIRM ON DEED: Char Sakamoto Ishii Lum & Ching, Honolulu

PLANS, DESCRIPTION: S.A.F.O. Inc., a company led by Heine and Leiann Fountain of Honolulu, purchased a 6,000-square-foot retail building on Dale Mabry Highway for $2.6 million. The building is leased to AutoZone Stores, which signed a 20-year lease on the property in July. Calls to the Fountains for comment were not returned prior to deadline.

Dan Rossini of Grubb & Ellis Gundaker Commercial in Missouri was the listing agent for the sale.

GVA gets Oldsmar Galleria

GVA Advantis has been retained by JES Properties Inc. to exclusively lease the retail development in Oldsmar Galleria, a newly constructed 60,000-square foot mixed-use project in downtown Oldsmar.

The first and second floors of the project consist of 25,000 square feet of retail and commercial space. Retail space totaling 12,000 square feet, will be exclusively leased by Jan Chaffee, director of office and retail services for GVA Advantis. Available retail spaces range from 737 square feet to 5,170 square feet of contiguous area. The second floor serves as the corporate office of JES Properties. Fifteen two-story town homes and five one-story residential units comprise the second, third and fourth floors of the project.

Etc...

• Utopia Inc. leased 3,530 square feet of office space in Northwood Commons at 2454 McMullen Booth Road in Clearwater from Northwood Commons LLC. Alan Feldshue of Colliers Arnold represented the landlord.

• The Bureau of Alcohol, Tobacco, Firearms and Explosives leased an additional 3,516 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.

• Security National Mortgage Company leased 3,500 square feet of office space in Gateway at Ninth at 8950 Dr. Martin Luther King St. N., St. Petersburg from BDI Properties, LLC. Alan Feldshue and Melanie Jackson of Colliers Arnold represented the landlord.

• Southern Crafted Homes plans to start construction in the next 60 days on a community pavilion at The Preserve at Quail Woods, a gated community located on Sora Boulevard west of Interstate 75 in Wesley Chapel.

• The Mele Group of Marcus & Millichap reports that in 2007 it sold 19 self storage properties, totaling slightly more than $98 million in sales. So far Mike Mele and Scott Rutherford look to be on track to beating that figure. The duo has already closed almost $15 million in January and has another $60 million under contract.

• Cuhaci & Peterson Architects, based in Orlando, was awarded the contract to design a Starbucks restaurant in Tampa. The 1,000-square-foot Starbucks will be located at Florida Avenue and Channelside Drive.

• Ruskin's Little Harbor, has completed and opened the Antigua Cove Marina. Located on Tampa Bay's South Shore, Antigua Cove features 99 floating concrete docks and slips for 40-foot, 50-foot and 60-foot vessels.

• Construction has started on a Pinellas County Job Corps Center in the Dome Industrial Park Project in St. Petersburg. Designated by the U.S. Secretary of Labor as an official Job Corps site.

LEE-COLLIER

PF Holdings buys Lynwood Square

BUYER: PF Holdings Florida LLC (principals: Scott True and Don and Marie Pizzuti), Naples

SELLER: Lynwood Square of Naples LLC

PROPERTY: 12820 Tamiami Trail N., Naples

PRICE: $2.7 million

PREVIOUS PRICE: $2.11 million, April 2002

LAW FIRM ON DEED: Paulich Slack & Wolff PA, Naples

PLANS, DESCRIPTION: PF Holdings Florida LLC, a limited liability company managed by Scott True and Boston's Don and Marie Pizzuti, purchased the 14,474-square-foot retail center Lynwood Square on U.S. 41 south of Wiggins Pass for $2.7 million.

The center is fully leased and houses The Wine Merchant, Gates, an immigration law office, a nail salon and the Trail Cafe.

"We liked the location and age of the property, but mainly we liked that it was an 100% occupied, cash flowing property," True says. "We also thought it was a great price, especially for Naples property. We're tying to build up a portfolio of retail, commercial properties and hopefully an eventual apartment complex."

The purchase price equates to a 9% capitalization rate. The new ownership plans to make minor cosmetic changes and views the center as a long-term investment.

The same group of investors own roughly 12 properties from Palm Harbor to Naples. In June, PF Holdings Florida purchased the 11,000-square-foot Horizon Plaza shopping center on Tamiami Trail in Fort Myers for $2 million.

"We're looking at nearly any type of investment in real estate as a long as it's cash-flowing," True says.

Timberstone Group

buys Arborgate land

BUYER: TGI Fort Myers-Treeline LLC, Holland, Ohio

SELLER: 100 Treeline East LLC

PROPERTY: 10676, 10680 and 10688-10698 Colonial Blvd., Fort Myers

PRICE: $9.3 million

LAW FIRM ON DEED: Henderson Franklin Starnes & Holt PA, Fort Myers

PLANS, DESCRIPTION: Holland, Ohio-based commercial developer Timberstone Group Inc. purchased three tracts in Arborgate south of Colonial Boulevard and east of its intersection with Treeline Avenue for $9.3 million. The developer declined to comment on the purchase.

Timberstone has announced plans to develop that intersection as a 68,000-square-foot mixed-use development and outparcel called Arborgate Center. The first phase of the development is expected to be 35,000 square feet. Space in the center is being marketed for $25.50 a square foot triple net.

The developer's limited liability company TGI Fort Myers-Treeline LLC mortgaged the property to Regions Bank for $19.18 million.

Timberstone specializes in developing retail properties in the Midwest and Southeast. The developer has also announced plans to develop a 250,000-square-foot retail center called Palm Pointe Shoppes on U.S. 41 north of College Parkway in Fort Myers.

Pro-Build closes

on Cox Lumber land

BUYER: Pro-Build Real Estate Holdings LLC (Fidelity Capital Operating LLC), Boston

SELLER: Cox Lumber Co.

PROPERTY: 6850 Taylor Road, Punta Gorda

PRICE: $2.6 million

PREVIOUS PRICE: $700,000, April 1990

PROPERTY: 15900 and 16000 Old 41 and additional land, Naples

PRICE: $4.16 million

PREVIOUS PRICE: $1.2 million, $600,000 and $700,000, June 1999

PROPERTY: 6345 Mcintosh Road, Sarasota

PRICE: $4.9 million

PREVIOUS PRICE: $1.24 million, June 2000

PLANS, DESCRIPTION: As part of its acquisition of HD Supply Lumber and Building Materials' assets, Denver-based Pro-Build Holdings has started closing on HD Supply's Cox Lumber branded local real estate properties.

Pro-Build Holdings purchased lumberyards in Punta Gorda and Naples and a five-building warehouse/distribution facility in Sarasota for a total of $11.7 million. Officials with Pro-Build Holdings did not return calls for comment on the local properties prior to publication.

HD Supply Lumber and Building Materials operated 39 lumberyards in Georgia and Florida, seven truss plants, a construction services division and 10 engineered lumber production facilities. Other brand names owned by HD Supply include Williams Bros. Lumber and Forest Products Building Materials.

In December, Pro-Build acquired Fort Lauderdale-based Rosen Building Supplies as well as Granger Lumber in Jacksonville. Pro-Build has completed 11 acquisitions over the past year month.

Pro-Build currently operates more than 520 lumber and building product distribution, manufacturing and assembly centers in 41 states.

Etc...

• Pelican Bay Development recently negotiated a 20,898-square-foot pre-construction lease agreement with Office Depot at Alico Commons, a 120,000-square-foot retail center scheduled to start this spring on Alico Road at U.S. 41 south of Fort Myers. Alico Commons will include 31,165 square feet of retail space for small shops.

James Nashman, president of Pelican Bay Development, says he is currently completing negotiations with a major grocery chain to occupy some 45,000 square feet in the center.

Standalone retail stores on outparcels at Alico Commons include a 13,013-square-foot CVS Pharmacy, a 5,000-square-foot Florida Bank and a convenience store with 16 pump gas station.

• McGarvey Development has completed construction of the first two flex buildings at East Cape Commerce Center, located near the intersection of Pondella and Pine Island roads in Cape Coral.

The project includes a total of 10 flex buildings totaling 410,000 square feet. The two completed buildings offer dock-high units starting at 4,800 square feet and grade-level loading units from 3,300 square feet.

McGarvey Development also is building the Mid Cape Corporate Center near Pine Island Road and Santa Barbara Boulevard.

• The RWA Planning Group has been awarded contracts with both Highlands and Hendry Counties to conduct rural and agricultural land studies. These studies result from Department of Community Affairs grants to assist rural counties in developing sustainable strategies to manage long-term growth within Florida's heartland. RWA will solicit public input through a series of public workshops to be held in the upcoming months.

RWA Inc. is a Naples-based professional consulting firm that provides land planning, civil engineering and surveying and mapping service.

• CC Turner Inc. has been awarded the 7,500-square-foot expansion of Miromar Outlets in Estero. The expansion will connect phase one and phase six of the project, which are under construction. Gora McGahey Associates in Architecture are the project architects.

• Napco Cos. has completed the four-building Commons at Horseshoe, a professional office complex at 2660 North Horseshoe Drive in central Naples. The development features 15 office suites, about 1,200 square feet each, and are currently available for sale starting at $299,000 or for leaseback.

Napco Construction, a division of the Napco Cos., built the facility.

• Fort Myers-based J.L. Wallace Inc. has completed the renovation of the clubhouse in Naples Heritage Golf and Country Club at 8150 Heritage Club Way. J.L. Wallace added 4,833 square feet to the 18,877-square-foot clubhouse, including a dining room, grill room and a golf cart storage facility. The project also included renovations of the kitchen, storage, restrooms, dining room, offices and exercise room.

• B & I Contractors has been voted "The Best Contractor to Work For" based on a statewide survey conducted by Plumbing and Mechanical Magazine. Aside from a full selection of traditional benefits, employees enjoy yearly holiday parties, annual "dunk the boss" events and company picnics. In addition, there are monthly and annual recognition programs with cash rewards for employees at all levels. B & I Contractors is employee owned.

• Southwest Pool Enclosures leased 3,850 square feet of office/warehouse space at Benchmark Corporate Park, Elevation Way in Fort Myers from Elevation Way LLC. Todd P. Holman of Gates D'Alessandro & Woodyard negotiated the transaction.