Commercial Real Estate Briefs
by Sean Roth | Real Estate Editor
Collier to develop San Carlos retail, storage areas
BUYER: Collier Florida Properties LLC (principals: Donald and Cynthia Collier), O'Fallon, Mo.
SELLER: DRMJ Enterprises LLC
PROPERTY: vacant commercial, 9.2 acres at the northeastern corner of Babcock Road and Tamiami Trail, Fort Myers
PRICE: $3.2 million
PREVIOUS PRICE: $2.28 million, June 2004
TITLE FIRM ON DEED: Title Group of Fort Myers Ltd., Fort Myers
PLANS, DESCRIPTION: The Collier Organization, a division of the O'Fallon, Mo.-based developer/brokerage Triad Development Co., purchased 9.2 acres at the corner of U.S. 41 and Babcock Road, across from the gated-community The Harborage, for $3.2 million. The plans are to develop a 24,999-square-foot, 19-unit retail center and more than 100,000 square feet of mini-warehouse storage in a development it calls San Carlos Towne Center. Don Collier, with the Triad Development/The Collier Organization in St. Charles County, Mo., will be the general contractor. The entire land has been cleared, filled and has utilities.
The developer has put a 1.76-acre outparcel at the southwest corner for sale for $3 million, according to Marybeth Brooks, a Realtor with Downing-Frye Realty Inc. who is marketing the property. Brooks says pre-leasing for the retail center starts at $20 a square foot triple net.
Michael J. Frye and Bob Riordan of Re/Max Realty Group Commercial Division, represented the seller and Brooks represented the buyer.
The purchase entity Collier Florida Properties LLC mortgaged the 9.2-acre site to Reliance Bank for $11.5 million.
Hadge & Associates buys final
interest in Summerlin land
BUYER: Hadge & Associates LLC, Fort Myers
SELLER: Thomas Woodyard (25% interest) and Jan Baillargeon, personal representative of the Estate of Frank D'Alessandro (25% interest)
PROPERTY: 8030 Summerlin Lakes Drive, Fort Myers
PRICE: $1.06 million
PREVIOUS PRICE: $1.6 million, August 2005
LAW FIRM ON DEED: Wotitzky Wotitzky Ross & Tuttle PA, Punta Gorda
PLANS, DESCRIPTION: Jeanne Hadge's Hadge & Associates LLC has acquired the remaining half ownership in a 3.31-acre site between Summerlin Road and Summerlin Lakes Drive, south of Cypress Lake Drive, for $1.06 million.
Hadge & Associates purchased the remaining 50% ownership interest from the heads of the former real estate brokerage D'Alessandro and Woodyard: Thomas Woodyard and the Estate of Frank D'Alessandro. Woodyard, now owner of his own real estate brokerage, Woodyard & Associates LLC, says that he and Alessandro purchased partial interest in the site to allow Hadge & Associates to acquire it while Hadge & Associates was marketing a nearby 3-acre parcel at the southeast corner of Cypress Lake Drive and Summerlin Road. In November, Hadge & Associates sold that parcel, 7960 Summerlin Lakes Drive, to Northern Trust NA for $3.68 million.
"We had a prearranged sale price so it's not current market value," Woodyard says. "They're probably going to hold it until the market peaks, which shouldn't be long on Summerlin. They are very patient sellers. It will most likely be used as a medical office or professional office building."
Primerica will develop
new retail, office center
BUYER: Charlotte Commons LLC (principal Richard Trzcinksi), Tampa
SELLER: James E Moore III individually and trustee of the Sabbia Monti Trust
PROPERTY: 50 acres at the intersection of Peachland and Veterans boulevards, Port Charlotte
PRICE: $7 million
LAW FIRM ON DEED: Moore and Waksler PL, Punta Gorda
PLANS, DESCRIPTION: Tampa-based Primerica Group One Inc./ Primerica Developments Inc. purchased 50 acres between Veterans, Peachland and Loveland boulevards near Interstate 75 in Port Charlotte for $7 million. The developer plans to develop a retail strip center with several outparcels and a possible three-story, 100,000-square-foot office building. The development is being called Charlotte Commons Shopping Center. However, at the moment the start date for the development is said to be open ended.
"We are working through a development agreement with the county," says George Trujillo, director of marketing for Primerica Group One. "We'll probably have some outparcels there next year, but this is anchor driven for the majority of the project. It's market driven, and at the moment, there's not much of a market down there. Hopefully that will change soon."
The purchase entity Charlotte Commons LLC mortgaged the property to Wells Fargo Bank NA for $18.1 million.
Comcast leased 57,000 square feet of office space at the Eastlinks Business Park from McGarvey Development. The Eastlinks Business Park is located in the Gateway area of South Fort Myers. The new facility will house Comcast's administrative, customer service, sales and marketing, commercial development and dispatch operations.
Eastlinks Business Park is a 46-acre, mixed-use park at the intersection of Daniels Parkway and Gateway Boulevard. The project, which is adjacent to Westlinks Business Park, features 174,000 square feet of office space and 173,000 square feet of flex space in six buildings.
• Owen-Ames-Kimball Co. completed construction of the Peace River replacement elementary school for the Charlotte County School District.
The two-story, 112,000-square-foot school includes 47 classrooms and labs, a media center and a multipurpose/dining area. The new school features interactive, height-adjustable writing boards; an audio-enhanced sound system; interior and exterior security cameras; and hurricane-resistant windows.
The property also features a separate physical education building, covered play area and two fenced-in playgrounds.
• Paradise-Shell Factory II LLC leased 4,000 square feet of office and warehouse space at 12296 Matterhorn Road, Unit A-2, from Southwest Regional LLC. Todd Holman of Woodyard & Associates LLC negotiated the transaction.
• J.L. Wallace Inc. has completed construction of the Fitness Center at Heritage Bay. Developed by Lennar Homes, the new community is located at 10168 Heritage Bay Blvd. in Naples. The 7,986-square-foot fitness center features a workout room, aerobics room, salon, massage parlor and a 1,998-square-foot swimming pool with spa.
• Eagle Concrete Systems has completed the concrete work on the 16,323-square-foot Hopgood Building on Mercantile Avenue between Industrial and Commercial boulevards in Naples. Eagle Concrete provided structural construction services for the office and warehouse facility using steel-reinforced, concrete blocks. The project included a wholesale fish- packaging plant, freezer and office space. Torrey Co. was the general contractor and Disney & Associates designed the structure.
• Tractor Supply Co. leased 22,670 square feet of indoor space and 20,000 square feet of outdoor space in Home Center Plaza at 13235 Tamiami Trail East in Naples from Southern Development Co. Inc. Fred Kermani of CB Richard Ellis Fort Myers-Naples represented the landlord. Don Gross of LandQwest Commercial represented the tenant.
• Accelerated Learning Solutions leased 10,600 square feet of space at 428 Pine Island Road S.W. in Cape Coral from trustees Craig and Gail Campbell. Enn Luthringer and Scott Miller, both of CB Richard Ellis Fort Myers-Naples, brokered the transaction.
• Provident Jewelry leased 3,117 square feet of space in the Shops at Jamaica Bay at 15245 Tamiami Trail in Fort Myers from WPJB LLC. Bob Vigliotti of CB Richard Ellis Fort Myers-Naples represented the tenant. Colliers Arnold represented the landlord.
• Richard Bowen AIA & Associates, Architects & Planners leased 2,299 square feet of office space at 950 Encore Way, Suite 102, from LarsonAllen LLP. Thomas E. Woodyard of Woodyard & Associates LLC represented the seller, and Denise DaSilveira of Gates Total Solutions represented the buyer.
Cedars Tennis Club's new owners plan renovation
BUYER: Cedars Tennis Club Inc. (Randall Langley and Debra Scott), Clermont
SELLER: Cedars Recreational Properties Inc.
PROPERTY: 645 Cedar Court, Longboat Key
PRICE: $1.05 million
LAW FIRM ON DEED: Merideth C. Nagel PA, Clermont
PLANS, DESCRIPTION: Longboat Key residents Randy and Charlotta Langley purchased Cedars Tennis Club in the Cedars Tennis Resort for $1.05 million and plan to upgrade the aging facility. The Langleys were members of the tennis club for two months before making an offer to buy it.
"We saw an opportunity to revitalize the center and make it a prominent tennis club," Charlotta Langley said.
The club's pro shop, a snack bar, junior Olympic swimming pool, 10 Har-Tru clay and two hard tennis courts sit on two acres in a community of 93 tri-level townhomes.
The Langleys are putting together a site plan application for the Longboat Key Planning, Zoning and Building Department, which calls for renovations and additions to the club.
Randy Langley declined to release the specifics of his plans for renovation or its budget until a site plan is submitted sometime next month.
"It's a beautiful place that's run-down and in need of repair," Randy Langley said.
A snack bar that includes a full bar, which has been closed since 2001, is also expected to reopen for the club's members.
Former club owner Bob Hunt, chief executive officer of The Hunt Group, was the original builder of Cedars. Patrick Hogan, vice president of The Hunt Group, said the developer sold the club because all of the company's holdings are now in East Manatee County.
"We received and accepted a fair offer from a Longboat Key resident," Hogan said. "We believe the club is in good hands."
The Hunt Group is currently focusing on building and managing The Rosedale Golf and Country Club. The company has already built 650 homes in the approved 956-single-family home development at Rosedale.
Cedars Tennis Club is home to close to 200 members, which are a mixture of Cedars residents, rental tenants and island residents.
The new owners, Cedars Tennis Club Inc., mortgaged the property to Charles and Beatrice Meyer for $1.25 million.
- Reporting by Kurt Schultheis of the Longboat Observer
Kaplan Bennett auctioning
a pair of landmarks
Business partners Marvin Kaplan and Sen. Mike Bennett are testing the auction waters with two area landmarks: the Ellenton Ice and Sports Complex and the Linger Lodge Restaurant and RV Resort. The owners have agreed to a joint sealed-bid sale for the two properties.
"This is an experiment this company out of Chicago is doing on high-profile companies," Kaplan said. "It's a new concept they wanted to try. You aren't obligated to anything. When we bought the ice skating rink, it was always for sale ... We're in the real estate business."
Chicago-based Rick Levin & Associates, a real estate and personal property auction company, approached Kaplan about selling the two high-profile properties together through a sealed-bid process.
After the properties have been marketed for about six weeks, the bids will be opened on July 23. Kaplan reiterated there is no obligation for the partners to sell, and that he and Bennett would continue to operate both businesses as usual.
Kaplan and Bennett purchased a $5 million mortgage on the ice rink, formerly called J.P. Igloo, during a foreclosure proceeding in September, 2005 after a lengthy legal battle. The rink's previous owner, Peggy Husmann, fought to try to stop the foreclosure.
Since assuming new ownership, the rink's operations have reportedly improved, and its owners have plans to develop them further. Kaplan signed a lease with Big Kick Soccer of Ellenton last week to have an indoor soccer field installed in the facility's old inline skating rink, where Imagine Schools was to build its permanent site. He also said there are plans to build an entertainment center adjacent to the soccer field and to improve the facility's snack bar within the next 90 days.
"We're just moving along with our plans," Kaplan said.
Kaplan and Bennett bought the Linger Lodge Restaurant and RV Resort from its longtime owner Frank Gamsky in July, 2005. Since the purchase, the duo has upgraded the restaurant's menu and added a screened-in porch.
The duo has also gained approval to expand the 108-space RV Resort. They may add up to 35 smaller spaces or 10-15 larger spaces. If Kaplan and Bennett build larger spaces, they would also likely develop a clubhouse, swimming pool, a nature trail and other outdoor amenities to attract more guests.
- Pam McTeer
Sarasota's Atco buys
U.S. 301 BP station
BUYER: 5445 N. Washington Blvd. LLC (principal: Alan Elwell), Sarasota
SELLER: Corsoto Outparcel Associates LLC
PROPERTY: 5445 N. Washington Blvd., Sarasota
PREVIOUS PRICE: $302,500, December 2007
ATTORNEY ON DEED: Michael Hric Esq., Sarasota
PLANS, DESCRIPTION: Sarasota-based gasoline distributor Atco Inc. purchased a BP-branded gas station near the southwest corner of Desoto Road and U.S. 301 for $990,000. The parcel houses four gas pumps and a convenience store.
"We've leased that corner for the past 10 years," says Alan Elwell, president of Atco.
"We were already talking with Benderson Development about buying the outparcel when it sold to Corsoto."
Atco controls approximately 20 gas stations along Florida's west coast.
Atco's 5445 N. Washington Blvd. company mortgaged the gas station to LandMark Bank for $922,400.
Georgia auto dealers buy Wesley Chapel Toyota
BUYER: Florida West Coast Automotive LLC (principals: John and David Williams), Buford, Ga.
SELLER: Pasco County Motor Sales Inc.
PROPERTY: 5300 Eagleston Blvd. and vacant commercial land, Wesley Chapel
PRICE: $23.5 million
LAW FIRM ON DEED: Ruden McClosky Smith Schuster Russell PA, Fort Lauderdale
PLANS, DESCRIPTION: Georgia automobile dealership owners/brothers John and David Williams purchased Wesley Chapel Toyota on Eagleston Boulevard for $23.5 million in a deal that also included the dealership's business operations and assets.
The dealership features a 58,000-square-foot building with 42 auto-service bays on approximately eight acres.
The location is a first in Florida for the brothers as joint owners; John Williams is developing Infinity of Fort Myers on a separate basis. The Williams brothers together own two Kia dealerships in Georgia, in Gwinnett Place and Athens.
David Williams will be the on-site managing partner at the Wesley Chapel location, according to Therese Bottino, marketing director for John Williams' Toyota Mall of Georgia in Bufford, Ga.
"I know right out of the box we're planning a campaign to add a lot of customer-friendly amenities," Bottino says. "Things like free massages and manicures. We'll be upgrading the customer cafe and adding a wireless hotspot [along with] a lot of other new customer-friendly features."
The Williams, who worked with Florida West Coast Automotive LLC for the purchase, mortgaged the dealership to World Omni Financial for $23.5 million.
Blackhawk Realty Advisors
buys Hidden Lake Apartments
BUYER: HL Apartments LLC (Blackhawk Apartment Opportunity), Chicago
SELLER: Ambassador II JV LP
PROPERTY: 2701 W. Waters Ave., Tampa
PRICE: $14.93 million
PREVIOUS PRICE: $4.97 million, October 1996
LAW FIRM ON DEED: Loeb & Loeb LLP, Los Angeles, Calif.
PLANS, DESCRIPTION: Blackhawk Realty Advisors Inc. of Chicago purchased the Hidden Lake Apartments in Tampa for $14.93 million. Officials with Blackhawk Realty Advisors did not return calls for comment prior to publication.
The 266-unit complex features two pools and a racquetball court. The new ownership has announced plans to develop a fitness center in the apartment facility soon.
The purchase entity HL Apartments LLC mortgaged Hidden Lake to Capmark Bank for $10 million.
Clearwater firm buys and plans
makeover of St. James Place
BUYER: SP St. James LP (principal: J. David Page and Peter Leach), Clearwater
SELLER: Key West Apartments Inc.
PROPERTY: 12614 Crescent Oaks Place, Tampa
PRICE: $8 million
PREVIOUS PRICE: $1,000,000, June 1995
LAW FIRM ON DEED: Pepple Johnson Cantu & Schmidt PLLC, Clearwater
PLANS, DESCRIPTION: SP St. James LP, a company headed by J. David Page and Peter Leach, purchased the St. James Place apartment and townhome development in Tampa for $8 million, or the equivalent of $63,492 per unit. The development, located near the University of South Florida, contains 126 units and occupies 10 acres.
The sale's closing was delayed by nearly a year while the buyer took the complex through a rehabilitation program in order to gain bond funding, according to Elliott Ross of the Ross Realty Group, who represented the seller.
"It was in a distressed condition, but a good location," Ross says. "It used to be lovely; it just had years of neglect. The vacancy rate a year ago was probably 17% but that was a misnomer because some of the units had been damaged by fire."
Ross says the seller received a premium because of the risk associated with having the property off the market while the buyer worked through the rehabilitation program.