Commercial Real Estate Briefs
by Sean Roth | Real Estate Editor
Shoot Straight plans Fort Myers gun shop
BUYER: Shoot Straight Ft. Myers Holding Co. LLC (principal: Khaled Akkawi), Apopka
SELLER: Colonial Partners LLP
PROPERTY: 2418 Colonial Blvd., Fort Myers
PRICE: $1.6 million
PREVIOUS PRICE: $550,000, December 2001
TITLE FIRM ON DEED: Palm Title Associates Inc., Fort Myers
PLANS, DESCRIPTION: Apopka-based gun retailer/range company Shoot Straight LLC purchased a 9,398-square-foot former beauty-school building at the corner of U.S. 41 and Colonial Boulevard for $1.6 million.
The new owner plans to spend about $1 million to upgrade the exterior facade and interior of the building to house a gun range and retail shop on the ground level and office space on the second floor.
"It's going to be our most high-profile location by far," says Khaled Akkawi, president and owner. "It's at the corner of Main and Main. We love the Fort Myers location. We already have an established clientele. I've been going to gun shows there at the Lehigh Civic for 18 years, and its one of our three biggest markets along with Orlando and Tampa."
Akkawi says apart from the prominent location in Fort Myers, the building layout lent itself to his business' needs. The new location is scheduled open towards the end of 2008.
Shoot Straight Ft. Myers Holding Co. LLC mortgaged the building and property to Florida Bank of Commerce for $1.97 million. Doug Olson of LandQwest Commercial represented the seller, and Alex Wright of Woodyard and Associates represented the buyer.
Founded in 1994, Shoot Straight operates gun shops and ranges in three cities: Apopka, Casselberry and Tampa.
Lee County Port Authority buys
285 acres for airport connector
BUYER: Lee County, Fort Myers
SELLER: Glevin 275 LLC and Slevin 275 LLC
PROPERTY: 9891 Alico Road and 16200 Ben Hill Griffin Parkway, Fort Myers
PRICE: $4.4 million
PREVIOUS PRICE: $14.5 million, July 2003 (includes additional parcels)
LAW FIRM ON DEED: Foley Lardner, Orlando
PLANS, DESCRIPTION: Lee County purchased 285 acres on Alico Road and Ben Hill Griffin Parkway for the Lee County Port Authority from Glevin 275 LLC and Slevin 275 LLC for $4.4 million. The purchase was part of a property acquisition by the port authority to create a connector road to the Southwest Florida International Airport. The connector road will extend from the Terminal Access road at the airport over Ben Hill Griffin and Treeline Avenue to the Alico Road interchange.
"This will alleviation congestion on Ben Hill Griffin Parkway as well as congestion at I-75 and Alico and Daniels Parkway and Alico," says Mark Fisher, division director of development for Lee County Port Authority. "It's about two miles of linear roadway including several bridge structures. We have about 11 parcels we need to purchase and so far we have successfully purchased eight."
The port authority is managing the design of the new road, while the Florida Deportment of Transportation will manage the funding, construction and any needed eminent domain condemnations to acquire property, Fisher says. Funding for the $110-million project is scheduled to begin in 2010.
Shaw-owned company buys
two Winkler office buildings
BUYER: Metro Park Gardens LLC (Shaw Aero Realty Corp.), Naples
SELLER: Metro Park of Ft. Myers LLC
PROPERTY: 2830 Winkler Ave., Fort Myers
PRICE: $5.9 million
PREVIOUS PRICE: $3.3 million, October 2001
LAW FIRM ON DEED: Goodlette Coleman Johnson Yovanovich & Koester PA, Naples
PLANS, DESCRIPTION: A limited liability company associated with Bonita Springs-based fuel-system manufacturer Shaw Development purchased two Class-B office buildings, totaling 49,248 square feet, on Winkler Avenue near Metro Parkway for $5.9 million or $119.80 per rentable square foot. The buildings, one 34,966-square-foot and the second 14,272-sqare-foot, are 100% occupied by tenants including IBM, McGraw-Hill, the Florida Department of Revenue, Florida Department of Lottery, United States Department of Agriculture and Florida Department of Education.
Randal Mercer of CB Richard Ellis Fort Myers – Naples represented the buyer, and Scott Dunnuck and George Atkinson of CB Richard Ellis Fort Myers – Naples represented the seller.
The purchase was planned as an investment, according to Mercer, and the new ownership plans to improve the landscaping, parking lot and building internals.
"That added value will really be for the benefits of the tenants and making sure they're happy," Mercer says.
Mercer will manage the property and do the necessary property marketing.
• Mathews/Taylor Construction LLC has start construction on the Harbor Inn Resort & Yacht Club on the Peace River in downtown Punta Gorda. The Harbor Inn is a five-story, 106-room hotel that will be affiliated with Four Points by Sheraton. Construction is scheduled for completion in April of 2009. The Harbor Inn Resort hotel is the first phase of a two-phase project. Phase 1 calls for developing a full service restaurant, pool, spa and fitness center, conference facilities, river-walk and courtyard. Phase 2 includes construction of a yacht basin and additional mixed-use buildings. Owned by Harbor Resort Hotel LLC and Harbor Resort & Yacht Club LLC, the hotel building was designed by Automated Consulting Service Inc. Roger Fry & Associates Architects PA of Coconut Grove, Florida designed the overall project site and amenities.
• Brooks & Freund has begun construction of the Palm Pointe Shoppes on South Cleveland Avenue in Fort Myers. The 18,000-square-foot building will offer retail space in the former Dragon Plaza and Avenue Shops. The project developer is Timberstone Group and architectural design services are provided by Fisher & Associates Inc. Construction on the first building is scheduled for completion in October.
• Eagle Concrete Systems recently began concrete work for Infiniti of Fort Myers, a new car dealership at the intersection of U.S. 41 and Gladiolus Drive in south Fort Myers. Eagle will provide concrete pads, footing, slab and tilt walls for the 35,700-square-foot building.
• Fort Myers-based Eagle Concrete Systems Inc. has expanded the company's operations to provide concrete services for commercial builders and developers in Southeast Florida, including Palm Beach, Martin, St. Lucie and Indian River counties. Founded in 1991, the company initially served Lee County. After current owners Michael and Carmel Leannah bought the company in 2001, Eagle Concrete grew to cover seven Southwest Florida counties. This spring, the company expanded operations once again to include service to 26 additional Florida counties. In addition to Palm Beach, Martin, St. Lucie and Indian River counties, the expanded service area includes 10 counties in and around the Tampa-St. Petersburg market and 12 counties around and north of Orlando. Eagle Concrete's first project in the expanded service area is Valencia Square.
Wood Street owners explore third building
Developers/real estate investors David Band, an attorney, former state senate President John McKay and general contractor Ronald Allen are testing out their options to grow the Wood Street office complex in Sarasota. The two-building development, at 2055 and 2033 Wood St., currently features a total of 51,808 square feet, but the three partners have filed a site plan with the City of Sarasota to add a third, 24,496-square-foot building. The additional building would be built in the current parking lot because of an agreement the partners have for access to nearby parking and would also feature parking on the first floor of the new three-story building, according to McKay.
"We working on getting our approvals now," McKay says. "We wouldn't start construction until the economy improves."
The two buildings range from 80% to 90% occupied.
The complex is currently listed for sale for an asking price of $12.75 million. The partners, who went by Eastwood Associates LLLP for the transaction, purchased the complex for $9.2 million in June of 2005
CC Properties buys Prudential, Watch Connection building
BUYER: CC Properties of St. Armands LLC (principal: James Glasgow), Lafayette, La.
SELLER: Portanova Holdings LLC
PROPERTY: 438 St. Armands Circle, unit 51, Sarasota
PRICE: $2.18 million
PREVIOUS PRICE: $2.08 million, January 2006
LAW FIRM ON DEED: Williams Parker Harrison Dietz & Getzen
PLANS, DESCRIPTION: CC Properties of St. Armands LLC owned by James Glasgow purchased a 1,400-square-foot retail property housing Prudential Palms Realty and The Watch Connection on St. Armands Circle from a company owned by Zeb Portanova for $2.18 million. Portanova did not return calls for comment. Marketing materials advertising the property for Portanova report that the two tenants had five years left on their leases as of May, and that they generate $146,400 in yearly net operating income.
Port Manatee park owners sell land to development district
BUYER: Buckeye Park Community Development District, Tampa
SELLER: Port Manatee Industrial Park LLC
PROPERTY: 3007, 3105 and 3015 Buckeye Road, 11951 and 11655 Bud Rhoden Road and a portion of North U.S. 41, Palmetto,
PRICE: $6.32 million
PREVIOUS PRICE: $12.5 million, April 2008 (multiple parcels)
LAW FIRM ON DEED: Macfarlane Ferguson McMullen, Clearwater
PLANS, DESCRIPTION: Clearwater-based JoMar Development & Construction Co. transferred about 20 acres of land in the 122-acres Port Manatee Industrial Park to a special tax district Buckeye Park Community Development District for $6.32 million. The development district is designed to hold all the property needed for roads, ponds and utilities in the planned industrial park.
"We've started clearing [the land] and putting in the infrastructure," says Jody Shirley with JoMar's real estate brokerage company JoMar Real Estate Services. "We're planning to have that completed in October or November."
Earlier this year, JoMar purchased the purchased 122 acres bordered by Buckeye, Bud Rhoden and Chapman roads for $12.5 million.
The developers have approvals to develop about 1.5 million worth of light- industrial/warehouse space. Lots are being marketed for sale for $7.50 to $10 a square foot.
• Bradenton-based home builder Taylor Morrison moved up four places to 13th on Professional Builder magazine's 2008 Giant 400 list of the nation's largest builders. The ranking is based on Taylor Morrison's total revenue of $2.4 billion and 8,195 single-family-home closings. Professional Builder determines the 400 largest builders based on the number of homes closed in the previous year, then those builders are ranked by annual revenues.
• Peek Traffic Corp. has agreed to lease a 55,824-square-foot building in Palmetto's Gulfcoast Corporate Park for 6-1/2 years. Anthony V. Migliore with Coldwell Banker Commercial NRT represented the landlord, Gammerler Corp.
• The Frank E. Duckwall Foundation Inc. has awarded the Sarasota Memorial Healthcare Foundation Inc. a $25,000-grant to support the design, purchase and installation of an integrated operating room. The new operating room will enhance the operating room technology by redesigning the surgical room environment for efficiency and risk management. At completion, the hospital will be the first hospital in a four-county area, and the first hospital southwest of the Tampa Bay area, to add to its surgical service delivery the use of an I-OR.
Jackson Transformer buys warehouse
BUYER: WTM Land LLC (principal: William Terlop Sr.), Tampa
SELLER: Benjamin Properties 6800 Inc.
PROPERTY: 6800 Benjamin Road, Tampa
PRICE: $3.5 million
PREVIOUS PRICE: $1.1 million, July 2002
LAW FIRM ON DEED: Hill Ward & Henderson PA, Tampa
PLANS, DESCRIPTION: A company headed by William Terlop, president of Jackson Transformer Co. in Tampa, purchased a 32,600-square-foot warehouse building on Benjamin Road for $3.5 million. Terlop declined to comment on the purchase, but the Review has learned that Jackson Transformer Co. plans to relocate from its current location at 4709 W. Cayuga St., Tampa to the new location. Built in 1969, the Benjamin Road warehouse also features an additional about 4.5 acres for employee parking.
Chris Sass of Cushman & Wakefield of Florida Inc. represented the seller, and Greg Andretta of Andretta Marsh Properties represented the buyer.
The buying entity WTM Land LLC mortgaged the property to Heritage Bank for $2.5 million.
Founded in 1955, Jackson Transformer manufactures specialty transformers.
Brandon Eye Associates
move to Medical Oaks Drive
BUYER: Taylor & Ilyas Investments LLC (principals: Lawrence Taylor Jr. and Haroon Llyas), Brandon
SELLER: Lang Environmental Management
PROPERTY: 540 Medical Oaks Drive, unit 3, Brandon
PRICE: $1.61 million
LAW FIRM ON DEED: Alday-Donalson Title Agencies of America Inc., Tampa
PLANS, DESCRIPTION: A limited liability company headed by Dr. Lawrence Taylor and Dr. Haroon Ilyas of the ophthalmology practice Brandon Eye Associates purchased unit 3 in a medical office building on Medical Oaks Drive for $1.61 million.
Brandon Eye Associates will be moving from a leased location at 1463 Oakfield Drive, suite 113 in Brandon to the recently acquired unit.
"We're going to share that building with a dermatologist and a pediatric practice," says Linda Durden, assistant administrator for Brandon Eye Associates. " We've been here for about 10 years; there's a few doctors offices over here, but its much more commercial. That [move] will put us more in the vicinity of the medical community and the hospital. There was also a strong attraction to owning our own office. Basically this is an upgrade to a newer facility that will be much better our patients and for us."
The medical practice has already pulled building permits to renovate the unit's interior, and construction will likely start in the next few weeks. The practice is expected to relocate towards the end of the year.
Turbine Diagnostic Services
buys Odessa warehouse
BUYER: TDS Property Partners LLP (TDS Property Partners), Odessa
SELLER: H&S Group LLC
PROPERTY: 13447 Byrd Drive, Odessa
PRICE: $2.62 million
PREVIOUS PRICE: $1.3 million, November 2004
TITLE FIRM ON DEED: American Patriot Title, Lutz
PLANS, DESCRIPTION: Odessa-based Turbine Diagnostic Services purchased an about 35,000-square-foot warehouse building in Odessa Industrial Park for $2.62 million. The company is relocating from a 6,500-square-foot building it previously leased on Success Drive. The company, which services electricity generators, had previously planned to build a new 10,000-square-foot facility in Wesley Chapel, but eventually that plan was shelved in favor of buying an existing building.
"We tried to buy that building several years ago, but the price has come down over the years," says Pat Rubrecht, office manager for Turbine Diagnostic Services. "We always wanted our own building in Pasco County. We really liked this location."
The company plans to relocate to the new location next month. Turbine Diagnostic Services mortgaged the building to Bay Cities Bank for $2.1 million.
Blackhawk Realty Advisors
buy Sun Lake Apartments
BUYER: Sun Lake Apartments LLC (Blackhawk Apartment Opportunity Fund LLC), Chicago
SELLER: Sun Lake JV Ltd.
PROPERTY: 1212 Askew Drive, Brandon
PRICE: $6.2 million
PREVIOUS PRICE: $2.93 million, December 1993
LAW FIRM ON DEED: Loeb & Loeb LLP, Los Angeles, Calif.
PLANS, DESCRIPTION: Chicago-based Blackhawk Realty Advisors Inc. purchased the 88-unit Sun Lake Apartments in Brandon for $6.2 million or $70,455 per unit. The apartment complex features swimming pools, basketball courts, a clubhouse, tennis courts and children's play area.
Blackhawk Realty Advisors has been on an aggressive buying binge in the Tampa market recently. Earlier this year, the company purchased the 266-unit Hidden Lake Apartments at 2701 Waters Ave. in Tampa for $14.93 million. The buyer, Sun Lake Apartments LLC, mortgaged the property to Capmark Bank for $4.58 million.
• Sirion Therapeutics, Inc., a Tampa-based biopharmaceutical company specializing in medications for eye diseases, has relocated to a new 36,000-square-fooot headquarters on Tampa's east side. Part of the growing green building movement, the building features recycled and environmentally friendly, non-toxic materials, high efficiency light insulated skylights and water-conserving plumbing fixtures. The new location, at 9314 East Broadway Ave. in Crosspointe II, is more than double the company's former headquarters in Crosspointe, which was 16,000 square feet. Sirion is leasing the property from the Liberty Property Trust, which developed the property in collaboration with its tenant.
• Creative Recycling Systems, a Tampa-based electronics recycling company, is expanding its Tampa warehouse facility at Tampa East Industrial Center by leasing 54,000 square feet of space in two other buildings in the park, according to the commercial real estate firm Studley, the firm's real estate advisor. The company, headquartered at 8108 Krauss Blvd., has signed leases for an additional 25,000 square feet at that location and 29,000 square feet at 1831 Massaro Blvd. The company plans to move into its expansion space later this month. In addition, Creative Recycling Systems will expand its Durham, N.C., operation. The company will add 29,100 square feet to that location. The goal of the new location is to grow Creative Recycling Systems' business.
• Mad Max Inc., a Tampa-based distributor of exhaust system components, has signed a new 11,120-square-foot lease at 5422 West Crenshaw Street, Tampa from Dyne Associates. Phil Krnjeu of the GVA Advantis' Tampa office, represented the tenant, and Industrial Property Group Inc. represented the landlord.