Commercial Real Estate
Briefsby Sean Roth | Real Estate Editor
BUYER: Lee County
SELLER: Lawrence Cook individually and as trustee the Cornerstone 2 Trust
PROPERTY: A portion of State Road 82 (in SEC 26-44S-25E), Fort Myers,
PRICE: $4.84 million
PREVIOUS PRICE: $1.35 million, March 1990
TITLE FIRM ON DEED: Title Services of Southwest Florida Inc., Fort Myers
PLANS, DESCRIPTION: Lee County purchased 36.1 acres fronting State Road 82 next to the existing 2,085-acre Six Miles Cypress Slew Preserve for $4.84 million. The property was purchased through the Conservation 20/20 Land Program, which is funded through a percentage of county property taxes, and will used for environmental preservation.
Fort Myers investors
buy former Taco Bell
BUYER: GWC Group LLC (principals: Glenn Novack, Maryann Bortz-Saltzberg and Randy Saltzberg), North Fort Myers
SELLER: Brian Rudolph
PROPERTY: 26480 Jones Loop Road, Punta Gorda
PRICE: $1.2 million
PREVIOUS PRICE: $605,000, March 2005
TITLE FIRM ON DEED: Title Services of Southwest Florida, Fort Myers
PLANS, DESCRIPTION: Area entrepreneurs Glenn Novack, Maryann Bortz-Saltzberg and Randy Saltzberg purchased a 4,450-square-foot former Taco Bell building in Punta Gorda for $1.2 million.
The Saltzbergs are best known locally as the owner of Exotica Fantasy Gifts & More at 18251 N. Tamiami Trail in Fort Myers. The fast-food restaurant building was purchased as an investment, according to Maryann Bortz-Saltzberg, and she says no decision has been made yet as to its future use.
Seneca Petroleum buys
Tre Amici building
BUYER: Seneca Petroleum Co., Midlothian, Ill.,
SELLER: Glenn Eisenberg
PROPERTY: 975 Pine Ridge Road, Naples
PRICE: $2.6 million
PREVIOUS PRICE: $760,000, June 2001
LAW FIRM ON DEED: Burt E. Eisenberg PA, Naples
PLANS, DESCRIPTION: Midlothian, Ill.-based Seneca Petroleum Co. Inc. purchased the 3,080-square-foot Tre Amici Ristorante building in North Naples for $2.6 million. Cazo Bajraktarevic's Tre Amici Ristorante has signed a lease agreement with the building's new owner and will remain in the building.
Officials with Seneca Petroleum did not return requests for comment prior to publication. The Illinois company manufactures roofing and paving products.
Spirit Finance company
buys Fort Myers building
BUYER: Spirit Master Funding IV LLC (principals: Morton Fleischer, Christopher Volk and Catherine Long), Scottsdale, Ariz.
SELLER: GMR Restaurants of Pennsylvania Inc.
PROPERTY: 13731 S. Tamiami Trail, Fort Myers
PRICE: $3.11 million
PREVIOUS PRICE: $1.17 million, May 2002
LAW FIRM ON DEED: Faticio Philadelphia, Philadelphia
PLANS, DESCRIPTION: Spirit Master Funding IV LLC, a subsidiary of the Scottsdale, Ariz.-based real estate investment trust Spirit Finance Corp., purchased a 7,576-square-foot restaurant building in Fort Myers' Market Square from GMR Restaurants of Pennsylvania, a subsidiary of Darden Restaurants Inc., for $3.11 million.
GMR Restaurants operates several Red Lobster, Olive Garden, Bahama Breeze and Smokey Bones restaurants, including the Smokey Bones that occupies the Tamiami Trail building. Spirit Finance officials declined to comment on the transaction, but Spirit Finance is a well known for sale/leaseback transactions, particularly to the restaurant industry.
• Architecture Inc. recently completed designs for the remodel of more than 14,000 square feet of clinical space, taking up an entire floor, for the Cleveland Clinic on Florida's East coast. The fourth floor renovation will allow for an additional clinic treatment area dedicated to internal medicine. The new spaces created by renovation are designed to meet the United States Green Building Council LEED – Commercial Interiors Silver designation, a rating system based around health and energy-efficiency.
• Commercial Concrete Systems topped out the major superstructures for Hoar Construction and The Lutgert Cos. on The Mercato, 9251 Mercato Way, Naples. The Mercato is a mixed-use, fashion-based, lifestyle center with 350,000 square feet of retail space, 100,000 square feet of office space, 175 residential units and 80 hotel rooms.
Cooper Carry of Atlanta designed the retail complex. Commercial Concrete Systems' concrete and masonry work is budgeted at more than $18.5 million and is scheduled to take just four months.
• Fort Myers-based J.L. Wallace Inc. started the expansion and renovation of the WRXY television studio at 40000 Horseshoe Road in Punta Gorda. J.L. Wallace will renovate the station's existing 2,000-square-foot offices and expand the studio by 3,876 square feet.
The new building will include a specialized production studio for television broadcast and commercial video production. With the new building, WRXY also will host the Vision Video Institute, a school that will provide community training on video production, television broadcast and broadcast technology. Renovation of the studio is scheduled for completion in July.
• Construction is underway on a new facility that will replace Fort Myers Beach Fire Station #32. Located on San Carlos Boulevard, the station will serve as the fire district's command post during storms. Gora/McGahey Associates in Architecture designed the new facility.
The three-story, 12,290-square-foot building houses three apparatus bays, bunker gear, decontamination rooms, a main lobby, living quarters for on-duty staff with six individual bunk rooms, a kitchen, day room, dining room, exercise room, offices and training room. Fowler Construction is the construction manager for the station. Construction of the station is scheduled for completion in September of this year.
• Bonita Springs-based architecture and interior design firm completed the interior design of a 10,000-square-foot Pan-Asian restaurant and nightclub in Rehoboth Beach, Del .The restaurant and club, called Sake Tume, is owned by Tammy Wang who also owns dining and club venues in Wilmington, Del., and King of Prussia, Penn.
• Bonita Springs-based Heatherwood Construction has completed construction of Townhomes of Deep Creek, a townhome community on Rio De Janeiro Avenue in Punta Gorda, a community that was previously destroyed by Hurricane Charley in 2004. The completed project includes five two-story buildings with a total of 52 units overlooking a golf course. Each townhome was built with concrete, masonry and steel construction, and includes impact resistant doors and windows for improved storm protection.
• Brooks & Freund completed construction of the Coconut Point Commercial Plaza at 8350 Hospital Drive in Estero.
The Coconut Point Commercial Plaza is a 25,000-square-foot retail center. Tenants include Tijuana Flats Burrito Co., Edwin Watts Golf, Alltel and Dunkin Diamonds. The project developer is Doppco Development LLC. Art Concepts provided architectural design services.
• Fort Myers-based J.L. Wallace Inc. completed construction of Twins Plaza, a retail shopping center, at 2612 Santa Barbara Blvd. in Cape Coral. The project included construction of a 23,314-square-foot, single-story, masonry-block structure with a metal tile roof. The retail space Hinks & Associates awarded the project.
• Suncoast Schools Federal Credit Union purchased 2.48 acres at 4491 Underwood Drive, off Palm Beach Blvd. in Fort Myers from MP Defined Benefit Pension Plan and Trust for $540,000. The new owner plans to build a bank branch on the site. Fred Kermani, CCIM, of CB Richard Ellis, Fort Myers-Naples represented the seller and Jacob Real Estate Services, Inc. represented the buyer.
• Showtyme Allstars Inc leased 4,200 square feet of industrial space at 13850 Treeline Ave. in Fort Myers from Lyndon Investments USA Inc. Bob Johnston, Jerry Messonnier, Derek Bornhorst and Mary Pepin, all of CB Richard Ellis CB Richard Ellis, Fort Myers-Naples, represented the landlord, and Laura Fish, of Platinum Coast Investment Realty Inc., represented the tenant.
• Golden Gate Market leased 3,749 square feet of space in Wilson Plaza at 50 Wilson Blvd S., Naples from Gulfstream Retail Investments LLC. Bill Young and Larry Foster both of CB Richard Ellis CB Richard Ellis Fort Myers-Naples brokered the transaction.
• Sunshine Pharmacy leased 2,816 square feet of space in Wilson Plaza at 60 Golden Gate Parkway E. in Naples from Gulfstream Retail Investments LLC. Bill Young and Larry Foster both of CB Richard Ellis CB Richard Ellis, Fort Myers-Naples brokered the transaction.
• Fayard Hardware Inc. leased 2,801 square feet of space in Wilson Plaza, located at 60 Golden Gate Parkway E. in Naples, from Gulfstream Retail Investments LLC. Bill Young, Larry Foster and Dan O'Berski all of CB Richard Ellis CB Richard Ellis, Fort Myers-Naples brokered the transaction.
• Intimates leased 2,000 square feet of space at 2055-2099 Pine Ridge Road in Naples from PRY of Naples LLC. Susan Shoulders of CB Richard Ellis CB Richard Ellis Fort Myers-Naples brokered the transaction.
• with pic
The Waldrop Group has started construction on phase II of Jetport Commerce Park in Fort Myers at 13720 Jetport Commerce Parkway. The industrial flex development is just east of Interstate 75 in the Jetport Interstate Commerce Park, a block west of Treeline Boulevard. Each of the 16-office/warehouse units in the second phase contains 2,464 square feet of leaseable space, made up of 1,452 square feet of warehouse and 1,012 square feet of office space.
Phase I opened in 2007 with 13 flex units. When Phase II is completed later this spring, Jetport Commerce Park will contain a total of 29 office/warehouse units. Fort Myers-based Waldrop Group is handling all aspects of the development including architectural design, engineering and construction.
• with rendering
Florida law firm Becker & Poliakoff will lease the 23,076-square-foot top floor of a two-story 47,358-square-foot office building now under construction in Six Mile Corporate Park, midway between Colonial Boulevard and Daniels Parkway, Fort Myers. Lifestyle Homes is the general contractor and will oversee the entire project. Sheeley Architects is providing architectural design, and Jeppesen Engineering Corp. will handle the civil engineering for the project.
• Gates special projects division completed the 18,000-square-foot renovation and expansion of Copperleaf at The Brooks Country Club. The ADP Group of Sarasota designed the project.
• Compass Construction, Inc. has started construction on a 27,477-square-foot patient care facility for Hernando Pasco Hospice. At completion it will provide 24 resident care rooms, and have support areas including eight administrative offices, lobby, full service kitchen, two dining rooms, a community meeting room and three laundry rooms.
• The Capital Grille will occupy an 8,000-square-foot freestanding building in the Naples lifestyle center development The Mercato. Located on 53 acres at the intersection of U.S. 41 N. and Vanderbilt Beach Road, The Mercato is scheduled to open in early 2009. The project is a joint venture of The Lutgert Cos. and the Barron Collier Cos. of Naples.
West Palm developer buys retail plaza
BUYER: Lockwood Village Plaza Ltd., Deerfield Beach
SELLER: R&M General Partnership
PROPERTY: 7602, 7652, 7650, 7648, 7646, 7644, 7642, 7649, 7638, 7634, 7632, 7630, 7628, 7626, 7624, 7622, 7620, 7618, 7616, 7614, 7612, 7610, 7606 and 7604 N. Lockwood Ridge Road, Sarasota
PRICE: $3.53 million
PREVIOUS PRICE: $3.1 million, April 2005
LAW FIRM ON DEED: Forman & Altino PA, Fort Lauderdale
PLANS, DESCRIPTION: A West Palm Beach commercial and residential developer going by the name of Lockwood Village Plaza Ltd. purchased the 28,770-square-foot Lockwood Village Plaza on the northwest corner of Lockwood Ridge Road and Tallevast roads in Sarasota for $3.53 million. The purchase price equates to a 9% capitalization rate.
Mike Stockton of Horizon Mortgage Corp. represented the seller, and Kelly Gilliland, also of Horizon Mortgage, represented the buyer.
The retail center is 96% occupied and houses a total of 26 units ranging in size from 450 to 2,400 square feet. Current tenants include The Lazy Lobster, Wings N Things, Gulf Coast Business Services Inc., Parker Chiropractic Wellness Center, Domino's Pizza and Purity Cleaners.
Gilliland and Stockton are marketing the vacant 950 square feet in the center for $13.50 a square foot with a $5.15 CAM.
Horizon Mortgage officials declined to name the developer, but say that the new ownership will be self-managing the center.
"They have owned properties [in the Gulf Coast] in the past, but sold them off years ago," Gilliland says.
The new ownership is also expected to perform some previously deferred maintenance improvements to the exterior, landscaping, parking lot and roofing.
Horizon Mortgage also arraigned a two-year interest only mortgage with Lockwood Village Plaza to Everbank for $2.83 million for 4.9% interest.
buy All U Can Storage
BUYER: AlluCan LLC (principals: Lisa and Guy Pessina and James Stephenson), Bradenton
SELLER: Paul and Patti Fleck
PROPERTY: 6112 28th St. E., Bradenton
PRICE: $1.17 million
PREVIOUS PRICE: $125,000, December 1994
SELLER: PPFour Inc.
PROPERTY: 6212 E. 28th St., Bradenton
PREVIOUS PRICE: $112,000, March 1999
LAW FIRM ON DEED: David D. Bone Attorney, Sarasota
PLANS, DESCRIPTION: Lisa and Guy Pessina and James Stephenson purchased the 38,200-square-foot All U Can Storage I and II self-storage facilities in Bradenton for $2.13 million. All U Can Storage I features four buildings and a tenth of mile down 28th Street East, All Can Storage II houses another three buildings. Both facilities back up to U.S. 301.
The two complexes feature a total of 225 units including 71 climatized units.
"It's in an industrial area, which means it caters to a little different clientele than the typical self-storage facility," Lisa Pessina says. "We also rent Budget trucks out of this location. It was very well maintained."
The complex is currently 85% occupied, according to Pessina.
Mike Mele, Scott Rutherford and Will Gendron of The Mele Group of Marcus & Millichap handled the transaction.
builds new warehouse
Sarasota-based Lux-Art Silks International has started construction on a warehouse building. Located next door to the company's existing warehouse and showroom building in southern Manatee County, the 20,000-square-foot two-story warehouse will serve as storage space. The additional warehouse space will increase the company's total footprint to more than 50,000 square feet.
Tom Wessel Construction is the general contractor for the building.
The warehouse, which replaces three leased storage facilities, is scheduled for completion in July.
Lux-Art Silks officials say the building's start date was delayed because of inspection problems and the closing of Executive Construction, the building's original contractor. A silver lining though was that recent lower interest rates made the new building actually less expensive than renting warehouse space, according to Lux-Art President Scott Brann.
Lux-Art Silks designs and manufactures artificial trees, plants and flowers.
Sarasota's Jump Dance
relocates to Lakewood Ranch
BUYER: Kerry Mynatt, Sarasota
SELLER: Mar-Gin Enterprises Inc. fka Flex Inc.
PROPERTY: 11005 Passage Drive, Lakewood Ranch
PRICE: $1.55 million
LAW FIRM ON DEED: Riddell Law Group and Riddell Title & Escrow LLC, Sarasota
PLANS, DESCRIPTION: Kerry Mynatt, owner/operator of Jump Dance Co. in Sarasota, purchased the 7,000-square-foot former Flex Dance Studio in Lakewood Ranch for $1.55 million. Jump Dance Co. currently occupies a studio at 6050 Palmer Blvd., unit 1 in Sarasota south of Fruitville Road near Interstate 75. Classes at the Lakewood ranch studio are scheduled to start in early April.
Mynatt mortgaged the property to Thomas and Elizabeth Bowman for $1.55 million.
buy McSwiggins Pub building
BUYER: Penn Cash LLC, Bradenton
SELLER: Powers & Anderson LLC
PROPERTY: 1301 and 1313 Eighth Ave. W., Bradenton
PRICE: $1.2 million
PREVIOUS PRICE: $443,000, September 2006
LAW FIRM ON DEED: Wickman Law Group PL, Bradenton
PLANS, DESCRIPTION: Ann Weichel-Fuller, Michael Fuller and John, Alden and Debbie Weichel purchased the 4,100-square-foot building housing McSwiggins Pub for $1.2 million. Manatee County Area Transit had recently considered the building for a possible bus station just prior to the sale.
The Weichel and Fuller families now own or control an entire city block from Tamiami Trail east to 13th Street West south to Ninth Avenue West and north to Eighth Avenue West. The block houses Ann Weichel-Fuller and her husband Michael Fuller's financial planning business Weichel Fuller Financial LLC at 818 13th St. W.
"There's really a hodge podge of buildings there," Fuller says. "We tried acquiring that building for a while, but we couldn't get the owners to talk realistic numbers. We're considering some type of a mixed-use retail and office development. I also know the Bradenton [Downtown Development Authority] would love to see workforce housing there."
Niagara Falls investor
buys Insignia building
BUYER: Rainfourth Ltd., Niagara Falls, N.Y.
SELLER: K2M Exchange Way LLC
PROPERTY: 6145 Exchange Way, Lakewood Ranch
PRICE: $3.2 million
PREVIOUS PRICE: $1.4 million, January 2007
LAW FIRM ON DEED: Richard D. Saba PA, Sarasota
PLANS, DESCRIPTION: Niagara Falls, N.Y.-based real estate investment company Rainbow & Fourth Ltd. purchased a 5,000-square-foot Insignia Bank branch in Lakewood Ranch from Sarasota's K2M for $3.2 million.
Rainbow & Fourth owns investments in New York and California, and was searching for properties in Florida when it came across the Insignia building, according to an official with Rainbow & Fourth.
The building's new owner targets income producing real estate and particularly those proprieties with long-term triple net leases.
Insignia bank's lease and occupancy of the building is not affected by sale.
Rainbow & Fourth's purchase entity mortgaged the property to Bank of America NA for $2.72 million.
• The Manatee County Port Authority plans to consider four alternative new master plan concepts with a maximum build-out by 2038 projected to cost nearly $500 million. Funding for the master plan alternatives was not considered during the presentation, but would likely come from a combination of port revenues, state grants and public private partnerships.
Highlights of the master plan presentation included the construction of a northern harbor feature, which would include Berths 1, 2 and 3 with an emphasis on preserving the port's existing customer base while optimizing it to handle greater container business.
PBS&J, the lead consultant for the master plan, emphasized the need for the improvements to coincide with the expansion of the Panama Canal in 2014. Other driving forces include the activation of the proposed Port Manatee Encouragement Zone in 2008; the completion in 2011 of the I-75 Connector Road PD&E study; and the completion of the CSX Intermodal Logistics Center near Winter Haven in 2012
The Port Manatee master plan team includes R.K. Johns & Associates, J.D. Sanchez Consulting Inc. and Wilbur Smith Associates.
• Equity Claims Inc. purchased 3,184 square feet of industrial light warehouse and office land at 4380 Independence Court, Sarasota from Jamieson Properties Limited Partnership. Todd Morton of Todd Morton Realty represented the seller, and Marcia Cuttler PA of American Property Group of Sarasota Inc. represented the buyer.
• David Groelinger has joined SkySotheby's International Realty as chief financial officer. In addition to his new role at SKY Sotheby's, he is also the chief financial officer and financial advisor for Nederlander Worldwide Entertainment in New York, a position he's held for the past five years.
Prior to Nederlander Worldwide, Groelinger spent seven years with Varsity Brands Inc., a manufacturer and marketer of products and services for team sports and cheerleading, as chief financial officer and then executive vice president. He has also worked for companies such as Regency Holdings Inc., Chiquita Brands International Inc. and U.M.W.A. Health and Retirement Funds.
• The Sarasota County Commissioners approved enhancements to the Sarasota Means Action Response Team, a program created to allow targeted, export-oriented businesses to receive fast-track permitting for facility development. The commissioners' expanded the program to include rezones, special exceptions, and sector plan amendments for qualified applicants.
Interested companies should contact the Economic Development Corporation of Sarasota County, which determines the eligibility of applicant companies. To qualify, a company must meet specific guidelines, which include paying an average wage that equals or exceeds the annual average wage of Sarasota County's private industries; creating at least 10 new jobs if relocating; and having a critical timing need that jeopardizes the project if fast-track processing is not utilized.
Sun Development & Management Corp. plans SpringHill Suites
BUYER: Tampa Palms Lodging Associates LLC (principal: Bharat Patel), Indianapolis
SELLER: Tampa Palms Professional Center
PROPERTY: between Primerose Lake Circle and Lizards Tail Road near Interstate 75, Tampa
PRICE: $2.5 million
PREVIOUS PRICE: $5.67 million, February 2006
TITLE FIRM ON DEED: First American Title Insurance Co., Tampa
PLANS, DESCRIPTION: Sun Development & Management Corp. purchased 2.5 acres on Primerose Lake Circle in Tampa for $2.5 million. The Indianapolis-based hotel company, led by Bharat Patel, plans to develop a five-story, 125-room SpringHill Suites on the site.
The company is scheduled to start development in August with the hope of having the project completed by the fall of 2009. The Tampa Palms site was attractive primarily due to its location in an upscale growing market with other existing Marriott brand hotels and easy access to Interstate 75, officials with Sun say.
The Sun Group of Hotels already owns one hotel in Florida, a Hampton Inn & Suites in Kissimmee, and has another six -including the Tampa Palms site - under development. Other Florida hotels planned by Sun Development include the 125-room Hampton Inn & Suites in Osceola, 86-room TownePlace Suites in Jacksonville, 109-room Fairfield Inn & Suites in Palm Coast, 147-room Cambria Suites in Gainesville and 123-room Holiday Inn & Suites in Titusville.
Sun Real Estate, an affiliate of Sun Development & Management, will be the general contractor for the planned hotel.
The new ownership, which went by Tampa Palms Lodging Associates LLC for the purchase, mortgaged the property to the former owner for $2.25 million.
Hirschy, Servant investors
redevelop bowling alley
BUYER: Servant Investments Self Storage (Camelot St. Petersburg) LLC (principals: Servant Investments LLC and Hirschy Development Group), Orlando
SELLER: Conrad Frank LLC
PROPERTY: 5890 54th Ave. N., Kenneth City
PRICE: $2.1 million
PREVIOUS PRICE: $1.03 million, June 2005
LAW FIRM ON DEED: Akerman Senterfitt, Tampa
PLANS, DESCRIPTION: Hirschy Development Group and Servant Investments LLC purchased the 33,900-square-foot former AMF Bowling Center in Kenneth City for $2.1 million. Hirschy Development Group plans to redevelop the site into a Camelot Self Storage facility with financial backing from the Orlando private equity firm.
"We'll be gutting the bowling alley and reconfiguring it as a storage building," says Romin Hirschy. "We'll also be putting up two new buildings in the parking lot. The location was a big attraction as was the [population] density in that area."
Hirschy Development plans to eventually have 70,000 square feet of storage on the site with the addition of a 28,000 square foot air-conditioned building and a 7,000-square-foot building. Oden-Hardy Construction will be the general contractor for the Tampa center, and SWH Architects will design the development.
Construction is scheduled to start soon for an early July opening.
The majority of Hirschy Development's business has been from triple net investments, but it has developed other Camelot Self Storages in Central Florida with backing from Servant Investments.
Dick McCall of Coldwell Banker Commercial NRT was the seller's agent.
The joint venture company for the property purchase, Servant Investments Self Storage (Camelot St. Petersburg) LLC, mortgaged the property to M&I Marshall & Isley Bank for $4.96 million.
Entrepreneurs buy apartments
BUYER: Colonial Oaks Inc. (principal: Bob Nikolic), St. Petersburg
SELLER: SOS Holdings
PROPERTY: 5295 62nd St. N., Kenneth City
PRICE: $3.72 million
PREVIOUS PRICE: $1.25 million, January 1996
TITLE FIRM ON DEED: Fidelity National Title Insurance Co., Tampa
PLANS, DESCRIPTION: Bob and Sana Nikolic purchased the 60-unit Colonial Oaks Apartments in Kenneth City for $3.72 million. "We like the location and [condition of] the buildings," says Sana Nikolic. "It's in pretty good shape. We used to live in that area a few years back. From 62nd [Street] you can get pretty much anywhere."
The new ownership plans to renovate the exterior of the complex, repave the parking lot and relocate the lobby. Occupancy at Colonial Oaks is 94%. The 57,000-square-foot apartment complex features a pool and coin laundry.
The Nikolics, who used Colonial Oaks Inc. as the purchase entity for the acquisition, mortgaged the apartment complex to Washington Mutual Bank for $2.98 million.
• Klar and Klar Architects of Clearwater has been hired by real estate developer Dr. Thomas Silver to design city homes for a green community in the north Hyde Park area of Tampa. Called Fremont City Homes, the community features nine three-story residences on about one-third of an acre at the corner of Fremont Avenue and A Street, a block north of Kennedy Boulevard. All the homes will have two bedrooms and two baths in floor plans and will range from 1,200 to1,700 square feet. The homes will also include two-car tandem garages. Prices should start in the low $300,000 range.