Commercial Real Estate Briefs
by Sean Roth | Real Estate Editor
Saudi Sheik, Boca investor buy 44 acres
BUYER: Magnolia Pond Road Development Co. LLC (principals: Samuel Sobel and Tarek Al Fassi), Miami
SELLER: Ralph Abercia
PROPERTY: south of Magnolia Pond Drive, north of Interstate 75 and west of Noah's Way, Collier County
PRICE: $4.5 million
PREVIOUS PRICE: $2.45 million, May 2001
LAW FIRM ON DEED: Vogel Law Office PA, Naples
PLANS, DESCRIPTION: An investment group, headed by Saudi Sheik and Miami resident Tarek Al Fassi and Samuel Sobel of Boca Raton, purchased 44 acres on Magnolia Pond Drive in unincorporated Collier County for $4.5 million.
The 44-acre parcel is the residential portion of a 70-acre planned unit development called Collier Boulevard Mixed-Use Commerce Center that the Collier County Commission designated in 2001.
According to the ordinance covering the property, the entire 70-acre site is designated for 433 dwelling units at a density of 10 units per acre. The units can be in the form of single-family homes, duplexes, townhomes, assisted-living facilities or apartments, but any development would have to meet many design and layout requirements.
The Review was unable to contact either of the new owners for comment on the purchase.
Preshers Tool & Fastener
grows, adds warehouse
BUYER: LJP Building LLC (principals: Larry and Laura Peterson), Cape Coral
SELLER: Bradco Supply Corp.
PROPERTY: 910 S.E. 14th Place, Cape Coral
PRICE: $1.33 million
PREVIOUS PRICE: $550,000, July 1998
TITLE FIRM ON DEED: Pinnacle Title Co. Inc., Fort Myers
PLANS, DESCRIPTION: A limited liability company headed by Larry Peterson, owner and president of the contractor supply house Preshers Tool & Fastener, purchased a former Bradco Supply warehouse building on 14th Place for $1.33 million.
"We're planning to build a new 30,000-square-foot building on a lot adjacent to us," Paterson says.
"But that building probably won't be done for another two years so we needed this one," Paterson says. We didn't have that much time to wait; our business is growing too rapidly. There is no way our current facility could meet all of our needs. We're going to be venturing into new areas to try to keep ahead of the recession."
Peterson plans to use the additional space to let the company add both new services and product lines. The newly purchased 19,540-square-foot warehouse will also likely house many of the company's back-room operations, such as accounting. The warehouse building, which is slightly larger than Preshers Tool's existing Cape Coral headquarters, will likely require only very minor improvements and cleaning prior to occupancy,
Peterson's purchase company LJP Building LLC mortgaged the warehouse property to the former owner Bradco Supply Corp. for $1.06 million.
buys Del Prado center
BUYER: Martinez 4419 LLC (principals: Ciro and Jeanne Martinez, Cape Coral
SELLER: Del Prado Real Estate LLC
PROPERTY: 4419 Del Prado Blvd. S., Cape Coral
PRICE: $1.6 million
PREVIOUS PRICE: $1.1 million, April 2006
TITLE FIRM ON DEED: Stewart Title Guaranty Co., Tampa
PLANS, DESCRIPTION: An investment group led by Cape Coral broker/developer Dr. Ciro Martinez II of the Waterfront Investors Network and Jeanne Martinez purchased a 7,000-square-foot retail strip center on Del Prado for $1.6 million.
Calls to Martinez at the Waterfront Investors Network were not returned prior to deadline, and former owner James Shapiro, a principal of Del Prado Real Estate LLC, declined to comment on the property. The purchase entity of Martinez 4419 LLC mortgaged the property to Blackburne & Brown Mortgage Fund 1, Ronald Floria, LeFelix Ventures, The Walters Trust and the McDaniel 2003 Family Trust for $934,500.
Three doctors buy units
in Vanderbilt Beach building
BUYER: Olympia Shahla LLC (principal: Ziad Shahla), Bonita Sprints
SELLER: Southwest Florida Land & Investment Group LLC
PROPERTY: 2350 Vanderbilt Beach Road, unit 101, Naples
PRICE: $1.02 million
BUYER: HYC Holdings LLC (principal: Husni Charara), Fort Myers
SELLER: Southwest Florida Land & Investment Group LLC
PROPERTY: 2350 Vanderbilt Beach Road, unit 204, Naples
BUYER: Dr. Nicholas Antakli, Naples
SELLER: Southwest Florida Land & Investment Group LLC
PROPERTY: 2350 Vanderbilt Beach Road, unit 202, Naples
PLANS, DESCRIPTION: Following the recent completion of Olympia Park medical building in Naples, three of the units have been sold, including one to the building developer. Built by Alexander Building Corp. the 27,000-square-foot, three-story building is located on Vanderbilt Beach Road northwest of the intersection of Airport Pulling Road.
Dr. Ziad Shahla, of the Bonita Springs family-medical practice Shahla & Shahla and the managing member of the building developer Southwest Florida Land & Investment Group LLC, purchased the 2,778-square-foot unit 101 for $1.02 million.
A limited liability group led by foot and ankle surgeon Dr. Husni Charara of Southwest Florida Ankle & Foot Care Specialists purchased the 2,546-square-foot unit 204 for $939,855. And Dr. Nicholas Antakli purchased the 2,126-square-foot unit 202 in the medical building for $784,812.
Jay Crandall, Coldwell Banker Commercial in Fort Myers, the exclusive marketing agent for the center, says 15,000 square feet remains available in the center. The remaining units are listed for lease for $32 a square foot triple net with a $9.50 CAM or for sale for $375 a square foot.
"It's one of the most beautiful medical buildings in Naples," Crandall says. "Plus you're right in between the two Ritz Carltons and all the hospitals. So for somebody trying to do concierge work or creating that upscale feel. It's in an incredible location."
Dr. Husni Charara's purchase entity of HYC Holdings LLC mortgaged unit 204 to Wachovia Bank NA for $1 million.
• 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.
• 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.
• 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. 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.
Orion buys land, plans
Venice galleria branch
BUYER: Orion Bank, Naples
SELLER: Ventura Commerce Park LLC
PRICE: 1500 and 1460 E. Venice Ave., Venice
PRICE: $1.45 million
PREVIOUS PRICE: $2.39 million, April 2006 (includes multiple parcels) and $2.21 million, April 2006
LAW FIRM ON DEED: Ruden McClosky Smith Schuster & Russell PA, Sarasota
PLANS, DESCRIPTION: Orion Bank purchased the 1.25-acre east out-parcel of the Galleria on Venice Avenue. The bank plans to build a 4,000-square-foot branch as part of the large retail office development.
"It goes really well with the Galleria," says Chris Deveso, managing member of Galleria developer TC Group. "...[T]hey have a fantastic looking building and site planned for the Galleria site. They'll be a great asset to the development."
Bank officials did not return calls for comment, but construction is expected to start on the branch soon.
Airport Hampton Inn
to start in May
Following the purchase of its Nokomis hotel site and ground breaking on its downtown Sarasota headquarters in mid-2007, Finergy Development LLC news has been fairly lean as the company worked through construction building approvals.
But starting next month, the Lille, France-based development company expects to turn dirt on its first hotel project connected to Sarasota-Bradenton International Airport.
"We're going through our [Southwest Florida Water Management District] permitting now," says Eric Collin, vice president of development. "We have a deadline with the airport to break ground by June. We expect to meet that deadline and break ground in May."
The hotel will be a 108-room Hampton Inn and Suites with the brand's typical amenities including meetings rooms, an executive center, breakfast reception area and a heated swimming pool. Finergy will act as the general contractor for the development. Keith Bullock of Spencer Maxwell Bullock Architects in Pensacola designed the hotel.
The Hampton Inn site is on the northeast corner of University Parkway and Airport Circle, across the street from where a new Hyatt Place is already under construction.
"That's actually good for us," Collin says. "The more variety of hotels that the airport can draw from increases the visibility of us as a market."
The Hampton Inn is projected to be the first of two hotels, Finergy plans to build near the airport.
At the same time, in downtown Sarasota, Finergy officials report the company has completed exterior work on its headquarters building at 2170 Main St. Interior work on the building is scheduled to take another two months.
Looking even further south, Collin expects the company to apply for building permit approval to develop a 100-room hotel at Albee Road and U.S. 41 in Nokomis in five months. Construction would follow that by three to five months.
Home health care firm
buys South Trail building
BUYER: All Stat Home Health Inc. (principal: Philip Warman), Sarasota
SELLER: Sarasota Properties LLC
PROPERTY: 8520 S. Tamiami Trail, Sarasota
PRICE: $1.4 million
LAW FIRM ON DEED: Voigt & Voigt PA, Sarasota
PLANS, DESCRIPTION: The home nursing-care firm All Stat Home Health Inc. purchased the 4,400-square-foot bottom floor of a Tamiami Trail building in Sarasota for $1.4 million. The health care company plans to relocate its headquarters from a leased location at 3231 Gulf Gate Drive, Suite 104 to the U.S. 41 office.
"It probably has twice the square footage," says Carmen Scoma, administrator for All Stat Home Health. "It's also a much more visible location. We've been looking for years for a building like this that made sense."
The company has already moved into the new space following two weeks of minor interior improvements.
The company will continue to operate its Port Charlotte office at 949 Tamiami Trail, Suite 102.
All Stat Home Health mortgaged the office to Wachovia Bank NA for $1.12 million
• Willis A. Smith Construction Inc. has completed the $20 million historic renovation of the Sarasota Opera House. The Sarasota Opera has owned the historic Edwards Theater since 1982. The recent renovation included upgrades to the equipment, seating, staging, interior design and more.
Killis Almond Associates Inc. of San Antonio designed the renovations. Schular Shook, Inc, a theater consulting firm, assisted on a number of the theater-related issues including the enlarged orchestra pit, new orchestra seating, and technical specifications. Acoustical consultant Russell Cooper was charged with maintaining the opera house's acoustics.
• S. Sy Sherr and Linda S. Sherr purchased 2025 Oak Street in Sarasota from Jennifer Norwood for $818,000. Lori Conable of Ian Black Real Estate handled the transaction.
• 2030 Bee Ridge L.L.C. purchased 3921 and 3923 Liberty Avenue in Sarasota from John F. Hickey for $230,000. Ian Black and Steve Horn of Ian Black Real Estate handled the transaction.
• Milt Flinn has been appointed president of LWR Communities LLC, a division of Schroeder-Manatee Ranch Inc. Flinn has been with SMR and LWR Communities since 2005, leading the company's brokerage and title companies. He takes the place of Tom Danahy, who has left the company to spearhead the Babcock Ranch development. Flinn was previously a senior executive for WCI and Florida Design Communities.
• 3111 N. Tamiami Trail LLC purchased a 3,200-square-foot retail space at 3111 N. Tamiami Trail, Sarasota from Kevin G. Duggan for $327,064. Barry Seidel of American Property Group represented the seller, and Javier Moret of One Stop Realty represented the buyer.
• All Stat Home Health Inc. purchased a 4,415-square-foot office at 8520 S. Tamiami Trail, Sarasota from Sarasota Properties LLC for $1.4 million. Barry Seidel of American Property Group represented the seller, and Amber Bandy of Millennium Real Estate Services represented the buyer.
Metro, D.E. Shaw buy part of Epperson Ranch
BUYER: Epperson Ranch LLC (principal: John Ryan), Tampa
SELLER: Epco Ranch Inc. fka Epperson and Associates Inc.
PROPERTY: 31348, 31500, 31504, 31504, 31508 and 31952 Elam Road, Zephyrhills
PRICE: $3.28 million
LAW FIRM ON DEED: Baxter Strohauer Mannion & Silbermann PA, Clearwater
PLANS, DESCRIPTION: Tampa-based developer Metro Development Group and investment management firm D. E. Shaw Group purchased 280.29 acres of the Epperson Ranch for $3.28 million. The two partners are acquiring the entire 1,700-acre Epperson Ranch in several phases.
Epperson Ranch is under an existing DRI that calls for developing a maximum of 3,905 residential units, 209,000 square feet of retail, 50,000 square feet of office and 100 motel rooms.
Speaking through John Heagney of John Heagney Public Relations, the new owners are said to still be evaluating and planning development on the ranch.
"They're sifting through everything and should have a better handle in the next 60 to 90 days," Heagney says.
TA Associates fund
buys Reo Building
BUYER: Realty Associates Fund VIII LP (Realty Associates Fund VIII LLC and Realty Associates Fund VIII Texas Corp.), Boston
SELLER: John P. and Gail M. Baumann
PROPERTY: 405 N. Reo St., Tampa
PRICE: $10.66 million
PREVIOUS PRICE: $5.16 million, May 2002
LAW FIRM ON DEED: Stutzman Bromberg Esserman & Plifka, Dallas
PLANS, DESCRIPTION: Realty Associates Fund VIII LP, a fund managed by Boston-based real estate equity firm TA Associates Realty, purchased the 76,414-square-foot, three-story Reo Building in Tampa for $10.66 million. That comes to $139.60 a square foot.
The real estate research firm the CoStar Group reports that the building's common areas were recently renovated.
TA Associates Realty has been steadily increasing the fund's real estate holdings in the Gulf Coast market over the past few years. It acquired the 48,600-square-foot Grand Regency Business Center in Brandon for $8.53 million.
In September, the fund purchased the 252-unit 210 Watermark apartment complex in downtown Bradenton for $24 million. The fund also acquired the 63,660-square-foot Punta Gorda Crossings Shopping Center for $10.75 million.
In Tampa, it acquired a 410,000-square-foot warehouse/distribution building in Tampa East Industrial Park, the 96,491-square-foot, class B President's Plaza II office building and the 352-unit Bermuda Lake Apartments in Brandon. In 2006, the fund purchased the four buildings in the Gateway Office Park in Sarasota for $55 million.
buys Tampa dealership site
BUYER: Northgate Lincoln-Mercury Inc. (principals: Ronald and Stephen Parks and Kathy Suarez), Tampa
SELLER: Wayne Bond, C. Dwight Darby and Ruth Stone, co-trustees of the J.O. Stone Revocable Trust
PROPERTY: 10505 N Florida Ave, Tampa
PRICE: $3 million
LAW FIRM ON DEED: Timothy K. Mariani, Clearwater
PLANS, DESCRIPTION: After leasing its property since 1979, Northgate Lincoln-Mercury Inc. has purchased the 7.5-acre dealership site at Florida and West Seneca avenues for $3 million.
"We were finally able to buy the property," says Ron Parks, vice president Northgate Lincoln-Mercury. "Economically, it makes a lot more sense to own it than lease it. There really isn't much room to expand there, but we will to continue to make improvement to the facility."
The Lincoln-Mercury dealership also owns a number of parcels that adjoin the 7.5-acre main lot.
Northgate Lincoln-Mercury mortgaged the property to former owner J.O. Stone Revocable Trust for $2.85 million.
Royal Yacht Club sold, named Beso Del Sol Resort
BUYER: Dunedin Development Co. LLC (principal: Tim Lyons and Timothy Adams), Dunedin
SELLER: Angela Esposito, Trustee
PROPERTY: 1414 Bayshore Blvd., Dunedin
PRICE: $4.04 million
PREVIOUS PRICE: $2.86 million, May 2005
PROPERTY: 1420 Bayshore Blvd., Dunedin
PRICE: $1.44 million
PREVIOUS PRICE: $3.35 million, March 2005
LAW FIRM ON DEED: The Hayes Law Group PA, St. Petersburg
PLANS, DESCRIPTION: Tom Lyons and Timothy Adams of Dunedin Development Co. LLC purchased the former Royal Yacht Club in Dunedin for a total of $5.48 million. The new owners have renamed the waterfront hotel property the Beso Del Sol Resort and are in the midst of completing the renovation on half of the property's 85 units.
"The former owners started the renovations a few years ago," says Peter Fay, revenue and marketing manager. "Something must have happened and [the last 45 units] were delayed. Those 45 weren't open for some time."
The new owners also plan to put a restaurant on the fourth floor, which will be owned and operated by Don Alvino of Jack Willie's Original Tiki Bar & Grill in Oldsmar.
The resort features two heated pools, a Jacuzzi, fishing pier and dock.
Dunedin Development Co. LLC mortgaged the resort to M&I Marshall & Isley Bank for $5.88 million.