Please ensure Javascript is enabled for purposes of website accessibility

Commercial Real Estate Briefs

  • By
  • | 6:00 p.m. November 6, 2008
  • | 2 Free Articles Remaining!
  • Charlotte–Lee–Collier
  • Share

Commercial Real Estate Briefs

COMMERCIAL REAL ESTATE lee-Collier by Sean Roth | Real Estate Editor

Massachusetts investor buys Charleston Square

BUYER: Charleston Square of Naples LLC (principal: Stephen Lockwood), Marblehead, Mass.

SELLER: PLL Development Inc.

PROPERTY: 1400 Gulf Shore Blvd. N., Naples

PRICE: $10.7 million

PREVIOUS PRICE: $9 million, August 2000

LAW FIRM ON DEED: Bond Schoeneck & King PA, Naples

PLANS, DESCRIPTION: A limited liability company headed by Marblehead, Mass.-based real estate investor Stephen Lockwood purchased the two-building, 37,882-square-foot Charleston Square office and retail center on Gulf Shore Boulevard in Naples for $10.7 million, equal to an average of $282 a square foot. The development features a three-story building and a two-story building across from Lowdermilk Park and the beach. Built in 2004, the development also houses several condominiums that were not included in the sale.

David J. Stevens of Investment Properties Corp. handled the transaction.

Charleston Square currently has two vacancies, 1,250 and 1,650 square feet; the new ownership is marketing the space in the low to mid-20s a square foot. Tenants in the center include First Watch Restaurant, Sunshine Pharmacy, Square One, Morgan & Morgan, Citigroup/SmithBarney, Childs & Childs, Gulfshore Travel, Charleston Square Barber, AmSouth Bank, Lance Donovan Real Estate and Private Medical Management.

"I think the property represented the logical extension of their Naples portfolio," Stevens says. "They're looking for well-built properties that are easy to lease. [Charleston Square] is really the only big commercial on Gulf Shore. Plus, two of the principals live on Gulf Shore Boulevard."

Lockwood's companies own several properties in Southwest Florida. A company he manages and Ronald Russo's RAR-1 LLC in Naples recently purchased the 25,068-square-foot Pelican Plaza retail strip center on Marco Island for $5 million.

The purchase entity Charleston Square of Naples LLC mortgaged Charleston Square to the former owner PLL Development Inc. for $6.7 million.

Ryals Citrus, Cattle Ranch

doubles ranch land

BUYER: Ryals Citrus & Cattle LLC (principal: Ann Ryals), Fort Ogden

SELLER: 5200 Ranch LLC

PROPERTY: SEC 4, 5, 6, 7, 8, 9, 17, 18 and 19-40S-25E,

PRICE: $17.89 million

PREVIOUS PRICE: $31.09 million, May 2005

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

PLANS, DESCRIPTION: The Ryals family, the owner/operator of Ryals Citrus and Cattle Ranch, purchased 5,200 acres of farm land adjoining their ranch for $17.89 million, equal to an average of $3,441 an acre. The land is two miles west of State road 31, off of Notts Dairy Road in Charlotte and DeSoto counties. The property more than doubles the Royals Ranch, which will grow from about 4,900 to about 9,500 acres.

"We've been wanting to buy that portion of the Dipson Ranch for years," Ann Ryals says.

Ryals Ranch recently sold 1,600 acres to Charlotte County for $26.45 million for conservation land. That sale in turn presented the family with a large tax bill. "This was a 1031 exchange," Ryals says. "We had no idea this land would become available." The Ryals plan to continue to graze cattle on much of the land and farm watermelons and sod on additional portions.

Ryals Ranch currently manages 1,600 head of cattle and at capacity, the additional land will allow it to add another 1,400 head.

"To survive in agriculture in Florida is difficult," Dan Ryals says. "To be able to grow is a miracle. This was pure timing. Things just fell together. When we first started talking, the price they offered us was $9,000 an acre."

Investor group buys,

rezoning Daniels land

BUYER: Ten Acres Venture LLC, Thirteen Venture LLC, Fourteen Venture LLC, Twenty-One Venture LLC, Twenty-Two Venture LLC and Twenty-Three Ten Venture LLC (principal: Joseph Troiano), Fort Myers

SELLER: S.W. Florida Land Eleven LLC

PROPERTY: 8250 Daniels Parkway, 13521, 13651 and 13701 Freshman Lane and 13650, 13700 and 13600 Sophomore Lane, Fort Myers

PRICE: $2.9 million

LAW FIRM ON DEED: Bolanos Truxton PA, Fort Myers

PLANS, DESCRIPTION: Six purchase entities headed by Fort Myers attorney Joseph Troiano purchased a total of 36.15 acres near Daniels Parkway, between Freshman and Sophomore lanes. The entities paid $2.9 million, equal to an average of $80,221 per acre.

The property adjoins another 8.3 acres that the same group already owns nearby, giving it 44.5 acres.

Randy Thibaut and Janie Hooker of Land Solutions Inc. represented the seller. Tom Daugherty of Daugherty & Carr Commercial Real Estate represented the buyer.

"It's a local group of investor/developers from Lee County," Daugherty says. "They're looking at rezoning it from RPD (65 to 70 home lots) to its original agricultural zoning for estate lots. They may look at a little commercial up front. They're going through the zoning right now so it's probably going to be a year to two years before they're ready to start."


Dairy Queen franchise company buys store

BUYER: DQF Properties One LLC, Minneapolis, Minn.


PROPERTY: 7155 E. State Road 70, Bradenton

PRICE: $998,800

PREVIOUS PRICE: $2.31 million

LAW FIRM ON DEED: Greene & Schemer, Bradenton

PLANS, DESCRIPTION: International Dairy Queen Corp., the Minneapolis-based Dairy Queen franchise company, purchased a closed 4,500-square-foot DQ Grill and Chill on State road 70 for $998,800.

According to Dean Peters, director of communications for Dairy Queen, the purchase was actually a financing agreement to help the franchisor/owner.

"This isn't usual, where we will own the land and building of a franchisor," Peters says. "Sometimes if there is a longtime franchisor involved though, we may get involved in the financing situation."

International Dairy Queen hopes to reopen the location, but had no specific plans as of press time. The building was originally built in 2004.

Tampa Maaco operators

buying Sarasota location

BUYER: Montoya Sarasota Enterprises LLC (principals: Segundo and Anabella Montoya), Tampa

SELLER: Bradley Hutchins

PROPERTY: 1570 N. Washington Blvd., Sarasota

PRICE: $650,000

PREVIOUS PRICE: $500,000, June 1999

TITLE FIRM ON DEED: Stewart Title Co., St. Petersburg

PLANS, DESCRIPTION: Tampa residents Segundo and Anabella Montoya purchased the Sarasota Maaco Auto Painting and Bodyworks shop on U.S. 301 in Sarasota for $650,000. The Montoyas already own a Maaco shop on Anderson Road in Tampa; this purchase enables thier expansion.

"We've been planning to move to Sarasota," says Segundo Montoya. "This will also give my son [Ivan] and nephew [Edmund Lecayo] a chance to run it on their own. I'm a few years from retirement so this will give them a chance to strike out on their own."

Montoya says his son and nephew have been learning the business in the Tampa facility. The 7,800-square-foot store sits on about one acre and was originally built in 1993.

"The facility we're in is a little bigger than that so we may need to develop it a little more later on," Montoya says.

Montoya expects tighter economic conditions to convince people to keep their cars longer, eventually driving more business to his paint/body shops.

The purchase entity, Montoya Sarasota Enterprises LLC, mortgaged the property to Branch Banking and Trust Co. for $450,000.

tampa bay by Sean Roth | Real Estate Editor

The Adler Group Inc. buys 15 buildings

in Breckenridge Park

BUYER: Breckenridge I LLC, Doral

SELLER: ACP/Breckenridge Owner I LLC

PROPERTY: 5910, 5906, 5908 and 5807 Breckenridge Parkway, Tampa

PRICE: $23.27 million

PREVIOUS PRICE: $6.85 million, January 2006, $14.85 million, December 2005 and $4 million, February 2006

BUYER: Breckenridge II LLC, Doral

SELLER: ACP Breckenridge VIII Owner LLC

PROPERTY: 5804 Breckenridge Parkway, Tampa

PRICE: $5.12 million

PREVIOUS PRICE: $5.25 million, January 2007

LAW FIRM ON DEED: Stroock & Stroock & Lavan LLP, Miami

PLANS, DESCRIPTION: Helios AR Real Estate Fund I, the first discretionary fund formed by Miami-based real estate development, investment and management firm The Adler Group Inc., purchased 15 flex buildings in Breckenridge Park from Americas Capital Partners for $28.39 million. That's equal to an average of $85 per square foot. The 15 buildings house 332,582 square feet of office and industrial space in the park, which is located near the interchange of Interstate 4 and U.S. 301 in East Tampa.

"It was well located with a great diversity of tenants," says Matthew Adler, chief investment officer and executive vice president of The Adler Group. "We specialize in management-intensive, multi-tenant real estate. From an investment perspective we were buying them at well below replace cost. We remain positive on the long-term future of Florida real estate."

The properties were about 80% occupied as of the purchase, Adler says. The three largest tenants are Rosetta Technologies Corp., Patterson Dental Supply and HTDCR Engineering.

The Adler Group has owned real estate in the Bay area for several years including the 253,277-square-foot Beaumont Business Center in Tampa. The Breckenridge purchase is Helios AR Real Estate Fund I's second acquisition; it purchased the seven-building Collier Park of Commerce and four-building Commerce Center in Naples from Lund Capital Group in August for $31 million. The two properties featured a total of 252,000 square feet of space.

Adler says future purchases by the new fund will be dictated by the market, alothugh the $100-million fund is projected to be fully invested in two years. The fund's anchor investor is reportedly an affiliate of a high net-worth European family involved in shipping, banking, finance, real estate and, media.

Helios AR Real Estate Fund I is managed by Adler Helios MM I, LLC, an affiliate of Adler Group and Assos Capital USA LLC.

Mike Davis and Rick Brugge of Cushman & Wakefield negotiated the sale on behalf of the seller.

Boynton Beach company buys Jackson Heights Apartments

BUYER: Jackson Heights Apartments LLC (principal: Andrew Podray), Boynton Beach

SELLER: Myrnaco Mortgage Co.

PROPERTY: 3700 Lowry Court, Tampa

PRICE: $2 million

LAW FIRM ON DEED: Applegate & Thorne-Thomsen PC, Chicago

PLANS, DESCRIPTION: Boynton Beach-based real estate firm American Housing Enterprises purchased the HUD-subsidized Jackson Heights Apartments in Tampa for $2 million, equal to an average of $18,000 an unit. The 111-unit complex, which sits on a 5.65-acre site, was originally built in 1971.

"We were attracted to it because it was a cheap price per unit," says Andrew Podray, president of American Housing Enterprises. We're going to be working to rehab the units and reduce the crime rate ... to make it a safe and affordable housing community for the residents. We're going to be adding nighttime security. Vacancy there was next to nothing, primarily because of HUD [rent pricing]."

Along with renovating the units, the new ownership plans to construct a boarder fence and will be redoing sections of the parking lot, plumbing and electrical work.

American Housing Enterprises' business model focuses on buying distressed apartment complexes and turning them around, Podray says.

Kimco Realty Corp.buys

Dale Mabry Albertsons store

BUYER: ABNK Tampa LLC, New Hyde Park, N.Y.

SELLER: Devon Associates Limited Partnership and Whisper Capital LLC

PROPERTY: 8411 N. Dale Mabry Highway, Tampa

PRICE: $1.7 million

LAW FIRM ON DEED: Ingber and Klapper LLP, New York City

PLANS, DESCRIPTION: New Hyde Park, N.Y.-based shopping center real estate investment trust Kimco Realty Corp. purchased the 47,655-square-foot Albertsons supermarket in the Fountain Oaks Shopping Center for $1.7 million.

Kimco has had a close involvement with Albertsons recently. In 2006, Kimco joined with Cerberus Capital Management LP, Schottenstein Stores Corp., Lubert-Adler Partners and Klaff Realty, LP to buy 661 Albertson's and Super Saver stores in Dallas; Fort Worth, Texas; Northern California, Florida, the Rocky Mountains and the Southwest. Kimco in turn purchased unwanted stores from the consortium and repositioned them over the past few months.

The grocery store, which sites on 6.27 acres, was originally built in 1978.


Latest News