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Commercial Real Estate Briefs
COMMERCIAL REAL ESTATE LEE-COLLIER by Sean Roth | Real Estate Editor
Naples Bay Resort becomes The Shoppes
SELLER: Basil Street Partners LLC
PROPERTY: 1444 Fifth Ave. S. units 1-6, Naples also known as The Shoppes at Naples Bay Resort
PRICE: $10 million
PREVIOUS PRICE: $19 million, September 2003 (includes additional parcels)
LAW FIRM ON DEED: Grant Fridkin Pearson Athan & Crown PA, Naples
PLANS, DESCRIPTION: Basil Street Partners LLC, the developer of the Naples Bay Resort, recently created a condominium called The Shoppes at Naples Bay Resort out of the commercial space in the project and sold the condominium units to an affiliate NBR Shoppes LLC for $10 million. The Shoppes at Naples Bay Resort houses a total of 31,281 square feet of leaseable retail space. Rates will range between $35 and $55 square feet depending on size, term and location.
The Naples Bay resort features 108 cottages, the 85-room Hotel at Naples Bay Resort and 30 multi-million dollar townhomes and flats. In addition, the community features The Club at Naples Bay, a complex of pools, the Bluewater Bar & Grill a full-service spa; six-court Cliff Drysdale Tennis Center and a fitness facilities; and Olio on Naples Bay, a waterfront restaurant and bar, Yacht Club with 97-slip marina and event space and a retail promenade.
The Cottages and The Club at Naples Bay Resort opened in February 2007, and The Hotel at Naples Bay Resort, Olio on Naples Bay, Yacht Club, and Marina opened in February.
Basil Street Partners' purchase entity NBR Shoppes LLC mortgaged the property to Investec Bank Limited for $9.5 million.
Riverside Investors LLC
buys Colonial commercial land
BUYER: Riverside Investors LLC (principal: Steven Paletsky), Fort Myers
SELLER: Colonial 40 I LLC
PROPERTY: 3970 Colonial Blvd., Fort Myers
PRICE: $3.3 million
PREVIOUS PRICE: $13.5 million, December 2005 (includes additional parcels)
LAW FIRM ON DEED: Toll Brothers Inc., Horsham, Pa.
PLANS, DESCRIPTION: Riverside Investors LLC, a Fort Myers-based limited liability company headed by urologists Steven Paletsky, purchased several acres of vacant commercial land on Colonial Boulevard, southwest of Challenger Boulevard and 1.5 miles east of U.S. 41 for $3.3 million. The property is located next to a Brothers Lighting Depot showroom building, which was built last year. The Lee County Property Appraiser's office lists the size at 26 acres, but marketing materials describe it as 40 acres.
Calls to Paletsky were not returned prior to publication. An existing land-use plan for property calls for 152,856 square feet of commercial development, including 83,925 square feet of retail, a 50,000-square-foot Publix Supermarket, an 8,000-square-foot restaurant, 5,320-square-foot fast food restaurant and a 5,611-square-foot gas station/convenience store.
Lennar Homes LLC
buys more Bella Terra land
BUYER: Lennar Homes LLC, Fort Myers
SELLER: Habitat Lakes LLC
PROPERTY: various lots in Bella Terra in Estero
PRICE: $1.74 million
TITLE FIRM ON DEED: North American title Co., Fort Myers
PLANS DESCRIPTION: Miami-based homebuilder Lennar Corp. purchased 26 lots in the Bella Terra subdivision, a 1,000-acre residential community south of Corkscrew Road and east of Interstate 75 in Estero for $1.74 million, equal to $66,982 per lot.
Company officials declined comment.
The gated community was designed to house 1,824 home residential units in a mixture of single-family homes, villas and townhomes.
The Northern-Italian style community features several lakes and preserves, a 7,000-square-foot community clubhouse, tennis courts, skate park, recreation fields, fitness center and a community pool.
DeAngelis Diamond finishes Collection at Vanderbilt
DeAngelis Diamond Construction has completed The Collection at Vanderbilt in Naples. The retail center is located in the corner of Vanderbilt Beach Road and Airport Pulling Road in North Naples. Phase I of the project included a 5,000-square-foot tilt-wall retail shell building. Phase II included three retail buildings totaling 46,000 square feet. Phase III, was the final three retail buildings totaling 71,000 square feet, including a 12,000-square-foot mezzanine. DeAngelis Diamond Construction has also recently been awarded some of the interior build out for Juice Blendz, Euro Wax, Omaha Steaks and Metro PCS stores.
Strackbein Construction
completes yacht Club, marina
Naples-based Herman Strackbein Construction Inc. has completed the Snook Bight Yacht Club & Marina on Fort Myers Beach. Located at Marker 27 on Estero Bay, the full service marina was 58,000 square feet and sits on a 3.5-acre site. HSC also constructed a specialized five-story dry stack boat storage building housing 201 boat racks, a boat sales showroom, service building, elevated pool and spa, club room, elevated restaurant over parking, locker and laundry facilities, waterside promenade, fuel dock and ships store. A pedestrian bridge connects the club amenity level to the restaurant level.
McHarris Planning & Design of Bonita Springs designed the project.
ETC ...
• Sunshine Structures Inc. has begun the structural concrete and masonry work on a 103,000-square-foot medical office building at 1223 Gateway Blvd. in Melbourne. Marshall Erdman & Associates, the general contractor, awarded Sunshine Structures the contract to complete the structural work on the two-story tilt-wall building. Sunshine Structures and their engineering team worked with the architect, MEA1 Inc., in the design of the building. The structural concrete is schedule for completion in December.
• Golf Galaxy, a national golf retailer, has opened in a 15,000-square-foot space in Galaxy Plaza, a new shopping center located at 6295 Naples Blvd., Naples
• Professional Building Systems recently started the buildout of Ave Maria Florists, a floral arrangement business in Ave Maria's town center La Piazza. The floral store is currently operating out of a temporary location and will move into its new home in December. R3 Cubed designed the store.
• Sunshine Structures Inc., has completed the structural concrete work for general contractor Mathews-Taylor Construction on the Charlotte County Event Center at 75 Taylor St. in Punta Gorda. Harvard Jolly Architects designed the riverfront building. Sunshine Structures constructed all the structural concrete for the 46,000-square-foot building, using cast-in-place concrete and tilt-wall construction.
• Stanton Door Co. leased 9,600 square feet of office and warehouse space in Eastlinks Business Park, at 12601 Corporate Lakes Dr., Fort Myers from McGarvey Development Co. Charles Jans of McGarvey Development Co. handled the transaction.
• Gravity Benefits Inc. leased 2,070 square feet of office space at Riverview Corporate Center at 27299 Riverview Center Blvd. from McGarvey Development Co. Matt Price of McGarvey Development Co. handled the transaction.
• Gulfcoast Consulting Group Inc. has started construction on the 7,500-square-foot tenant space for Dr. John Ritrosky in the new 30,000-square-foot McGregor Center at 13981 McGregor Blvd. in Fort Myers. The unit will house the plastic surgeon's office along with a surgical center.
COMMERCIAL REAL ESTATE SARASOTA-MANATEE by Sean Roth | Real Estate Editor
Andros Boatworks moves to larger building
BUYER: RSW Holdings LLC Series L, Denver
SELLER: 1520 Northgate LLC
PROPERTY: 1520 Northgate Blvd., Sarasota
PRICE: $2.05 million
PREVIOUS PRICE: $1.5 million, March 2005
LAW FIRM ON DEED: Lewis & Crichton, Winter Park
PLANS, DESCRIPTION: RSW Holdings LLC Series L of Denver purchased a 32,667-square-foot industrial warehouse on 2.4 acres in Northgate Center for $2.05 million, equal to an average of $63 per square foot.
RSW Holdings LLC, which is owned by a part owner of Andros Boatworks, plans to lease the flex building to the Sarasota boat builder for its new headquarters.
"It's about three times larger [than our existing facility]," says Andy Eggebrecht, president of Andros Boatworks. "Andros will be purchasing it as part of the lease terms. We plan to be completely up and running there in January."
Eggebrecht says the boat builder has been planning the move for about a year, which was needed because of the builder's continued growth. The three-year-old boat manufacturer has gone from making 26 Panga-style and custom-bay boats in its first year to 52 in 2007 and 60 in 2008.
The company has also grown from three to 21 employees.
Along with greater efficiencies, Andros Boatworks plans to introduce a number of new models in the new facility.
Bradenton businessman
developing Parrish daycare
BUYER: Borderlake LLC (principal: Robert Martin), Bradenton
SELLER: Foxbrook Commercial Center LLC
PROPERTY: 17010 County Road 675, Parrish
PRICE: $762,000
PREVIOUS PRICE: $1.92 million
LAW FIRM ON DEED: Dye Deitrich Petruff & St. Paul PL, Bradenton
PLANS, DESCRIPTION: Bradenton developer, contractor and homebuilder Robert Martin purchased 5.3 acres on Rutland Road (County Road 675) near Rye Road in Foxbrook Commercial Center for $762,000. Martin says he's four months from having a 6,000-square-foot building shell for a new daycare center. Discussions are ongoing with potential users, but Martin estimates that the new tenant will be in place in the next six to seven months.
"We're just finishing the structure right now," Martin says. "It's in a great location. There are a lot of families out that way."
Pat Carlton Construction in Duette is the general contractor for the project.
Martin currently owns a Friendly's Restaurant building on State Road 64 near Interstate 75 and a nearby Dunkin' Donuts building.
Martin's purchase entity, Borderlake LLC, mortgaged the property to Southern Commerce Bank for $540,000.
W.S. Badcock Corp. buys
Sarasota furniture store
BUYER: W.S. Badcock Corp., (principals: Ben, Henry and Wogan Badcock and Raymond Ray and Donald Marks), Mulberry
SELLER: Kent Williams Inc.
PROPERTY: 3931 N. Washington Blvd., Sarasota
PRICE: $1.73 million
PREVIOUS PRICE: $890,100, July 2004
TITLE FIRM ON DEED: The Title Station Inc., Melbourne
PLANS, DESCRIPTION: Mirroring a recent transaction in Ruskin the Review reported last month, Mulberry-based retailer W.S. Badcock Corp. purchased a 16,440-square-foot Badcock Home Furniture & More store on U.S. 301 in Sarasota for $1.73 million, equal to an average of $105 a square foot. The purchase comes on the heels of the corporation's acquisition last month of an 18,000-square-foot closed Badcock Home Furniture & More in Ruskin from Robert and Carol Stringer for $2.2 million.
"The owner no longer wanted to be the dealer of the store," says Sarah Markus, communications coordinator for Badcock, "so rather than closing it, they decided to absorb its operations."
The Sarasota North location will continue to operate, and the franchise company has no plans at this point to market it to a new a dealer. The store was remodeled in 2004.
Founded in 1904, Badcock Home Furniture & More is one of the largest home furniture retailers in the United States. It has nearly 300 stores in eight states.
ETC ...
• Gamm-Tech Corp. leased 10,000 square feet of climate-controlled manufacturing space at 1560 12th St. W. in Palmetto from American Torch Tip Ltd for three years. Gamm-Tech is a manufacturer of automation parts for the printing industry. Anthony V. Migliore, PA of Coldwell Banker Commercial NRT handled both sides of the transaction.
COMMERCIAL REAL ESTATE TAMPA BAY by Sean Roth | Real Estate Editor
Bovie Medical Corp. buys building, moving
BUYER: Bovie Medical Corp. (principals: Andrew Makrides, J. Robert Saron, George Kromer and Gary Pickett), St. Petersburg
SELLER: Harland Clarke Corp
PROPERTY: 5115 Ulmerton Road, Clearwater
PRICE: $3 million
LAW FIRM ON DEED: Hill Ward Henderson, Tampa
PLANS, DESCRIPTION: Mellville N.Y.-based electrosurgical-medical product manufacturer Bovie Medical Corp. purchased a 60,500-square-foot warehouse building on Ulmerton Road from Harland Clarke Corp. for $3 million. The former checkbook-production facility was built in 1974 and sits on 5.07 acres.
Bovie Medical Corp plans to move its operations from two separate facilities in the Tyson Square area to consolidate them under one roof. Bovie Medical currently operates from a company owned 25,000-square-foot location at 7100 30th Ave., St. Petersburg and a leased, similarly sized building at 3200 Tyrone Blvd. N., St. Petersburg.
"We outgrew our original location that's why we leased the building on Tyrone Boulevard," says Rob Saron, chief sales and marketing officer and a director.
"We ultimately plan to sell our 7100 building, but we're in no big rush. We're working through the permitting process to set up the new building and get it approved by our regulatory department. The new building is laid out much better for efficiency and there's even room there for future expansion. There's a lot more parking and more loading dock space."
Saron says that the company could eventually add another 15,000 square feet of industrial space without requiring major governmental approvals. For the moment, most of the company's interior work is focused on significant changes to the office space and more minor changes to the manufacturing space. The company has budgeted $1.5 million for improvements and hopes to be relocated by April.
The company employs 165 people in the Tampa area.
"We have several new products coming so we've been planning for more growth and people," Saron says.
Florida State Fair Foundation
buys warehouse, models
BUYER: Florida State Fair Foundation Inc. (principals: Robert Thomas, Doyle Carlton III, Jack Armor, John Nicolette and Olin Mott), Tampa
SELLER: Jim Walter Homes Inc.
PROPERTY: 4322 U.S. 301, Tampa
PRICE: $1.35 million
PREVIOUS PRICE: $425,000, September 2002
TITLE FIRM ON DEED: Southern Title Services of Tampa Bay Inc., Lutz
PLANS, DESCRIPTION: The Florida State Fair Foundation purchased a warehouse and four model homes on 2.53 acres on U.S. 301 north of Martin Luther King Jr. Boulevard East from Jim Walter Homes for $1.35 million, equal to an average of $533,597 an acre. The foundation will lease the land and buildings to the Florida State Fair Authority with the Authority eventual having the option of buying it from the non-profit.
"That was the last major piece of land besides the Hess property that boarders [U.S.] 301 near the Fairgrounds," says Chuck Pesano, executive director for the Fair Authority. "The Fairgrounds now owns or controls through leases about 357 acres. We have made no decisions yet on the property."
Pesano says that the Fairgrounds will likely use the warehouse for storage and spread the model home buildings throughout the fair. The new property also gives the fair authority access to multi-lane intersection off U.S. 301, which it can use during peak traffic periods.
The property was purchased by the non-profit foundation because as a government entity the fair authority is barred from mortgaging the property. The foundation mortgaged the property to BankAtlantic for $1.08 million.
Jarib Rodriguez of CB Richard Ellis represented the seller.
First Intermediary Corp. buys
J.W. Conner & Sons property
BUYER: 4100 E. 7th Avenue LLC (First Intermediary Corp.), West Chester, Pa.
SELLER: J.W. Conner & Sons Inc.
PROPERTY: 4100 E. 7th Ave., 4112 E. 7th Ave. and 4013 10th Ave., Tampa
PRICE: $2.23 million
LAW FIRM ON DEED: Lowndes Drosdick Doster
PLANS, DESCRIPTION: First Intermediary Corp., a 1031 Exchange company run by West Chester, Pa., law firm Tupitza Bryman & Dixon PC purchased a 24,675-square-foot industrial building and a 1,652-square-foot retail building on Seventh Avenue and a small residential lot on 10th Avenue for $2.23 million, equal to an average of $235,517 per acre.
Highway contractor J.W. Conner & Sons Inc., which was acquired by concrete/asphalt company APAC-Southeast Inc. in 2005, previously owned the three properties.
Calls to Tupitza Bryman & Dixon for comment were not returned prior to publication.
As a 1031 Exchange company, First Intermediary will hold the property until its client buyer has sold their existing property.
The property contains 9.45 acres.
First Intermediary's purchase entity 4100 E. 7th Avenue LLC mortgaged the property to National Penn Bank for $2.28 million.
NAI Tampa Bay Commercial
adds valuation services
NAI Tampa Bay Commercial Real Estate Service is expanding to include an in-house appraisal division. NAI Tampa Bay Valuation Services, LLC will be led by Mick Stiksma as the firm's director of appraisal operations.
The four-person appraisal team consists of two full time MAI appraisers and two state certified general real estate appraisers.
NAI Tampa Bay is part of NAI Global, the world's largest managed commercial brokerage network with more than 375 offices and 8,000 associates in 55 countries.
ETC ...
• GVA Advantis has been retained by The Woodmont Co. to exclusively market Plantation Plaza, a new 121,245-square foot community retail center in Destin. Lucas Hewett and Jason Carnes will represent the property.
• Creative Contractors Inc. recently completed a new intensive-care unit for Lakeland Regional Medical Center. The $6.4-million, 21,000-square-foot renovation to a previous laboratory area added eighteen beds, two isolation rooms, and a central nurse station. The project also included renovation of office space for infectious disease control and nuclear medicine. The architect for the project is Heery International in Orlando.
• CB Richard Ellis has been selected as the exclusive advisor to market the sale of the Tri County Business Park in Tampa. The campus features 20 single-story buildings, totaling 676,735 square feet. The complex is currently 75% leased.
• Constellation Energy Projects & Services Group, Inc. leased 8,502 square feet at First Central Tower, 360 Central Ave., St. Petersburg. Constellation recently acquired Water & Energy Savings Corp., a local company. Paula Clair Smith, a commercial associate with Osprey Real Estate Services – North Bay, and Debra Atkinson of Century 21 Sunshine Realty co-represented the tenant. Wendy Giffin with Osprey Real Estate Services – North Bay exclusively represents First Central Tower on all lease transactions.
• Sharyn Jacobson, a local designer, leased 10,000 square feet at Bayfront Tower, One Beach Drive S.E., St. Petersburg from William Griffin. Ann Walters, a commercial associate with Osprey Real Estate Services – North Bay, in cooperation with Smith & Associates represented the landlord in this transaction.
Kona Grill restaurant
signs to lease at Met West
Kona Grill Inc. has become the first restaurant to sign a lease at MetWest International, a mixed-use development in the Westshore area. Florida Retail Partners President Kalyn Brandewie negotiated the transaction on behalf of the owner, MetLife.
Kona Grill Inc. will open a 7,500-square-foot restaurant at the main entrance of the retail village at MetWest International, which is located across from Tampa International Airport and International Plaza. Kona Grill will open in 2009 coinciding with the completion of the project's retail section.
MetLife, through its development manager Taylor & Mathis, is redeveloping the 32-acre MetWest International into a mixed-use project with nearly a million square feet of office space, a 74,200-square-foot retail village, a 260-room hotel and 254 residential units.
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