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COMMERCIAL REAL ESTATE SARASOTA-MANATEE by Sean Roth | Real Estate Editor
SMH buys space in Heritage Medical Plaza
BUYER: Sarasota County Public Hospital Board, Sarasota
SELLER: Brownstar Properties II LLC
PROPERTY: Heritage Medical Plaza, 1040 River Heritage Blvd., unit 101, Bradenton
PRICE: $5.87 million
LAW FIRM ON DEED: Williams Parker Harrison Dietz & Getzen, Sarasota
PLANS, DESCRIPTION: Sarasota Memorial Hospital purchased the 14,000-square-foot, first floor of the 28,000-square-foot Heritage Medical Plaza in northeast Manatee County for $5.8 million. Hospital plans to base a health care center on a portion of its new property.
The hospital's health care center will offer a number of outpatient services, including diagnostic imaging (MRI, CT, X-ray, and Ultrasound), laboratory, and rehabilitation, pain care and home health programs. The first floor of the building will also include the Pinnacle Urgent Care Center - a walk-in and urgent care medical clinic staffed by the Pinnacle Medical Group.
Real estate developer Fred Starling's Brownstar Properties II LLC owns the rest of the building, and his construction company, Fred Starling Inc., built the building. Starling is leasing the second level of the building.
County green lights Githler
conference center talks
The Sarasota County Commission unanimously approved a motion for its staff to conduct preliminary discussions with Githler & Associates and other groups about the feasibility of a conference center on Palm Avenue or other sites in Sarasota.
The motion was designed to spur discussion between the county, private groups and the City of Sarasota about the possibility of a conference center in downtown Sarasota. Githler & Associates' put forth a proposal for public-private partnership to develop a multi-use conference center, parking facility, Embassy Suites hotel and retail space on the city-owned Palm Avenue site.
The Githler & Associates' proposal includes two phases. Phase one describes development of a 365,000-square-foot, six-story municipal parking garage providing 800 parking places, a 45,000- to 50,000-square-foot conference center with 16,000 square-feet of retail space on the southern end of the 2.25-acre Palm Avenue site. Phase two of the venture includes an 11-story, 250,000-square-foot hotel with 280 rooms, 8,000 square feet of restaurant and retail space, and 15,000 square feet of meeting space.
Developers estimate the Downtown Bayfront Center and Embassy Suites Hotel would add 250 to 300 full- and part-time jobs to Sarasota.
Funding for the project comes primarily from Githler Development and other private sources when the project would begin in early 2010.
Private investment for the project, primarily from Githler & Associates, is estimated at $65 to $68 million, while the county would contribute $22 to $25 million for a majority share of the conference center, 150 parking spaces and 22% of the Palm Avenue property. The city would need to contribute a majority share of its Palm Avenue property and $12 to $13 million for a majority share of the municipal parking facility.
Clearwater's Rally Stores
buys Hess on State Road 64
BUYER: Karakara LLC (principal: P.N. Risser III), Clearwater
SELLER: ABC-I LLC
PROPERTY: 4905 E. State Road 64, Bradenton
PRICE: $1.7 million
LAW FIRM ON DEED: Martin Errol Rice PA, St. Petersburg
PLANS, DESCRIPTION: Risser Cos.' subsidiary Rally Stores Inc. purchased a 4,396-square-foot Hess gas station on State Road 64 for $1.7 million. The new ownership has taken over the station and is converting it to its Rally brand.
Rally Stores operated 14 Rally locations in the Tampa area prior to the purchase, and the State Road 64 location is the company's first Rally south of St. Petersburg.
"We were attracted by both the location and [traffic] volume," says Chuck Poetter, Rally brand manager. "The Rally brand is in direct competition with Hess and Racetrack. We have a very strong presence in Pinellas and Hillsborough counties."
The biggest planned change for the 12-pump gas station will be the construction of a car wash station.
The purchase entity Karakara LLC mortgaged the property to USAmeribank for $1.45 million.
The Risser Cos. is a mix of real estate investment companies, fuel distribution firms and a chain of convenience stores.
Hospitality company pursuing Colony Beach & Tennis Resort
An international hospitality company has hired Longboat Key resident Manfred Welfonder, owner of Sarasota-based MW Development & Investment Advisory Inc. to attempt to purchase The Colony Beach & Tennis Resort and all of the owner's assets for a teardown and rebuild of the property.
Welfonder says he presented a total renovation-and-funding proposal to the Colony's association board in December of 2007.
The client, whom Welfonder will not disclose, is described as "a major hospitality company" that is interested in a complete teardown with fractionalized opportunities.
"The plan calls for bringing in new investors and co-owners that will provide the necessary money for a complete teardown and rebuild of the property," Welfonder said.
In the fractional unit proposal, the company would sell one-week-deeded use time. Interested buyers can purchase up to four weeks - or no more than 30 days - worth of time, as per the town's zoning issues.
MW Development & Investment Advisory Inc. received a professional opinion from Bruce Franklin, the president of the ADP Group, a Sarasota architectural and planning firm, that a renovation of the current facility is not recommended, because if the units are found to need further repairs once work begins on site, it would require future assessments from unit owners.
Welfonder said the board gave him permission to pursue a viable business proposal with his international client at that same December meeting
If the proposal were to be accepted by the association and Colony owner and chairman Dr. Murray "Murf" Klauber, Welfonder said the unit owners would acquire deeded use time in a world-class resort and will not pay for the teardown and rebuild of the property.
"The only costs involved to unit owners would be maintenance fees that are yet to be determined," Welfonder said.
While the property underwent an 18-to-20-month teardown and rebuild, unit owners would have access to numerous hotels and resorts worldwide.
When asked what he thought about the proposal, Klauber said: "It won't happen in my lifetime. What he (Welfonder) presented was Mickey Mouse, amateurish and immature."
Klauber told The Longboat Observer that he is confident that the lawsuit between him and the association will side in his favor.
He said he has no intentions of selling the property, because he has his own vision for the property he has owned for more than 35 years.
"I will ask the town for 50 high-end units that will be constructed over a high-tech conference center and international spa," said Klauber, who is also confident that the resort's 232 units can - and will - be renovated. "I will never let the Colony close down."
Despite Klauber's enthusiasm, the legal dispute Klauber filed in Sarasota County Civil Court alleging that the association failed to assess its 232-unit owners to fund $14.1 million in repairs drags on, now in the U.S. Bankruptcy Court's Middle District of Florida.
- reported by Kurt Schultheis, contributing writer
Trust for Public Land buys former Cemex Venice land
BUYER: The Trust for Public Land, Tallahassee
SELLER: Waterford Intercoastal Properties LLC
PROPERTY: 395 E. Venice Ave., Venice
PRICE: $7.35 million
PREVIOUS PRICE: $1.18 million, June 2005
LAW FIRM ON DEED: Boone Boone Boone Koda & Frook PA, Venice
PLANS, DESCRIPTION: The Trust for Public Land purchased the 9.75-acre former Cemex concrete plant site on East Venice Avenue for $7.35 million and plans to quickly sell it back to the City of Venice. The property is next to the historic train depot, The Legacy Trail, Venetian Waterway Park, and the Marina Boat Ramp.
"The land will become a public park and a trailhead," says Doug Hattaway, senior project manager for the Southwest Florida office of the trust. "We're going to be doing some demolition soon. Our main motivator was to create the trailhead for the Legacy Trail but other benefits included getting rid of the Cemex eyesore and in the long term to help to reduce the run off into Hatchett Creek."
Demolition of the site has already started and should be completed this month.
Half of the purchase price came from a grant secured by the city from the Florida Communities Trust grant program.
New Management Corp. buys most of North River Estates
BUYER: GFB Partners LLLP, Sarasota
SELLER: OB Meadows Terrace LLC
PROPERTY: lots 1-33, 36-40, 42-50, 52-62, 64, 67-70, 72, 75-82, 84, 85, 87, 88 and 97, tracts 400-401, 500-504 and 600-602, North River Estates, at the corner of Mendoza and Victory Road, Ellenton
PRICE: $1.04 million
LAW FIRM ON DEED: Ruden McClosky Smith Schuster & Russell PA, Sarasota
PLANS, DESCRIPTION: Ellenton-based investment and property management company New Management Corp. purchased 84 of the 97 total home lots in North River Estates, an Ellenton manufacturered-home community, from Orion Bank for $1.04 million, equal to an average of $12,429 per lot.
"It's a great community in a great location," says Tim Newby, president of New Management Corp. "Our intent is to develop it out. We're selling home and lot combinations in the $130s to $150s. It also includes the use of a million dollar activity complex and pool that's already up and running. We're optimistic; we think it s a great time to provide affordable housing. We refuse to participate in the claimed recession."
Newby expects association fees in the 55-plus community to cost less than $125 a month.
Gateway Bank buys
Lockwood Ridge branch
BUYER: Gateway Bank of Southwest Florida (principals: Charles Bartlett, Gary Bockhold, Philip Fleuchaus, David Grain, David Maholias and Shaun Merriman), Sarasota
SELLER: Gateway Financial Holdings of Florida Inc.
PROPERTY: 6204 N. Lockwood Ridge, Sarasota
PRICE: $3.87 million
PREVIOUS PRICE: $3.56 million, August 2007
LAW FIRM ON DEED: Icard Merrill Cullis Timm Furen & Ginsburg PA, Sarasota
PLANS, DESCRIPTION: Sarasota-based bank Gateway Bank of Southwest Florida purchased its future Lockwood Ridge bank branch from its larger affiliated bank holding company Daytona Beach-based Gateway Financial Holdings of Florida for $3.87 million. The 4,545-square-foot former Regions Bank branch, located near the intersection of Lockwood Ridge Road and University Parkway, is scheduled to open in mid-March. The building is being extensively renovated with the goal of receiving Leadership in Energy and Environmental Design green certification.
"We're gutting the interior to make it a more efficient space," says Shaun P. Merriman, president and chief executive officer of Gateway Bank of Southwest Florida. " I love the location and the historical track record. In Lakewood Ranch there are a tremendous number of branches we could have chosen from, but it could take years to make a penetration there. On University you've got University Park, Palm-Aire and a lot of residential rooftops plus all those small and medium-sized. We feel there's much more room for market penetration there."
COMMERCIAL REAL ESTATE Lee-collier-charlotte by Sean Roth | Real Estate Editor
Brokerage head buys 16 industrial condos
BUYER: Benchmark Landshore LLC (principal: Bennett David III), Hollywood
SELLER: Landshore of Benchmark LLC
PROPERTY: 1684 and 1685 Target Court, Fort Myers, units 1-13, 1684 and units 14, 15 and 19, building 1685,
PRICE: $1.28 million
LAW FIRM ON DEED: The Doragh Law Firm PL, Fort Myers
PLANS, DESCRIPTION: Bennett David III, president of the Hollywood real estate brokerage Sara David Realty Inc., purchased 16 of the 24 business condominiums in two warehouse buildings in Benchmark Corporate Park, a total of 25,000 square feet, for $1.28 million, equal to $80,291 per unit.
"I'm planning to try to rent the units through this tough market," David says. "I was looking for an investment when Dan Kreinbrink from Florida Southern Investment found the property. They're new buildings. I think it was a good price, but it's hard to pin that down in this market. It' cheaper than they used to sell for."
The two buildings house a total of 42,000 square feet of industrial space.
Todd Holman of Woodyard and Associates Inc., the seller's broker, has been retained to market the property.
David's purchase entity, Benchmark Landshore LLC, mortgaged the property to Transcapital Bank for $850,000.
Collier County buys boat ramp,
plans new fire station
BUYER: Collier County, Naples
SELLER: The Islands Marina LLC
PROPERTY: 25000 Tamiami Trail E., Naples
PRICE: $5.14 million
PREVIOUS PRICE: $3.56 million, June 2005
SELLER: Port of the Islands Property LLC
PROPERTY: 1.42 acres on a portion of Rivers Road, Naples
PRICE: $348,000
PREVIOUS PRICE: $517,600, June 2005
PLANS, DESCRIPTION: Collier County purchased the Islands Mariana boat ramp, parking lot and 7,400-square-foot ship store on 4.09 acres for $5.14 million, equal to an average of $1.26 million per acre. In a separate transaction the county purchased an adjoining 1.42 acres for $348,000.
The main goal of the purchase for the county was preserving the boat ramp, which will remain open to the public, according to Gary Bigelow, property acquisitions specialist for Collier County's Real Property Management division. Collier County also plans to share a portion of the store with the Ochopee Fire District for a new fire station.
"We're not sure how much they will take yet," says Bigelow "They need enough space for an apparatus bay and training room. We're considering housing a small EMS vehicle on a north portion of the land."
Previously, the closest fire stations were in East Naples or Everglades City several miles away.
The 1.42-acre parcel is being considered as a possible replacement for the parking lot if the county decides its needs to expand on the main site.
The county also plans to set up a boat fueling station on the site sometime in the future.
Chick-fil-a buys land
for Cape Coral restaurant
BUYER: Chick-fil-a Inc., Atlanta
SELLER: NAP Pondella LLC
PROPERTY: 1790 N.E. Pine Island Road, Cape Coral
PRICE: $1.35 million
PREVIOUS PRICE: $5.2 million, June 2006 (contains several parcels)
LAW FIRM ON DEED: KG Law PLLC, Keller, Texas
PLANS, DESCRIPTION: Atlanta-based chicken restaurant chain Chick-fil-a Inc. purchased nearly an acre on Pine Island Road just east of the intersection of Pondella Road for $1.35 million. The new ownership plans to develop a freestanding restaurant and hopes to open it in May. Chick-fil-a restaurants range in size from 3,800 to 4,800 square feet based on the available lot size and location, according to Jerry Johnston, senior manager of public relations for Chick-fil-a.
Chick-fil-a also plans to open new Chick-fil-a restaurants at 9931 Interstate Commerce Drive, Fort Myers in early April and at 21900 S. Tamiami Trail, Estero in May.
"This is a particular commitment for us because we don't open a large number of restaurants each year," says Johnston. "We only open 70 a year. That is a growing market, and we've had a lot of success with our existing stores there so we're looking to expand our long-term presence."
Chick-fil-a operates three existing restaurants in Fort Myers at 4125 Cleveland Ave., 4752 Colonial Blvd. and 13610 S. Tamiami Trail and has two restaurants each in Naples and Port Charlotte. The company owns some 1,391 restaurants in 37 states and had 140 in Florida as of March 1.
ETC ...
Covanta expansion
wins Power Engineering award
The first energy-from-waste facility expansion built under the U.S. Environmental Protection Agency's New Source Performance Standards has been named 2008 "Project of the Year" in the renewable energy category by Power Engineering magazine. Covanta Energy, a wholly-owned subsidiary of Covanta Holding Corp., has added the new unit to the Lee County Resource Recovery Facility in October 2007. The $120-million expansion increased the facility's capacity by 50%, allowing it to process an additional 636 tons of municipal waste per day.
The facility now processes 1,836 tons of municipal solid waste daily, while generating up to 57.3 megawatts of electricity, enough energy to power 36,000 homes.
• Fort Myers-based J.L. Wallace Inc. completed the renovation and expansion of the WRXY television studio at 40000 Horseshoe Road in Punta Gorda. The project includes the renovation of the station's existing 2,000-square-foot offices and the expansion of the studio by 3,876 square feet.
• Furball Properties LLC purchased a 5,460-square-foot freestanding office at 26530 Mallard Way, Punta Gorda from Florida Community Bank for $750,000. Gary Tasman and Shawn Stoneburner of Cushman & Wakefield in Fort Myers handed the transaction.
• Lee County selected Compass Construction as its construction manager for the Bokeelia Boat Ramp renovation project on Barrancas Avenue near the north end of Pine Island. The project includes replacing an existing single ramp with a double ramp; installing new seawalls and boat docks; storm water retention improvements; and adding a new asphalt parking and bathroom facilities.
• Compass Construction Inc. has received a signed contract to construct a 7,400-square-foot childcare facility for Grace Community School. The project, located on Skyline Boulevard, is a concrete block and stucco structure with wood trusses and a shingle roof. The building will have an administrative office area and lobby, 10 classrooms, a food preparation area and lunchroom, 40 parking spaces, water retention areas and a fenced playground.
• Fort Myers-based Stevens Construction Inc. has been awarded a contract to build the Elmquist Eye Group's office space at 2336 Surfside Blvd., suite 121, Cape Coral. The third location for the Elmquist Eye Group will feature four exam rooms, two offices and an optical retail area. Construction is scheduled for completion in January. The architect is Peter Shawinsky of Sheeley Architects, and Karen L. Benson & Associates is providing the interior design.
Vanderbilt Bay Construction
finishes jail improvements
Vanderbilt Bay Construction has completed its 14-month jail renovation project for Collier County Facilities Management. The project required Vanderbilt Bay to upgrade both the interiors and exteriors of the jail, which was built in 1986. The extensive renovations in six cellblocks included plumbing, mechanical, electrical and structural changes as well as new exterior finishes.
The building exterior received new stainless steel frame windows with ballistic glazing and synthetic stucco.
• Vanderbilt Bay Construction recently completed the Marco Island Recycle Center at 990 Chalmers Dr. on Marco Island for the Collier County Public Works / Engineering Department. CH2MHILL designed the recycle center The new facility is built to withstand winds up to 150 MPH and equipped with its own power source.
• Compass Construction Inc. of Cape Coral completed the renovation of The Helm Club at the Landings Yacht, Golf and Tennis Club in Fort Myers. Compass renovated the existing 25,000-square-foot clubhouse, golf and tennis shops.
• Thomas Garlick, Galleria 120 LLC purchased a 5,144-square-foot office condominium at 9115 Corsea del Fontana Way, suite 120 in Naples from DBAK Holdings LLC. Clinton Sherwood and David J. Stevens of Investment Properties Corp. handled the transaction.
Compass Construction hired for Shoot Straight store, range
Compass Construction Inc. of Cape Coral, has been contracted by Shoot Straight Ft. Myers Holding Co. to complete the construction of Shoot Straight's new gun range and store at the corner of Colonial Boulevard and Fowler Street In Fort Myers.
Compass Construction will be responsible for renovating the existing 10,000-square-foot building in an old west theme.
COMMERCIAL REAL ESTATE TAMPA BAY by Sean Roth | Real Estate Editor
Classic Automotive Group buys Plant City Chevrolet dealership
BUYER: Stingray Chevrolet LLC (principals: Thomas Durant and Stephen Hurley), Grapevine, Texas
SELLER: Eagle Land Co. Florida LLC
PROPERTY: 2202 N. Frontage Road and 2801 N. Wilder Road, Plant City
PRICE: $15 million
PREVIOUS PRICE: $15.5 million, June 2004
LAW FIRM ON DEED: Moody Jones Ingino & Morehead PA, Plantation
PLANS, DESCRIPTION: The owner/operator of the nation's top selling Chevrolet dealership, Classic Automotive Group purchased the Bill Heard Chevrolet dealership in Plant City for $15 million. Classic
The 26.5-acre Plant City dealership, which is being run as Stingray Chevrolet, features 150,000 square feet of office/service space in two buildings. The dealership was built in 2004.
"We're already open," says Steve Hurley, managing partner of the purchase entity Stingray Chevrolet LLC. "The biggest change will be in the way we operate it. We're bringing in new management and planning for very measured growth. It was a store that was built for volume and that's our business model. We just felt that even though the market right now in Florida is tough - just like everywhere - we should purchase this dealership because we wouldn't otherwise have been able to afford it."
Bill Heard Enterprises closed 14 dealerships and filed for Chapter 11 bankruptcy in September.
The Classic Automotive Group owns and operates 18 franchises in 17 locations; the Stingray Chevrolet dealership is its first outside the Dallas-Fort Worth metro area. Automotive Group's flagship dealership is Classic Chevrolet in Grapevine, Texas, the highest sale volume Chevrolet dealership in the United States for the 2006, 2007 and 2008 model years.
Stingray Chevrolet LLC mortgaged the property to GMAC Bank fir $16.6 million.
TIA's aviation authority
buys Drew Park warehouse
BUYER: Hillsborough County Aviation Authority, Tampa
SELLER: Roth Investment Partnership
PROPERTY: 4705 W. Cayuga St., Tampa
PRICE: $5.69 million
PREVIOUS PRICE: $911,500, January 1992
TITLE FIRM ON DEED: First American Title Insurance Co., Tampa
PLANS, DESCRIPTION: The Hillsborough County Aviation Authority purchased an 84,000-square-foot industrial manufacturing building on 2.7 acres in Drew Park for $5.69 million, equal to an average of $2.12 million an acre. The building housed a number of tenants including Jackson Transformer Co. and Rainbow Carpet.
"It was in a land acquisition area for the airport for future airport expansion," says Diane Vercelli, senior director of properties and contracts for Hillsborough County Aviation Authority. "We started buying in that area in 1984. Of the 288 total parcels, we own all but about 14 parcels. Three of them were acquired though settlements, but all the rest have been voluntary. This site was one of the biggest ones left in Drew Park."
The airport authority plans to demolish the building and eventually to develop a new north-south cargo facility covering much of the Drew Park property. Once that building is completed in 2010 and the airlines have moved their operations, the airport authority plans to demolish the existing cargo facility at Tampa International Airport to develop a new north terminal building. Work is currently ongoing on north-south cargo road on Airport Authority-owned Drew Park property; that road is scheduled to open in 2009.
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