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Gurley Leep buys, renames Gateway Honda
BUYER: NPR HON LLC (principals: Michael Leep Sr., Donald Reese and Clyde Wheeler), Mishawaka, Ind.
SELLER: Wood Motors South Inc.
PROPERTY: 8442 U.S. 19. Port Richey
PRICE: $8.9 million
LAW FIRM ON DEED: Johnson Pope Boker Ruppel & Burns LLP, Clearwater
PLANS, DESCRIPTION: The Gurley Leep Automotive Group of Mishawaka, Ind., purchased the Gateway Honda of Port Richey real estate on U.S. 19 between Bay Boulevard and Ridge Road for $8.9 million as part of Gurley Leep's acquisition of the dealership business.
The 9.16-acre property includes a 17,305-square-foot two-story sales building and a separate 15,968-square-foot metal building. The buildings were built in 2005. The new ownership has since renamed the dealership Honda of Port Richey.
In mid-2008, Castriota Chevrolet auto dealership purchased the former Gateway Honda dealership across the street at 8425 U.S. 19, Port Richey, renovated it and reopened it as the pre-owned vehicle dealership Castriota Auto Sales.
BUYER: Vega Bayshore LLC (principal: Oscar Vega), Miami
SELLER: 5221 Bayshore LLC
PROPERTY: 5221 S. Bayshore Blvd., units 1, 10, 13, 26, 29, 39, 44, 46, 50, 53, 59, 60 and 61, Tampa
PRICE: $1.43 million
PROPERTY: 5221 S. Bayshore Blvd. units 14, 24 and 64, Tampa
PRICE: $330,000
LAW FIRM ON DEED: Jose J. Leonardo Esq., Coral Gables
PLANS, DESCRIPTION: Oscar Vega of Miami purchased 16 of the 64 condominium units in Bayshore Landings on Bayshore Boulevard near West Paxton Avenue for a total of $1.76 million. The purchase price equated to an average of $110,000 per unit.
“What attracted him was the south Tampa location right on Bayshore Boulevard,” says Kristi King, a Realtor at Tampa-based KKI Real Estate who is handling the properties for Vega.
“Along with that, the units are gorgeous and have been upgraded with granite countertops and hardwood floors. It's an all concrete-block building,” King says.
During the hay-day of residential construction, one-bedroom units in complex sold from $195,000 to $199,000. King says; two-bedroom units sold in the low $200,000s. Vega is reportedly considering renting the properties or putting them back up for sale.
BUYER: The Deltona Corp. (principals: Rudy and Antony Gram, Sharon Hummerhielm and Beth Fisher), Ocala
SELLER: Bahia Land LLC
PROPERTY: various lots between 1-176, Bahia Lakes on Pasadena Bloom Lane, Ruskin
PRICE: $1.34 million
PREVIOUS PRICE: $1.28 million, December 2007
LAW FIRM ON DEED: Daniels Hicks PA, Ocala
PLANS, DESCRIPTION: Ocala-based residential developer The Deltona Corp. purchased 154 lots in the Bahia Lakes community in the South Shore area of Ruskin for $1.34 million. The purchase price equates to an average of $8,680 per lot.
The community features a lake and ponds, parks, picnic areas, walking trails and a community pool.
“Tampa is a good market that we wanted to be in,” says Beth Fisher, manager of the Marion Oaks office of Deltona Corp.
The Deltona Corp. has purchased a number of discounted home lots since the downturn in the economy in anticipation of an eventual recovery, particularly in Cape Coral. In mid-2008, the firm purchased 159 home lots in Cape Coral from Contrarian Equities LLC for $1.09 million or an average of $6,835 a lot.
In March of '08, it purchased 112 home lots for $1.79 million or an average of $15,982 per lot.
In November of 2007, the developer paid $16.24 million for 812 parcels in Cape Coral from K. Hovnanian First Homes, a price that equated to $20,000 a lot.
The Deltona Corp. previously developed Deltona Lakes, Spring Hill, Citrus Springs, St. Augustine Shores, Marco Island, Pine Ridge, Seminole Woods, Tierra Verde and Sunny Hills.
Tampa-based JBM of Marcus & Millichap has been retained to handle the sale of Lincoln Shores, a 631-unit, garden-style apartment community in the Gateway area of St Petersburg. Jamie May and Matt Mitchell of JBM of Marcus & Millichap, will be marketing the property on behalf of the seller.
Completed in 1984, the community features 50 two-story residential buildings, for a total of 473,640 square feet of net rentable space. Bordering a nature preserve and a 13.7-acre lake, Lincoln Shores features three resort-style pools, lighted tennis and racquetball courts, full-court basketball, sand beach volleyball and a recently renovated state-of-the-art fitness center.
The community also includes picnic areas, pet walk areas with pet stations, two car-care centers, and a renovated two-story clubhouse.
Clearwater-based commercial real estate firm Colliers Arnold has rolled out a new marketing model. The company says its new system will use a specialized technology platforms to move products and services faster to market more cheaply.
“The last 15 months have challenged everyone in the commercial real estate business and there will continue to be new challenges,” Lee Arnold, founder and CEO of Colliers Arnold, said in a press release.
• Tinney Rebar & Wire Products, a Pittsburgh company that fabricates rebar and wire products for commercial, residential and public infrastructure construction projects, is expanding to the Tampa Bay area. The addition is expected to create 10 local jobs. Tinney has leased a 16,000-square-foot warehouse at 5411 Tyson Ave., Tampa on Rattlesnake Point from Viper Ventures. James Ullrich and John Gerlach of Colliers Arnold represented the tenant, and Ginger Gelsheimer and Brian Rettig of CB Richard Ellis represented the landlord. The waterfront property has rail service and port capacity.
• Tampa-based Oasis Acquisition Inc. leased 10,931 square feet of office space in Renaissance V at 8745 Henderson Road in Tampa from West Palm Beach-based Cemex Inc. Mia Jarrell, vice president in the Grubb & Ellis|Commercial Florida's office group represented Cemex.
• St. Petersburg-based DHI Water & Environmental Inc. leased 2,445 square feet in the City Center at 100 2nd Ave. S. in St. Petersburg from Behringer Harvard Real Estate Investments. Tom Kennedy and Sean Kennedy of Grubb & Ellis|Commercial Florida's Office Services Group represented the landlord.
• The New Port Richey Wal-Mart store located on State Road 54 has completed its three-month remodel. The store's improvements include a new layout, wider aisles, low-profile shelving, a different interior paint scheme, enhanced lighting and new signage. Wal-Mart has also combined the Site-to-Store pick-up location and photo lab in one area.
“We listened to our customers and have redesigned the store to make shopping at Wal-Mart even easier,” Store Manager Eric Hirons, said in a press release.
• Orlando-based CJB Enterprises agreed to a long-term lease of a 30,000-square-foot lot and 700-square-foot sales office at 4756 N. Dale Mabry Highway in Tampa from Parkedge Enterprises of Tampa. Brent Lindsey in Grubb & Ellis|Commercial Florida's Investment Group brokered the transaction.
“We cannot predict the future but we can proactively plan for it by investing in solid marketing systems, resources and technology that will maximize opportunities and secure our position as the best in class in commercial real estate marketing services,”
The new marketing operations division will be directed by Elizabeth Cross, a 20 year seasoned marketing professional with experience in the integration of marketing services, products, tools and systems.
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