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BUYER: Whitney Plaza JKI LLC (Juliani Kenney Investment Capital LLC), Longboat Key
SELLER: Dawn and Andrew LLC
PROPERTY: 6810, 6812, 6858, 6854, 6852, 6850, 6836, 6860, 6848, 6846, 6844, 6842, 6840, 6838, 6856, 6834, 6832, 6830, 6828, 6826, 6824, 6816, 6814, 6822, 6820 and 6818 Gulf of Mexico Drive and 516, 522 and 520 Cedar St., Longboat Key
PRICE: $3.5 million
PREVIOUS PRICE: $2.5 million, June 2002
TITLE FIRM ON DEED: RTE Title Co., Miami
PLANS, DESCRIPTION: Boston-based Juliani Kenney Investment Capital LLC purchased the 35,000-square-foot Whitney Beach Plaza for $3.5 million.
The price equated to $100 per square foot.
The distressed center on Longboat Key was 15% occupied at the time of the sale.
Juliani Kenney also purchased the center's remaining liquid assets, including a liquor license held by former owner Andrew Hlywa, for an additional $200,000. The firm plans to redevelop the center.
“This is completely going to change and revitalize the northern part of the island,” says Brian Kenney, principal of Juliani Kenney Investment Capital. “People are excited about this.”
The commercial short sale was in the works for four months, although the plaza has been for sale since early 2009 — originally for $6.5 million. Frontier Capital Group Ltd. initiated foreclosure proceedings in February, according to Manatee County court records.
Kenney plans to spend the next 60 to 90 days working to lease space in the plaza to a mix of local and retail tenants. During that time he hopes to secure an anchor tenant for the 12,000-square-foot space formerly occupied by Whitney Beach Deli and Wines.
“We hope to have the place completely stabilized [70% occupied] by September,” he says. “By this time next year, we hope it's full.”
Kenney estimates his company will invest $2 million in the plaza over the next year. While some repairs, such as fixing a hole in the roof of the former post office, will be made over the next few weeks, major renovations won't occur until tenants are secured.
“We want to improve the property for the tenants as opposed to improving the property and then changing the property for the tenants,” Kenney says.
Kenney and his friend Rick Juliani founded Juliani Kenney Investment Capital LLC in 2007. The company started out focusing mostly on distressed multifamily residential properties but has since moved into retail development.
Recent projects include finding a national retail tenant for a 37,000-square-foot distressed property in Somerville, Mass.; the redevelopment of a 160-unit residential community in Tallahassee; and the conversion of an 86,000-square-foot former New Balance building into office space.
-reporting by Robin Hartill, correspondent
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