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The Top Deals of 2011

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  • | 11:22 p.m. January 1, 2012
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Each week, the Business Review reports on many commercial real estate transactions, of all amounts and in all sectors. The following are the top deals published in the Business Review's Commercial Real Estate section between Jan. 7 and Dec. 9. Debit-only transactions are not included because final purchase price is generally not disclosed. In addition, we researched activity in each sector to see how the market has performed the past year and what the trend is for each area and sector for 2012.

Judging by the top sales in Tampa Bay, one product dominated the big bucks this year: multifamily. Only two retail deals, Northwood Plaza and Collier Commons, even cracked the top 10. The remaining deals were either apartment complexes or multi-unit distressed condominium buys.

The multifamily deals also distinguished themselves by their performance. Of the seven multifamily deals in the top 10, all had an occupancy above 94% at the time of the sale. There were three each at 94% and 95%, respectively, and Sterling 42nd Street was at 98%.

The big-ticket sales also came almost exclusively from national investors from out of the state. Publix Super Markets was the single Florida company to make the top 10 with its purchase of Collier Commons for $28.1 million. The preponderance of the buyers came from Texas or Chicago.

The majority of the deals four of the top five were located in Tampa proper. Three of the top 10 deals were in Pinellas County (St. Petersburg, Clearwater and Palm Harbor) and only one, Collier Commons, is located in Pasco County (Land O' Lakes).

Top 5 Deals

1. $78.35 million — Promenade at Carillon and Sabal Palm at Boot Ranch, apartments

New York City-based AREA Property Partners purchased the Promenade at Carillon for $34.15 million and the Sabal Palm at Boot Ranch for $44.2 million.
Location: Promenade at Carillon, 540 Carillon Parkway, St. Petersburg; and Sabal Palm, 1350 Seagate Drive, Palm Harbor
Purchase date: December, 2010
Previous price: Promenade at Carillon — $20.65 million, October 1994; no previous price for Sabal Palm
Details: Sabal Palm at Boot Ranch was 94% occupied at the time of the sale.

2. $56 million — The Estates at Tuscany Ridge, apartments

Camden Multifamily Value Add Fund LP purchased The Estates at Tuscany Ridge for $124,444 per unit.
Location: 2302 Visconti Blvd., Tampa
Purchase date: May 25
Previous price: $9 million, July 2005
Details: Built in 2007, the 458,797-square-foot apartment development was 94% occupied at the time of the sale. It has been since renamed the Camden Visconti.

3. $41.5 million — Sterling 42nd Street, student housing

Austin, Texas-based Campus Advantage and a state pension fund purchased the 196-unit, 722-bed Sterling 42nd Street student housing community for $211,735 per unit or $57,479 per bed.
Location: 4050 Rocky Circle, Tampa
Purchase date: Dec. 16, 2010
Previous price: $11.15 million, April 2008
Details: Built in 2009, the complex was 98% occupied at the time of the sale.

4. $39 million — Sabal Palm at Carrollwood, apartments

Rockville, Md.-based CAPREIT purchased the 432-unit Sabal Palm at Carrollwood apartment complex for $90,278 per unit.
Location: 3602 Carrollwood Place Circle, Tampa
Purchase date: July 13
Previous price: $2.19 million, December 1994
Details: The 419,040-square-foot, three-story apartment complex was 95% occupied at the time of the sale. The property was reportedly in good condition at the time of the sale, but the new ownership announced plans to invest additional capital for further upgrades.

5. $38.75 million — Mallory Square Apartments

Chicago-based institutional investor Transwestern Investment Co. purchased the 383-unit Mallory Square Apartments for $38.75 million ($101,175 per unit).
Location: 11306 Mallory Square Drive, Tampa
Purchase date: Dec. 15
Previous price: $3.96 million, April 2004
Details: Built in 2005, the class-A property was 95% occupied at the time of the sale, with rental rates averaging more than $1,150 per month.

Buyers snapped up a mix of sectors of commercial real estate at the top of the sales ladder in the Sarasota and Manatee counties region. Although multifamily deals dominated, the top 10 deals also feature two medical real estate sales, a retail and warehouse sale and a raw land transaction.

Sarasota County captured six of the top 10 sales and all but one of the top five transactions.

The majority of the buyers in the top 10 transactions were headquartered outside of the state, with two notable exceptions. Sarasota businessmen purchased the Beneva Place apartments and Sarasota contractor Michael Schafer is leading an investment, which also includes a Grand Cayman company, in the purchase of land near Hi Hat Ranch.

Larger portfolio sales also had a big impact on the list. The top transaction, Equity Lifestyle Properties' purchase of Lake Village mobile home park in Nokomis, was part of a 76-community portfolio it bought from Hometown America. Similarly, Health Care REIT Inc. acquired the Hospital at Ridgelake and four other hospitals operated by LifeCare Holdings Inc. when that company took over operation of 27 new hospitals.

Top 5 Deals

1. $23.77 million — Lake Village, mobile home park

Chicago-based real estate investment trust Equity LifeStyle Properties purchased the 238-site Lake Village mobile home park for $99,875 per lot.
Location: 400 Lake Drive and 400 Village Drive, Nokomis
Purchase date: Oct. 3
Previous price: $11.5 million, October 1997
Details: Built in 1968, the senior-restricted community was purchased as part of Equity Lifestyle Properties' acquisition of 76 communities from Hometown America.

2. $23.2 million — Sawgrass Cove Apartments

New York City-based based Atlas Real Estate Partners and Boca-Raton based Andover Real Estate Partners purchased the 336-unit Sawgrass Cove Apartments for $69,048 per unit.
Location: 4801 47th Ave. W., Bradenton
Purchase date: June 7
Previous price: $17 million, June 1994
Details: Built in 1991, the 342,880-square-foot complex features 21 two-story buildings that were 97% occupied at the time of the sale. The new ownership purchased it as an investment and plans to upgrade the exterior, interiors, landscaping and amenities.

3. $22.5 million — Hospital at Ridgelake, acute care center

Toledo, Ohio-based Health Care REIT Inc. purchased the 50,285-square-foot Hospital at Ridgelake for $447 per square foot.
Location: 6150 Edgelake Drive, Sarasota
Purchase date: Aug. 1
Previous price: $3.34 million, April 2004
Details: The acute-care hospital was previously owned and operated by Birmingham, Ala.-based HealthSouth Corp., but the firm sold the operation to LifeCare Holdings Inc. as part of a 27-hospital portfolio. Health Care REIT purchased the real estate as an investment and as part of the financing structure for LifeCare Holdings.

4. $20 million —Hi Hat Ranch, agriculture land

SRQ Land LLC, an investment group led by Sarasota contractor Michael Schafer and including a Grand Cayman company, purchased 2,462 acres of agricultural land from the city of Sarasota for $8,123 per acre.
Location: a portion of Hi Hat Ranch, some on a portion of Branch Road, Sarasota
Purchase date: June 14
Details: The property, located between Oak Fort and Myakka Valley, had previously been used by the city to house treated wastewater. The buyer plans to lease it to an agricultural business with the goal of eventually developing a home community once the residential market improves.

5. $15.93 million — Jacaranda Commons, shopping center

Canadian real estate firm North American Development Group purchased the 94,700-square-foot Jacaranda Commons shopping center for $168 per square foot.
Location: 2390, 2321 and 2265 E. Venice Ave. and 351 Jacaranda Blvd., Venice
Purchase date: June 2
Previous price: $925,000, December 2004; $200,000, December 2005; and $4.53 million, December 2003
Details: The sale included the main retail strip center, anchored by Publix, and eight of the center's nine outparcels, including a CVS/pharmacy store. North American Development Group declined to comment on the acquisition, but its business is owning and operating shopping center space.


The sale of The Carlisle Naples dominated the Lee, Charlotte and Collier counties sales market this year, with a sale price nearly double the second project. The $82.25 million (altogether $85 million for the land, business operations and assets) was achieved not just because of the quality of the asset and its location in the Naples market, but also because of its opportunity in the red-hot multifamily housing market.

Residential projects led the list of top deals, but with more variety from the other two regions. Sales included only two traditional apartment sales, a distressed condominium purchase, senior housing and a resort. The ranking also included two land buys (Tuscany Reserve and Bonita Beach land) for the eventual development of new residential communities.

On the other side of the equation, three of the top 10 sales highlighted the trend of buyers pursuing bank-owned properties. Freeman & Hasselwander Resort Properties purchased The Resort at MarinaVillage, 57 condominiums and land in Tarpon Landings, from Dutch lender SNSPF Interim Finance B.V. Lofton Island Holdings LLLP, a jointed venture of Southwest Properties, Armco and National Bank, bought the vast majority of the Oasis condominium units from an affiliated entity of Bank of America. Kitson & Partners purchased the 450-acre Tuscany Reserve golf course community from Addax Bank.

As with the other region's top transactions, the majority of the buyers are located outside of Florida. The three exceptions include Fort Lauderdale-based AutoNation Inc., Palm Beach Gardens-based Kitson & Partners and Naples-based The Ronto Group, which joint ventured with Boston-based Rockpoint Capital to buy 691 acres in Bonita Springs.

Top 5 Deals

1. $82.25 million — The Carlisle Naples, senior living community

Chicago-based Ventas Inc. purchased the more than 300-unit The Carlisle Naples senior living community for $82.25 million ($4.63 million per acre). Total business operations, assets and real estate was purchased for $85 million.
Location: 6961 Carlisle Court, Naples
Purchase date: Oct. 13
Previous price: $47.5 million, September 2005
Details: The 17.78-acre highly amenitized senior community features assisted and independent living. Purchased as a long-term investment. Leased and managed by Solana Beach, Calif.-based Senior Resource Group LLC.

2. $45 million — The Resort at MarinaVillage, land and condo units

Freeman & Hasselwander Resort Properties LLC purchased the 267-unit The Resort at MarinaVillage, 57 condominium units in Tarpon Landings and two undeveloped land parcels for $45 million.
Location: 5951 Silver King Blvd. and additional property, Cape Coral
Purchase date: Nov. 18
Details: The 19-story waterfront resort also features 175 boat slips, 25,000 square feet of meeting space, several retail suites, an upscale restaurant and bar, fitness center and outdoor pools. Buyer has retained SunStream Hotels and Resorts to manage the resort and is in the planning stages on improvements to the property.

3. $42.6 million — Malibu Lakes, apartments

New York City-based TGM Associates purchased the 356-unit Malibu Lakes apartments for $119,663 per unit.
Location: 6546 20th Ave. N.W., Naples
Purchase date: Dec. 27, 2010
Previous price: $31.02 million, January 2010
Details: Built in 2003, the gated apartment community features two heated pools, a clubhouse, fitness center, tennis courts and a business center. TGM Associates acquires, manages and sells apartment properties.

4. $35.95 million — Oasis Grand Tower II, condominiums

A joint venture that includes Southwest Properties, Armco and National Bank purchased 224 condominium units in Oasis Grand's Tower II for $160,500 per unit.
Location: Oasis Tower Two, 3040 Oasis Grand Blvd., various units, Fort Myers
Purchase date: Jan. 31
Previous price: $12 million, December 2004
Details: A 240-unit condominium tower in 17-acre condominium development on the Caloosahatchee River in downtown Fort Myers. Renters already occupied half of the acquired units, and the buyer plans to rent out the remainder until the market for condominium sales improves.

5. $34.25 million — The Forum, retail

Phoenix, Ariz.-based Cole Credit Property Trust III (Cole REIT III) purchased 185,799 square feet of retail space in The Forum at Fort Myers for $184 per square foot.
Location: 3330, 3230-3274 Forum Blvd. and 9322 and 9360-9390 Dynasty Drive, Fort Myers
Purchase date: July 22
Previous price: $13.2 million, May 2005
Details: The property features two in-line centers anchored by Ross Dress for Less, Best Buy, Bed Bath & Beyond, Books-A-Million and Mattress Giant. The sale also included additional land and a freestanding building, operated by SunTrust Bank.


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