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Business Observer Thursday, Sep. 11, 2003 15 years ago

Real Estate Briefs

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This week's items: The Getzen Family in Sarasota buys the Mediterranean Plaza, 595 Bay Isles Road, Longboat Key, for $3.375 million.Mississippi firm buys 10 acres for $1.3 millionConstruction starts onOsteopathic medical school

Family Buys Longboat Key Building

Mediterranean Plaza

Location: 595 Bay Isles Road, Longboat Key

Seller: John and Eileen Ebin of Longboat Key (Mediterranean Capital Corp.)

Buyer: Getzen Family (Med Plaza LLC and Med Plaza II LLC)

Purchase Price: $3.375 million

Total Taxable Value: $1.71 million

Acreage: 2.5

Year Built: 1982

Previous Sale Amount/Date: $1 million/Feb. 28, 1992

Sellers agent: Diane Lawson of Sarasota Commercial Management Inc.

Buyers agent: Jim Getzen of Getzen Realty Services

aThe Getzen Family, principally William Getzen, retired partner with the Sarasota law firm of Williams, Parker, Harrison, Dietz & Getzen PA, and his son, Jim Getzen of Getzen Realty Services, have purchased the 25,000-square-foot, two-story Mediterranean Plaza office building on Longboat Key.

The building, formerly called Arvida Financial Center, is currently 70% occupied. "We do have some vacant spaces on the second floor," Jim Getzen says. "There is vacant square footage in the building from about 1,000 to 6,000 square feet. It (the building) became available when we were looking for something good to invest in." Jim Getzen says he used to work in the building years ago during an internship while he was working on his MBA.

Presently, the building houses Bay Isles Medical, the dental office of Art of Dentistry, Prudential Palms Realty and Beth Callans Management Corp.

"It was a good location and a very attractive price," William Getzen says.

The new owners say the building is in good shape and they are not planning any renovations at this time. "We will be resurfacing the parking lot and eventually it is going to need a new coat of paint," Jim Getzen says. "(But overall) it was well maintained."

Real estate briefs

HILLSBOROUGH

Mississippi firm buys

10 acres for $1.3 million

Biloxi, Miss.-based 4-15-03 Company LLC paid about $1.27 million, or $127,471 an acre, for a 10-acre piece of agricultural-zoned land just east of the U.S. 301 and Rivercrest Drive intersection in southeast Hillsborough County.

The quietly held company, which has not filed a list of its officers with the state, acquired the property from Mary Louise Lee Cutolo, Grace G. Sultenfuss, both of Tampa; James M. Burnett Jr., Oldsmar; and others. The sellers granted the buyer a $1.04 million mortgage

Tampa Electric sells

several hundred acres

An investment group affiliated with Tampa-based Lee Pallardy Inc. acquired about 1,200 acres near Turkey Creek, Whitehead and Durant roads in southeast Hillsborough for about $1.24 million from Tampa Electric Co.

The buyers, who have not yet filed annual corporate reports with the state, include Carlton Turkey Creek Preserve LLC, Davis Turkey Creek Preserve LLC and Pallardy Turkey Creek Preserve LLC. Each listed Lee Pallardy's real estate brokerage and appraisal office in Tampa as the operating address.

Public records show the investment group secured about $1 million in financing through Farm Credit of Central Florida ACA.

Bank of America closes

on Tampa Heights land

An affiliate of Bank of America NA has moved a step closer in its bid to build 350 multifamily units in a Tampa Heights redevelopment area.

Riverfront Partners LLC, an affiliate of Banc of America Community Development Corp., acquired about four acres of land in the Old Tampa Police Department Site Community Redevelopment Area for about $1.2 million from the city of Tampa.

The Bank of America affiliate acquired the property through a request for proposal the city issued in 2001. The affiliate and the city entered into a development agreement in November last year.

Development of the multifamily property, which would target market-rate users, is contingent on the outcome of two eminent domain lawsuits the city has filed on two adjoining properties.

MANATEE

Construction starts on

Osteopathic medical school

Construction on an Osteopathic Medical College building in Lakewood Ranch is underway. NDC Construction, Bradenton general contractor for the project, has broken ground on the 109,000-square-foot facility and is projecting completion in the middle of 2004 for a September opening. Recently, Lakewood Ranch developer Schroeder-Manatee Ranch Inc. sold the 15-acre site, on Lakewood Ranch Boulevard a mile north of State Road 70, to the Lake Erie College of Osteopathic Medicine Inc. for $1.5 million.

The new school will be one of only six medical schools in Florida. The campus will be a branch location for Lake Erie College of Osteopathic Medicine (LECOM) in Erie, Pa. LECOM is projected to spend about $20 million to construct the new medical school campus. LECOM officials project the school could contribute more than $30 million annually to the local economy, based on the estimated salaries of the staff and the spending produced. The branch at full capacity is expected to have a total enrollment of 600 students.

PINELLAS

Tampa investor acquires

Clearwater apartments

Wisco LLC paid about $7.6 million for the Coral Cove Apartments, 200 garden-style units in Clearwater.

The Tampa-based company, controlled by William I. Sultenfuss II, acquired the 18-year-old property at 25 N. Belcher Road for about $38,125 a unit from Ambassador VII LP, a holding of Denver-based Apartment Investment & Management Co.

The seller - a publicly traded real estate investment trust that owned 39 apartment properties and 11,463 units in the Tampa Bay area prior to the sale - bought Coral Cove in 1996 for $6.3 million. Pinellas officials assessed its just market value at $6.6 million.

ExxonMobil divests

real estate holdings

ExxonMobil Oil Corp. sold five income-producing properties in Pinellas County for about $3.22 million. Square-foot prices ranged from $341.37 to $1,298 each.

The Fairfax, Va.-based petroleum producer sold a 630-square-foot building on 21,600 square feet of land at 1999 Gulf-to-Bay Blvd. in Clearwater for $817,800, or $1,298 a square foot, to Xeena O Inc., a company controlled by Osama Khazendar. The property last sold in 1985 for $627,100. The buyer obtained $740,000 in financing through Colonial Bank NA and a $165,000 note from The Radian Group LLC.

BS Food & Gas Inc. acquired a 960-square-foot building on 23,250 square feet of land at 5390 Duhme Road in St. Petersburg for $647,300, or about $674.27 a square foot. The buyer, controlled by Baby J. Puthysseril, secured $660,000 in financing through Colonial Bank.

Petro-Quad Inc. paid $621,000, or $647.40 a square foot, for 960 square feet of improvements on 20,916 square feet of land at 2210 Ninth St. N. in St. Petersburg. Petro-Quad, controlled by Radwan and Hassan Charara, secured $577,682 in financing through Colonial Bank.

The Chararas, operating as St. Petersburg-based P-Q Inc., also acquired a 696-square-foot building on 36,039 square feet of land at 3100 54th Ave. S. in St. Petersburg for $547,700 or $786.93 a square foot. The buyer secured $588,078 in financing through Colonial Bank.

Dunedin residents Spiro and Labrine Voutsinas, paid $587,300, or $371.47 a square foot, for a 1,581-square-foot building on 30,000 square feet of land at 2606 Bayshore Blvd. in Dunedin. The seller acquired the property in 1973 for $213,000.

SARASOTA

Lakeside Plantation CDD

auctioning off multi-family site

Debt-heavy KEB Inc., a developer credited with getting the North Port development kick started, has transferred a vacant 25-acre multi-family parcel in lieu of foreclosure to the Lakeside Plantation Community Development District for sale at auction. Chad Maxwell, an agent with the commercial division of Punta Gorda-based Thomas Ryan and Associates Inc., the company charged with marketing the auction, says that through the sale the CDD is hoping to keep real estate interest in the community high. "The parcel is approved for up to 352 units," Maxwell says. "Condominiums nearby have done pretty well. There is not a product of that density in North Port yet. But other similar products (villas, carriage homes, townhomes) have done well. We had the villa product sold out in 18 months."

The auction is scheduled for Sept. 30 and all participants are required to have filed bids by Sept. 29. Previously, Thomas Ryan and Associates sold six of eight main commercial lots running along Toledo Blade Boulevard in Lakeside Plantation.

Naples furniture retailer

expanding to Sarasota

Edgar and Tiffany West of Naples have purchased a 5,000-square-foot building at 1312 Tamiami Trail, Sarasota, from Anthony Perrotta for $677,500. The West family owns a number of designer- and imported-furniture and accessories stores under the name of East Indies Trading Co. "We love Sarasota," Tiffany West says, "and this location just came up at a great time when we were looking to expand. It is just a natural progression."

The couple currently operates three stores: two in Naples and one in Bonita Springs. West says she hopes to open the new Sarasota location by the end of November. The architect for the interior renovation is Don Lawson of the Sarasota-based Lawson Group Inc. and W.G. Mills Inc. of Bradenton is expected to be the general contractor.

Smuggler's Cove Adventure

owners buy parcel next door

George Schiavone and Frank and Rosemary Ball bought a little over an acre of vacant land at 3995 N. Tamiami Trail, Sarasota from Friedrich and Fritz Korsch for $450,000. Schiavone and the Balls own Smuggler's Cove Adventure Golf next door at 3815 N. Tamiami Trail, a miniature golf course and alligator exhibit. Schiavone says the partners are still putting together their plans to develop the property. "We might use it for expansion or as a shopping plaza," he says. "We hope to break ground within a year."

Maryland developer buys

two Scotty's for $3 million

Realty Investment Co. Inc., a Silver Spring, Md.-based developer of office, apartment and self-storage properties, purchased a hardware store at 4050 Bee Ridge Road, Sarasota, from Scotty's Inc. for $3 million. Bob Stoddard, director of acquisitions for Realty Investment Co., says the company will be converting the Scotty's location into a self-storage facility. He says that so far a name has not been selected for the site, but that it may be similar to the company's facility on Beneva Road, Sarasota Self Storage. The property also houses two buildings in addition to the main store building. The smallest of the three buildings will be demolished, while the main building and a lumber warehouse will be renovated.

Stoddard declined to comment on the cost of the renovation and demolition. "We will be fencing in the facility," Stoddard says. Asked how the facility would compete with nearby self-storage facilities, he responded: "We will have a newer facility with all the bells and whistles. It will have internal security. It will have a newer look. We hope to start (construction) in January or February." The facility is expected to open in August or September of 2004.

Stoddard says the company has no other plans currently on the drawing board in the Sarasota-Manatee area but that it is always looking for opportunities.

Two Sarasota executives

buy downtown building

David Christner, a physician and president of Bahamas-based World Health Advanced Technologies Ltd., and vice president John Baiamonte have purchased a 10,000-square-foot retail building at 1500 Main St. in downtown Sarasota from Furman's Inc. for $1.5 million. Tenants in the downtown building currently include Pastry Art, the Kennedy Galleries and a candy store. Christner says that he is hoping to move the candy store and to open a 5,000-square-foot art gallery on the Lemon Avenue side of the building.

"I had been looking for gallery space for while," Christner says. "It is the best gallery location downtown."

Christner says that he has been involved in art for years and the upscale gallery was a natural evolution. He hopes to open it in three to four months.

World Health Advanced Technologies, which operates an informational office at 1941 Northgate Blvd., Sarasota, manufactures pharmaceuticals from natural products.

ETC...

× Wilson Group Architects leased about 1,100 square feet of office space at 1453 Tallevast Road, Sarasota, from Airport Commerce Center.

× As part of its dividend offer, Sarasota Sun Hydraulics Corp. has refinanced mortgages for its Sarasota offices at 1500 W. University Parkway, Sarasota. The company signed a new $11 million mortgage with SouthTrust Bank.

× John and Rosemarie Vassallo bought two units in the Canal Park Center at 1611 12th St. E., Palmetto, from Canal Properties LLC for $235,000. John Vassallo says the combined offices, a total of 3,600 square feet, will be the home of Southern Test Equipment Inc. The company, which operated out of the Vassallos' house, assembles hydraulic testing equipment. "We intend to sell the equipment worldwide," Vassallo says. It is a business offshoot of another Vassallo company, a North Carolina engineering firm called the Arrowhead Group.

× American Sterling Enterprises, managing partner of SR 70 Developers, says that Peridia Office Park has received final plat approval from Manatee County. The office complex has already sold two building sites, with closings scheduled for four more sites. Peridia Office Park is located on State Road 70 near Interstate 75 in Bradenton and offers sites for sale and builds to suit.

× Mederi of Collier County Inc. has leased about 2,000 square feet of office space at 6124 S. Tamiami Trail in Sarasota from Arlington Medical Properties Trust. Barry Seidel of American Property Group of Sarasota handled the transaction.

× William Hinton, also known as Gulf Coast Flooring and Restoration LLC, leased about 1,600 square feet of retail space at 303 S. Tamiami Trail, units A and B, in Osprey from Four Bays Plaza. Barry Seidel of American Property Group of Sarasota handled the transaction.

× Sarasota-based Charles H. Wilson Construction completed the 9,000-square-foot office at 1400 Cattlemen Road, Sarasota. The building is the headquarters of Howard & Co. of Sarasota, an accounting and tax services firm, as well as the Sarasota Artist's Gallery and a future bank.

× Edwards & Edwards CPA has leased about 1,005 square feet in the Bank of America at 1201 Sixth Ave. W., in Bradenton.

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