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Manatee-Sarasota
Business Observer Friday, Aug. 29, 2003 15 years ago

Real Estate Briefs

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This week's items: Neal, Cassata buy Parrish landLocal group building large multi-tenant office buildingBeall's Inc. to convert former Osprey Jacobson'sPremier Community Bankbuilding new Venice branch American Financial closes on t

Manatee

Neal, Cassata

buy Parrish land

Pat Neal, president of Neal Communities of Southwest Florida, and Frank Cassata of Sarasota bought a number of acres of grazing land on North Rye Road (1531, 1451 and additional unaddressed property) in Parrish from Lapek Corp. for $1.7 million. Neal Communities spokeswoman Linda Gross says that the owner of Lakewood Ranch-based Adworks Communications Inc., is in the planning stage of a residential development.

Local group building large

multi-tenant office building

Lake Plaza Associates LLP, an area real estate partnership headed by managing partner David Band, plans to build a 15,000-square-foot, four tenant building at 8654 S.R. 70 E. Thomas Jackson, president of Jackson and Associates General Contractors, says the owners have leased about 4,000 square feet in the new building to Dental Care Alliance for an office. Completion of the $4 million building is planned for mid-December.

SARASOTA

Beall's Inc. to convert

former Osprey Jacobson's

Bradenton-based Beall's Inc. plans to convert a former Osprey Jacobson's in the South Bay Fashion Center, 1350 South Tamiami Trail, into its newest store concept Coastal Home. The store is expected to open Nov. 14. The 32,400-square-foot store will house affordable home fashions geared toward Florida's coastal communities. The building permit lists the estimated renovations costs at $300,000. At the same time, Beall's will also open Coastal Home stores in Naples and Melbourne.

"That should spur on the center," says Barry Seidel of American Property Group of Sarasota Inc. "If this happens, that center should come back alive again."

Premier Community Bank

building new Venice branch

Premier Community Bank bought land at 247 S. Tamiami Trail, Venice, from The Venice Co. Ltd. LLLP for $501,700. Brenda Mathews, executive vice president for Premier, says the bank will build a 5,000-square-foot branch to replace its 1,600-square-foot leased facility at 211 S. Tamiami, Venice. "We hope to be in there by December," Mathews says. "We just needed more space badly." The project's general contractor is Hennessy Construction Services Corp.

Hillsborough

American Financial closes on two deals

An affiliate of American Financial Realty Trust closed in Tampa on two of the 158 properties it recently acquired nationally in a sale-leaseback deal with Bank of America NA.

Jenkintown, Pa.-based First States Investors 5000A LLC acquired about 73,820 square feet of office space at 1000 N. Century Park Blvd. for about $8.4 million and 10,043 square feet of office space at 100 Westshore Blvd. for about $2.8 million.

The publicly traded real estate investment trust reported in late June it paid Bank of America about $770 million for 8.2 million square feet of office properties under a mortgage financed by German American Capital Corp., an affiliate of Deutsche Bank Securities Inc.

As part of the deal, the bank agreed to lease 5.2 million square feet on a triple-net basis over 20 years. The bank also agreed to lease another 804,000 square feet on a short-term basis, though the REIT did not offer details on individual properties.

First States acquired the 19-year-old Century Park property, which last sold in 1990 for about $2.23 million, from NB Holdings Corp., as a successor to Barnett Banks and from Bank of America, as successor to Home Federal Bank of Florida FSB. The transaction included an enclosed, 297-unit parking garage and a total of about 4.8 acres. Last year Hillsborough County officials assessed the property's market value at about $7.7 million.

At the Westshore Mall, First States acquired an outparcel with an official total market value at about $2.4 million. Built in 1998, the office space is on nearly 2 acres.

Townhome builder gets

$12.3 million in loans

Spring Park Group of Pinellas Inc. secured nearly $12.3 million in financing as part of a plan to build 120 townhomes in the Citrus Park community in northwest Hillsborough County. The company received a $3.06 million acquisition and development loan, a $5 million construction loan and a working line of credit of $400,000 from Ohio Savings Bank. In addition, the company mortgaged $835,000 through South Cap Inc., which sold the vacant Citrus Park land to Spring Park for about $1.55 million.

Buyer and seller are affiliated. Each reported operating addresses at 1700 McMullen Booth Road, Suite C1, Clearwater. State corporate records list Richard Puzzitiello Sr. as president of South Cap., with financing records listing Ross A. Puzzitiello as president of Spring Park.

Jeflis buys strip center

for $72 a square foot

Jeflis Property Management Corp. paid $2.6 million, or about $72 a square foot, for the Plantation Plaza strip center in the 4300 block of Gunn Highway in northwest Hillsborough County.

The Tampa-based company acquired about 135,283 square feet of gross retail space on 3.10 acres from Tampa-based Plantation Plaza LLC, which acquired the site in 1999 for $1.25 million.

Jeflis, whose president is Harold R. Koster, mortgaged the property through Premier Community Bank of Florida for $1.95 million.

PINELLAS

Developer acquires beach

land for $150 a square foot

M3B Development LLC paid $1.35 million, or about $150 a square foot, for a Gulf-front site that contains an aging four-unit motel in Indian Rocks Beach.

The Belleair Beach-based company, managed by Steve and Robert Szasz of Oldsmar, acquired the 49-year-old property at 2100 Beach Trail N. from the Carol M. McGlaughlin Trust. It contains about 2,600 square feet of improvements on a 9,000-square-foot lot. Sales listing materials show the owner - also the operator since 1973 - claimed annual net operating income of $50,871. The owner originally sought $1.7 million for the property.

The buyer mortgaged the property for

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