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Business Observer Friday, Jun. 1, 2007 14 years ago

Real Estate Briefs

Big Island Excavating prepares to open Fort Myers mineClearwater's Victor Distributing planning Fort Myers officeIndianapolis investors buy Tiki on the Beach motelSpirit Finance buys Bradenton 84 LumberDermatology at Lakewood Ranch buys nearby buildingRetailer Home Depot acquires land on GulfstreamFairway Investments buys Main Street at Hampton LakesBarfield Bay Properties acquiresBrentwood Place ApartmentsNaidip buys Landrys, Carrollwood center

Real Estate Briefs

by Sean Roth | Real Estate Editor


BUYER: PDJW II LLC (principals: William McDaniel, James Ivey Jr., Pierce Neese, Donald Keeter and Earl Hodges individually and trust) Naples

SELLER: Lake Lincoln LLC

PROPERTY: 183.64 acres at 21260 State Road 82, Fort Myers,

PRICE: $14.86 million

BUYER: Lake Lincoln LLC


PROPERTY: a portion of SEC 13-45S-26E,

PRICE: $7.35 million


SELLER: Big Island Excavating Inc.

PROPERTY: a portion of SEC 13-45S-26E

PRICE: 7.35 million

BUYER: PDJW II LLC (62%) and Earl Hodges trustee (38%)LSELLER: Lake Lincoln LLC

PROPERTY: 183.64 acres at SEC 34 and 27-45S-27E

PRICE: $7.35 million


SELLER: Earl Hodges as trustee

PROPERTY: SEC 34 and 27-45S-27E, Fort Myers

PRICE: $5.5 million

PLANS, DESCRIPTION: PDJW II LLC, a limited liability company affiliated with Naples-based Big Island Excavating, purchased 550 acres at the corner of State Road 82 and Bell Boulevard in Fort Myers.

On paper, the transaction amounted to a total cost to PDJW II LLC of $27 million, but with at least two of the sellers: Earl Hodges, individual and trust, and Big Island Excavating, as affiliated entities, the actual cost for the land is difficult to determine. Bill McDaniel, president of Big Island Excavating, declined to comment on the land's purchase price.

The new owner plans to use the site as a fill-dirt quarry. McDaniel, whose company is operating eight other mines in south Florida, says the site was selected because of its location - including the lack of affected neighbors - and because of its site composition.

"We should be opening that for production in the next few weeks," McDaniel says. "My guess would be that there's enough material for it to remain active for between 10 and 12 years based on volume."

The new mine is expected to employ five to 10 people to start, but could eventually employ as many as 50.

With the residential slowdown affecting demand, McDaniel expects the greatest need for fill dirt to come from infrastructure and commercial construction projects.

PDJW II LLC mortgaged the property to Bank of America for $7.5 million.

Clearwater's Victor Distributing

planning Fort Myers office

BUYER: Barnum Ft. Myers Properties LLC, Clearwater

SELLER: Jenisa Investments LLC

PROPERTY: 14538 Global Parkway, Fort Myers

PRICE: $1.98 million

LAW FIRM ON DEED: Knott Consoer Ebelini Hart & Swett PA, Fort Myers

PLANS, DESCRIPTION: Barnum Ft. Myers Properties LLC, a company headed by Jerry Barnum president of Clearwater-based Victor Distributing, purchased four acres in Southwest International Trade Commerce Park for $2 million.

"We're expanding," says Kevin Barnum, vice president of Victor Distributing. The company is planning to build 50,000 square feet there, he said, and Victor Distributing will lease it from Barnum Ft. Myers Properties LLC.

The new Fort Myers location will be the HVAC wholesaler's third office and its second largest. The company operates a 70,000-square-foot office in Clearwater and a 40,000-square-foot office in North Port.

"We had been serving Fort Myers from our North Port office, but that's gotten pretty difficult with all the traffic," says Barnum.

The timing and general contractor for the new office is still uncertain.

Barnum Ft. Myers Properties LLC mortgaged the property to Bank of America NA for $2.06 million.

Indianapolis investors buy Tiki on the Beach motel

BUYER: Tiki Beach Real Estate LLC (principals: Kimberly and Daniel Cook), Indianapolis

SELLER: Tiki on the Beach LLC

PROPERTY: 4360 Estero Blvd., Fort Myers Beach

PRICE: $2 million

PREVIOUS PRICE: $1.6 million, June 2002

TITLE FIRM ON DEED: Premier Land Title LLC, Fort Myers

PLANS, DESCRIPTION: Kimberly and Daniel Cook of Indianapolis purchased the 11-room Tiki on the Beach motel on Fort Myers Beach for $2 million.

"We looked at it a couple of years ago," Cook says, "so we jumped at it when it came up for sale again."

Cook says the couple has been visiting Fort Myers Beach for nearly two decades and was looking for a place to buy in the area.

"We didn't want a house that we would have to keep up down there because we still have kids in school up here," Cook says. "It's a great location. It's on a very quiet area of the beach that's not in hoopla of everything."

While the Cooks have run rentals in Indianapolis, the Tiki on the Beach is their first motel property and their first Florida property.


• Crawford Florida, LLC purchased 11.72 acres on Catawba Street in¬† Naples from Ross & Mary Coombs for $1.3 million. AJ Bremerman of Gates D'Alessandro & Woodyard LLC represented the seller, and Crystal Townsend of Century 21 Sunbelt Realty Inc. represented the buyer.

• George Perizes and Aristotellis Zoubouridis purchased a 2,200-square-foot commercial condominium in Fort Myers Commerce Park at 10080 Intercom Drive, unit B7 in Fort Myers from Fort Myers Commerce Park LLC for $365,000. Tim Colen of Gates D'Alessandro & Woodyard LLC represented the buyer, and Sperry Van Ness/JMK Realty Services represented the seller.

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Fort Myers-based J.L. Wallace Inc. has completed construction of Pine Key Condominiums at 1050 and 1055 Hancock Creek Blvd. South in Cape Coral. J.L. Wallace constructed seven eight-unit buildings for $7.1 million.

• Home builder Lennar Homes LLC leased 33,295 square feet of office space in the Six Mile Cypress Office Park. Terri Dawson, owner/broker for Florida Investors, the developer and manager of Six Mile Cypress Office Park, arranged the five-year lease. Six Mile Cypress Office Park is on Six Mile Cypress Parkway, just south of the Interstate 75 and Colonial Boulevard intersection.

The expanded offices include Lennar's land division, home building division, multi family division and customer-service division. Lennar also plans on bringing its regional corporate office to the Six Mile Cypress Office Park. An affiliated company Universal American Mortgage Co. is also included in the complex.

• Bonita Springs-based Heatherwood Construction has completed construction of two office building interior improvements at Brantley Commons, at 12471 and 12480 Brantley Commons Court in Fort Myers. The two building interiors total 7,500 square feet. Individual office space is available for lease through local developer John Stamps.

• Fort Myers-based Stevens Construction completed construction of the Orthopedic Specialists of Southeast Florida at 2531 Cleveland Ave. The interior renovation and build-out consisted of an additional 17,000 square feet of office space for digital radiology suites, exam rooms and administrative offices. Designed by Gora McGahey Associates in Architecture Inc., the Fort Myers orthopedic office is located just north of Lee Memorial Hospital.

• Fowler White Boggs Banker relocated its Fort Myers offices to the former Heritage Building at 2235 1st St. The new location provides Fowler White with 19,000 square feet of office space, including expansion space, for future growth into the entire three-story building. The Fort Myers office currently has 15 attorneys.

• Taylor-Pansing Inc. has completed construction on the Pine Island Plaza at 829 Pine Island Lane in Cape Coral. The 11,040-square-foot 10-unit office project was designed by Sheeley Architects Inc.

• Taylor-Pansing Inc. completed construction on the State Farm Insurance tenant build out in the Shops at Santa Barbara off Santa Barbara Blvd in Cape Coral.


Spirit Finance buys Bradenton 84 Lumber

BUYER: Spirit Spe Portfolio 2007-2 LLC (principals: Morton Fleischer, Christopher Volk and Catherine Long), Scottsdale, Ariz.

SELLER: Pierce Hardy Limited Partnership

PROPERTY: 2800 E. 15th St., Bradenton

PRICE: $4.2 million

PREVIOUS PRICE: $520,500, June 2004

LAW FIRM ON DEED: Eckert Seamans Cherin & Mellott LLC, Pittsburgh, Pa.

PLANS, DESCRIPTION: Scottsdale, Ariz.-based real estate investment trust Spirit Finance Corp. purchased the 10,000-square-foot 84 Lumber Co. Bradenton store for $4.2 million.

The deal was just one piece of a $200-million sale/leaseback deal with Spirit Finance that covered 43 wholesale/retail lumber sales and supply centers and a truss manufacturing plant nationwide. Far from digging out the moving boxes, 84 Lumber has agreed to lease all the properties for at least 20 years and reportedly still has several purchase and renewal options.

Spirit Finance financed the deal through a $150 million mortgage with Barclays Capital Real Estate Inc.

In a statement, Dan Wallach, CFO of 84 Lumber Co. explained the reasoning behind the sale/leaseback as a way to "fund a stable organic growth strategy."

84 Lumber Co. is a privately held building materials and services supplier to professional builders.

Dermatology at Lakewood Ranch

buys nearby building

BUYER: Dermatology at Lakewood Ranch LLC (principals: Michael and Emily Arsenault), Bradenton

SELLER: Professional Center at Lakewood Ranch LLC

PROPERTY: 8926 E. 77th Terrace, Lakewood Ranch also known as units 8-A-1 to 8-M-1, Professional Center at Lakewood Ranch

PRICE: $1.597 million

LAW FIRM ON DEED: Ruden McClosky Smith Schuster & Russell PA, Fort Lauderdale

PLANS, DESCRIPTION: The medical and cosmetic dermatology practice Dermatology at Lakewood Ranch purchased an 8,018-square-foot new medical office in the 24,429-square-foot Professional Center at Lakewood Ranch.

Dermatology at Lakewood Ranch officials declined comment. Prior to the acquisition, the practice, also known as Emily F Arsenault PA, operated from suites 380 and 390 in 8340 Lakewood Ranch Blvd. The practice took out two mortgages for the property to Bank of America for $1.04 million and $1.3 million.

Retailer Home Depot

acquires land on Gulfstream

BUYER: Home Depot USA Inc., Atlanta

SELLER: Crown Gateway LLC

PROPERTY: a portion of property 12501, 12531, 12561, 12591, 12621 and 12651 S. Access Road and 12864, 12872, 12880, 12888, 12896, 12904, 12912, 12920, 12928 and 12936 Gulfstream Blvd., Port Charlotte

PRICE: $4 million

LAW FIRM ON DEED: Harman Simons Spielman & Wood LLP, Atlanta

PLANS, DESCRIPTION: Home Depot purchased 14.8 acres on Gulfstream Boulevard near State Road 776 in Port Charlotte for $4 million.

The property was formerly owned by the Sarasota-based Frank Menke Organization, according to the Florida Division of Corporation records. Officials with the Frank Menke Organization declined comment and Home Depot's media department did not respond as of press time.

The average Home Depot store is 105,000 to 108,000 square feet, and the company currently operates more than 1,800 stores located throughout the United States, Canada and Mexico.


Budge Huskey has been promoted to regional senior vice president of NRT's Florida region. Stepping into Huskey's former role as president and chief operating officer for Coldwell Banker Residential Real Estate Inc., Florida's largest real estate brokerage company will be Clark Toole. Toole held a similar role in overseeing NRT's Coldwell Banker Residential Brokerage company in Dallas/Ft. Worth.

In this new role, Huskey will oversee NRT's Florida region consisting of more than 150 Coldwell Banker Residential Real Estate offices and 6,500 sales associates. Huskey will focus on NRT's overall initiatives while Toole will oversee day-to-day operations and report to Huskey.

• The U.S. Army Corps of Engineers entered a long-term lease for 2,900 square feet of space in Murdock Plaza at 1700 Tamiami Trail, Port Charlotte, from S. K. Properties of Kansas LTD. Karl Lippek, CCIM of Colliers Arnold represented the landlord.

• Rio's Drycleaning To Go leased 10,900 square feet of space at 2214 N. Washington Blvd., Sarasota, for 10 years. Anthony Migliore, of Coldwell Banker Commercial NR, handled both sides of the transaction.


Fairway Investments buys

Main Street at Hampton Lakes

BUYER: Fairway-Main Street LLC (principal: The Thompson Development Co. Inc.), Birmingham, Ala.

SELLER: Amprop Associates III LLC

PROPERTY: 12950 and 13016 Race Track Road, financial land, 13080 and 13002 Racetrack Road and vacant commercial land, Tampa

PRICE: $33.1 million

PREVIOUS PRICE: $4.11 million, October 2003 (excluding certain portions of the land)

LAW FIRM ON DEED: Foley & Lardner LLP, Tampa

PLANS, DESCRIPTION: Birmingham, Ala.-based real estate investment firm Fairway Investments LLC purchased the retail/office development Main Street at Hampton Lakes at the southwest corner of Race Track Road and Nine Eagles Drive in Tampa for $33.1 million.

The development is principally three buildings of 116,000 square feet and outparcel buildings for AmSouth Bank, Bank of America and Starbucks. The three main buildings, are anchored by a 46,000-square-foot Sweetbay Supermarket and also house office space and stores for Hollywood Video, Hennelly Tire and H&R Block.

"We really like that area," says Greg Cherry, director of asset management for Fairway Investments. "We have another center in that area at Citrus Park near Gunn Highway [the 85,000-square-foot Shoppes at Citrus Park] and so we know that area and the effect of the widening of Race Track Road. There's also Nine Eagles and the rooftops there. We also like what Sweetbay is doing in competition with Publix. There's also a hospital that's supposed to go next door."

Fairway Investments was created to divest money from the Thompson family's Caterpillar dealerships into real estate investments. The investment group owns the Kash-N-Karry-anchored 94,000-square-foot Mitchell Crossings in New Port Richey, the 46,000-square-foot Publix-anchored Olde Village Englewood in Englewood and the 60,000-square-foot Publix-anchored University Village in St. Petersburg.

Barfield Bay Properties acquires

Brentwood Place Apartments

BUYER: Brentwood Apartments Tampa LLC (principal: Barfield Bay Holdings Inc.), Naples

SELLER: Brentwood Place Tampa Apartments Ltd.

PROPERTY: 8741 Grove Terrace, Temple Terrace

PRICE: $10.5 million

PREVIOUS PRICE: $8.735 million, July 2005

LAW FIRM ON DEED: Berger Singerman PA, Boca Raton

PLANS, DESCRIPTION: Naples-based apartment consolidator/operator Barfield Bay Properties Inc. purchased the 180-unit Brentwood Place Apartments in Temple Terrace for $10.5 million, or $58,333 per unit. The property was 95% occupied at the time of sale and sold for a 6% capitalization rate.

Darron Kattan and Andrew Wright of Marcus & Millichap in Tampa handled both sides of the transaction.

Kattan says that Barfield Bay Properties is still in a buying mood, with another purchase - from the same former owner of Brentwood Place - already scheduled to close soon.

"They are always looking to buy more in Florida, where the deal makes sense," Kattan says. "This was not a listed transaction. We approached them and the deal just came together."

The Brentwood Place property will be getting some minor improvements, Kattan says.

"There is definitely an oversupply of capital looking to buy apartments in the Tampa Bay MSA that is so much greater than the supply," Kattan says.

Barfield Bay Properties mortgaged the apartment complex to Colonial Bank for $9.37 million.

Naidip buys Landrys, Carrollwood center

BUYER: Naidip Tampa Bay LLC (principal: Pradip Patel), Tampa

SELLER: Landrys Seafood House Florida

PROPERTY: 7634 W. Courtney Campbell Causeway, Tampa

PRICE: $19 million

PREVIOUS PRICE: $1.475 million, August 1994

BUYER: Naidip Capital LC

SELLER: Carrollwood Corporate Center Inc.

PROPERTY: 8902 N. Dale Mabry Highway, Tampa

PRICE: $2.025 million

PREVIOUS PRICE: $865,000, December 1997

PLANS, DESCRIPTION: The Tampa-based real estate investment firm Naidip Capital purchased the 12,709-square-foot Landrys Seafood House in Tampa and the 21,671-square-foot Carrollwood Corporate Center office building in separate transactions for a total of $21 million. Officials with Naidip Capital did not return calls for comment prior to the publication deadline.

Alan Feldshue, managing director of offices services for Colliers Arnold, represented the seller of Carrollwood Corporate Center in the transaction.

Naidip Capital mortgaged Landrys Seafood House, to Everbank for $14.6 million and mortgaged the Carrollwood Corporate Center to Colonial Bank for $1.63 million.

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