Developer plans Longboat townhomesMarriott Vacation Club completes Radisson purchaseBarfield Bay Holdings buys Carlyle, Central ParkAnd other large real estate transactions.
Real Estate Briefs
Commercial REAL ESTATE by Sean Roth | Real Estate Editor
Developer plans Longboat townhomes
BUYER: Villas Am Meer LLC (principal Statewide Associates Inc.), Tampa
SELLER: Elise Browne
PROPERTY: 2251 Gulf of Mexico Drive, Longboat Key
PRICE: $18 million
PREVIOUS PRICE: $5 million, January 2006
TITLE FIRM ON DEED: South Tampa Title Co., Tampa
PLANS, DESCRIPTION: Tampa developer Jason Woods purchased the Benedict estate, one of the last undeveloped parcels on Longboat Key, for $18 million. Woods, president of Statewide Associates, plans to build a luxury townhome development on the 5.2-acre property. The preliminary plan is to build a series of four-story buildings, says Ken Mourtons, project manager for Statewide. He expects the development to include 30 units, the maximum allowed under the Key's six-unit-per acre zoning at that location.
The property is one of two parcels of vacant Gulf-front land on the island. The other is a 3.5-acre lot at 5005 Gulf of Mexico Drive.
The latest transaction works out to nearly $3.5 million per acre. When the Longboat Development Co. purchased the 1.16-acre Poseidon restaurant on Gulf of Mexico Drive in 2003, it paid about $2 million an acre. The old Holiday Inn property sold for about $2.1 million an acre in 2003; the 29-unit Positano on the Gulf development is currently being built there. In 2004, the former Holiday Beach resort sold for about $3.5 million an acre. In it's place, Crossgate Partners LLC plans to build a luxury condominium development.
Villas Am Meer LLC mortgaged the property to M&I Marshall and Ilsely Bank for $15.5 million and $4.5 million for Elise Browne.
Taylor Woodrow acquires
Artisan Lakes first phase
BUYER: Taylor Woodrow Communities at Artisan Lakes LLC, St. Petersburg
SELLER: Property Reserve Inc.
PROPERTY: 4900 Moccasin Wallow Road, 10300 40th Ave. E. and 10250 and 9900 Gillet Road, Palmetto
PRICE: $4.73 million
PLANS, DESCRIPTION: The long-talked-about 1,040-acre Gateway North is one-step closer to construction. Large developer Taylor Woodrow Communities purchased land for the first phase - about 800-plus residential units - of the development in northern Manatee County now called Artisan Lakes.
Taylor Woodrow had the property under contract for about two years. Tom Spence, vice president of land development for Taylor Woodrow Central Florida Division, is hopeful that the first phase of the development will receive the necessary approvals from Manatee County government officials in September or October.
The early focus of the construction will be on infrastructure work. The first phase will feature residential properties, priced from $200,000 to more than $1 million, commercial space, an elementary school site and possibly a fire station.
Spence says the company has already sold a 12-acre commercial parcel for a high-end grocery story and outparcels running along Moccasin Wallow Road.
Neal, Cassata planning
BUYER: Resource Conservation Manatee LLC (principals: J. Geoffrey Pflugner, Frank Cassata, Pat Neal and James Schier), Sarasota
SELLER: James Moore Jr., Marilyn George, Toni Hampton, trustee
PROPERTY: 2400 and 2650 36th Ave. E., Bradenton
PRICE: $3.5 million
LAW FIRM ON DEED: Icard Merrill Cullis Timm Furen & Ginsburg PA, Sarasota
PLANS, DESCRIPTION: Pat Neal, president of Neal Communities/ Neal Custom Homes and home builder/developer Frank Cassata of Cassata Development Organization bought 160 acres on Ellenton Gillette Road. According to Neal, the property is planned as the 457-home community Woodland Hammock.
Current plans call for the preservation of about 40% of the tree-covered property, Neal says. The partners plan to eventually develop the land for a national home builder, but the development still faces about a year's worth of development planning and approvals. Construction will likely start in early 2008, with sales of single-family homes scheduled to start in early 2009.
• Sarasota County bought a 20,000-square-foot building and 11 acres at 6050 Porter Way from Mictron Inc. for $6.3 million.
Marriott Vacation Club completes Radisson purchase
BUYER: Marriott Ownership Resorts Inc. (principals M.L. Pulse Jr., Stephen Weisz, Terri Turner, Robert McCarthy, Nancy Benz and Jeff Stant), Bethesda, Md.
SELLER: Boykin Marco LLC c/o Boykin Lodging Co.
PROPERTY: 600 Collier Blvd., S.,
PRICE: $58 million.
PREVIOUS PRICE: $27.25 million, August 2003
PLANS, DESCRIPTION: Orlando-based Marriott Vacation Club International acquired the 233-room Radisson Suite Beach Resort on Marco Island for $58 million from the public real-estate investment trust Boykin Lodging Co. The new owner, which sells timeshare rentals worldwide, plans to reconfigure the hotel as vacation ownership villas, according to Ed Kinney, vice president of corporate affairs for Marriott Vacation Club International.
Kinney says the number of units, height and makeup of new and existing buildings has not been finalized because it has not received all the necessary construction approvals.
IMC buys Harley-Davidson building
BUYER: Colonial Fort Meyers LLC (principal Yoram Izhak), North Miami
SELLER: Motorsports of Fort Myers Inc.
PROPERTY: 2160 Colonial Blvd., Fort Myers
PRICE: $4.6 million
PREVIOUS PRICE: $1.5 million, July 2000
PLANS, DESCRIPTION: North Miami-based IMC Property Management purchased the 46,000-square-foot Harley-Davidson freestanding retail building. The seller, which operates the Harley-Davidson store, has agreed to lease the property for an additional two years.
IMC Property Management mortgaged the property to Banco Popular North America for $3.22 million.
Paul Sands of VIP Commercial TCN Worldwide represented the seller and Charles Harris of Prudential Florida WCI Realty - Commercial represented the buyer.
Michigan investment group
planning Luckett development
BUYER: Southland Investment Opportunities LLC (Steven Martineau, James Stark, Daniel Boge, Richard Verleger, Byron Benchley and Paul Roberts), Mount Pleasant, Mich.
SELLER: Guy, E. Bruce and Donna Strayhorn
PROPERTY: 5250 Luckett Road, Fort Myers
PRICE: $17.5 million
PLANS, DESCRIPTION: Investment group Southland Investment Opportunities LLC purchased 123.23 acres in Fort Myers with plans to obtain approvals for a mixed-use development.
"Our general model is before we develop we get a feel for the market and what it needs," says Paul Roberts, member of the group who works from Estero. "We haven't gotten to that stage yet. Once we get approvals we typically market it to developers."
Roberts expects to have a basic plan for the site in the next three to six months. The group was attracted to the site, Roberts says, because of the expansion of the Interstate 75-Luckett Road interchange.
Southland Investment Opportunities mortgaged the vacant land to AmSouth Bank for $15.9 million.
Paul Sands and Mike Doyle of VIP Commercial TCN Worldwide represented the sellers and Paul Roberts of Prudential Florida WCI Realty represented the buyer.
buy Estey Air Plaza
BUYER: Rothschild Investments LLC (principal James and Chris Shucart), Naples
SELLER: John Conroy Jr., individually and as trustee of the Estey Avenue Land Trust
PROPERTY: 1275 Airport Road S., Naples
PRICE: $3.35 million
PLANS, DESCRIPTION: James and Chris Shucart purchased the 29,262-square-foot Estey Air Plaza strip shopping center at the southeast corner of Airport Pulling Road South and Estey Avenue. Chris Shucart says he was attracted to the center because of the high-traffic location. The center currently has 1,750 square feet of vacant space.
• Schwab Ready-Mix Inc. of Fort Myers purchased about five acres of commercial land at 1102 Alachua St., Naples, from Richard and Carolyn Johnson for $2.625 million. The company plans to develop a ready-mix plant on the site.
• Branch Banking and Trust Co. purchased 4,659 square feet of retail space at 4575 Airport Pulling Road, Naples, from Fifth Third Bank for $4.2 million. Larry Foster, CCIM, Bill Young, and Anthony Jablonski, all of CB Richard Ellis, Fort Myers-Naples, brokered the transaction.
• Horseshoe Commons LLC purchased a 1.65-acre industrial site within the Collier Park of Commerce, 2684 Horseshoe Drive North, Naples, for $1.2 million. Scott Dunnuck, George Atkinson and Ryan Baum, all of CB Richard Ellis, Fort Myers-Naples, negotiated the transaction.
Barfield Bay Holdings buys Carlyle, Central Park
BUYER: Carlyle I Ltd. Partnership, Carlyle II Ltd. Partnership and RSG-Elizabeth Arms Apartments LLC (principal Barfield Bay Holdings Inc.), Naples
SELLER: AHF Florida LLC
PROPERTY: 8415 N Armenia Ave., Tampa
PRICE: 28.8 million
BUYER: Central Park/Vogue Ltd. Partnership (principal Barfield Bay Holdings Inc.), Naples
SELLER: Central Park Apartment LLC
PROPERTY: 7500 Central Park Circle, Tampa
PRICE: $14.2 million
PLANS, DESCRIPTION: Naples-based private real estate investment firm Barfield Bay Holdings Inc. bought the 226-unit Central Park and the 392-unit Carlyle at Waters Apartment complexes. Darron Kattan, director of the National Multihousing Group of Marcus & Millichap and one of the agents involved in the deal, says Barfield Bay Holdings has no plans to convert the units to condominiums.
The Carlyle at Waters deal comes out to about $73,500 per unit, while the Central Park purchase equals about $62,832 per unit. The Central Park transaction also included a small parcel of land that is zoned for another 36 units.
The Carlyle at Waters apartment complex is about 21 years old. It features 310 one-bedroom units and 82 two-bedroom units. Kattan says the seller had some bond financing, which had imposed income restrictions on the Carlyle complex. Those bonds and their restrictions have since been retired and the new owner plans to reposition the center to a new tenant base.
Barfield Bay Holdings officials believe there is a tremendous amount of upside in Tampa Bay's rental market, Kattan says. That optimism, he says, stems from the lack of new apartment construction, condo conversions, the rising cost of new construction and the growing costs associated with single-family homeownership, such as insurance premium increases.
Kattan and Andrew Wright of Marcus & Millichap's Tampa office represented the buyer in both deals and also represented the seller in the Central Park deal. Wright, Kattan, Scott Lamontagne of Marcus & Millichap's Houston office and Evan Kristol and Still Hunter of the firm's Fort Lauderdale office listed Carlyle at Waters.
Barfield Bay Holdings mortgaged the Central Park apartment property to Bank of America for $13.2 million and borrowed $25.4 million in a mortgage with Wrightwood Capital Lender LLC for the Carlyle property.
Coconut Grove's Aztec Group buys Providence At Palm Harbor
BUYER: Mayan Providence Developers LLP (principals Ezra Katz and Michael Stein), Coconut Grove
SELLER: Lifestyles At Boot Ranch
PROPERTY: 50 Kendra Way, Palm Harbor
PRICE: $16.25 million
PLANS, DESCRIPTION: Coconut Grove-based real estate investment and merchant banking firm Aztec Group Inc. bought the 236 unit Providence At Palm Harbor. The company plans to continue to hold the apartment complex and operate it as a rental development, says Michael Stein, managing director of Aztec Group and principal in Myan Properties.
"Initially, we had looked at the property contemplating converting it to condominiums," Stein says. "That's still not out of the question. But the economics of the property as a rental is still very favorable."
The vacancy rate at the complex is currently less than 3%. The company is working with its merchant-banking group, Myan Properties, to finance the deal and has a separate operating partner that has an ownership interest.
Providence At Palm Harbor is the company's first acquisition west of Orlando.
acquires Tampa Town Centre
BUYER: FLC Town Centre LLC ( principal Ciminelli Development Co. Inc.), Williamsville, N.Y.
SELLER: JFJ Real Estate Ltd. Partner
PROPERTY: 4802 Gunn Highway, Tampa
PRICE: $5.15 million
PREVIOUS PRICE: $1.35 million, October 1995
PLANS, DESCRIPTION: Buffalo, N.Y.-based Ciminelli Development Co. Inc., purchased the Class-B, 72,787-square-foot Tampa Town Centre shopping center for $5.15 million, about $71 per square foot.
"It looked to us like an underperforming center for the market," says Bill Stark, chief investment officer. "We understand we may need to make a capital expenditure. The facility really needs a facelift. We are also planning to improve the illumination of the parking lot and the landscaping."
Stark says there are several vacancies and a number of the tenants are also on short-term leases. Ciminelli Development Co. owns more than 9 million square feet of office, flex, medical, industrial/warehouse, and retail space.
Casey Babb of Prudential CRES in Tampa was the listing broker; Ciminelli Development Co. did not use an outside brokerage. Ciminelli Development mortgaged the property to ING USA Annuity and Life Insurance for $2.9 million.
• Creative Contractors Inc. was selected to build two more schools for the School District of Manatee County. Manatee Elementary will be a $10.5 million project made up of both new facilities and renovations of the existing buildings. The architect is Reynolds Smith and Hills Inc. of Tampa. The other facility, Horizons Academy, will be a $9.9 million project. The architect is Holmes Hepner & Associates of Tampa.
• Land Invest Holding LLC purchased 47 acres at U.S. 301 and Big Bend Road in Tampa from Gertrude Carey for $2.2 million. The new owners plan to develop the property as a mixed-use project of retail, office space and a daycare center. Bruce Erhardt of Cushman & Wakefield negotiated the transaction on behalf of the seller.