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Business Observer Friday, Jul. 1, 2005 17 years ago

Real Estate Briefs (Sara/Mana)

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Realtor buys property, plans Mango Bay HideawayEastwood Associates buys Wood Street DevelopmentDevelopers buy Rusty Pot RanchTwo developers planning Ellenton subdivisionEarthworks Land Development moving to 33rd StreetBenderson Development buysStickney Point project
by: Adam Hughes Staff Writer

Real Estate Briefs (Sara/Mana)

Realtor buys property,

plans Mango Bay Hideaway

Buyer: Hideaway Investors LLC (principal Warren Hickernell), Sarasota

Seller: 571 St. Judes LLC

Property: 571 St. Judes Drive, Longboat Key

Price: $1.4 million

Previous Price: $735,000, October 2004

Title company on deed: Desjarlais Title Co., Sarasota

Plans, description: Realtor/developer Warren Hickernell purchased an eight-unit hotel property on Longboat Key.

"The development was grandfathered in as hotel," Hickernell says. "I'm planning to condominiumize it. If I could sell the finished units today they would be for $395,000. We will have a condotel management company in place to rent out the units."

Hickernell is planning major exterior and interior renovation.

"I'm going to do as much as I can under the 50% rule," Hickernell says. "We plan to add a pool. The rules don't let me move the parking, which is unfortunate."

The new condotel is going to be called the Mango Bay Hideaway on Longboat Key.

Most of the hotel units have one bedroom.

"I'm looking for more properties ... and bigger properties," Hickernell says.

Hideaway Investors LLC mortgaged the property to for $1.5 million.

Eastwood Associates buys

Wood Street Development

Buyer: Eastwood Associates LLLP (principals David Band, John McKay and Ronald Allen), Sarasota

Seller: Wood Street Investors

Property: 2055 and 2033 Wood St., Sarasota

Price: $9.2 million

Previous Price: $4.13 million, March 2004

Law firm on deed: Livingston Patterson & Strickland PA, Sarasota

Plans, description: Developers and property owners David Band, former state Senate President John McKay and Ronald Allen purchased the two building Wood Street office complex, one block east of the current Sarasota Herald-Tribune building.

The two buildings have a combined 51,808 square feet of office space, which is currently fully leased. Officials for the Eastwood Associates (the purchasing entity) plan to continue to lease it out, although the partners may explore the development potential of some additional land on the north side of the property.

Ian Black of Ian Black Real Estate, who brokered the transaction, says the Wood Street area is about to undergo significant change. "Now that Ram Development Co. has purchased the Sarasota Herald-Tribune building, we know that will be redeveloped," says Black. "Plus, this property essentially backs up to Payne Park, so this is a really strategic purchase in what will be a key location."

The managing partner for Wood Street Investors LLC, the seller, is N.J. Olivieri owner of Sarasota-based Horizon Mortgage Corp.

Developers buy

Rusty Pot Ranch

Buyer: Rusty Pot LLC (principal Peter Shirk), Bradenton

Seller: Eddy Corp.

Property: 1142 acres a sod farm at M-J Road, Myakka City

Price: $7.8 million

Law firm on deed: Cobb & Cole PA, Daytona Beach

Plans, description: After two years of planning, plat approval and engineering work, Peter Shirk and Sarasota-based Capital Forest Inc., have closed on the Rusty Pot Ranch, located between M-J and Clay Gully Road in Myakka City, to develop it as Steeple Chase Estates, an equestrian-themed residential development.

"We are hoping to start moving dirt into position in the next 30 to 60 days," Shirk says. "Construction on the first of the models should start in the next two to three months. We have almost all the permits we need. We have SWFWMD permits for all three phases; we have the construction approvals for phases one and two."

The partners plan to develop 185 about five-acre home lots with horse trails and a polo field. Shirk says the first release of home lots will start at $200,000.

"We have decided that we will sell some to builders and retain a certain portion for sale to the public," Shirk says.

Matt Faul, an associate of Wagner Realty, is the sales agent for the development.

Shirk and Capital Forest mortgaged the property to Flagship National Bank for $6.9 million.

Two developers planning Ellenton subdivision

Buyer: Woodlands of Manatee LLC (principal Frank Buskirk and Frank Cassata), Bradenton

Seller: Priority Developers Inc.

Property: on Erie Road north of U.S. 301, Ellenton

Price: $5.3 million

Law firm on deed: Icard Merrill Cullis Timm Furen & Ginsburg PA, Sarasota

Plans, description: Long-time Manatee County real estate investors and developers Frank Buskirk and Frank Cassata purchased a little more than 100 acres to develop a 98-lot upscale estate development between Ellenton and Parrish. "It's still unnamed," Buskirk says. "These are going to be very nice lots priced from $175,000 to $200,000. Each will range from about third to a half an acre. A lot of this is space is made up of conservation areas so most of the homes will not have neighbors behind them."

Buskirk, whose most recent project was Panther Ridge in East Manatee County, estimates that it will be a year before construction will start. "Right now, we are just planning to put in the infrastructure," Buskirk says.

Cassata and Buskirk mortgaged the property to Gold Bank for $4.5 million.

Earthworks Land Development

moving to 33rd Street

Buyer: Manatee Industrial Holdings LLC, Bradenton

Seller: Sent Holdings Inc.

Property: 6735 33rd St. E., Bradenton

Price: $525,000

Previous Price: $125,000, July 1995

Law firm on deed: Robert Browning Jr. PA, Sarasota

Plans, description: Bradenton-based Earthworks Land Development Inc. has purchased the former C&M Road Builders Inc. headquarters on 33rd Street East in Bradenton. "We were leasing our previous location (at 3125 63rd Ave E., Bradenton)," says John Jackson, managing partner of Earthworks Land Development. "They are a competitor of ours, and the building is just perfect for us. We heard they were moving and struck a deal with them."

The 4,800-square-foot building is located on about 1.4 acres.

"Just about everyone in the industry is experiencing significant growth," Jackson says.

Manatee Industrial Holdings mortgaged the land to First Citrus Bank for $420,000.

Benderson Development buys

Stickney Point project

Buyer: Siesta 41 Associates LLP (Benderson Development Co. Inc.), University Park

Seller: Promenade Partners II of Sarasota Ltd.

Property: 6494 S. Tamiami Trail and additional land

Price: $3.045 million

Previous Price: $1.8 million, April 2005

Law firm on deed: Gibson, Kohl-Helbig & Wolff, PL, Sarasota

Plans, description: Benderson Development Co. Inc. purchased land designated for a $350-million condominium development on Stickney Point Road from Maitland-based developer Cogan Development and Neil Malamud and Ron Shenkin. The project, centered around Pine Shores Trailer Park, was formerly announced as a village development of about 500 residential units and about 200,000 square feet of upscale retail and restaurants.

Officials for Benderson Development did not comment on the new development before deadline.

Etc...

• Hawa Enterprises LLC purchased an 8,300-square-foot commercial building at 324 W. Eighth Ave., Palmetto, from Pier 5 Inc. for $1.13 million. The building is located on nearly a half acre. State records show that Hawa Enterprises is owned by Gulzar and Liaquat Allarakhia of Bradenton. Carl Wise of Preferred Commercial Inc. represented the seller, and Don Lewis of REMAX Gulfstream Realty Inc. represented the buyer.

• Boyle Ventures Inc. bought 1.7 acres, known as Lot 11, Phase 2, Centre Park Industrial subdivision, Bradenton, from McLeod Land Services Inc. for $480,805. Carl Wise of Preferred Commercial Inc. represented the seller, and Richard Kingan of CB Richard Ellis represented the buyer.

• Crestline LLC bought two multifamily buildings at 5521 and 5525 Palmer Blvd., Sarasota, from Crestline Villas LLC for $1.1 million. The Florida Division of Corporations lists the principals in the new ownership group as Sarasota residents Mary Mohr, Carol Green and Nancy Markle. Crestline LLC mortgaged the property to Colonial Bank for $880,000.

• Hillview Property Management LLC purchased a 2,200-square-foot medical office condo at 1762 Hawthorne St., Unit 4, Sarasota, from Lexi Properties LLC for $641,000. Ian Black and Steve Horn of Ian Black Real Estate handled the transaction.

• Mooresville, N.C.-based Lowe's Cos. Inc. has announced plans to open the Lowe's of Venice on July 15. The 119,000-square-foot store, located at 1745 Tamiami Trail S., Venice, creates about 175 new jobs.

• Kerkering, Barberio & Co. PA Certified Public Accountants has relocated from its current Lakewood Ranch office in Town Center on Enterprise Circle to the Northern Trust Building, at 6320 Venture Drive, Bradenton. Kerkering, Barberio opened a new headquarters office in the Courthouse Centre building on Main Street in Sarasota in April.

• Suburban Realty of SW Florida leased the 750-square-foot office space at 2765 Tamiami Trail, unit B in Port Charlotte from Acu-Heal Medical Acupuncture Profit Sharing Plan and Trust for $16 per square foot. Suburban Realty will use the location as a real estate office. Larry Schaper, a broker-associate in The Commercial Group of Michael Saunders & Co., represented the owner.

• W. Barnett Enterprises Inc. leased 900 square feet of office/warehouse space at 240 Blue Juniper Blvd., Venice, in Interstate Business Center from Douglas and Diana Shaw. Christine Walter of Richardson Kleiber Walter Partnership represented the lessee, and Jim Walter of the same company represented the lessor.

• Jim Fralin Construction Inc. purchased lots 22 and 23 in the Sarasota County Interstate Business Center in Venice from Oak Tree Properties for $514,145. The construction company mortgaged the property to Orion Bank for $327,000. Christine Walter of Richardson Kleiber Walter Walter Partnership handled the transaction.

• Youthful Aging Home Health Inc. has leased 2,500 square feet at 8588 Potter Park Drive, Sarasota, in the Palmer Ranch Office Park for three years from Michael Seery. The lease terms were negotiated by Nicci Kobritz of Youthful Aging Home Health and Bob Brillon of Michael Seery & Associates. The company operates a regional home nursing service.

• Dr. Susan Messer and Dr. Ken Messer leased a 1,350-square-foot space in 3212 Gulf Gate Drive, unit B, Sarasota, from VSK Enterprises. The unit will be used for a chiropractic office. Marcia Cuttler, American Property Group, handled the transaction.

• Imaging Technologies Services Inc. leased an 1,200-square-foot office at 3231 Gulf Gate Drive, suite 201, Sarasota, from T.K. Sayta M.D. Marcia Cuttler of American Property Group represented the owner, and Debbie Anglin of Ian Black Real Estate represented the lessee.

• Mosaic Phosphates Co., which produces concentrated phosphate and potash crop nutrients, purchased agricultural land at 33100 Taylor Grade Road from William Lambe for $1.05 million. Mosaic Phosphates Co. mortgaged the land to the former owner for $794,000.

• Sarasota County is permanently closing a section of Traylor Avenue, from 61st Street to approximately 300 feet south of University Parkway, to vehicular traffic for use as a 250-foot-long, landscaped, multiuse pedestrian path. The Sarasota County Commission approved the conversion in a 2003 resolution as part of the University Parkway Corridor Plan, following a public hearing in June of that year.

The purpose of the project according to the county is to eliminate non-residential traffic traveling through the Desoto Acres neighborhood from residential developments along University Parkway. According to Project Manager Bill Wilson, Traylor Avenue has long been utilized as a cut-through route to avoid the intersections with traffic signals that connect Tuttle Avenue and Lockwood Ridge Road to University Parkway.

• Michael Saunders & Co. has opened a new location near Venice Beach at 992 Laguna Drive. The office will act as a "satellite" location for the Venice Island branch at 110 Nokomis Ave. N. and the Venice mainland office at 490 Rockley Blvd.

• The Gibraltar Cos. has started construction on a 32,000-square-foot office building located on Lakewood Ranch Boulevard directly south of the new Lakewood Ranch Medical Center and one block from Main Street. Bank of Commerce, the law firm of Icard, Merrill, Cullis, Timm, Furen & Ginsburg, PA and the Gibraltar Cos. have signed on as tenants for the new building. The Gibraltar Cos., a developer of upscale residential and commercial properties headed by principals Albert Sanchez and Jerry Blumberg, will move its corporate headquarters to the Lakewood Ranch building and occupy the remaining space. Bank of Commerce will occupying the first floor with a full-service banking center.

The $7.5 million building is being financed by Regions Bank. Jackson & Associates is the general contractor. Construction is expected to take about a year.

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