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Business Observer Thursday, Jul. 15, 2004 18 years ago

Real Estate Briefs (Sara/Mana edition)

This week's items: Courthouse Center developer plans University Center buildingPark Charles Prime Properties buys Bianco Sands villasSarasota Business Center to start second phaseHouston company buys Timberlake Apartments

Real Estate Briefs (Sara/Mana edition)

Courthouse Center developer

plans University Center building

Sarasota real estate mogul Dr. Mark Kauffman is gearing up to start construction on a 10,500-square-foot retail building called University Center, at the corner of Center Ring Road and University Parkway.

"We already have two signed leases and another one still out," says Jordan Caissie, assistant leasing agent with Sarasota Commercial Management Inc. In addition, there will be one or two restaurants in the center.

The builder for the project is Sarasota's Jackson & Associates General Contractors Inc. The building should be completed by year's end.

Rental rates for the space are set to start at about $23 a square foot triple net. The building permit lists the cost of construction for the building shell at $900,000.

Park Charles Prime Properties

buys Bianco Sands villas

Missouri natives Dana and Jerry Krutil, of Park Charles Prime Properties LLC, purchased the Bianco Sands villas on Siesta Key from Paul and Rosemary Capobianco of Capobianco for $2.86 million.

There are eight rental villas at the 30,137-square-foot property, located at Point of Rocks Road, numbers 1108 to 1118 and 1126 and 1128.

Prior to the purchase, the Krutils sold a 21-townhouse community in Missouri. They still own a home in Missouri, which they plan to sell, Dana Krutil says. The couple will live at Bianco Sands and manage the complex.

"Paul and Rosemary put their heart and soul into it," Krutil says. "If you put that kind of work into it, it shows. That is what attracted us to this place."

Bianco Sands features a private pool, carports and proximity to the beach.

Krutil plans marketing changes for the Bianco Sand, including an update of the development's Web site with virtual tours.

"It can only get better," Krutil says. "We are going to keep on improving."

The just market value of the lots that comprise the property was about $1.3 million, according to county records. The lots previously sold in sections in 1997, 1996 and 1992 for $617,000 combined.

Sarasota Business Center

to start second phase

The first phase of David Howell's Sarasota Business Center, a 61-acre upscale industrial park, located at Interstate 75 and Jacaranda Boulevard in Venice, is nearly all sold.

Howell, president of National Constructors Inc., designed the industrial business park to appeal to independent, mid-sized businesses that want to own their office and operations/production property.

The Sarasota Business Center currently has three completed condominium-buildings. Only two of the 28 3,000-square-foot units in the center are still available. The two remaining units are priced at $235,000, including a standard 600-square-foot office build-out.

The fourth building, which marks the beginning of the second phase of construction, should be started later this summer. The entire second phase will have five buildings. Up to four different phases are planned in the Venice industrial center.

Next up, Howell plans to break ground this summer on another industrial business park on Porter Road in Sarasota. "Hopefully, we can build it fast enough for the demand," says Howell, who plans to build five condominium-buildings there over the next two years. The first building on Porter Road is slated for completion in January.

Houston company buys

Timberlake Apartments

Houston-based CNC Investments purchased the 261-unit Timberlake Apartments, 8226 60th St. Circle E. in Bradenton, from Galveston, Texas-based American National Insurance Co. for $13.3 million. CNC Investments owns about 110 apartment complexes nationwide.

CNC Investments owns Florida apartments in Altamonte Springs, Jacksonville, Lakeland, Largo, Plant City, Orlando and Tampa. The Timberlake Apartments is CNC Investments' first apartment complex in Sarasota or Manatee counties.

American National Insurance bought the development, which was constructed in 1987, for nearly $4.4 million in 1996.

CNC Investments mortgaged the Timberlake Apartments to Column Financial Inc. for $11.6 million.

Hide-Away Storage

plans new warehouse

Hide-Away Storage Services LLC purchased vacant land at 2845 Whitfield Ave. in Whitfield Park Commerce from CMDP Development LLC for $619,579. According to Gary Crawford, general manager for Hide-Away Storage, the developer plans to build an 80,000-square-foot storage building on the site for the company's mobile-storage operations. Hide-Away Storage has seen a large jump in demand from clients for its mobile-storage services, where the company transports portable storage boxes between its client's site and the company's storage warehouses.

"We will be able to stack them four units high (in the new facility)," Crawford says. "We should be able to store about 3,000 boxes there. The thing is we will probably max it out from day one."

Up until now, the business has operated from two leased facilities, primarily a 25,000-square-foot warehouse in Benderson Development Co.'s Sarasota Bradenton Commerce Center and a 10,000-square-foot warehouse offsite.

"The business had reached maturity, so it was time for us to own our own property," Crawford says. The company plans to occupy the new facility by mid November.

Mike Carter Construction Inc. has been chosen as the general contractor. The new building is set to cost about $3 million.

Earlier this year, Hide-Away Storage finished construction of a company-owned, 25,000-square-foot warehouse in Fort Myers.

Robinson Spry Interiors

to move to Lemon Avenue

Charles and Linda Spry, owners of Robinson Spry Interiors, are relocating the firm from 1303 Main St., Sarasota, to Lemon Avenue. The couple purchased a 3,500-square-foot building at 423 Lemon Ave. N. from Monika Tomlinson's Villa de Santa Monika LLC for $875,000. The building, catty-corner to the Sierra Station restaurant at 400 N. Lemon, formerly housed the antique shops: Picasso's Moon and Sanders' Antiques.

"We are simply thrilled," Linda Spry says. "The rates are going up like crazy all over. We were looking for just about anything in the downtown area. Property was selling a lot faster than we could find it. We missed a lot of buildings before we found this one. (Al Tomlinson) put up a sign on Friday night, and we bought it the next morning. It was just a matter of being in the right place at the right time."

Spry hopes to have the store moved into the new facility by October or November.

"We have to do some superficial renovations," Spry says. "Other than painting and improving the landscaping we are pretty much good to go."

The firm will expand its window treatment department and carry more furniture, she says, adding, "And of course, we are planning to change our advertising accordingly to bring the foot traffic in there."

Home lot wholesaler buys

Imperial Lakewoods final phase

Tampa's Lindell-Manatee LLC purchased 116 single-family home lots in Fairways at Imperial Lakewoods from Imperial Lakes Golf Club Homesites LLC for $3.2 million. The purchase represented the wholesaler's final and third phase in the residential development that runs near Moccasin Wallow and Interstate 75.

"We will start immediately on the site development ... building the sewers and the roads," says Ron Weisser, president of Lindell-Manatee. The lots, most of which are about 55 feet by 120 feet and clustered near the golf course or conservation area, will be sold to Lennar Homes to develop.

The development is designed for 240 homes, which are currently priced from $250,000 to $350,000.

Build-out for the development's third phase is scheduled to take one to two years.

Magnolia Green Office Park

construction underway

Site work has started on the Magnolia Green Office Park, a 500,000-square-foot project being developed as a joint venture of KM Development Corp. and Schroeder-Manatee Ranch on the east side of Lakewood Ranch Boulevard and south of University Parkway.

John Swart, president of Lakewood Ranch Realty, says the 56-acre site will include eight buildings. The subdivision's first building, on 3.9 acres, will be two stories and 50,000 square feet. The interior will be completed after it's leased.

"We could accommodate one tenant, who wants the entire building, or we could have 10 tenants," Swart says.

Asked if the vacant 101,312-square-foot, former ADT building is significantly impacting office demand in Lakewood Ranch, Swart says no. "Our occupancy rates are still running at 93% to 92%," he says. "We still really need these buildings to meet the demand. I have been losing deals because I don't have the space available."

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