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Business Observer Friday, Jul. 2, 2004 18 years ago

Real Estate Briefs (Sara/Mana edition)

This week's items: Osprey SA purchases Lakewood Ranch ADT building Marquee en Ville on track for summer '05Sarasota County upgrades water treatment plantRealty Investment Co. torenovate former Scotty's

Real Estate Briefs (Sara/Mana edition)

Osprey SA purchases

Lakewood Ranch ADT building

Troy, Mich.-based Osprey SA Ltd. has acquired the former ADT Building in Lakewood Ranch, 9000 Town Center Parkway, from ADT Security Services for $11.25 million. According to Brian Kennelly, director of leasing for Sarasota-based Osprey Management Co. LLC, the 101,312-square-foot, two-story building was designed to be almost completely self-sufficient.

"It is UL (Underwriter Laboratories) rated," Kennelly says. "It has two emergency backup generators. Basically, the infrastructure was built-in so that the building would not go down."

Osprey Management has experience converting a former large-scale single-tenant building. In 2001, FCCI relocated from a 72,000-square-foot building, off Cattlemen Road between Fruitville and Clark roads, owned by Osprey S.A. Ltd. Osprey Management redesigned the building, subdivided and leased it out to multiple tenants. That building is now called Live Oak Corporate Center.

Similar to Live Oak, Osprey Management is now faced with either looking for a single tenant for the space or subdividing it.

"That is going to be a matter of timing," Kennelly says. "We are beginning to market it for a large single-user now. But if we find credit-worthy tenants in the 12,000- to 25,000-square-foot range we will certainly look into subdividing."

Last year ADT Security Services laid-off about 400 employees at the Lakewood Ranch location and consolidated services into other existing call centers. ADT continues to lease about 4,760 square feet in the building for its server room operations.

Kennelly estimates the lease rate for a full-building tenant would run from $14 to $16 a square foot triple net.

"And that actually includes over 700 Steelcase (Inc.) workstations," Kennelly says. "We acquired the building and the office assets. A tenant could almost walk in today and plug in. It really has all the bells and whistles."

Ultimately for Osprey SA, the building acquisition came down to the attractive price. "It would cost us twice as much to build it today and have all the specialty items installed," Kennelly says. "It would probably cost us more just to build a building of that size in Lakewood Ranch."

Marquee en Ville on

track for summer '05

Enterprise Associates of Sarasota LLC is well into development of the 29-unit townhome Marquee en Ville development, at the southwest corner of Cocoanut Avenue and Fruitville Roads. The developer demolished several dilapidated homes on the site late last year and is now in the midst of full-scale vertical construction.

"We have 13 sales out there," says Carolyn Spizzirro, sales consultant for the project. "Sales started back in November. Our price range for the units went up July 1st to $799,000 to $840,000 (per unit)."

The gated development features 29 four-story townhomes, in a total of five buildings, with private rooftop terraces that include outdoor fireplaces and summer kitchens. The development also features a community fitness center and a heated pool with spa.

The principal for Enterprise Associates of Sarasota is local commercial property owner Sam Hamad. This is Hamad's first residential development. Hamad owns the sales office for the Marquee en Ville at 1517 State St. in Sarasota.

Willis A. Smith Construction Co. is the general contractor for the project, and Hoyt Architects designed it. Michael Saunders & Co. is handling marketing and sales, and Anne Folsom Smith Interior Design is the interior designer.

The development is scheduled for completion next summer.

"(Fruitville) is the gateway to Sarasota," Spizzirro says. "At least with the southwest corner, I think we are on the correct side of Fruitville. People can walk about four blocks and shop at Main Street or go down to Whole Foods."

Sarasota County upgrades

water treatment plant

Sarasota County Utilities is gearing up for major upgrades to the water treatment plant at 1350 Jacaranda Blvd. on the outskirts of Venice.

"We are really trying to improve the operational reliability and enhance the water storage and pumping reliability there relative to fire protection and enhancing the system pressure," says David Cash, manager of water production for Sarasota County Utilities. "There has been a lot of new construction and a lot of rezones out there for new residential construction since the plant was acquired by the county in 1985. It is just a very outdated and undersized facility that was built in the early '70s."

The upgrades feature a new 1,000-square-foot pumping-station building and the addition of a 2-million-gallon water storage reservoir. In addition, the county is doing site improvements to improve the impact of storm water, changing the entrance to the site from Jacaranda Boulevard to Indian Hills Boulevard for enhanced security and adding new side walks.

"Preliminary site work has already started," Cash says, "but the scheduled start date is set for July 1st. We are anticipating about nine months for completion. This is going to be a big improvement for the neighborhood."

The building permit lists the cost of planning and construction of the project at about $2.4 million.

Realty Investment Co. to

renovate former Scotty's

Silver Spring, Md.-based Realty Investment Co. Inc. is converting a 33,000-square-foot former Scotty's building, 4050 Bee Ridge Road in Sarasota, into a self-storage facility. At the cost of about $1.5 million, the company is transforming the one-story building into a two-story climatized mini-storage building, along with constructing several free-standing, non-climatized self-storage buildings and a management office.

"We are going to fence in the entire property with a combination of ornamental fencing and chain link, where it is not really visible from the road," says Bryan Burnette, director of acquisitions and investment for Realty Investment Co. "We have about eight of these up and down the coast. We buy existing warehouses to renovate them. We should be done by the end of the year. We are scheduled to open in January."

Realty Investment did a similar conversion for Sarasota Self Storage, 1169 N. Beneva Road, about three years ago.

Burnette expects the facility to have about 74,000 square feet of rentable space. The new storage space will also feature a number of security features including individually alarmed units, gated keypad access, security cameras and an internal intercom.

Bonita Springs-based Heatherwood Construction Co. has been hired as the general contractor for the conversion.

Bruce Williams Homes

restructures organization

Bradenton-based Bruce Williams Homes has announced a major reorganization to establish the firm's homebuilding and land development divisions as separate entities and to significantly expand executive management in both divisions.

Lloyd Williams Jr., founder and chairman of the 35-year-old homebuilding company, says Britt Williams has been promoted to chief executive officer and president of Bruce Williams Homes and Williams Communities. Williams was named president in 2001.

"Since 2001, Bruce Williams Homes has grown from 30 employees and $19.7 million in annual sales to 82 employees and more than $105 million in annual sales," Lloyd Williams says. "Most of the growth is the result of Britt Williams' leadership and we hope to expand his influence and focus his energies on more strategic, long range development of the Williams family of companies."

Williams appointed Bruce Reid chief operating officer at the company.

Williams says a new division, Williams Communities, will play the lead role in locating, acquiring and developing new communities throughout the Southwest Florida region. Wes Thompson, who joined the homebuilder last August, was appointed director of operations at Williams Communities.

"Wes Thompson is one of the most astute community development executives I know, and I am confident the team he is developing will evolve as the leading community developer in the southwest Florida region," Williams says.


× The Internal Revenue Services plans to relocate from an 11,000-square-foot office space in the Live Oak Office Center, just off Cattlemen Road to a 12,000-square-foot space in Cattleridge Office Center, 5971 Cattleridge Blvd. The government agency signed a new 10-year lease agreement with Osprey Management LLC, which leases and manages both locations. The IRS is scheduled to move the first quarter of next year.

× The technology business incubator Startup Florida and its two newest ventures - HighWall Technologies and Real Digital Media - have leased temporary space in the Prudential Palms downtown building, at 100 N. Tamiami Trail. Carl Wise, of Preferred Commercial Inc., represented the lessee. In about two months, the business incubator will move into a suite in the Ellis Building at 1605 Main St. in Sarasota.

× Goodman Manufacturing Co. LP, the Houston-based privately-held air-conditioning and heating manufacturer, is leasing about 35,000 square feet of manufacturing space in Independence Business Park, at 1500 Independence Blvd., Sarasota.

× Paradise Plaza Ltd. received a $500,000 building permit for interior renovations at Paradise Plaza shopping center at 3800 S. Tamiami Trail, Sarasota.

× Irvine, Calif.-based The Prudential Real Estate Affiliates Inc. has issued a special award for sales performance to the Prudential Palms Realty's Longboat Key Office, 595 Bay Isles Road. The quarterly award was presented in recognition for second-place ranking in the U.S. Southern Region for Prudential.

Prudential Real Estate and Relocation Services is Prudential Financial's real estate brokerage franchise and relocation services business. As of Dec. 31, 2003, there were more than 1,700 franchise offices and more than 50,000 sales professions in the franchise network in the United States and Canada. Prudential Financial's real estate franchise group network is now one of the largest real estate brokerage franchise networks in North America.

× Jax Gifts, a gifts and collectibles retailer, has relocated from the Red Bar Flea Market to the first floor of the Beth Salem house, in the historic Reasoner's Royal Palm Nurseries site on State Road 70 east of U.S. 301.

× Atlantic Specialty Lines Inc., a Richmond, Va.-based specialty commercial insurance underwriter, has signed a lease for 1,200 square feet in Members Advantage Inc. corporate office on Broadcast Court in Lakewood Ranch from Santo LLC. Michael Seery & Associates was the listing agent for the property, and Robert Brillon of the same firm negotiated the three-year lease term.

× Dr. John Simmons, of Simmons Chiropractic Services, purchased a 1,500-square-foot office condominium in Peridia Commons Office Park on State Road 70 in Bradenton from Borderlake Development of Tampa. Michael Seery & Associates Inc. was the listing broker, and Robert Brillon served as sales agent for the transaction.

× Michael Seery, a Sarasota real estate broker and developer, purchased a 13,000-square-foot office building in the heart of Palmer Ranch for the development of an executive suite center, known as the eXectutive center at Palmer Ranch. The eXecutive center is a full service facility designed to accommodate emerging new enterprises, start-up businesses and it will serve as branch facility for a myriad of active businesses. The eXec center's offices will range from 95 square feet to 300 square feet and will be available on a month-to-month basis.

× Michael Moulton and Annette Rogers, of Michael Saunders & Co. in Longboat Key, have been named among the top luxury specialists in the country by Unique Homes, a Princeton, N.J.-based magazine on luxury real estate. They are featured in the Waterfront Luxury Specialists section of the June/July 2004 issue. That section is designed to spotlight "the best in the business."

× Hung and Mai Truc Nguyen leased 3,000 square feet of retail space at 1303 N. Washington Blvd., Sarasota, from Sar Can. Jon Kleiber, of Richardson Kleiber Walter Real Estate, handled the transaction.

× The Boat Haus leased two warehouse units at 2005 60th Place E. and 6451 19th St. E. in Bradenton, from Steve Solomn Inc. The buildings have a total of 14,625 square feet. Jon Kleiber, of Richardson Kleiber Walter Real Estate, handled the transaction.

× Import Products Group Inc. purchased a 1.36-acre industrial lot on Industrial Boulevard from Robert and Doris Hanna for $208,000. Jon Kleiber, of Richardson Kleiber Walter Real Estate, handled the transaction.

× B&P Browning LLC purchased an 11,000-square-foot office/warehouse at 6050 Palmer Blvd., Unit 2, from Lars and Ann-Catherine Lewander for $885,000. Jon and Bill Kleiber, of Richardson Kleiber Walter Real Estate, handled the transaction.

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