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Business Observer Friday, Dec. 12, 2003 18 years ago

Real Estate Briefs (Sara/Mana edition)

This week's items: ResortQuest International buys Longboat's Silver SandsCommodore Realty buysBradenton Kash n' KarryNew Sarasotans take over Parkview ApartmentsMinneapolis franchise owners plan Sarasota DQ Grill and Chill

Real Estate Briefs (Sara/Mana edition)

ResortQuest International

buys Longboat's Silver Sands

The Southwest division of Memphis-based ResortQuest International bought the Sliver Sands Resort at 5841 Gulf of Mexico Drive, Longboat Key, from Barbara Rodocker for $7.25 million.

Says Larry Starr, president of the Southwest Florida division of ResortQuest, "We heard she might be interested in selling, and we were the first ones to her door to discuss it with her."

The Silver Sands Resort is made up of three buildings and 35 rental units. Starr plans major exterior and interior renovations and landscaping changes, but those changes will until spring. "They are heavily booked through the winter season, so we will wait on doing the renovations until after Easter," Starr says. The renovation is expected to cost in the $1 million range.

ResortQuest has offered the existing Silver Sands employees jobs with the new owner.

Asked about the occupancy rate for the hotel, Starr says, "I would say that since 9/11 anything with a tourism base has room for improvement. It is not booked at 100% through season. (But) we are having a stronger season than last year. Bookings are about 20% ahead of the same time last year. But there is still some room for improvement."

ResortQuest mortgaged the property to LandMark Bank of Florida for $5 million.

Last month, ResortQuest stockholders voted to approve the acquisition of ResortQuest by Gaylord Entertainment Co., a Nashville, Tenn.-based hospitality and entertainment company.

Commodore Realty buys

Bradenton Kash n' Karry

Max Puyanic's Miami-based Commodore Realty Inc. purchased a 44,000-square-foot Kash n' Karry, at 515 Seventh St. W. in Bradenton, from Marina Village Bayway Ltd. and Airport Bayway Inc. for $1.8 million. Commodore Realty is landlord for a number of grocery-anchored shopping centers and residential properties in Florida. The company owns shopping centers such as Delray Town Center in Delray, Sunset Plaza in Miami, Trafalgar Square in West Palm Beach, Bird Bay Plaza in Venice, Taverier Towne Center in the Florida Keys and Sarasota Commons and Sarasota Crossings in Sarasota.

"This (the Bradenton grocery store) is in area that is going through somewhat of a renaissance," says Puyanic. "It is certainly changing in a positive way. We are a long-term holder of grocery properties."

As to any other Sarasota or Manatee properties the company is looking at, Puyanic says, "We are always looking. We are very bullish on the Sarasota-Bradenton market. As you can see we already have made a long-term commitment down there."

Kash n' Karry has signed a long-term triple net lease to occupy the property.

Commodore Realty mortgaged the Bradenton property to Sun Life Assurance Co. of Canada for $1 million.

New Sarasotans take

over Parkview Apartments

Lori and Kevin Klasing of Sarasota bought the Parkview Apartments at 505 Menendez St. in Venice from E. Frank Goodrich, trustee of the Louise Goodrich Living Trust, for $900,000.

"My husband and I recently retired from Silicon Valley, and we were looking for a good vacation rental property," says Lori Klasing. "We have both owned rental property in the past. We will continue to rent it as vacation rental."

The nine-unit property is about five miles from the beach and about three blocks from Venice Avenue.

Klasing says that she and her husband plan to do more marketing for the facility to help increase its summer occupancy rate.

"It has mainly been a winter rental," she says. "We also plan to renovate the interior of the units over the next 12 months. All the units will get new kitchens, flooring and bathrooms. We will also add onto the pool deck." The Klasings, who have renamed the facility Parkview Villas, will operate the facility themselves. "We really enjoy being around people on vacation," Lori Klasing says.

The Klasings mortgaged the Parkview Villas to Coast Bank of Florida for $675,000.

Minneapolis franchise owners

plan Sarasota DQ Grill and Chill

The new franchise owners of the DQ Grill and Chill concept in Southwest Florida (Sarasota, Fort Myers and Naples), bought land in the University Commons Commercial Center West subdivision for a new Sarasota store.

Minneapolis residents - Patrick Forciea, owner of the mid-sized marketing agency Agenzia; Joe Ryan, a commercial real estate developer; Michael Ciresi and Jane Conlin with the national law firm Robins, Kaplan, Miller & Ciresi LLP; and Al Schuman, chief executive of the Fortune 100 company Ecolab - bought the University Parkway and Tuttle Avenue property from University Commons Land Development LLC for $905,000.

"We are opening our first (location) in Venice in late December," Forciea says. "We hope to open (the Sarasota store) in April or May. We are planning to open 12 to 15 more stores in the area over the course of the next five to six years. We are huge believers in the present and future of the Sarasota market. Also, from an operational standpoint it makes sense to open the first two stores reasonably close together."

Forciea says the owners plan to develop two stores in Naples following the completion of the Sarasota property, around the fourth quarter of 2004.

The DQ Grill and Chill is a new restaurant format from International Dairy Queen. The restaurants are designed as a more casual dining eatery, similar to restaurants like Applebee's, instead of traditional fast food fare. "You still walk up to the counter and place your order but then we bring it to you," Forciea says. "Florida is a relatively new territory for Dairy Queen. Plus we are all huge fans of Warren Buffett." International Dairy Queen is owned by Warren Buffet's Berkshire Hathaway Inc.

Forciea says the partners expect to spend $1.5 to $2 million to acquire the property and build the restaurants. Each restaurant will employ 50 to 60 people, of which 20 are full-time.

The five owners mortgaged the University Commons property to U.S. Bank NA for $5 million.


× Singletary Concrete Co., which used the corporate name of Opus LLC, purchased land at 5101 S.R. 64 E. in 64 Center from Tom Brown Real Estate Investments LLC for $475,000. Singletary Concrete plans to build its 16,000-square-foot Florida corporate office on the site. That building is scheduled for completion toward the end of the year. Opus LLC mortgaged the property to Coast Bank of Florida for $616,000.

× Taylor Woodrow's Bradenton-based Tower Division has started construction on a state-of-the-art health and fitness center at Meridian Towers at The Oaks Preserve in Osprey. Project Manager Frank Cirillo says the 1,320-square-foot facility will be completed in the first quarter of 2004. Taylor Woodrow's Tower Division recently started construction of Meridian Towers IV, a 10-story luxury condominium facility that offers condominium units priced from the $400,000s to more than $1.6 million.

The company recorded revenues in excess of $815 million in 2002, and is a wholly owned subsidiary of Taylor Woodrow plc, a UK-based housing and development company.

× Taylor Woodrow's Tower Division named Michael Saunders & Co. of Sarasota as the exclusive sales representatives at Meridian Towers at Oaks Preserve in Osprey. Frank B. Cirillo, project manager of Meridian Towers, says Taylor Woodrow engaged Michael Saunders primarily due to its reputation and success selling luxury condo living. Taylor Woodrow's Tower division recently started construction of Meridian Towers IV, a 10-story, 31-residence condominium that offers residences priced from $400,000 to more than $1.6 million. Three of the six Meridian structures planned are not yet complete.

× Jay Heagerty of Wagner Realty has assumed the leasing responsibilities at the 77,800-square-foot Plaza Del Rio office building. Plaza Del Rio is located on the banks of the Manatee River and U.S. 41 in Bradenton. There will be approximately 26,194 square feet available, including the top floor. Rental rates are $13 to $16 per square foot.

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