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Tampa Bay Area
Business Observer Monday, Apr. 17, 2006 16 years ago

Real Estate Briefs (Tampa)

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Miami investor buys St. Petersburg apartmentCastillo Housing plansCoastal Palms acquisition sets record
by: Adam Hughes Staff Writer

Real Estate Briefs (Tampa)

Miami investor buys St. Petersburg apartment

BUYER: White Hall Apartment LLC (principal: Raymond Garcia), Miami

SELLER: Whitehall Apartment Property LLC

PROPERTY: 3301 58th Ave. S., St. Petersburg

PRICE: $4.5 million

PLANS, DESCRIPTION: Miami investor Raymond Garcia acquired the 75-unit Whitehall Gardens Apartments in St. Petersburg.

"We're going to keep it as apartments," Garcia says. "That's just a hot growing area. Maybe in the future a developer might want to purchase it to put in a high-rise. It's near the Nautical, a very nice high-end property."

Garcia purchased the nearby 44-unit Horizons townhome community with plans to convert it to condos. He also owns the 28-unit Jefferson Court Apartments and 20-unit Casa Del Sol in Tampa.

Garcia mortgaged the Whitehall Gardens property to Commercebank for $3.375 million.

Castillo Housing plans

32 homes in Walden Reserve

BUYER: Castillo Housing Corp., Tampa

SELLER: Walden Reserve LLC

PROPERTY: Walden Reserve, Plant City

PRICE: $2.56 million

LAW FIRM ON DEED: Bayshore Title Insurance Co., Tampa

PLANS, DESCRIPTION: Tampa homebuilder Castillo Housing Corp. has purchased 32 home sites in the planned 52-home development Walden Reserve. Walden Reserve is a new gated subdivision being developed by MKS Development Inc. of Plant City.

Coastal Palms acquisition sets record

BUYER: Coastal Palms SDM LLC (principal: Julius Szabo), Clearwater

SELLER: Jason and Marsha Lesser

PROPERTY: 28100 U.S. 19 N., Clearwater

PRICE: $17.3 million

PLANS, DESCRIPTION: Julius Szabo's Coastal Palms SDM LLC purchased the 85,000-square-foot Mercantile Bank building. Mark Klein, president of the broker agency, Klein & Heuchan, Inc., says the purchase price broke down to slightly less than $204 a square foot.

Currently, the building is 95% leased; the remaining space is being listed for $21 a square foot. Tenants in the building include A.G. Edwards Securities, Nationwide Insurance and Wachovia Securities. The new ownership mortgaged the property to Colonial Bank for $11.5 million.

Etc...

• John Fish and Jim Paladino, senior directors with Cushman & Wakefield of Florida, Inc., have been awarded the leasing assignment for Rivergate Tower, an office building at 400 North Ashley Drive, Tampa.

• Women's clothing retailer Talbots Inc. signed a long-term lease with Metropolitan Life Insurance to occupy 51,736 square feet in One MetroCenter in Tampa. Talbots was represented by Advantis Real Estate Services Co. and GVA Williams, partners in GVA Worldwide and the landlord was represented by Taylor & Mathis.

One MetroCenter is an 11-story, 240,320 square foot Class A office and mixed-use building at 4010 Boy Scout Boulevard. Built in 1988, the building is owned by MetLife and is currently 97.83 % leased.

Talbots will use the building for its systems center, which provides technology support to its stores nationwide and in Canada and the United Kingdom. Talbots moved to the complex from Colonial Place II at 4300 West Cypress in Tampa, where it spent 20 years.

• Curtis Brothers Furniture Depot leased 4,900 square feet of retail and warehouse space at 1690 Clearwater-Largo Road in Largo from Breezework Development. Klein & Heuchan Inc. represented the landlord..

• Maconi Pashley LLC of Palm Harbor purchased 535 acres in Pasco County from Colquitt, Inc. of Tampa for $5.4 million. Located at Handcart Road and Clinton Avenue, south of Highway 52 in Dade City, the property was previously used for agriculture with an active orange grove and grazing land. Gerard Crum, senior director of office services for Advantis Real Estate Services Co., represented the seller.

• Superior Uniform Group, a publicly traded manufacturer of uniforms, leased 15,000 square feet of industrial space at 4507 W. Hillsborough Avenue in Tampa from ARA Properties NO. 7 Ltd. Klein & Heuchan Inc. represented Superior Uniform.

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