Florida Commercial R.E.

FORT MYERS - Great Northern Investments LLC recently purchased a 41,648 square foot warehouse building on Eighth Street West, south of Lee Boulevard. The purchase price was $2.54 million. This price equated to $61 per square foot of building space. The building, which sits on a 2.9 acres parcel, is currently leased to LeeSar Great Northern Investments for its record storage and management offices.
The property is located at 5597 Eighth St. W., in Lehigh Acres. It is approximately 7 miles east of Fort Myers.
Bob Johnston and Jerry Messonnier with Grubb & Ellis | 1st Commercial LLC represented the seller, Westgate Medical Records LLC. The buyer was represented by Tom Daugherty of Daugherty & Associates.
The building is leased to a documents storage company.
It was built in 2005, the facility features a two-story 6,400-square-foot office space and a 7,000-square-foot clean room.
The purchase price equated to a healthy 8.7% cap rate.
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BOCA RATON - Limited Brands has selected award-winning buildout contractor RCC Associates to renovate its popular Victoria’s Secret store at Boca Town Center. This renovation will include a 3,000 sf addition to showcase the company’s very successful Pink brand.
The new Pink addition and the renovation of the existing 8,176 sf Victoria’s Secret store will give the retailer a total of 11,176 sf.
The completion of the renovation is set for August, and the Pink addition is anticipated for completion in late October.
RCC Associates has completed more than ten buildout assignments for Victoria’s Secret. They built a Victoria’s Secret Pink location on Lincoln Road in Miami Beach just last year.
The Boca Town Center store will continue operation during the renovation and addition.
The Architect for this project is Steven Craig Nelson of San Francisco, California.
The collection of stores at Boca Town Center is so impressive that it is one of the absolute best malls in the entire State of Florida. It is also currently the largest shopping mall in Palm Beach County. This Mall is located between 2 highly traveled signalized corners on Glades Road in Boca Raton.

POINCIANA - The principal of Realcap Associates LLC of Boca Raton has purchased a 3.71-acre site from Avatar Properties Inc. This project is located at one of the busiest intersections in Poinciana. Jan Jaroszewicz, owner of Realcap, announced he plans to build the second phase of the upscale Southport Plaza. Poinciana is approximately 33 miles south of Orlando.

The site of the former Poinciana Welcome Center, which are 3.71 acres, are situated on the "hard" southeast corner of Pleasant Hill Road and Southport Road. This location is opposite the termination of Poinciana Boulevard where most traffic enters and exits Poinciana.

The second phase is planned to include a 15,400 sq. ft. in-line retail/office building and has a 1.2-acre pad on the "hard" corner which is available for sale or lease, according to Jan Jaroszewicz.
The building will feature bay sizes of 1,100 sq ft and Mediterranean-style architecture identical to the first phase of Southport Plaza.
Naturally NNN Palm Beach loves the Signalized Commercial Corner.

Some of the existing Southport Plaza tenants include Domino's Pizza, CORA Health and Rehabilitative Services, Studio 5-6-7-8 dance studio, Asian Garden restaurant and Antasha's Market.

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TAMPA - Tom Brzezinski, PE, executive vice president of Wade Trim which is a civil engineering and planning firm, has taken on the role of chief business development officer. Brzezinski works his expertise from Wade Trim’s Tampa office at 8745 Henderson Road.
One of many projects Wade Trim is currently working on is the Dunedin’s Master Plan update. After 20 years of successful implementation of their original Master Plan, Dunedin, FL, has gained the recognition of being one of “America’s Most Walkable Cities” and one of the “Best Places to Live” as described by Money Magazine.
The City is ready to take their Downtown area to a higher level by making better use of assets such as the marina/waterfront, the Pinellas Trail, and ongoing redevelopment projects, while maintaining Dunedin’s unique. Perhaps NNN Palm Beach can find a lucrative investment in the area. Dunedin is 23 miles west of Tampa.
Wade Trim is assisting with the City’s Downtown Master Plan update by coordinating an intensive community outreach program to identify new challenges and opportunities.
Besides the Tampa Office, Wade trim has a beautiful office at 3300 PGA Boulevard in Palm Beach Gardens. Another unique office of Wade Trim sits at 500 Griswold Avenue, in Hockeytown otherwise known as Detroit. This Detroit office is their Corporate Office.

SUNRISE - Sawgrass Mills is ready to expand again, adding to the Colonnade Outlets at Sawgrass Mills. The Owner, Simon Property Group announced the 22,000-square-foot expansion, set to open in the fall.
One main retailer will be the Italian company, Canali. This will be the first outlet store for Canali, the Italian menswear designer.
Some other new tenants will include, respectable Swiss watchmaker Tag Heuer, comfortable clothing by retailer Tommy Bahama, the must have, luggage and travel accessories maker Tumi and True Religion Brand Jeans. These will be the first South Florida outlet locations for these retailers.
The new stores will be at the east end of the Colonnade, which was a 2006 addition to Sawgrass Mills.
There are several Commercial Corners in this area. NNN Palm Beach has not invested in any of these Signalized Corner locations as of yet.

Sawgrass Mills is Florida’s largest outlet, with 2.4 million square feet. The project, which opened in 1990, offers more than 350 name-brand outlet and off-price retail stores, as well as entertainment and dining. The Colonnade Outlets at Sawgrass Mills is an 110,000-square-foot open-air promenade at the south side of the center.
Villagio, with Italian dining by Miami restaurateur Tom Bilante is also planning it’s entrance to Sunrise. Villagio will be located in a freestanding unit set to open in 2010.

Simon Property Group, Inc. is an S&P 500 company and the largest public U.S. real estate company. Simon is a fully integrated real estate company which operates from five retail real estate platforms: regional malls, Premium Outlet Centers, The Mills, community/lifestyle centers and international properties.
Commercial Real Estate is still thriving in Florida.

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TALLAHASSEE - Envision Credit Union recently bought a Kentucky Fried Chicken for $1.8million. The restaurant is at 3519 Thomasville Road, in Florida’s capital Tallahassee. Envision Credit Union does plan on converting this property into a credit union site.
Sperry Van Ness worked the deal. The transaction was negotiated by Ted Bollmann and Chris Marino of Sperry Van Ness - SouthLand Commercial.
The KFC consists of a 3,500 sf building on 0.67 acres and it has shared access and parking with a proposed Publix.
Envision Credit Union has their Main Office at 440 North Monroe Street, in Tallahassee.
This is not a NNN "Commercial Corner" however it is a nice location.

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