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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MIAMI - Holliday Fenoglio Fowler LP have negotiated almost $25 million in financing for Golf Brook and Sabal Park Apartments, two multifamily communities, These 2 Apartment communities have a total of 357 units, in Longwood. Longwood is 12.5 miles north of Orlando.
Holliday Fenoglio Fowler is one of the largest and most successful commercial real estate capital intermediaries in the country. HFF has one of it’s many offices at 2 Alhambra Plaza, in beautiful Coral Gables.
HFF sought out financing on behalf of NTS Development Company to secure the floating-rate loans through Freddie Mac’s “capped ARM” financing program. A $14.63 million loan was made for Golf Brook, and a $9.6 million loan was arranged for Sabal Park. These loans will be serviced by HFF.
Golf Brook Apartments, located at 385 Golf Brook Circle, has 195 units averaging 1,538 square feet each and is currently 92.3% leased.
While Sabal Park Apartments is located at 32 Sabal Park Place, and offers 162 units averaging 1,497 square feet. Sabal Park is approximately 90.7%-occupied.
NNN Signalized Corner of Palm Beach

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ORANGE CITY - The Polk City Dollar General Store sold recently for $550,000.
Mr. Bob Manor of Coldwell Banker Commercial AI Group, in Orange City negotiated the sale. of a to a St. Petersburg company. Bob Manor represented the seller, Sand Dollar LLC of Fort Smith, Arkansas.
The buyer was R2 Property Company Ltd. They were represented by Bob White of Bob White Realty, of St. Petersburg
The store is 8,000 sf and is located at 620 Broadway Blvd. S.E. This location is 2 blocks from Hungry Howies Pizza & Subs‎.
Polk City is 47 miles north east of Tampa Bay.
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ORLANDO - The Orlando office of CB Richard Ellis negotiated a 10-year lease on 13,455 square feet for the Orange County Library System. The location is in the Highland Lakes Shopping Center, on West Colonial Drive. This Orlando Library happens to be in a portion of the former Office Max.
Margo Thomas, senior retail specialist, at CB Richard Ellis did negotiations.
Genny Spies and Christin Jones of the Shopping Center Group represented the landlord, Simon Property Group.
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PALM BEACH - WBS Properties which is a subsidiary of Estates of Grand Oaks LLC has just closed on the 40-acre lakefront development of Grand Oaks, in Avon Park. Avon Park is approximately 122 miles, north west of NNN Palm Beach headquarters.
This gated community consists of 127 finished lots, according to a press release from the company. Also, there are 25 premium lakefront lots which have unobstructed views of the 280-acre Lake Damon. The 100 other lots are located on well landscaped and buffered cul-de-sac streets.
The purchase price was noted to be $1.4 million.
The new owners, Estates of Grand Oaks LLC, are very seasoned Commercial Real Estate owners and developers, throughout the southeast. Currently the company owns the shopping center in Avon Park where a great Publix is located.
The new owners were represented by Steven Aberman of Brookside Realty Corp., in this transaction. The sellers were represented by Chip Boring of RE/MAX.
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ORLANDO - Homewood Suites by Hilton announced the opening of its newest property in Orlando. The huge, seven-story, 130-suite hotel is owned and managed by Kalson’s Hospitality, Inc.
The location of the Hotel is at 11428 Marbella Palm Court, in expanding Orlando. This hotel is conveniently situated just 17 miles away from the Orlando International Airport and one mile from Walt Disney World theme parks and Downtown Disney.
Homewood Suites by Hilton - Lake Buena Vista/Orlando will offer studio, one and two bedroom suites, and five handicap-accessible suites.
The hotel also offers a Caribbean-style swimming pool, sports court, spa, video game room. It also will be sporting 5,800 square feet of flexible meeting space, at the adjacent Hilton Garden Inn Conference Center.
Submitted by NNN Signalized Corner of Palm Beach

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ALTAMONTE SPRINGS - Mercantile Capital Corporation, the Florida-based firm that ranks as one of the nation’s leading providers of U.S. Small Business Administration (SBA) 504 loans for small business owners who want to acquire or expand their operations. They have announced a new Community Bank Loan Program.
The company will provide financing for bank clients who have projects outside of the bank’s lending parameters and geographic areas. Some examples are special-use properties like restaurants, daycare facilities and marinas. This program is greatly needed as Florida has some of the finest deepwater Marinas.
Through Mercantile’s Community Bank Loan Program, banks would be able to offer their small business clients up to 90% financing (including closing costs) to purchase or construct owner-occupied properties.
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SARASOTA - The appetizing and affordable, Pei Wei Asian Diner chain has plans for South Florida-based RCC Associates General Contractors to build another restaurant location. The new Pei Wei Asian Diner will be at University Center, in Sarasota.
This will be another Florida Pei Wei establishment combining with others in Tampa Bay, Orlando and Boca Raton.
Pei Wei Asian Diner belongs to its parent company, P.F. Chang’s China Bistro, based in Phoenix.
The new location for Pei Wei will be at 8511 Cooper Creek Blvd., by University Parkway.
It is projected to be a restaurant sized at 3,027 sf, capable to seat 94 hungry people.
This Sarasota Pei Wei Asian Diner is scheduled for completion in September.

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TAMPA - A new businesses venture has opened up for Bertrand Ollier, it is the Tampa Bay Grand Prix. It is a unique indoor car racing venue for amateur car racing enthusiasts.
Ollier has signed a lease for approximately 40,000 square feet of space. The described lease is for the entire industrial building at 12350 Automobile Blvd. in Clearwater. His real estate advisor for this project is Jon Slater.
Mr. Slater is Managing Director of the international commercial real estate services firm, Studley.
In 2004, Studley established its 18th office in Tampa, Florida, in order to better serve tenants in the burgeoning Florida office market.
Ollier will specialize in hosting corporate events, but will also accommodate families.
The landlord for this fine space is Automobile Boulevard LLC. Automobile Boulevard LLC was represented by John Jenkins and Brooke Pillinger of CB Richard Ellis.
This future indoor car racing venue is only 4.5 miles south of PIE, aka St. Petersburg-Clearwater International Airport.

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BOCA RATON - Local heavyweight Office Depot Inc. has been trying to raise money in the wake of their slight slump. Tuesday it received a $350 million investment from BC Partners, which is a London-based private equity firm.

This group of funds will come in handy now. After approximately 17 years headquartered in sunny Delray Beach, the office-supplies retailer built a $100 million corporate headquarters less than three miles away in ritzy Boca Raton.

Office Depot sold its Delray Beach campus for $80 million to Lincoln Financial, which is an insurance firm based near Philadelphia.
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TAMPA - Crosland LLC recently announced the opening of several new businesses to it’s MiraBay Village. The businesses are the Incognito Lounge, Marco Nail & Spa, Satterfield Law Firm and the Apollo Beach Chamber of Commerce.
MiraBay Village is a 31-acre village center located at the entrance to MiraBay, which is a 750-acre waterfront community in Apollo Beach. Apollo Beach is 20 miles south of Tampa.
The new tenants total more than 8,100 sf. This site is presently anchored by a 50,000 square foot Sweetbay Supermarket.

The Apollo Beach Chamber of Commerce relocated to MiraBay Village in late April. The relocation was found to be necessary because of the chamber’s growth.

Crosland is one of the leading diversified real estate companies in the Southeastern region of the United States.

MIAMI - Wachovia has broken ground on a 4,500 square foot branch located at The Palms at Town & Country. Flagler Development Group and TIAA-CREF Global Real Estate have announced this development which is under construction at 8268 Mills Drive in Kendall.
The Palms at Town & Country, is owned by TIAA-CREF and being redeveloped by Flagler Development Group, will unfold a total of 700,000 sf of mixed retail components, including 400,000 sf of beautiful, new Mediterranean-themed open-air retail and a 133,000 sf professional arts center.
Palms at Town & Country, was formerly called Kendall Town & Country Center.
With an unrivaled combination of prime land holdings, Class-A properties, vast capital resources and market knowledge, Flagler Development Group is one of the leading integrated commercial real estate firms specializing in commercial and industrial workplaces in Florida.
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LARGO - This summer Largo shoppers will be able to purchase groceries at the renovated Barclay Square shopping center. Wal-Mart Neighborhood Market is scheduled to open in July at the 98,000 square-foot center. Barclay Square shopping center is located in Pinellas County, at the busy intersection of Walsingham Road and Indian Rocks Road. However this is not our desired NNN Signalized Intersection.

The Neighborhood Market, which is Wal-Mart’s grocery concept, will encompass 41,000 square feet. It will offer a full-line of grocery items, pharmacy and general merchandise.

A multimillion-dollar renovation of Barclay Square, including a completely remodeled facade, new lighting, enhanced landscaping and a resurfaced parking area will coincide with the grand opening of the Market.

Largo is one of the Tampa Bay area's largest cities. It is located near the Intracoastal Waterway. Barclay Square also draws customers from Belleair, Clearwater, Seminole and Indian Shores.

Wal-Mart Neighborhood Market will join over 15 local, regional and national retailers including Omega Cabinets & Granite, Tuesday Morning, Blockbuster, Edward Jones and a new Regions Bank.

Edens & Avant is the owner of the complex and is one of the leading retail real estate companies in the nation. The Company's portfolio consists of neighborhood, lifestyle and power centers, with many located in infill locations in urban markets. Edens & Avant has regional headquarters in Atlanta, Boston, Miami and a Corporate Office in Columbia, South Carolina.
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SARASOTA - Construction has started on DeSoto Palms. DeSoto Palms will be an assisted living facility, with 84 Units. The location is at 5601 N. Honore Avenue, just off DeSoto Road, in Sarasota.
CORE Construction Florida started the construction, as word has it from it’s President, John Wiseman.
Core Construction is a national builder that has offices in Florida, Arizona, Illinois, Nevada and Texas.
An investment group which is headed by doctors at Intracoastal Medical Group, in Sarasota, funded this project.
This facility will cost an estimated $13 million to build. The grand opening is expected in February, 2010.
Intercoastal Medical Group has 24 offices in the counties of Sarasota and Manatee.
When visiting you will be able to get your coffee at Starbucks‎, at 5191 Clark Road. This Starbucks is 0.3 miles south west from this future assisted living facility. This is not at a signlized corner.
BMW Southpointe‎ is located very close by at 5151 Clark Road.
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NORTH PALM BEACH - Coconut Cay Shoppes, a retail strip center at 12100 US Highway 1, has recently obtained $3,000,000 in financing. Joseph A. Hepp of Dockerty Romer & Co. has arranged for the loan through a regional bank. Loan terms were a 6.25% interest rate, three-year term and a 25-year amortization schedule.
The property is a three-building unanchored strip center which houses the Siam Square‎ Thai Restaurant, in North Palm Beach. The complex is approximately 27,900 square feet. The location is half mile north of the busy signalized intersection of PGA Boulevard & US 1.
Currently the property is more than 90% leased.
Dockerty Romer & Co. is a boutique Real Estate Investment Banking firm that provides creative and responsive financial solutions for capitalizing commercial real estate.
Doval Investments LLC was the borrower. Doval Investments LLC has a portfolio of retail and multifamily properties throughout Florida and into our northern neighbor, Canada.

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JACKSONVILLE - Southern Pines, a 200-unit apartment community, in Jacksonville, Florida has just sold. Walchle Lear Multifamily Advisors brokered the sale. Steve Lear and Bart Walchle of Walchle Lear Multifamily Advisors had an exclusive listing on the apartment community. Southern Pines was built in 1989, and is located at 10010 Belle Rive Boulevard.
The sale price was $13 million or $65,000 per unit.
Walchle Lear Multifamily Advisors is a Jacksonville, Florida based real estate service firm. Their focus is on the brokerage of multifamily communities and multifamily land in Florida.
The Buyer was the Real Estate Private Equity firm, Covenant Capital Group LLC.
Covenant Capital Group is a real estate private equity firm specializing in the acquisition and redevelopment of apartment communities. They often do this through joint ventures with local operating partners. Covenant manages approximately $360 million of equity invested in over $950 million of apartment assets.

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FORT MYERS - The SunTrust Bank branch at 4415 Metro Parkway, in Fort Myers, has completed their renovation. J.L. Wallace Inc. was in charge of seeing the renovation through.
David Grossman of J.L. Wallace was the project manager, with Joy Ready as project manager assistant. Brian Dragich served as superintendent.
The project saw the installation of new ceilings, lighting and flooring, in the existing 4,081sf building.
J.L. Wallace is based in Fort Myers, Florida. They have provided general contracting and construction management services in Southwest Florida, since 1997. The company specializes in commercial projects, including structures for retail, industrial, institutional and office use.
The Metro Parkway Branch, of SunTrust Bank is one of domestic offices in Fort Myers. It was established in 1981. SunTrust Bank has served as a Full Service Brick and Mortar Office.
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LONGWOOD - A KFC in Longwood, Florida was recently sold. This deal was for a single-tenant net lease deal. The location of this dining establishment is at 385 US 17-92 S. in Longwood, Florida. The price, paid by Jade Palace Longwood LLC, was $650,000.
You can't go wrong with most KFC's. The original recipe is hard to beat.
This restaurant is one and a half miles east from Ginellis Coffee Shop, located at
190 S Ronald Reagan Boulevard.
Wendy Supino, CCIM, of Sperry Van Ness in Lake Mary, represented the buyer. The buyer as previosly mentioned was Jade Palace Longwood LLC. Wendy Supino is a Senior Investment Advisor.
The Seller had representation from Nicole Barry of RRE Realty Services LLC, based in Orlando.
"Commercial Real Estate in Florida"
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MIAMI- Ocean Bank has announced that it provided a loan of approximately $11.7 million to Elias and Jorge Kasabdji. The Kasabdjis are principals of Flagler 4100 Property LLC. The funds are for construction of a 144-room Best Western hotel which will be located at 4100 W. Flagler Street, in Miami.
Armando Martinez and Iliana Ivis Rodriguez were the Ocean Bank loan officers handling this timely transaction. Brian L. Fink of Catlin Saxon Fink & Kolski LLP, in beautiful Coral Gables, represented Ocean Bank in the deal. 4100 Property LLC was represented by Lawyer Roberto F. Fleitas of Fleitas & Bujan, in Miami.
Ocean Bank, founded in 1982, and is the largest independent, state-chartered commercial bank based in Florida. Despite having an out of the ordinary start in trailer offices, Ocean Bank has more than $4.6 billion in assets.
Ocean Bank currently has branch locations in Dade and Broward Counties.
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SARASOTA - Keene Construction Company has broken ground on the new multimillion-dollar Sarasota Crossings redevelopment. This makeover will be on Fruitville Road, close to a half mile west of I-75, in Sarasota.
The expansion is being made for a new 30,000-square-foot store for hhgregg, a major Midwest appliance and electronics store, and a 21,000-square-foot Office Depot.
This project is being constructed for the owner Commodore Realty, of Key Biscayne.
Hhgregg has launched an aggressive expansion campaign, in Florida last year. They have opened 13 stores and hired approximately 400 workers. The most recent store opening was in Melbourne, Florida.
The building was designed by Cuhaci & Peterson Architects of Orlando. The interior of hhgregg will be handled by Herschman Architects of Cleveland, Ohio.
Construction is slated for completion in October.

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PALM BEACH - The Palm Beach office of Love Funding closed a new construction/permanent loan, for $47,212,900. The loan is for the Village at Secret Lake, which is a planned 432-unit multifamily housing complex. The project is in Kissimmee, Florida.
Carolyn Whatley, first vice president and senior loan originator with the company’s Palm Beach office, originated this transaction, from sunny Florida. Love Funding is a national full-service, commercial mortgage-banking firm. Love Funding commenced mortgage-banking operations in 1984.
Village at Secret Lake is planned for 12 separate, four-story buildings which will have elevators. It will also feature a conservation area, pond, putting green, small tot lot and an oversized resort-style pool.
Love Funding was able to secure funding, for the construction of this proposed development, through an FHA-insured loan.

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North Palm Beach - The Enterprise National Bank Building has sold for $4 million or $192.59 per square foot. This is a two-story mixed-use building located at 11811 U.S. Highway 1, in North Palm Beach.
The Buyer was Urban Realty Partners.
CB Richard Ellis arranged the sale. Scott O’Donnell, senior V.P. with the Private Client Group in Boca Raton, and Dominic Montazemi, senior associate with the Private Client Group in Boca Raton, were the brokers on the sale. They exclusively represented the seller, in this transaction.
The 20,770-square-foot building is anchored by Enterprise National Bank, which features a three-lane bank drive-through and also has a Melting Pot restaurant.
This distinguished location has major frontage on U.S. 1. It is just north of a popular Signalized Corner of PGA Boulevard and US Highway 1.

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TAMPA - The Westshore Business District has more activity as The PBSJ Corp. will relocate its Tampa office to MetWest One. This building is a LEED-certified office building, which was recently opened at MetWest International.
The announcement comes from Taylor & Mathis of Florida.
The PBSJ Corp. is an engineering, architecture and construction company.
They signed a long-term lease for 83,000sf starting in January 2010.
The Westshore Business District location will serve as the company's headquarters.
Taylor & Mathis Managing Director of Leasing, Angela Odell, negotiated the transaction on behalf of the owner, MetLife.
In 2006, PBSJ moved its headquarters to Tampa from Miami.
They are currently located at Cypress Commons, 5300 W. Cypress Street. That Westshore building, which was constructed in 1985, is owned by Eola Capital LLC.
This location is at the signalized intersection of W. Cypress St. and E. Frontage Road.
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MIAMI - Plans have been announced to start construction, this June, on Sonesta Mikado Hotel Miami. This Development will have a 252-key mixed-use hotel with oversized rooms and double suites. This Hotel will also feature 119 luxury residences. There will also be office and retail space available. It is proposed to be a 40-story property.
Tibor Hollo, president of Florida East Coast Realty (FECR), has made the announcement. Florida East Coast Realty has been in business, in Florida, for over 50 years.
Sonesta will manage the property. The location will be at 1701 NE 4th Ave., across from Margaret Pace Park and Biscayne Bay.
No details on financing were disclosed.
There has been reports of an influx of Private Equity Financing becoming available for Florida Commercial Real Estate.

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FORT MYERS - Metropolitan Life Insurance Company has sub-leased 3,944 square feet from Noble Title & Trust LLC. The building is at 9530 Marketplace Road, No. 108, in Fort Myers.
The sublessor was represented by Derek Bornhorst with Grubb & Ellis | 1st Commercial.
Tiffany Luongo, from Coldwell Banker Commercial represented the sublessee.
This Met Life location is just west of I-75.

There is an available 5 +/- acres at a Signalized Corner, in Fort Myers.
It is on South US 41, with an asking price of $3,599,500.
Florida Commercial Real Estate has some exceptional property available.

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TAMPA - Indigo Joe’s Plaza was recently announced to be included in RMC Property Group's portfolio.
RMC Property Group is one of Florida's most innovative full-service commercial real estate leasing, management, acquisition and development company.
Indigo Joe’s Plaza is located on the signalized corner of Keene Road and East Bay Drive, in Largo. Largo is very close to Clearwater and St. Petersburg's city limits.
This development of a retail shopping center, is anchored by Sweetbay Supermarket, You Fit Health Club and Indigo Joe’s.

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TAMPA - Senior vice president of NorthMarq Capital’s, Tampa regional office (NorthMarq), Robert Hernandez, has arranged a construction loan in the amount of $21 million.
The loan is to benefit DRS Optronics, in Melbourne.
DRS Optronics occupies the building and the loan proceeds will be used to renovate the original building and expand. The expansion will practically double up the current space to a total of 281,458 sf.
Sutton Properties is the borrower with terms of financing based on an 18 month interest-only loan which will be followed by a 42 month extension.
Northmarq Capital has one of their many offices at 1 Tampa City Center, in Tampa Bay.
"Florida Commercial Real Estate" has plenty of fantastic deals.
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NEW SMYRNA BEACH - Construction on 60 Condominiums will commence on Bouchelle Island. The DiMucci Companies, the developer for this project, which will overlook the gorgeous Intracoastal Waterway of Florida.
The DiMucci name has meant expert craftsmanship and superb attention to detail in the construction of beautiful buildings. The DiMucci name has been into developing since 1935.
DiMucci Companies have an office at 423 Bouchelle Drive, for New Development Sales, in New Smyrna Beach.
The New Smyrna Beach condos will be priced from the $180,000s to more than $300,000.

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BOCA RATON- A well known Boca Raton 360 Unit, Apartment community sold for $40 Million. The Arbor Oaks, in Boca Raton was purchased by a private Canadian investor.
$111,111 per unit is a great deal for both Buyer and Seller.
This Multifamily community is over 90% occupied. It has Class A amenities, such as ceramic tile floors, a gated entry, business center, spa, fitness center, swimming pool and tennis courts.
Th Arbor Oaks is out in west Boca Raton, just east of U.S. 441 aka State Road 7. It encompasses almost 28 acres, south of Glades Road.
Glades Road is a well established street with a beautiful Mall and many areas for shopping and dining.
Recent property tax records had valued the property near $35 Million.
The signalized corner at Glades Road and State Road 7 has Movie theatres, a Borders book store and many well known stores.

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TAMPA - The Westshore area has more action brewing. CB Richard Ellis just announced the sublease of 25,127sf to Walter Investment Management, at the Bayport Plaza in Tampa’s Westshore area. CB Richard Ellis represented MMA Financial for its sublease contract.
Jack Hoskins, senior vice president, represented the sublessor in that transaction.
Jack Hoskins also worked the deal with KB Homes to Arbitration Forums Inc., at Buschwood Park II. The total square foot of that deal was 12,609, in the North-West Hillsborough Tampa area.

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St. Petersburg - The Franklin Templeton Center has some unbelievable space available for Lease. It is located in St. Petersburg, just west of the 275 Bridge from Tampa Bay.
The location permits easy access to St. Petersburg, Tampa or Clearwater.
Office space can be leased on the 5th floor or 2nd.
The Building has On-site Management, a fitness center and conference rooms available for Tenants.
Feel free to contact us for more information.

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Signalized Corner in Palm Beach

PANAMA CITY BEACH - A Fort Lauderdale Real Estate Company, named New Bastion Development Inc. just mentioned that it had entered into an agreement to purchase a 757-acre tract of land. The location of the land is east of US 231, in Jackson County.
New Bastion Development Inc. was started to take advantage of real estate opportunities in the Panama City Beach and Marianna area.
New Bastion's website comments on this last undeveloped area of Florida, where current real estate prices are attractive to those that demand value.

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LEHIGH ACRES - Carlisle Development Group just announced the grand opening of its Heron Pond II Apartments.
These new development is a senior affordable community, at 8421 Heron Pond Drive, in Lehigh Acres.
The price tag was approximately $14 million. This development consists of 60 one-bedroom units and 40 two-bedroom units.
The monthly rent is estimated to be under $500.
Lehigh Acres is 48 miles to Naples, Florida.

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FORT MYERS - 4.8 acres on Plantation Road in Fort Myers was purchased by Gulf Coast Medical Park LLC. Intermed II LLC sold the property for $2,725,000.
The land is located by the Gulf Coast Medical Center expansion on Daniels Parkway.

Jim Garinger, CCIM, SIOR, Andrew Falde, CCIM, and Karen Johnson-Crowther with Colliers Arnold represented the seller. Magnus Karlstedt of MK Construction and the late Robin Wright of Woodyard and Associates represented the buyer.

Gulf Coast Medical Park will be a 54,000 sf medical office park consisting of four buildings.
This project has been pre-leased or pre-sold to a combination of users and investors.
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WEST PALM BEACH - NAI/Merin Hunter Codman Inc. is one of Florida's leading commercial real estate firms, with offices in West Palm Beach, Boca Raton, Palm Beach and Palm Beach Gardens.
NAI/Merin Hunter Codman, Inc. just made an note of the following new transaction.
Jason Sundook and Neil Merin, represented the landlord, Professional Centre at the Gardens Mall LLP, in leasing 4,202sf of office space to Coastal Sotheby’s International Realty at Professional Centre.
This location is at the Gardens Mall at 11601 Kew Gardens Ave. in Palm Beach Gardens.
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MIAMI - Financing for the amount of $9.5 Million has been secured by Thomas D. Wood and Company. The financing is for the Galleria Mall, in Downtown Miami.

Thomas D. Wood Jr., is the company president. He arranged financing through Thomas D. Wood and Company’s relationship with a local bank.
Their loan has a fixed interest rate of 6.75% and a five-year term, based on a 25-year amortization schedule. The loan-to-value is under 50%. The building being financed is three-levels. It is 164,918 sf of retail and offices.
Marshalls is a major tenant and is located at 251 East Flagler Street.

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ALTAMONTE SPRINGS - The 21,234 sf office building at 505 Maitland Ave. in Altamonte Springs was bought by OFFICECO LLC for $2.375 million.
Chuck Mitchell & Trent Scott of First Capital Property Group Inc. represented the buyer, meanwhile Michael Calhoun of Maitland Realty Company represented the seller, Eula Scott LLC.
This building will be the new office of the law firm Wright, Fulford, Moorhead & Brown PA.
Wright, Fulford, Moorhead & Brown is a Florida law firm. They practice in the areas of construction law, construction litigation, lien foreclosures and breach of contract.

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DESTIN - Restoration Hardware Inc. has celebrated the grand opening of its first 12,000 sf Clearance Center.It is housed in the Southeast at Silver Sands Factory Stores.This specialty retailer will feature textiles, bath hardware, lighting, bedding and home decor at 40% to 90% off the original price.Restoration Hardware offers upscale home supplies at an affordable price.Restoration Hardware currently operates more than 100 retail and outlet store locations in the United States and Canada.
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The 1,860-acre Avalon Park is in east Orlando. It includes a 100-acre Town Center, more than 4,000 single-family homes and townhomes, five schools and five churches, in addition to the commercial space being built.

Avalon Park has approximately 240 acres of wetlands, 400 acres of upland preserve and 250 acres of man-made lakes.

Brendon Dedekind, director of leasing and business development for Avalon Park Group, negotiated all three lease agreements.

Dedekind negotiated a retail lease agreement with In Style hair salon for 3,843sf of space, and Davis Bakery for 1,525sf, both in the Downtown Avalon Park commercial buildings on Avalon Lake Drive.

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ORLANDO - CB Richard Ellis just announced that Dennis Jimenez, V.P. with CB Richard Ellis Capital Markets Group, has arranged financing. The amount of $14,050,000 on behalf of a venture between Canadian and Florida-based investors for the acquisition of Stonebrook Apartment Homes, in Sanford. Sanford is just north of Orlando.
Great terms for the financing included a 10-year loan with 30-year amortization, a fixed-rate of 5.62% and a loan to purchase price of 78%.
Stonebrook Apartment Homes is a 356-unit garden-style apartment community constructed in two phases in 1991 and 2001, with a net rentable area of 352,200sf.
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MIAMI - TIAA-CREF, Flagler Development Group and Jones Lang LaSalle have announced that Loehmann’s will open in The Palms at Town & Country, in Kendall, near the spring of 2010. The 25,699sf Loehmann’s will open in the 400,000sf open-air Mediterranean-themed retail redevelopment which is currently under construction. Other national town center’s tenants, will include Kohl’s, Nordstrom Rack, 24 Hour Fitness and more.
The Palms at Town & Country, owned by TIAA-CREF and being redeveloped by Flagler Development Group, will house a total of 700,000sf of mixed retail components and a 133,000sf professional arts center when completed.
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TAMPA - RMC Property Group announced the sale of Palm Center, a 132,000sf retail shopping center anchored by Beall’s Department Store, Beall’s Outlet and Tuesday Morning.Odyssey (IX) Commercial DP IV LLC acquired the property, at the northwest corner of Highlands Drive and South Florida Avenue in Lakeland.
The seller, Lakepalm Shopping Center LTD, is an affiliate of RMC and was represented by RMC Property Group. Century Retail represented the buyer.

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Some more positive news coming form Florida's State Capital. Not all is "Doom and Gloom" for Real Estate. The Main Stream media has told us for 3-4 years how bad the market is. 

Written By Carl Cronan

TALLAHASSEE, FL-Long-term prospects for economic growth and a strong government employment component bode well for the state capital’s multifamily market, according to a report by CB Richard Ellis. The jobless rate for Leon County measured 6.8% in March, well below the 9.7% statewide average.

More than 18,000 rental apartments are available in the Tallahassee market, with a current vacancy rate of 12%, CBRE reports. Units average 1,025 square feet with an average rent of $950 per month.

“Tallahassee’s housing market depression has been relatively mild compared to other cities in Florida,” says Dan Allen, vice chairman of CBRE’s Jacksonville office. “State government, health care and defense sectors are providing a degree of job stability for Leon County.”

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JUPITER - Atlantic Retail Properties announced another executed lease with Solantic Urgent Care. Solantic currently operates 24 locations in Florida with another five locations under construction. ARP exclusively represents Solantic throughout the state (excluding Orlando) and continues to seek new freestanding opportunities on behalf of Solantic in new and existing markets.
Founded in June 2001, Solantic is Florida’s fastest growing, physician staffed, convenient health care clinic. After recently receiving a $100 million investment from a private equity firm, Solantic plans to have more than 40 clinics open by the end of 2009.
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Here is a REIT which has profits. Vero Beach is a beautiful town. Bimini Capital Management Inc. is doing a fantastic job.

Article below written By Carl Cronan

VERO BEACH, FL-Locally based Bimini Capital Management Inc. on Monday posted first-quarter earnings from continuing operations of $1.9 million, compared with an $800,000 loss for the same period last year. On a consolidated basis, the OTC-traded REIT reported net income of $2.2 million, up from a net loss of $5.1 million a year ago.

The income gain included net interest income of $1.3 million, along with a $1.1-million realized gain on the sale of mortgage-backed securities. The company says it sold $105.5 million worth of MBS during the first three months of 2009.

Also in the first quarter, Bimini Capital estimates it incurred a loss for REIT tax purposes of $1.4 million, resulting in a cumulative tax net operating loss carryforward of $22.5 million. As of March 31, the company says, it has approximately $69.6 million of REIT tax capital loss carryforwards.

“We believe we are making significant strides to position the company for recovery,” Robert Cauley, chairman and CEO of Bimini Capital, stated in a release. He noted that the first-quarter operating profit is its first since the end of 2007.

In a related note, Bimini Capital recently appointed Frank Jaurnot to its board of directors. Jaurnot is director of accounting and auditing for Ahearn Jasco & Co.

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ORLANDO - Centex Homes has started construction of three new townhome buildings at Emerson Park, northwest of Maitland on Ocoee-Apopka Road near SR 429. Homes available are priced from $159,990.

Carol-Ann Barody, director of operational marketing for Centex Homes’ East Florida division, said three- and four-bedroom townhomes at Emerson Park range in size from 1,650sf of living space to 2,241sf.

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TAMPA - Eola Capital, an Orlando-based real estate investment company, has acquired a 130,000sf office building at 500 N. Westshore Blvd. in Tampa. The 10-story, Class A office building will increase Eola Capital’s holdings in Tampa to more than 1.6 msf.
“Westshore 500 is 90% leased and its diverse rent roll is comprised of smaller companies providing a stable rent stream for our investors. The property is a significant addition to our Tampa portfolio and compliments our existing holdings well,” added Kyle Burd, regional vice president of Eola Capital.
The office building, adjacent to the Westshore Plaza, was built in 1984. Eola Capital plans to invest in substantial capital improvements to the property.
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By: Tonie Auer, Contributing Correspondent/CPN Online
Despite credit still playing hard-to-get, several REITs have recently managed to get their hands on sizable financing deals. The latest firm to add its name to the list of firms receiving funding is Federal Realty Investment Trust, which just closed a new $372 million unsecured term loan facility.
Less than two weeks ago, CPN reported that H&R Real Estate Investment Trust secured C$425 million in financing to complete construction of a 58-story office tower in Downtown Calgary, Canada. The 42-month financing was provided by a syndicate of lenders led by RBC Capital Markets and TD Securities.
Wachovia Securities and PNC Bank N.A. acted as lead arrangers for the loan. J.P. Morgan Chase Bank N.A., Regions Bank and SunTrust Bank acted as co-documentation agents. Bank of America N.A., Royal Bank of Canada, Chevy Chase Bank, F.S.B., Citicorp North America Inc., Comerica Bank and Raymond James Bank F.S.B. are all lenders for the transaction.
What makes the Federal Realty deal unique is the unsecured terms. For many real estate companies these days, secured financing is the most--if not only--viable route for obtaining loans. "The market for senior unsecured debt financing has been generally unavailable to REITs during 2008," Liberty noted in its annual report.
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CORAL GABLES - Old Spanish Village, the $350 million New Urbanism development in Coral Gables, is progressing steadily. The exterior structure of the first building, part of Phase I of The Villas, is complete. Underground utilities and underground infrastructure are 90% complete. Construction of Phase I began in April 2008, and the first of seven buildings in this phase will be complete in April.

The Spanish-inspired grand archway, which serves as the village’s entry and symbolizes the realization of the vision of Coral Gables’ founder George Merrick, was inaugurated in January.

To date, approximately 40% of the luxury units in the 49-residence El Prado, part of Phase II, have been reserved. Construction on El Prado will begin in the third quarter of 2009.

Ponce Circle Developers is a joint venture between racing-promotion legend Ralph Sanchez and prominent regional development firm Mas Group.
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Tere Blanca, a veteran of the South Florida commercial real estate industry, has formed a new firm that will provide advisory and transaction services for property owners and users. The new, Miami-based entity, dubbed Blanca Commerical Real Estate Inc., will launch on April 1. Blanca most recently served as senior managing director & branch manager for Cushman & Wakefield of Florida, which increased its leasing and management portfolio from 3.5 million to 10 million square feet under her leadership. Joining Blanca in the new firm will be Danet Linares, previously with developer Foram Group, where she served as senior vice president & director of real estate services. Linares will fill the role of executive vice president with Blanca Commercial.

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Max Planck selects construction manager

article from South Florida Business Journal

The Weitz Co. and DPR Construction have been selected as construction manager to build the Max Planck Florida Institute’s 100,000-square-foot biomedical research facility at Florida Atlantic University’s MacArthur Campus in Jupiter.

The joint partnership of Weitz and DPR was also responsible for building the 350,000-square-foot Scripps Florida campus, which is adjacent to the Max Planck Florida site.
Construction is expected to begin next spring, and is scheduled for completion by fall 2011.

Research at the Max Planck Florida Institute will focus on bioimaging. The institute plans to collaborate with Scripps Florida on health-oriented research applications.

The nonprofit German research group signed a deal to receive $188 million from the state and Palm Beach County, with the hope that it will boost Florida’s biotechnology industry.
The institute conducted a national search for firms to lead the construction of its facility.

Weitz is a national general contractor, design-builder and construction manager with 25 offices in the U.S. and Guam, including Florida offices in West Palm Beach and Hollywood.

DPR Construction is a national commercial general contractor with 15 offices around the country, including one that opened last year in West Palm Beach.
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Residential, Retail, Hotel and Office Space is proposed for the surrounding area of the BankAtlantic Center in Sunrise.

This real estate development, that owners of the Florida Panthers hockey franchise are now proposing, will be named “Oz“. The plan is use the 139 acres that surround the BankAtlantic Center in Sunrise.

The Hockey Teams' parent company, Sunrise Sports & Entertainment (SSE), are talking about details of the plan. Team owners have been meeting with local government officials to view their level of acceptance for the entertainment and commercial district.

The City of Oz with it’s dynamic stature will be a great place to lure new Fortune 500 companies.

The nearby Sawgrass International Corporate Park houses about 4 million square feet of commercial space on 612 acres.

According to the City of Oz Web site, the project would create an estimated 13,478 total new jobs in South Florida with a $226 million annual payroll at the job site.

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BOCA RATON - Fimiani Development announced the signing of the following leases at shopping centers in Bradenton, Palmetto, Largo and Lutz:
- U-Fit, a gym and fitness facility, has leased 12,798sf at Desoto Junction in Bradenton. This 150,896sf shopping center is anchored by Marshalls and is on US 41. Michael Fimiani, president of Fimiani Development, and Ryan Hayoun, leasing associate with Isram Realty Holdings, handled the transaction.
- Fanny Bernuy, a Mexican restaurant, has leased 1,050sf at East Bay Plaza in Largo. This 85,426sf neighborhood center is on Easy Bay Drive and will soon be anchored by Publix. Fimiani and Daphna Rikman, leasing associate with Isram Realty Holdings, handled the transaction.
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Walters Gottlieb/Partners and Compass Realty Cos. said Monday that they will combine their businesses to create WGCompass Realty Cos., starting today, May 1, 2009.

The two Companies, based in West Palm Beach, will consolidate their headquarters into a single location.

They will keep offices in Delray Beach, Palm Beach Gardens, Naples and Stuart.

Walters Gottlieb/Partners is known for its long term relationships with Phillips Point, Waterfront Clematis, One Clearlake Centre, and Golden Bear Plaza.

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Tampa-The medical office building at 6748 Gall Blvd. in Zephyrhills, FL has been sold. Brian Infantino who is with Bingham Realty represented the seller. The buyer was represented by William McGavern of Prudential Tropical Realty.
Florida Hospital Zephyrhills purchased the 11,546 square foot building from Health Care Realty Trust for $1.5 million.
The building was completed in 1997 and is located in Tampa's Northern Outlying submarket.
Florida Hospital Zephyrhills is at the forefront of delivering top quality healthcare to the community.
Of course they would be in a fantastic position if the property was located on a "signalized corner".
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By: Adam Perrotta, News Writer, CPN
Miami commercial property veteran Tere Blanca’s new services firm looks to be coming out of the gate quickly, despite the industry’s current slump. Just weeks after she launched Blanca Commercial Real Estate, the company landed the exclusive leasing duties for 1450 Brickell, a Class A office tower currently under construction in Miami’s Brickell financial district.
Being developed by Rilea Group, the 586,000-square-foot 1450 Brickell is set for completion in the first quarter of 2010, and will become the first Miami office to be LEED Gold-certified for sustainability.
For Rilea, tapping Blanca Commercial to oversee leasing was motivated by the past history and success in the Miami market of president & CEO Tere Blanca and executive vice president Danet Linares, both of whom are regarded as among the top industry professionals in South Florida.
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FORT LAUDERDALE - Multi-Family Deals are available in South Florida. Marcus & Millichap Real Estate Investment Services announced the sale of Sun Terrace Apartments, a 16-unit apartment property in Fort Lauderdale Beach. The asset commanded a sales price of $1,000,000 representing $62,500 per unit.
Senior Associate Felipe Echarte and Associate Joseph Thomas in Marcus & Millichap’s Fort Lauderdale office represented the seller of the property, a New York-based company.
Located just one block from the Atlantic Ocean, the property has six studio apartments and 10 one-bedroom/one-bathroom units. Sun Terrace Apartments is at 619 Breakers Ave. in Fort Lauderdale.
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TAMPA- Franklin Street Real Estate Services recently brokered the transaction of Solana Villas Apartments in Naples. Darron Kattan, partner, Bob Goldfinger, partner, and Kevin Kelleher represented both the buyer and the seller of the 44-unit community.
The asking price was $2,350,000, and it closed at full asking price within a two-week period from contract execution to closing. The seller was a publicly traded lender that foreclosed on the property in late 2008. The buyer was a West Palm Beach-based private partnership. The previous sale was $7,300,000 in 2006 based on a planned condo conversion.

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BOCA RATON - Hudson Realty Capital LLC, one of the nation’s premier middle-market real estate fund managers, has relocated its Southeast executive office from Miami to 433 Plaza Real in Boca Raton.
Hudson, based in Manhattan, is involved in a broad range of real estate-related debt and equity investments throughout the United States. The company, which has closed $3 billion in transactions since the formation of its initial two funds in 2002, invests throughout the capital stack to generate high, risk-adjusted returns for its investors.

Hudson’s portfolio encompasses more than $2 billion of assets currently under management in key markets nationwide, including South Florida.

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JACKSONVILLE - Deerfield Beach-based SIKON Construction Corp., general contractor for Jacksonville’s newly-completed Tapestry Park European Village, announced the project won the Mixed-Use Project of the Year Award in NAIOP Northeast Florida’s Annual Awards.

Developed by Tapestry Park Commercial Venture LLC, the distinctive 60,000sf project is Jacksonville Southside’s first neo-traditional mixed-use development and is at Southside Boulevard and Gate Parkway.

Phase I was designed by Charlan Brock & Associates, Maitland, and Phase II was designed by Cuhaci & Peterson Architects, Orlando.
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By Paul Rosta, Retail Editor/ CPN Source
 

Encouraging words seem harder to find about retail than about any other property sector these days, and the analysts at RREEF Research would hardly be mistaken for Pollyannas. Nevertheless, a new forecast from the Deutsche Bank affiliate finds reasons to sound a few modestly upbeat notes.

“Good news does exist for the retail sector,” RREEF Research stated in an analysis published last week as part of a commercial real estate investment forecast, offering neighborhood and community centers as particular beneficiaries. An average of 25 million square feet of new product came on line in the category while retail was booming between 2003 and 2007. While it is substantial, that figure still represents 6.5 million square feet of space less than the neighborhood and community categories added on average each year since 1981. And it is less than half the 54 million square feet of new inventory that came on line during the retail boom years between 1985 and 1990. Vacancies for those centers will peak at 10.5 percent this year, but they will decline to 9.5 percent as the market starts recovering in 2010, RREEF Research predicted.

Leasing velocity and rental rates will take the hardest hits this year in low-barrier-to-entry locations with low land costs—in particular, locations in the Southwest and the Southeast, with the exception of South Florida. Though no markets will escape the downward trend, a few will turn in better-than-average performances: Seattle, Washington, D.C., San Francisco, Oakland, San Jose, Los Angeles, Orange County, New York City and Miami. The small number of new leases being transacted makes it tricky to estimate how much rents will fall, but RREEF suggested that the most common range for declines will be 5 to 10 percent.

The forecast turned in no surprising recovery for 2009; still, it speculated that the decline in retail sales might come to a halt by the middle of the year, with the beginning of a modest improvement by the fourth quarter. “More solid gains will not likely occur until 2010 and a vigorous rebound will wait until 2011,” the forecast stated. “Until then, the discounters and wholesale clubs should continue to outperform the sector.”

When the turnaround finally arrives, the luxury goods market will be among the first to recover. Discretionary retailers catering to the middle and lower-middle markets for electronics, apparel and mid-level department stores will follow. Bringing up the rear will be home-products stores, which RREEF Research projected are “likely to have the flattest bounce.”

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Bun Construction Co. Inc. purchased 4.5 acres on Diana Street in Tampa. The Krauss Organization handled this transaction.
Congratulations to the Sales agent, Ron Faber.
The Tampa Bay area had prosperous deals in the first quarter of 2009.

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JACKSONVILLE - Marcus & Millichap Real Estate Investment Services announced the sale of a Jacksonville office building.The 34,000sf office building was sold for $2,150,000. Vice President Investments David Luther and Senior Associate Bill Kohlhepp of the Fort Lauderdale office represented the seller, a Boca Raton-based company. An outside broker secured the buyer, a private investor from the Jacksonville area.The three-story office building at 9000 Regency Square Blvd. is close to Kendall Town Center and downtown Jacksonville. The property was 40% occupied at the point of sale with tenants including United Legal Corp., Planet 5 Associates and others.

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BONITA SPRINGS - Construction of Tavira at Bonita Bay has topped out. The last major roof slab on the 26-story residential high-rise has been poured, and construction is on schedule with completion slated for next fall. The Lutgert Companies and Boran Craig Barber Engel Construction Company Inc. broke ground for the building in October 2007.
The sixth of eight high-rises planned along Estero Bay in Bonita Bay, Tavira is next to Estero Bay Park, one of three waterfront parks within the 2,400-acre master-planned community. The building will have a rooftop sunset terrace with views of Estero Bay, Bonita Beach and the Gulf of Mexico.
Forty-three of Tavira’s 90 residences, including the two penthouses, have been sold. Home prices range from $1,606,000 to $2,853,000.
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