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.
"Florida NNN Commercial Real Estate"

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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.
"NNN Signalized Corner of Palm Beach"

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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.
"NNN Signalized Corner"

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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.
"NNN Commercial Real Estate in Florida"

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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.
"NNN Palm Beach"

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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 - Nordstrom, Inc., a leading fashion specialty retailer, has announced it will open a 35,000-square-foot Nordstrom Rack, at The Palms at Town & Country in Kendall, in spring of 2010. Kendall is a Miami suburb. Nordstrom Rack, is a unit of the Nordstrom, Inc., operating as their off-price retail division. The Palms at Town & Country is located at 8268 Mills Drive, in Kendall, Florida.

This will be the retailer's third Nordstrom Rack in the state of Florida, which includes a new Nordstrom Rack that will open at Millenia Crossing, in Orlando. That grand opening is anticipated to be in the fall 2009. Additionally, the company operates nine Nordstrom full-line stores in the state of Florida. Nordstrom is well known for excellent customer service.

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. The three phase renovation will be complete in 2010. This magnificent development will include restaurants, as well as pedestrian-friendly walk-ways and personal valet parking.
Palms at Town & Country, was formerly called Kendall Town & Country Center.

Its existing tenants include Marshall's, Men's Wearhouse, New York & Co., Publix and 24 Hour Fitness.
Many shopaholics will be thrilled to be able to have a Nordstrom Rack in Miami.

"NNN Signalized Corner of Palm Beach"

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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.
"NNN Florida Commercial Real Estate"

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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.
"NNN Commercial Real Estate of Florida"

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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.
"Florida Commercial Real Estate"

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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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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.

"Florida Commercial Real Estate"

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