Top 10 Deals
Out-of-towners from Virginia, New York, Miami and California were the buyers in six of the top 10 commercial real estate deals in the Sarasota-Manatee area from July 2006 through July 2007—good news if you think out-of-town investors are evidence that our region is a good place to do business. Our top 10 sales totaled $243 million, far from last year’s $412 million, and included the sales of three hotels and two shopping centers. The largest deal in the past year was the $71.98 million purchase of Aston Gardens at Pelican Pointe, a luxury senior living community in Venice, by a McLean, Va.-based company. Perhaps drawing more notice in the general public was the $65 million purchase of the Hyatt Sarasota by the Blackstone Group, a New York equity firm, ending concerns that the hotel would become yet another luxury condo. The best deal? Probably the $10.7 million Fairway Grande spent to buy disgraced developer Neil Husani’s five parcels along North Tamiami Trail. Husani spent $10.35 million in January 2006 then resold it the very same day for $24.6 million to a company in which he held an interest so he allegedly could inflate the size of the loan. A year later, Fifth Third, which was one of the banks that loaned Husani money, accepted a down payment of less than $600,000 and provided a $9.8 million loan to the new owner.
1. Sale Price: $71.98 million Address: 1000 Aston Gardens Drive, Venice (Aston Gardens at Pelican Pointe) Closing date: Sept. 25, 2006 Seller: Aston Gardens at Venice LLC Buyer: Sunrise Senior Living Inc. and GE Healthcare Financial Services Previous sale: $2,094,000 on July 23, 2001 The property:
Future use: Aston Gardens at Pelican Pointe will continue to operate as a luxury senior living community.
2. Sales price: $65 million Address: 1000 Boulevard of the Arts (Hyatt Sarasota) Closing date: May 11, 2007 Seller: Hotel Associates, Ltd. Buyer: Blackstone Group Brokers: Clint Conway of RealtyOne Florida and Tom Peters of Roque & Mark, Santa Monica, Calif. Previous Sale: $13.8 million on Oct. 18, 1994 The property:
Future use: Blackstone is expected to continue the $15 million in improvements begun by the previous owner, and to switch the hotel brand to a more upscale Hyatt Regency.
3. Sale price: $15.75 million Address: 2501 63rd Ave. E., Bradenton Closing date: June 2007 Seller: Ben Price Buyer: Manatee County School District Broker: Ian Black Real Estate Previous sale: $2.2 million on July 7, 1995 The property:
Future use: The building can accommodate the school district’s future expansion, as it includes another five to six acres of developable land, Horn says.
4. Sale price: $15.65 million Address: 100 Arthur Andersen Parkway Closing date: June 4, 2007 Seller: Denholtz Associates, a New Jersey-based property investment group Buyer: Osprey Commerce Center LLC, a company owned by Osprey SA, a commercial real estate and investment services company based in Sarasota and Brighton, Mich. Broker: Fred Starling, Osprey Real Estate Services Previous sale: $9.95 million on May 17, 2001 The property:
Future use: The facility will continue as an office complex. “We’re in buy and hold mode at this time,” Sevigny says. “We plan to keep and operate it.”
5. Sale price: $15.25 million Address: 7602 15th St. E. Closing date: Dec. 6, 2006 Seller: Federal Warehouse Corp. Buyer: Airport Commerce Center Inc. CHECK THIS NAME!! Broker: Jeff Button of The Kleiber Group Partners of Sarasota Previous sale: This is the first sale. The complex was built in two phases, in 1985 and 1994, by Dr. Stanley Riggs. The property:
Future use: The facility will continue to be a flex use warehouse complex, with few major changes, Button says. “The buyers realized that [the previous owner] had set up a really good model, and plan to stay with it,” he says.
6. Sale price: $14. 7 million Address: 3950 Central Sarasota Parkway (Oaks Plaza) Closing date: May 11, 2007 Seller: Stone Civix Ltd. Buyer: BLDG Sarasota and Bacael Sarasota LLC Brokers: Ian Black and Steve Horn, Ian Black Real Estate Previous sale: April 21, 1998 for $1.88 million The property:
Future use: The property will remain a shopping center, and Horn says with a new Lowe’s home improvement store going in nearby, the shopping center can expect better days ahead.
7. Sale price: $13.8 million Address: 3470 Fruitville Road (Homewood Suites by Hilton) Closing date: Sept. 15, 2006 Seller: Finergy Development Group (MERCA Real Estate LLC) Buyer: Apple Seven Hospitality Ownership Inc. Previous Sale: $1.4 million on July 1, 2002 The property:
Future use: The Homewood Suites by Hilton will continue to operate as a hotel.
8. Sale Price: $11.2 million Address: 55th Avenue, Bradenton (Twelve Oaks Plaza) Closing date: December 2006 Buyer: EJ Partners Seller: Twelve Oaks Shopping Plaza Inc. Broker: David Wells of Marcus & Millichap Real Estate Investment Brokerage in Tampa Previous sale: $6.2 million on Nov. 26, 1996 The property:
Future use: Twelve Oaks will continue to be a retail shopping center. The new owner will “probably hold it for 10 years and sell it after that,” says Wells.
9. Sales price: $10.7 million Address: 332 N. Tamiami Trail, and 1230 and 1240 4th St., Sarasota (includes five lots) Closing date: Jan. 26, 2007 Buyer: Fairway Grande Development LLC, Robert Morey, principal Seller: Sarasota Grand Central LLC Previous sale: $24.6 million in January 2006 The property:
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Sales price: $10 million
Address: 455 N. U.S. 41, Venice (Holiday Inn Venice)
Closing date: Aug. 29, 2006
Seller: Venice H.I., Inc.
Buyer: Best Southwestern Motels Inc.
Previous sale: $4.68 million on March 5, 1999
The property: The 158-room Holiday Inn Venice sits on a 5.85-acre property. It offers more than 6,000 square feet of meeting space and two on-site restaurants. It was purchased by Best Southwestern Motels Inc., a company owned by the LeBlanc Family of Venice, with Bernard LeBlanc as company president. The company owns two other hotels in the Venice area.
Future use: The Holiday Inn Venice continues to operate as a full-service hotel. Following the sale, Bernard LeBlanc told the Venice Gondolier Sun: “Yes, there is room to build another hotel. It's not on my drawing board at the moment, but it's not out of the question."