Top Five Deals
What a difference a year makes. Last year, the top five commercial real estate sales during the period July 2006 through July 2007 totaled $183.6 million. This year, when we searched through records at the
All five deals we found occurred in the latter half of 2007. In the first six months of this year, those big eight-figure and high seven-figure transactions were noticeably absent. The biggest transaction by far was the $57 million
1.
Address: 5451 Palmer Crossing,
Closing date: Dec. 20, 2007
Seller: Palmer Crossing LLC (owned by
Buyer: Palmer Crossing 1 LLC (owned by Tampa-based commercial investment firm Latt Maxcy Corp.)
Previous sale: $945,000 on Aug. 17, 1998
Broker: N.J. Olivieri, Horizon Mortgage Corp.
The property: According to Horizon Mortgage Corp.’s N.J. Olivieri, who brokered the $57 million sale, William Saba’s strategy for developing the property served him well.
2.
Address:
Closing date: Sept. 10, 2007
Seller: Tarragon Corp. (headquartered in
Buyer: TA Realty Advisors (based in
Previous sale: $38 million in 2005
Broker: N.J. Olivieri and Michael Stockton, Horizon Mortgage Corp.
The property: New York-based Tarragon Corp. purchased the 216-unit 210 Watermark apartment complex with the intention of converting the units into condos. Two years and several million dollars in improvements later, Tarragon abandoned its conversion plans and sold the property to Boston-based TA Realty Advisors at 40 percent less than what it originally paid. The new owners are maintaining the property as apartments.
3.
Address: 6600 S. Tamiami Trail,
Closing date: Oct. 16, 2007
Seller: THI IV SARASOTA HIE LLC (owned by Annapolis, Md.-based Thayer Lodging LLC)
Buyer: MPL Lodgings, Inc.
Brokers: John Mayers, Coldwell Banker Hospitality,
Previous sale: $10.6 million on Aug. 15, 2005
The property: The Holiday Inn Express is a 131-room, limited-service hotel located on U.S. 41 just south of
4.
Address: 4409 Tournament
Closing date: Dec. 20, 2007
Seller: Tournament Players Club at Prestancia, Inc.
Buyer: Heritage Golf Prestancia, LLC (owned by Heritage Golf Group,
Broker: none
Previous sale: $4.17 million on Jan. 29, 1992
The property: The Tournament Players Club at Prestancia is a private golf club spanning 360 acres, containing two 18-hole golf courses and an expansive 33,000- square-foot clubhouse. According to Heritage executive vice president Andy Crosson, Heritage purchased the club as part of a deal that included the acquisition of a portfolio of TPC PGA Tour golf course properties, including TPC Eagle Trace Golf in
5.
Address:
Closing date: Dec. 14, 2007
Seller: Longboat Key Marina Assoc. Ltd.
Buyer: LFL Marina LLC (owned by the parent company of the Longboat Key Club)
Broker: None
Previous sale: $9.1 million on Oct. 16, 1989 (This sale included multiple parcels, only a portion of which was sold to LFL Marina LLC.)
The property: According to LBK Club general manager Michael Welly, the Longboat Key Club’s $8 million purchase included 37 of the 291 slips at the Longboat Key Club Moorings, as well as waterfront property known as Parcel P, which contains a building that houses a ship’s store and deli, offices and the newly reopened members-only Portofino Restaurant and Bar. The purchase also included the Commodore Club, a recreational facility for LBK Club members, as well as the marina’s existing marine repair and maintenance business, a marine brokerage company, a slip rental business and two swimming pools.