18 commercial real estate | CHARLOTTE-LEE-COLLIER |
BUSINESS OBSERVER | FEBRUARY 28 – MARCH 6, 2014
BusinessObserverFL.com
PREVIOUS PRICE: $5.75 million, April 2005 LAW FIRM ON DEED: Bond Schoeneck & King PLLC, Naples PLANS, DESCRIPTION:
1 Liberty Hospitality Fund I LLC buys Holiday Inn Express & Suites BUYER: LHF1 Bonita LLC (principal: Punit Shah), Bonita Springs SELLER: FAC Hotel Limited Partnership LLLP PROPERTY: 27891 Crown Lake Blvd., Bonita Springs PRICE: $4.25 million
The private equity real estate fund Liberty Hospitality Fund I LLC purchased the 108-unit Holiday Inn Express & Suites in Bonita Springs for $4.25 million. The price equated to $39,352 per unit. The hotel features a business center, outdoor swimming pool and laundry facilities. The new owner plans to renovate and reposition the asset later this year. It will be renovating common areas and adding a breakfast room and fitness center. The Tampa-based investment firm Liberty Group of Cos. says the hotel was purchased for significantly below replacement cost.
“This was a good strong hotel brand that could benefit from our expertise in managing other hotel properties,” says Matthew Ram, an associate with the Liberty Group. The Holiday Inn Express & Suites was the Liberty Hospitality Fund I’s second purchase. It occurred as the fund became fully capitalized at $75 million. The fund, which focuses on acquiring upper mid-scale hotels, is scheduled to be fully invested over the next three years. It acquired its first hotel, the 125-room Candlewood Suites in Charleston, S.C., in late 2013. “Access to capital has provided us a distinct advantage in acquiring hotels since we can offer a quick and certain close, something that few buyers can match,” Punit Shah, president and chief operating officer of the Liberty Group. “Liberty Hospitality Fund I allows us to continue expanding our hotel portfolio and creating operation-
commercial real estate | TRANSACTIONS | DEEDS/MORTGAGES The following real estate transactions more than $1,000,000 were filed in Charlotte, Collier, Hillsborough, Lee, Manatee, Pasco, Pinellas and Sarasota county courthouses. The information lists the seller, buyer, amount of sale, mortgage and lender, if available, address and book and page of the document.
Cardanell Farms I LLC sold to Jen Florida XVII LLC, $12,400,000, pasture land, 85.67 acres, 725 Lithia Pinecrest Road, Brandon, 2014029922. San Marin Apartments LLC sold to CLP Waters Ave LLC, $9,000,000, Mortgage: $15,350,000, LMREC III Holdings IV Inc., multifamily residential, 8442 Del Lago Circle, Tampa, 2014035072.
CHARLOTTE COUNTY
J-Squared Holdings LLC sold to Citrus Park Capital LLC, $4,500,000, Mortgage: $2,700,000, Symetra Life Insurance Co., strip center, 7002 Gunn Highway, Tampa, 2014029116.
Tru 2005 RE I LLC sold to Rare Hospitality Management Inc., $3,500,000, department stores, Toys“R”Us, 1381 Tamiami Trail, 2240378.
Village Square West Champ LLC sold to Property Village Lake W LLC, $4,400,000, strip center, 11602 N. Dale Mabry Highway, Tampa, 2014029493.
COLLIER COUNTY April Circle Ltd. sold to Windsong Club Apartments LLC, $8,400,000, Mortgage: $6,921,000, Keybank National Association, multifamily, 11096 Windsong Circle, 4940064. GCCFC 2005-GG5 Northbrooke Plaza Drive LLC sold to Shree Mahalaxmi MAA LLC, $6,772,500, Mortgage: $5,257,829, Branch Banking and Trust Co., hotel or motel, 2630 Northbrooke Plaza Drive, 4938543.
Zons Property 15 LLC sold to Zons Property 15 LLC (76% interest) and Steven Singerman as trustee of the Bernard L and Georgia Marie Singerman Family Trust (24%), $3,632,845.35, multi-story office, 6701 S. Dale Mabry Highway, Tampa, 2014043199. Florida Engineered Construction Products Corp. sold to Cast-Crete USA Inc., $3,619,000, mineral processing, 6324 N. 579 Highway and vacant acreage, 6334 579 Highway, Seffner, 2014032372. Hunter’s Lake LLC sold to Jen Florida XVIII LLC, $3,350,000, pasture, 49.26 acres, 1325 Seffner Valrico Road, Seffner, 2014037862.
BY SEAN ROTH | REAL ESTATE EDITOR
Dune FL Land I Sub LLC sold to D.R. Horton Inc., $1,496,000, vacant residential, a portion of 10401 Tucker Jones Road and pasture land, 11911 S. U.S. 301, Riverview, 2014036375. Tampa Acquisitions Inc. sold to Urgent Care Developers of Tampa LLC, $1,285,000, convenience store or gas station, 301 N. Dale Mabry Highway, Tampa, 2014034356. Berkshire Development LLC sold to Shadow Woods Lots LLC, $1,200,000, Mortgage: $1,600,000, Berkshire Development LLC, vacant acreage, 7.25 acres, 3333 Ehrlich Road, Tampa, 2014041975. FFRP 12 LLC sold to ARC DBPPROPOO1 LLC, $1,194,742, lots 13-16, Block 8, Revised Map of MacFarlanes Addition to West Tampa, 2014029434. C.E. Mendez Foundation Inc. sold to 601 South Magnolia LLC, $1,167,619, 601 S. Magnolia Ave., Tampa 2014032656.
LEE COUNTY IMT Reflections Apartments LLC sold to Reflections Property Holdings LLC, $15,800,000, Mortgage: $15,000,000, ACRC Lender LLC, multifamily, 38003910 Central Ave. (3891 Solomon Blvd.), Fort Myers, 2014000019812.
Island Center Corp. Inc. sold to 251 CF Aviation LLC, $2,900,000, auto dealership, 11109 and 11111 N. Florida Ave., Tampa, 2014041735.
Charlemagne of Naples LLC sold to La Playa Naples Investment LLC, $3,750,000, retirement homes and miscellaneous residences, 3510 Fort Charles Drive, 4940138.
CVK Investments Inc. sold to Leelevi LLC, $2,351,000, Mortgage: $2,650,000, Homebanc NA, assisted-living facility, 312 E. 124th Ave., Tampa, 2014037818.
G.F. Riley Family LLC sold to Advenir@Little Marco LLC, $1,530,000, single-family residential, 11776, 11781 and 11811 and Little Marco Island, 4939821.
Business Property Lending Inc. vs. Sino-Tampa Holdings LLC, et al., sold to Business Property Lending Inc., $1,850,100, restaurant, 2702 N. Dale Mabry Highway, Tampa, 2014031484.
IMT The Place Apartments LLC sold to The Place Property Holdings LLC, $12,350,000, Mortgage: $11,725,000, ACRC Lender LLC, multifamily, 15711585 Matthew Drive (4757 Barkley Circle), Fort Myers, 2014000019797.
Fremont Building Co. sold to Sun City Center Senior Living Inc., $1,600,000, Mortgage: $7,144,897, Branch Banking & Trust Co., mixeduse office, 105 Commercial Center, Sun City Center, 2014030203.
HC3 Ft Myers LLC sold to PH Fort Myers Realty LLC, $2,953,500, Mortgage: $2,640,000, Bank Leumi USA, retirement homes, 1896 Park Meadows Drive, Fort Myers, 2014000024856.
HILLSBOROUGH COUNTY 501 East Kennedy Associates LLC sold to SCIP 501 LLC, $30,360,000, multi-story office, 501 E. Kennedy Blvd., Tampa, 2014044148.
Dolgencorp LLC sold to Realty Income Properties 13 LLC, $1,503,885, store, 14715 Highway 574, Dover, 2014027681.
Brittany Apartments LLC and Brittany Apartments II LLC sold to Brittany Partners IV LLC, Brittany Roem LLC and Dafr Brittany LLC, $15,350,000, Mortgage: $12,600,000, Arbor Commercial Funding LLC, multifamily, 4000-4058 and 4008-4024 Winkler Ave., Fort Myers, 2014000025188.
Boos Fund 2-41 Bonita Springs LLC sold to Cole FD Portfolio VII LLC, $1,782,902.26, store, 26875 Old 41 Road, Bonita Springs, 2014000026998. Family Dollar Stores of Florida Inc. sold to Boos Fund 2-41 Bonita Springs LLC, $1,648,145, store, 26875 Old 41 Road, Bonita Springs, 2014000026997. Steil Family LLC sold to JMFG LLC, $1,065,000, Mortgage: $1,038,375, Steil Family LLC, warehouse or distribution terminals, 11866 Metro Parkway, Fort Myers, 2014000020225. Stonegate Bank sold to McGreggor Holdings LLC, $1,050,000, Mortgage: $600,000, The Barbour Enterprises Limited Partnership I, vacant commercial, 13681 McGregor Blvd., Fort Myers, 2014000025247. RCS-Corkscrew Land LLC sold to Lennar Homes LLC, $1,044,000, lots, 294, 295, 298, 307, 308, 327, 330, 331, 362, 363,366, 410 and 417, Preserve at Corkscrew, unit 6, 2014000023625.
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Taipan Raintree LLC sold to Balsam Fir LLC, $2,050,000, community shopping center, 2402, 2406, 2414, 2436, 2442, 2438, 2432, 2420, 2418, 2416, 2412, 2410, 2442, and 2446 E. Manatee Ave. (2424 E. Manatee Ave.), Bradenton, 02507-0205.
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COSTAR
New York area companies buy The Brittany Apartments BUYER: Brittany Partners IV LLC (principal: Solamein Rabanipour), Brittany Roem LLC (principal: David Shweky) and Dafr Brittany
BY SEAN ROTH | REAL ESTATE EDITOR
610 Development Co. LLC sold to Hazelden Foundation, $5,880,646.69, units 1-12, The Lofts at Six10 condominium, 4941512.
FL-9 Inc. sold in quit-claim deed to MLB Group LLC, $1,200,000, hotel or motel, 290 Fifth Ave. S., Naples, 4942363.
al efficiencies that add value to each of our investments.” Liberty Group already owns the 80unit Candlewood Suites in Fort Myers and the 75-unit Hampton Inn in Cape Coral.
office condominium or medical, 5440, 5450 and 5460 E. 63rd St. (5460 63rd St. E., unit 8B), Bradenton, 02506-6939. Sarasota Real Property LLC sold to Praetorian Capital LLC, $1,260,000, light industrial, 7150 E. 15th St., Sarasota, 02507-6562.
PASCO COUNTY Harvest Regency Residence Retirement Residence LLC sold to NIC 12 Regency Residence Owner LLC, $15,889,600, retirement homes, 6711 Embassy Blvd., Port Richey, 8986-0212.
PINELLAS COUNTY HP Ulmerton II LLLP sold to Wendover Real Estate LLC, $11,596,000, Mortgage: $7,455,000 and $5,357,000, Hancock Bank, vacant industrial land, a portion of 126th Avenue, Largo also known as lots 10-12, Pinellas Groves, 18284-0208. Convenience Center Development Associates LLP sold to Caracara LLC, $1,685,000, Mortgage: $1,232,500, USAmeriBank, convenience store, 825 49th St. N., St. Petersburg, 18295-1999. Fitness International LLC sold to Bridgepoint Church Inc., $1,600,000, Mortgage: $2,000,000, 1st United Bank, bowling alley, pool hall, enclosed arena, skating rink and/or gymnasium, 6690 Crosswinds Drive N., St. Petersburg, 18297-2059. Harpo Holdings Inc. sold to J Square 2700 Partners LLC, $1,500,000, Mortgage: $4,300,000, American Momentum Bank, single-family, 2730 Willey St. N., restaurant, 2742 Fourth St. N. and vacant commercial land, a portion of 28th Avenue North and a portion of Willey Street North, St. Petersburg, 18292-1151. Florida Capital Bank NA sold to USAmeriBank, $1,400,000, financial institution, 710 E. Tarpon Ave., Tarpon Springs, 18284-1941.
SARASOTA COUNTY West Villages Improvement District sold to Lennar Homes LLC, $7,190,000, 10.57 acres, Gran Paradiso Phase 1, a portion of Renaissance Boulevard, Venice also known as tract 600 Gran Paradiso, 2014014512. Civix Sarasota GC LLC sold to D.R. Horton Inc., $7,025,000, residential, 172 acres, 7280 N. Leewynn Drive, Sarasota, 2014009429. THI IV Sarasota AI LLC sold to RJ Hotels LLC, $6,300,000, Mortgage: $3,436,385 and $2,061,821, (junior lien), First America Bank, hotel, motels or lodging, 5931 Fruitville Road, Sarasota, 2014009597. AL Investors Sarasota LLC sold to PH Sarasota Realty LLC, $3,000,000, Mortgage: $500,000, Bank Leumi USA, assisted-living facility, 741 S. Beneva Road, Sarasota, 2014012709. North Port Place LLC sold to Sarall Ltd., $2,800,000, Mortgage: $1,310,000, Iberiabank, retail strip store, 14942 S. Tamiami Trail, North Port, 2014013661. TT LLC sold in a quit-claim deed to Sabal Palm Bank, $2,550,900, mobile home park, 718 S. Tamiami Trail and commercial, 727 and 728 S. Tamiami Trail, Osprey, 2014013442. BDG Toledo Blade LLC sold to Cleveland Associates I LLC (40% interest) and Nordman Associates I LLC (60%), $2,427,400, store, 1183 N. Toledo Blade Blvd., North Port, 2014013178.
Oaktree Bougainvillea LLC sold to D.R. Horton Inc., $1,881,000, vacant acreage, 3515 E. 63rd Ave., Bradenton, 02507-2135.
Nisley Properties LLC sold to D.R. Miller Properties LLC, $1,265,000, grazing land, 710 Shilo Road and portions of Shilo Road and Palmer Boulevard, Sarasota, 2014014003.
River Landings Medical Center LLC sold to Bradenton Landings Medical Center, $1,550,000, Mortgage: $1,000,000, TD Bank NA,
FCB Hotel LLC sold to Casey Key Venture LLC, $1,200,000, hotel, motel or lodgings, 208, 212 and 216 Casey Key Road, Nokomis, 2014011624.