Tag Archives: sarasota

Taylor Morrison pays $11.3 million for Palmer Ranch land in Sarasota, FL

Taylor Morrison pays $11.3 million for Palmer Ranch land in Sarasota, FL

By Michael Braga , Herald-Tribune

Wynnstay Hunt Inc., a Sarasota company managed by Hugh F. Culverhouse and Justin Powell, sold 59 acres of commercial land in the Palmer Park of Commerce to Taylor Morrison of Florida for $11.3 million, or $191,500 per acre.
Culverhouse paid $8.3 million for the land in August 1997.
In May of this year, another Culverhouse company sold 33 acres of commercial land in Palmer Ranch to Divosta Homes for $8.1 million, or $245,000 per acre.
Taylor Morrison already owns 213 acres in Palmer Ranch that it bought in March 2013. It is developing a 267-home subdivision dubbed Arbor Lakes on Palmer Ranch.

10-unit Apartment Building SOLD in Sarasota, FL by NAI Tampa Bay’s Senior Director Sean Dreznin

Highly Desired Apartment Complex SOLD in Sarasota, FL by NAI Tampa Bay's Senior Director, Sean Dreznin

Highly Desired Apartment Complex SOLD in Sarasota, FL by NAI Tampa Bay’s Senior Director, Sean Dreznin

MarketEdge Update

Sarasota 10-unit Apartment Complex
CLICK PHOTO FOR OFFERING DETAILS

Contact Sean Dreznin for more information and to sign a CA

Contact Sean Dreznin for more information and to sign a CA

PROPERTY HIGHLIGHTS

Highly Desired Apartment Complex SOLD in Sarasota, FL by NAI Tampa Bay's Senior Director, Sean Dreznin

Highly Desired Apartment Complex SOLD in Sarasota, FL by NAI Tampa Bay’s Senior Director, Sean Dreznin

  • Location, Location, Location!
  • Long Term Success!
  • Near Elementary & High Schools
PROPERTY DETAILS
Purchase Price: $703,500
Property Type: MultiFamily
Rentable Sq. Ft.: 0
Cap Rate: 7.50%
Number of Units: 10
CONTACT INFORMATION
Senior Director

Sean Dreznin

SDR@NAITampaBay.com

941-961-8199 (direct)

Sarasota 10-unit Apartment Complex

2170 proctor rd
Sarasota fl 34231

Some Manatee apartment buildings, condos going smoke-free

Some Manatee apartment buildings, condos going smoke-free

BY RICHARD DYMOND via Bradenton.com

Tony Lear, a firefighter/EMT with the Southern Manatee Fire Rescue, deals with smoke in his work.

There’s no way he wants it at home, he said recently.

Lear also is aware that studies have shown approximately 70 percent of air is shared between multi-unit housing.

Lear knows tobacco smoke can move along air ducts, through cracks in the walls and floors, through elevator shafts and along plumbing and electrical lines affecting units that are nearby.

“If someone is smoking in one apartment, their neighbor is most likely inhaling secondhand smoke,” said Megan Jourden, community health specialist with the Florida Department of Health in Manatee County, also known as the Manatee DOH.

All that is why it was important to Lear and his wife, Kathryn, to find a Manatee County rental apartment in a completely non-smoking building.

The search wasn’t as easy as he thought it would be.

There are roughly seven apartment and condos in Manatee County that have followed a current national trend and gone either completely or partially smoke-free so occupants won’t have to breathe in secondhand smoke, Jourden said.

One of the seven is Lost Creek at Lakewood Ranch, owned by Community Property Management just off Lakewood Ranch Boulevard, across the street from the Manatee Technical Institute’s East Campus.

Dockside, Balfour Beatty to Develop 260-Unit Apt Project ** Midrise Project Will Be First Market-Rate Multifamily Development in Largo In Two Decades

Dockside, Balfour Beatty to Develop 260-Unit Apt Project

Midrise Project Will Be First Market-Rate Multifamily Development in Largo In Two Decades
September 17, 2014
Florida based multifamily developer Dockside Investors VII is breaking ground this month on a 260-unit multifamily development in Largo, FL in the Tampa Bay metro.

The Boulevard, a three- and four-story apartment community at Ulmerton Road and Seminole Boulevard, will consist of 260 units.

Grocery store proposed by Benderson Development for Lakeside Plaza on Cortez Road in Bradenton

Grocery store proposed by Benderson Development for Lakeside Plaza on Cortez Road in Bradenton

By Charles Shelle via Bradenton.com

A new grocery store could be making its way to Cortez Road if Manatee County approves plans filed by Benderson Development Co.

University Park-based Benderson Development has filed plans to demolish 25,000 square feet of the shopping center to make room for a 44,670-square-foot grocery store. No announcement has been made for which grocery store will be coming to the Home Depot-anchored shopping center, 2108 Cortez Road W.

The center is largely vacant and includes Aaron’s, Grand China Buffet and Lakeside Barber Shop. Benderson acquired the center in 2012 from Kimco Realty Corp. for $1.7 million, according to property records.

Many of those units have been vacant for years, according to business owners in the shopping center.

Stickney Point motels in Sarasota, FL near the proposed Benderson Commercial Development, sell for $1.5 million

Stickney Point motels in Sarasota, FL near the proposed Benderson Commercial Development, sell for $1.5 million

by: Alex Mahadevan via Yourobserver.com

At the height of the building boom, two parcels next to Siesta Key were slated to become a 10-story condominium. Now, the Tides Inn Motel and Sunset Lodge on Stickney Point Road will continue operating as transient housing with some renovations.

“We’re going to make it more like a resort inside,” said New Jersey rental owner Daniel Jones, who bought the motels for $1.5 million Sept. 5, from Siesta Vista Condominiums, a firm that had planned to redevelop the property, according to Sarasota County building permit records. Jones, who owns eight rental properties units on Siesta, plans to add gardens and a fence around the Stickney Point parcel.

“It’s going to be absolutely adorable” Jones said.

Jones said he didn’t know about Benderson Development’s plans for a project nearby at the intersection of South Tamiami Trail and Stickney Point Road. Siesta Promenade is slates to house 250,000 square feet of retail space and a 150-room hotel.

“I’m excited about that,” Jones said.

The two motel properties last sold for $2.2 million in 2005

For this full story and other similar articles, CLICK HERE <—–====

‘Zombie’ homes haunt Florida neighborhoods

‘Zombie’ homes haunt Florida neighborhoods

“They said foreclosure, so we just up and left,” said Young, sitting in the darkened living room of her rental house in a nightdress that reveals the bandages from recent heart surgery and the tubing from a dialysis port. “I’m not going to sit here and let someone put me out. I’ve never been evicted.”

The problem is, Bank of America never followed through.  Now, four years later, Young struggles to pay her bills while across town her house sits empty, strewn with trash and rotting under a leaky roof, collecting fines for code violations and unpaid taxes and fees related to the delinquent mortgage.

Young went five months without any disability payments and was living off the kindness of her landlord.  In May, her benefits were restored, but she’s still fighting to get her 16-year-old daughter’s disability payments restarted. The developmentally disabled teen needs medication every day and has been getting by on samples provided by public health clinics.

Young’s case is particularly harsh, but not unique.

Jacksonville’s poor neighborhoods are dotted with abandoned houses stuck in foreclosure limbo. The so-called zombie properties are often uninhabitable because they’ve fallen into disrepair, and owners are unwilling to invest in fixing them up because, with the mortgage unpaid, the bank can always come back and foreclose again.

By cherry-picking which foreclosures they complete and which they ignore, banks are saddling individual borrowers with a permanent, inescapable debt while helping to create slums in already struggling communities. The vacant homes often attract drug dealers and squatters and bring down the value of surrounding properties.

The Jacksonville metropolitan area is listed as having 12,011 properties in some stage of foreclosure as of June and 29 percent — 3,532 — are vacant, according to RealtyTrac.

The Tampa-St. Petersburg-Clearwater area fares even worse, with 30 percent of 31,759 homes in foreclosure sitting empty.

Click Here <—-==== For full article

EXCLUSIVE: Desoto Square owners rejected $33.75M auction bid The owners rejected the bid for the Bradenton mall, even though it would have made the company a nearly $10 million profit.

EXCLUSIVE: Desoto Square owners rejected $33.75M auction bid

Via Justine Griffin – Herald Tribune

The owners rejected the bid for the Bradenton mall, even though it would have made the company a nearly $10 million profit.

Tidewell Hospice and Palliative Care acquired the Tamiami Plaza office building at 3550 S. Tamiami Trl. in Sarasota, FL for $3.5 million

Tidewell Hospice and Palliative Care acquired the Tamiami Plaza office building at 3550 S. Tamiami Trl. in Sarasota, FL for $3.5 million

By Jovonni Butler via CoStar

Tidewell Hospice and Palliative Care acquired the Tamiami Plaza office building at 3550 S. Tamiami Trl. in Sarasota, FL for $3.5 million, or $200 per square foot.   Tidewell provides quality care to patients and families living with advanced-stage illnesses.   The three-story, 17,500-square-foot office building was delivered in 1960. The multi-tenant office building sits on three-quarters of an acre in the heart of Sarasota County. The buyer will occupy vacant space in the building. 

 

 

Tertiary Multifamily Market Sees Interest

Tertiary Multifamily Market Sees Interest

By Jennifer LeClaire via Globe st

TAMPA, FL—Multifamily may be the darling of the commercial real estate industry in Florida, but that doesn’t mean every apartment asset gets snapped up in a hurry. That was the case with Park at Barrington, which traded after sitting on the market for over a year.

Park at Barrington ultimately sold for $12.3 million, which represent $50,410 per unit. Franklin Street’s Darron Kattan, Robert Goldfinger, Kevin Kelleher, and Zach Ames represented the seller, a local investor. The buyer is also a local investor.

“Being on the market for over a year, an obstacle we had to overcome for the sale of Park at Barrington, was its location in a tertiary market,” Kattan tells Globest.com. “However, the quality of the construction and the overall condition of the property helped us overcome that challenge. Tertiary markets and MSAs are still seeing good activity. This shows the strength of the Tampa Bay area.”

Built in 1972, Park at Barrington has 244 multifamily units. At 4348 Plaza Drive in Pasco County, the multifamily property is just North of Pinellas with ingress and egress directly onto US 19. The majority of the apartment units have private patios or balconies, and three and four-story units are available.  

The multifamily property was all concrete block construction with stucco exterior walls and concrete floors. All multifamily units underwent major renovation—including a new clubhouse, designer-tiled floors, walk-in closets, upgraded counter tops, chair rails, fans, and European light fixtures— in 2006 and 2007.

“The Florida multifamily market remains the hottest product out there for buyers and they are hungry for deals,” says Kattan. “New lenders are showing up every day giving buyers and developers more access to cash.”

Other properties that may fit the tertiary market model can be found HERE  <—–=====

 

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