Business Observer Feb. 15 issue

F E B R UA RY 15 - F E B R UA RY 21, 2013 | T H R E E D O LL A R S

CEO Emeritus | The former head of Bacardi Canada shares his leadership tips. PG.23 P A S C O • H I L L S B O R O U G H • P I N E L L A S • M A N AT E E • S A R A S O TA • C H A R L O T T E • L E E • C O L L I E R

Super

MARIO

Mario Andretti says business isn’t so different from racing: You have to take chances. PAGE 12

Mario Andretti | ENTREPRENEUR REDEVELOPMENT

MARKETING

CONSTRUCTION

A Place to Exhale

Spread the Word

Think Ahead

The founders of the Oxford Exchange weren’t looking to create a booming business. But their space so far has garnered a high demand.

PAGE 8

To sell her natural skincare products, Jennifer Devlin leverages social media and other forms of less expensive, nontraditional marketing.

PAGE 10

TOP DEALS

A niche general contractor decided not to do a mass layoff in the recession.

Focusing on bids and managing debt paved the way for survival.

PAGE 14

MEDIA

HEALTH CARE

COLUMN

A Changing Audience

A Better Way to Heal

Manage the Family

Media Vista cornered the market for Hispanic media in Southwest Florida.

Now it seeks growth outside the state.

PAGE 9

Approaching family matters the same way you approach your business can help keep everyone working together.

PAGE 17

Lee Memorial buys the Lee Physician building for $4 million. 18 St. Pete’s Skyline Fifth Avenue apartment sells for $19.5 million. 20 Sarasota Housing Authority buys Osprey Avenue building. 21

3 OPINION: Eliminate the taxes — and the incentives.

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85356

DON’T MISS

An entrepreneur partners with hospitals to build his chain of hyperbaric wound-treatment centers.

PAGE 11

MARK WEMPLE

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2

BUSINESS OBSERVER | FEBRUARY 15 – FEBRUARY 21, 2013

BusinessObserverFL.com

THE FLAGPOLE BEACON THE PROPER WAY TO LIGHT YOUR FLAG!

Vol. XVII, No. 7

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BusinessObserverFL.com The Business Observer, formerly the Gulf Coast Business Review, is Southwest Florida’s newspaper for business leaders. With offices in Hillsborough, Pinellas, Pasco, Manatee, Sarasota, Charlotte, Lee and Collier counties, the Business Observer is the only weekly business newspaper that provides business leaders with a regional perspective. The Business Observer’s mission is to deliver relevant news and information on Southwest Florida’s leading and growing companies, up-and-coming entrepreneurs and the important economic, industry and government trends affecting business. The Business Observer is also the leading publisher of public notices on the Gulf Coast of Florida.

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FEBRUARY 15 – FEBRUARY 21, 2013 | BUSINESS OBSERVER

BusinessObserverFL.com

3

review and comment

BY MATT WALSH | EDITOR AND PUBLISHER

Businesses don’t pay taxes; consumers do taxpayer is a corporation or individual. As Steve Forbes often tells his audiences, taxes are a cost, just as paper and laptops are.

The anti-tax cutters also are not convinced that lower tax rates or the elimination of a tax will lead to greater tax collections that replace and surpass what was given up.

It’s a mystery why the following is so difficult to envision: Eliminate the machinery sales tax, and the taxpayer — be it company or individual — will be able to keep more of his money (key word: “his,� not the state’s). And he, not Tallahassee, will be able to decide how best to put his capital to uses that benefit him and others (known as free trade).

That trade, in turn, fuels more trade, more economic activity. And it leaves out the government middle man, the bureaucracy that takes its slice of the tax and then redistributes what’s left.

While it makes sense to say those government workers keep the economy going when they spend their wages, they’re not creating wealth. They’re toll takers and redistributors.

Manufacturers, on the other hand, are wealth creators, especially if they are selling and shipping their products across state lines. In those instances, every time a Florida manufacturer makes a sale, say, in Georgia or Alabama, the buyer is sending new money into Florida. It’s adding to the business’s and the state’s wealth.

Lawmakers often also seem to forget, in the case of business taxes, that businesses don’t pay taxes. They pass the cost of all taxation onto their customers

Re-Imagine

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EST. SARASOTA 1978 103506

Business tax cuts and corporate-recruiting incentives will be prominent policy issues for the Legislature this year.

For one, the mainstream mediaâ&#x20AC;&#x2122;s reporters will make them so; they hate both with a passion.

Lawmakers are also targeting these topics. Democrat legislators already are positioning themselves as potential obstructionists to Gov. Rick Scottâ&#x20AC;&#x2122;s priority to eliminate Floridaâ&#x20AC;&#x2122;s sales tax on machinery and equipment. Itâ&#x20AC;&#x2122;s valued as a $140 million tax cut.

And now that Republicans no longer have a supermajority in the House, Scott will need Democratsâ&#x20AC;&#x2122; votes to eliminate the sales tax.

Predictably, the Democrats see an opportunity to make Scott beg and grovel. The governor is heading into the next election cycle, and you can bet Democrats are going to do whatever they can to derail Scottâ&#x20AC;&#x2122;s record.

Scottâ&#x20AC;&#x2122;s pitch is the elimination of this tax will help make Florida more attractive to manufacturers. And, duh, if Florida can attract more manufacturers, there will be more jobs.

Some Democrats and the profithating media see this tax cut primarily as a sop to a special interest. Indeed, whenever you say â&#x20AC;&#x153;tax cutâ&#x20AC;? in Washington or Tallahassee, there is always a loud chorus whining how cutting taxes and tax rates will â&#x20AC;&#x153;costâ&#x20AC;? government.

As they see it, the state apparatus is the loser. Tax cuts mean lost revenue must be made up by taxing someone else.

What they donâ&#x20AC;&#x2122;t see is the concept from the other side. That lowering taxes is a winner for the economy, the state and the taxpayer, whether that

See COMMENT page 22

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WALL STREET JOURNAL, 2/12: â&#x20AC;&#x153;The U.S. government spent about $2.2 billion last year to provide phones to low-income Americans, but a Wall Street Journal review of the program shows that a large number of those who received the phones havenâ&#x20AC;&#x2122;t proved they are eligible to receive them. â&#x20AC;&#x153;The Lifeline program â&#x20AC;&#x201D; begun in 1984 to ensure that poor people arenâ&#x20AC;&#x2122;t cut off from jobs, families and emergency services â&#x20AC;&#x201D; is funded by charges that appear on the monthly bills of every landline and wirelessphone customer. Payouts under the program have shot up from $819 million in 2008, as more wireless carriers have persuaded regulators to let them offer the service. â&#x20AC;&#x153;A review of five top recipients of Lifeline support conducted by the FCC for the Journal showed that 41% of their more than six million subscribers either couldnâ&#x20AC;&#x2122;t demonstrate their eligibility or didnâ&#x20AC;&#x2122;t respond to requests for certification.â&#x20AC;? â&#x20AC;&#x201D; MW

TAMPA BAY TIMES, 2/10: â&#x20AC;&#x153;[Yolanda Axson] served probation for felony child neglect and then, barred from child care, found a less regulated line of work.

She started a company to earn tax dollars tutoring poor kids in Floridaâ&#x20AC;&#x2122;s failing schools. â&#x20AC;&#x153;When state officials saw Axsonâ&#x20AC;&#x2122;s name on an application for the government tutoring program â&#x20AC;Ś they stamped their approval, and her business, Busy BEE Services, went to work tutoring Floridaâ&#x20AC;&#x2122;s neediest children. â&#x20AC;&#x153;The cost to taxpayers per student? At least $60 an hour. â&#x20AC;&#x153;Axsonâ&#x20AC;&#x2122;s case points to a larger problem with mandated tutoring in Florida: The program pays public money to people with criminal records, and to cheaters and profiteers who operate virtually unchecked by state regulators â&#x20AC;Ś â&#x20AC;&#x153;Florida school districts paid at least $7 million last year to tutoring

companies run by people with criminal records. Among those who have headed state-approved tutoring firms are a rapist, thieves and drug users.â&#x20AC;?

Treeline Blvd.

No one should be surprised at the following two news stories. When government intervenes in the market and makes government money available for social programs, the dirtbags find it and abuse it. To wit:

4

BUSINESS OBSERVER | FEBRUARY 15 – FEBRUARY 21, 2013

BusinessObserverFL.com

topstories from BusinessObserverFL.com SARASOTA-MANATEE

Former Gemesis CEO sues for termination Stephen Lux, the former CEO at Gemesis, a synthetic diamond manufacturer, has sued the company for wrongful termination and not paying him at least $500,000 in wages.

The lawsuit, filed Jan. 10 in Sarasota County Circuit Court, contends Lux’s employee contract states he’s entitled to 18 months of salary if he’s fired without cause. Lux’s salary, according to court records, was $375,000 a year, so that would entitle him to $562,500. The suit further alleges Gemesis owes Lux 400 hours of vacation time and other benefits, including health care and $12,000 a year of car allowance.

Lux’s attorneys, Robert Persante of Clearwater and Cynthia Fallon of Sarasota, couldn’t be reached for comment today. An official with the public relations firm that represents Gemesis, Raleigh, N.C.-based French/West/ Vaughan, responded via email that as a private company, Gemesis “doesn’t publicly discuss financial or legal matters.”

quote of theweek

“”

When the private sector goes to hell, everyone shows up at the public trough to stay alive.

Thurston Lamberson | founder and president of general contractor TLC Diversified SEE PAGE 14

what do you think?

Jury orders FCCI to pay $6 million A jury in Broward County has ordered FCCI Insurance Group to pay $6 million in damages to Debra Peters, a plaintiff in a case involving a denied claim.

Peters sued FCCI after the company denied her business’s insurance claim for Hurricane Wilma in 2005 and then attempted to bring criminal charges against her for filing a fraudulent claim.

Peters’ attorneys alleged in the case that FCCI breached its contract by denying Peters’ claim for her business, a high-end furniture and cabinet company she ran with her husband, Ronald.

The attorneys also allege that FCCI attempted to maliciously prosecute Peters by filing false and incomplete information with the Florida Department of Insurance.

The Broward County State Attorney’s Office dropped the charges against Debra Peters, and on Feb. 6, the six-member jury ruled in Peters’ favor, and ordered FCCI to pay $4.8 million in compensatory damages for malicious prosecution and $1.2 million in punitive damages.

Does your company have a plan to deal with Obamacare?

Vote at BusinessObserverFL.com

TAMPA BAY

HMA executes partnership with Bayfront Health Health Management Associates Inc. announced that a subsidiary has executed a definitive agreement to form a joint venture with St. Petersburg’s Bayfront Health System.

As part of the partnership, HMA will acquire an 80% interest in the 480-bed Bayfront Health System and will introduce an affiliation with Shands-HealthCare, part of UF&Shands, the University of Florida’s health center.

CHARLOTTE-LEE-COLLIER

Lee hotel revenues rise sharply in December Revenues at lodgings in Lee County in December rose 10.6% compared with the same month in 2011, according to data from Smith Travel Research.

Hoteliers appeared to be able to push up room rates in December without impacting the occupancy rate, the data show. That indicates the spring tourism season could be parLast week’s question:

ticularly strong, especially if hoteliers can continue to boost rates.

Revenue per available room is a function of occupancies and average daily rates. In December, revenue per available room reached $60.02, up from $54.25 in December 2011.

The average occupancy rate rose 6.2% in December to 50.6% compared with the same month in 2011. The average daily rate rose 4.2% to $118.65 in the same period.

Residential broker expands to Tampa Premier Sotheby’s International Realty is expanding to Tampa and will open an office there in March.

Premier’s Tampa office, to be located in South Tampa, will be the firm’s 19th location.

The firm has 450 agents who cover from Tampa to Marco Island. Real estate veteran Kurt Gleeson will be the managing broker of the Tampa office.

“The timing is ripe as the luxury market is flourishing, with sales of homes over $1 million enjoying a 40% increase in 2012, year-over-year,” says Judy Green, Premier’s president and CEO, in a statement.

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40% YES 60% NO

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FEBRUARY 15 – FEBRUARY 21, 2013 | BUSINESS OBSERVER

BusinessObserverFL.com

CoffeeTalk

5

™

Big-dollar cheers to an unseen blessing Jackson Laboratory is back.

Well, not exactly. But the medical research center, the subject of fawning economic development efforts to woo the entity to town, first in Collier County and later in Sarasota County, is back in the news.

This time Jackson Lab, in an opinion column in the Wall Street Journal, is used to prove why state incentive programs for business usually fail. The column, written by onetime Connecticut Republican gubernatorial candidate Tom Foley and Ben Zimmer, executive director of the Connecticut Policy Institute, cited Jackson Lab first in the failure section.

“Most incentive programs aren’t so effective,” write the authors, after citing one example, in Kentucky, of a program

that worked. “In 2011, Connecticut agreed to pay The Jackson Laboratory, a genetics research institute, $300 million in exchange for a promise to bring 300 new jobs to Connecticut. That cost a whopping $1 million per job.”

The efforts to lure Jackson Lab to Naples and Sarasota hit a fever pitch in 2010 and 2011. At one point deals that included anywhere from $100 million to $200 million in state and local money were under discussion for the Bar Harbor, Maine-based nonprofit organization. Collier County balked first, followed by Sarasota.

While several prominent officials in the economic development community lamented the “loss” at the time, Coffee Talk saluted the prudence. Now it’s Connecticut’s victory, err, problem.

Business owners remain cautious What are we going to be left with? What’s our money worth anyway? These guys have lived through the downturn and that’s left some residual battle scars.”

Ablin says he suspects business owners’ reluctance to commit to significant capital investment is a result of the uncertain regulatory and tax environment in the U.S. “My sense is that the longer we can keep this recovery going, the more likely the freeze will slowly thaw,” he says.

On the plus side, Florida has zero state income tax and is attractive to foreigners with stronger currencies, such as Europeans and Canadians. “This housing recovery though seems real to me,” he says. “Most of our clients in the area and most professionals agree that things are looking better.”

Priced from $3,195,000

104307

Florida’s economy may be recovering, but business owners remain concerned about making capital outlays.

That’s the sense Jack Ablin gets when he’s traveling around the state, as he did recently making stops in Naples and Sarasota to talk to entrepreneurs and other clients. Ablin is executive vice president and chief investment officer for BMO Private Bank.

“Among business leaders I still see a sense of reticence. They’re unwilling to take incremental business risk not knowing what our nation’s future holds,” Ablin says.

In particular, some business owners tell him they have doubts about the recovery, even though signs of it abound.

“There may be a growing sense of skepticism of whether this recovery is for real.

A legend comes to Tampa Gale Sayers, a member of the Pro Football Hall of Fame who was called The Kansas Comet, is coming to Tampa Feb. 27 for a business networking event. The gathering at the Tampa Club is sponsored

by HomeBanc, according to a statement from HomeBanc chairman and CEO Jerry Campbell.

Sayers played for the Chicago Bears from 1965 to 1971. His friendship with ailing Bears teammate Brian Piccolo was portrayed in the film “Brian’s Song.”

After a lengthy career in football, and as an athletic director, Sayers launched

Personal Inventory & Documentation Services

a sports marketing and public relations firm, and a computer supplies business that has become a global provider of technology products. He is chairman of Sayers, based in Vernon Hills, Ill., near Chicago. The company has an office in Clearwater.

In 1999, Sayers was inducted into the Chicago Entrepreneurship Hall of Fame.

The executive, who earned a master’s degree in educational administration, serves on the board of directors of Triad Hospitals, which manages facilities in the South and Southwest.

We are now offering BUSINESSES and HOMEOWNERS a safe and secure way to protect the replacement value of their assets in case of loss.

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Rainmaker slows, but state remains wet The mergers and acquisition market in Florida had a down year in 2012 in several respects, yet it remains a national leader.

There were 452 merger deals with disclosed locations in the Sunshine State last year, down 15.5% from 535 ac-

quisitions in 2011, according to a report from Tampa-based Hyde Park Capital Advisors. The total amount of statewide deals, including ones where the

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See COFFEE TALK on page 7

NORMAN LOVE: BE MY VALENTINE

I8PÛ8 Û?8IBE<JJ is a Licensed Investigator in State of Florida and State of New York. His history was in major felony crimes, with specialties in Frauds, and Elder Abuse areas. He has a dual background on state and local levels as a police officer, and also was a Corporate Security Director in the Financial Banking industry. This background allows for a high level of security and protection of your actual property AND documents prepared during property inventory and documentation. We have worked closely with some large corporations in the area, to assist in areas of fraud and protection of assets. We have also worked with insurance carriers, and understand the needs from that industry.

after Christmas.

“Now I have the infrastructure necessary,” says Love. “We’re on a path to open multiple stores around Florida.”

VIDEO See how Love makes his chocolates at BusinessObserverFL.com.

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For those of you craving Norman Love chocolates outside of Fort Myers, get ready for a special treat.

“We opened Naples a year and a half ago and Sarasota County is the next goal,” says Love, the celebrated chocolatier, tells the Business Observer in an interview.

Love doubled the size of his production facility near Southwest Florida International Airport in Fort Myers to 11,000 square feet. He produces 6.5 million pieces of chocolate a year and 60,000 pieces a day for Valentine’s Day, the second-busiest holiday

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6

BUSINESS OBSERVER | FEBRUARY 15 – FEBRUARY 21, 2013

BusinessObserverFL.com

BY THE NUMBERS

economicsnapshot

8.5% Consumer durables $2.5 billion

The gain in economic activity for consumer durables statewide in November, compared with November 2011.

2.0

2

1.5

1.0

Naples’ rank in the state for increases in the consumer durables category for November. The Fort Lauderdale area was first in the state, with a 28.9% gain over November 2011.

Nov. 2011 Dec. ’11

Jan. ’12

Feb. ’12

Mar. ’12

WHAT THE DATA SHOW Taxable sales in the consumer durables category include appliances, furniture, home electronics, hardware, boats and aircraft. The latest data are for November.

WHAT IT MEANS The recovery in new-home sales helped boost taxable sales of consumer durables in November on an annual percentage-change basis. This was particularly pronounced in the Naples area, which has seen a sharp rise in new-home construction. But except Naples, every area of the Gulf Coast lagged the statewide 8.5% increase in this category.

4 The number of areas out of 22 statewide that beat Florida’s average increase of 8.5% in consumer durables in November compared with November 2011.

FORECAST Stronger new-home sales in the spring season will lift sales of consumer durables such as furniture and appliances. Builders are reporting sharp increases in newhome sales, particularly in affluent retirement markets such as Naples and Sarasota. Existing-home sales help too because people renovate and upgrade their appliances. Unemployment has declined and fewer layoffs means Gulf Coast residents may feel more secure about buying big-ticket items. Still, consumers remain cautious while the economy recovers.

Apr. ’12

May ’12

June ’12

July ’12

Aug. ’12

Sept. ’12

Oct. ’12

Nov. ’12

NOVEMBER CONSUMER DURABLES (in millions) AREA

CONSUMER DURABLES

TampaSt. Petersburg SarasotaBradenton Punta Gorda

% ANNUAL CHANGE

$224.9 8.4% $66.9 5.8% $14.5 1.1%

Cape CoralFort Myers

$70.5 8.0% $55.1 22.1%

Naples

Source: Florida Legislature Office of Economic & Demographic Research

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FEBRUARY 15 â&#x20AC;&#x201C; FEBRUARY 21, 2013 | BUSINESS OBSERVER

BusinessObserverFL.com

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Are you ready to

FROM PAGE 5

Too big to fail is a disaster in waiting Gulf Coast community bankers have argued for years that the too-big-to-fail dictum ushered in by Washington, D.C., punishes small banks at the expense of big ones.

Now thereâ&#x20AC;&#x2122;s an admitted government bureaucrat, a high-ranking official with the Federal Reserve Bank of Dallas, who agrees with them. Indeed, Harvey Rosenblum, executive vice president and director of research at the Dallas Fed, says the policy has morphed into a safety net for behemoth banks that â&#x20AC;&#x153;do crazy things.â&#x20AC;?

Rosenblum, who recently spoke about his disdain for the theory at an event at New College of Florida in Sarasota, says being big in and of itself isnâ&#x20AC;&#x2122;t the problem. The problem, he says, is when the biggest banks, like JPMorgan Chase, Citibank and Goldman Sachs, do all sorts of risky non-banking activities yet remain protected like a regular bank. â&#x20AC;&#x153;Itâ&#x20AC;&#x2122;s called deposit insurance for a reason,â&#x20AC;? Rosenblum tells Coffee Talk. â&#x20AC;&#x153;Itâ&#x20AC;&#x2122;s supposed to protect depositors, not support casino-like activities.â&#x20AC;?

Rosenblum and his boss, Dallas Fed

President Richard Fisher, came out against too big to fail in a public report last spring. The duo have since spoken out about the issue multiple times, both in speeches and newspaper columns.

Dodd-Frank, adds Rosenblum, a federal financial reform bill ostensibly written to correct some of these issues, isnâ&#x20AC;&#x2122;t a good fix. â&#x20AC;&#x153;Nobody can comply with a law they donâ&#x20AC;&#x2122;t understand,â&#x20AC;? says Rosenblum, the past president of the National Association for Business Economics. â&#x20AC;&#x153;Itâ&#x20AC;&#x2122;s incomprehensible.â&#x20AC;?

Instead of massive regulation, Rosenblum proposes to basically provide some tough love. For starters, big banks will be forced to compete like all the others in the marketplace if the safety net is taken away. Rosenblum, who says he brings his â&#x20AC;&#x153;libertarian streakâ&#x20AC;? to his analysis, says the issue has an overhanging sense of urgency, given the teetering economic recovery. â&#x20AC;&#x153;If we donâ&#x20AC;&#x2122;t address the fundamental problem,â&#x20AC;? says Rosenblum, â&#x20AC;&#x153;we will have another crisis on our hands sooner than later.â&#x20AC;?

Hospital closer to $100M fundraising mark People scoffed when Lee Memorial Health System executives started talking about raising $100 million in 2010 for a new childrenâ&#x20AC;&#x2122;s hospital.

After all, this was soon after the financial crisis and the housing collapse that hit the Fort Myers area especially hard. â&#x20AC;&#x153;People thought we were absolutely nuts,â&#x20AC;? says Tracy Connelly Sr., senior director of major gifts for Lee Memorial Health System Foundation.

But so far, the foundation has raised $67 million, and it may reach the $100 million mark by the time construction crews start breaking ground on the new hospital in August.

Last year, the foundation received a $20 million commitment from Naples

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community banks. Smaller banks are in especially tenuous positions, given many already operate on thin margins. â&#x20AC;&#x153;To alleviate the burden of excessive regulation on the nationâ&#x20AC;&#x2122;s community banks, ICBA is calling on policymakers to carve out community banks from new regulations while continuing to pursue tiered regulation that distinguishes between community banks and larger and riskier institutions,â&#x20AC;? ICBA President and CEO Camden Fine says in a statement. â&#x20AC;&#x153;Community banks have little in common with Wall Street firms, megabanks or shadow banking institutions and did not cause the financial crisis or perpetrate abusive consumer practices.â&#x20AC;?

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resident Tom Golisano, the founder and chairman of Paychex. Golisano will match any gift up to $20 million, dollarfor-dollar. â&#x20AC;&#x153;Last week, we received another $5 million commitment,â&#x20AC;? Connelly says without naming the donor.

The new childrenâ&#x20AC;&#x2122;s hospital, which will be named after Golisano, will cost $201 million to build. Fundraising will account for half of the cost, and the hospital will finance the rest by selling bonds.

The childrenâ&#x20AC;&#x2122;s hospital will consist of a seven-story building at the Lee Memorial HealthPark campus in Fort Myers and will have room for as many as 160 beds. It is scheduled to open in late summer 2016.

Community banks feel weight of more regs The next time a banker complains about over-regulation he will have some muscle to back up the vent.

In fact, the Independent Community Bankers of America, a leading lobbying group, recently reported that 900 new and proposed rules have been entered into the Federal Register since 2007.

These regulations, say ICBA officials, have a steep cost.

For example, the organization cites a Federal Reserve study, one that predates the onslaught of rules, which says â&#x20AC;&#x153;the most burdensome regulations amounted to more than 14% of community bank operating expenses.â&#x20AC;? ICBA officials worry that things will only get worse for

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category saw a slight increase, at least, from three deals in 2011 to five deals in 2012. The total value nearly doubled, from $2.1 billion in 2011 to $4 billion in 2012.

The Gulf Coast, meanwhile, is the second-biggest rainmaker region in the state, behind the Miami-South Florida area.

The acquisition of Clearwater-based Lincare Holdings Inc., a $1.8 billion inhome oxygen and respiratory services firm, stands out in the local big-deal category. The Linde Group, a German health care conglomerate, bought Lincare for $4.3 billion July 1.

Other local companies acquired in 2012 include Tampa-based SRI Surgical Express, Tampa-based Numara Software and Lakewood Ranch Oncology Center. Fort Myers-based Radiation Therapy Services Holdings bought Lakewood Ranch Oncology Center, in east Manatee County, in a deal worth $26 million in April, the report shows.

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companiesâ&#x20AC;&#x2122; locations werenâ&#x20AC;&#x2122;t disclosed, dropped 11%, from 583 in 2011 to 517 in 2012.

Yet those 517 deals put Florida in fourth place nationwide for total mergers and acquisitions. The state ranks behind New York, with 608 deals, and Texas, which had 919 deals in 2012.

California tops the list with 1,264 total mergers and acquisitions.

The dollar value of deals in Florida also dropped significantly last year. For example, there were 64 acquisitions each worth $100 million or less in 2012, down 15% from 75 such deals in 2011.

The dollar volume in that category year over year decreased 13%, from $2.3 billion in 2011 to $2.1 billion last year.

The falloff in the $100 million to $499 million category was even more acute, Hyde Park Capital reports. That segment dropped 29% in total volume, from 24 deals in 2011 to 17 last year, and 47% in total value, from $6.1 billion to $3.3 billion. The $500 million to $999 million

7

8 infocus | redevelopment |

BUSINESS OBSERVER | FEBRUARY 15 – FEBRUARY 21, 2013

BusinessObserverFL.com

BY DENISE KALETTE | EDITOR/TAMPA BAY

a Genteel

space MARK WEMPLE

ALLISON CASPER ADAMS, director of the Oxford Exchange in Tampa, says the aim in renovating the former Plant Hotel stable was to create a gathering place.

There are no golden arches at the Oxford Exchange in Tampa, but the family that owns 53 local McDonald’s has created a vibrant new center as a way to say thanks for its success.

T

he Oxford Exchange, a rehabbed brick structure near downtown Tampa, wasn’t supposed to be a money-maker.

It was intended as a community gathering place, a setting for the exchange of ideas, and a way for Blake Casper and his sister, Allison Casper Adams, to give back to the community.

Barely 5 months old, the Exchange has indeed become a gathering place, an upscale hangout that draws CEOs and university students alike. Its soaring interior houses a restaurant, coffee and tea bars, lounge chairs, shops and a club where members can rent conference space by the hour or sit quietly with a laptop. The Oxford Exchange is Tampa’s new go-to place for lunch or conversation, and patrons say it fills a void by providing Tampa with an elegant gathering space that could easily fit in New York or London.

Tampa residents fell in love with the eateries and shops, and the concept of thought-provoking speakers. They flocked to the restaurant, snatched up honey jars and candles at the shop, and have already prompted the Exchange’s founder and director to expand into baked goods, new catering and branded merchandise. At lunch, the restaurant is so busy reservations

“”

are needed. Casper has rented a 3,500-square-foot adjacent store to build a second kitchen and bakery, a new shop that will be called the Marketplace.

Casper and Adams are partners in Caspers Co., a Tampa-based family firm that has owned McDonald’s restaurants for more than half a century. Blake Casper, a graduate of the London School of Economics, is chairman and CEO of the firm. Adams is an entrepreneur and director of the Oxford Exchange. Caspers Co. owns 53 McDonald’s.

“We always wanted to have a place in Tampa where people could gather,” says Adams. “We didn’t build it so it would be a profitable business. That was never what the conversation was about.” Other wealthy families might donate to a museum or hospital, but the siblings envisioned the new center as a thank you for the family’s success.

In 2011, Caspers Co. posted revenue of nearly $178 million.

Blake Casper bought two buildings at 410 and 420 W. Kennedy Blvd. in 2011 for $1.15 million, according to Hillsborough County records. Built in 1925 and 1950, they totaled 24,868 square feet. Part of the property had housed stables for the Tampa Bay Hotel built by railroad magnate Henry B. Plant in the late 1800s. The hotel closed in 1930,

and later became part of the University of Tampa.

The arcade-style buildings languished for years, and redevelopment unearthed a trove of relics.

“They found a lot of old horseshoes—we kept them and framed them,” says Adams.

The entrepreneurs drew inspiration from London, where shops line old arcades, and alleys wind underground. To the dark Tampa buildings, the architects added skylights, a conservatory, and arched windows. In September, the Oxford Exchange debuted, drenched in light and showcasing the retail shop of specialty wares and gifts.

It offers refreshment at TeBella tea shop, Buddy Brew coffee, and the gourmet restaurant. A bookstore displays architectural volumes, classics and new fiction at a time when other bookstores are closing.

“We believe there is still the love of a hardbound book,” says Adams. The Exchange owns the restaurant and two stores, while the coffee and tea bars are separately owned.

Although laptops occasionally occupy tables on the first floor near the coffee and tea shops, the space does not provide wireless service.

“We prefer that people talk to each other downstairs, and if they need to work and be alone, they can go upstairs to the Commerce Club,”

says Adams.

Club membership costs $75 per month and allows members to rent glass-walled conference rooms for nominal hourly fees. The club taps into the emerging mobile work force operating beyond traditional offices.

The Exchange is bustling. “The retail space has blown all of our wildest expectations,” says Adams, although she declines to provide figure. She flies to London, New York, and Paris to buy goods with “an interesting story.” The Exchange plans to brand umbrellas and soaps with its name.

Although the restaurant and bookstore are still subsidized, revenue opportunities keep multiplying, including hosting formal events. Although the Oxford Exchange didn’t start with a formal business plan, the siblings hope it will become financially self-sustaining. In an age of reality TV and fast-paced Internet communication, they believe there’s a demand for a genteel space where people can exhale — quietly read or exchange ideas.

“Maybe it’s different and oldschool,” says Adams. “We thought there’s still that level of civility and manners.”

Email Denise Kalette at dkalette@BusinessObserverFL.com

We didn’t build it so it would be a profitable business. That was never what the coversation was about. Allison Casper Adams | Oxford Exhange, Tampa

FEBRUARY 15 â&#x20AC;&#x201C; FEBRUARY 21, 2013 | BUSINESS OBSERVER

infocus | media |

9

BY JEAN GRUSS | EDITOR/LEE-COLLIER

A Better Vista W hen Orlando and Mayela Rosales started Media Vista a dozen years ago, all they started with was a camera and an editing station that cost $15,000.

Today, Media Vista has become the dominant Hispanic media company in the region that stretches from Charlotte County to Marco Island. Its properties include a television station affiliate of Azteca America, a magazine, and a website that all produce local content.

Now, Media Vista has an agreement to purchase the Univision station in Fort Myers and two other stations in Kansas City and Minneapolis. The deal is scheduled to close in the next few months for an undisclosed sum. â&#x20AC;&#x153;We were waiting for this to happen for a long time,â&#x20AC;? says Mayela Rosales, vice president. â&#x20AC;&#x153;We have a lot of room to grow.â&#x20AC;?

Indeed, the Hispanic market has been one of the fastest-growing segments of the population. For example, in Collier County, Hispanics now account for 26% of the population and 52% of the school population. Hispanics make up 21% of the five-county region that includes Charlotte, Collier, Glades, Hendry and Lee. Despite Hispanicsâ&#x20AC;&#x2122; significant presence, some advertisers mistakenly believe that the population declined precipitously during the downturn, but many Hispanics are permanent residents. â&#x20AC;&#x153;They thought all the Hispanics were gone,â&#x20AC;? says Mayela Rosales.

Fact is, Hispanics are big spenders because theyâ&#x20AC;&#x2122;re seeking greater opportunity than their country of birth, says Orlando Rosales. â&#x20AC;&#x153;People come here to

BusinessObserverFL.com

A Venezuelan-born couple is cornering the Hispanic media market in Southwest Florida. They started modestly.

NANCY DENIKE

ORLANDO ROSALES says the recovering economy will help Media Vista grow in Southwest Florida. have a better life,â&#x20AC;? he says.

The Rosaleses themselves moved to Naples from Maracaibo, Venezuela, for that reason in 1996. Orlando Rosales had been hired by a Naples company to handle software issues. Previously he had worked for Venezuelaâ&#x20AC;&#x2122;s oil and phone companies. With Mayela Rosalesâ&#x20AC;&#x2122;s background in journalism and public relations, they realized the opportunity to start a Hispanic media company in 2001.

They started by buying airtime on

the local UPN affiliate and they filmed a show with Mayela Rosales as the host while Orlando Rosales shot the camera and edited the footage. The show quickly became a hit and the couple later partnered with a Miami investor who owned a television station affiliated with Azteca America in Cape Coral.

The Rosaleses also started a magazine called Dâ&#x20AC;&#x2122;Latinos Magazine (circulation: 16,000) and launched a website, dlatinos.tv, that now has 150,000 unique visitors a month. â&#x20AC;&#x153;We sell advertising as

a multi-platform package,â&#x20AC;? says Mayela Rosales.

One of the key selling points is that Media Vista produces shows and publishes articles that focus on the local Hispanic population. â&#x20AC;&#x153;We are content producers,â&#x20AC;? says Mayela Rosales.

Unfortunately, the economic downturn forced the coupleâ&#x20AC;&#x2122;s Miami investor and partner into bankruptcy and the Rosaleses were forced to trim Media Vistaâ&#x20AC;&#x2122;s employee count to 12 from 22. â&#x20AC;&#x153;We had no choice,â&#x20AC;? explains Mayela Rosales. â&#x20AC;&#x153;We had to do it to survive.â&#x20AC;?

By 2010, business started to pick up as advertisers began spending once more.

While Orlando Rosales declines to cite revenues, he says annual sales rose 35% in 2011 and another 20% in 2012.

Significantly, the national elections in November reminded business owners of the power of the Hispanic population. In addition, a resolution of the immigration issue could be a plus for Media Vista. â&#x20AC;&#x153;People will feel more confident about spending money,â&#x20AC;? says Mayela Rosales.

With the economic recover y, the Rosaleses are confident that their proposed acquisition of the Univision affiliate in Fort Myers will turn out to be a smart move. â&#x20AC;&#x153;We donâ&#x20AC;&#x2122;t know the strategy yet; we donâ&#x20AC;&#x2122;t want to disclose that,â&#x20AC;? says Mayela Rosales.

For his part, Orlando Rosales says the Kansas City and Indianapolis markets present new opportunities to expand. â&#x20AC;&#x153;My plan is to spend months in these markets to make it work,â&#x20AC;? he says. â&#x20AC;&#x153;We have a lot of passion for this business.â&#x20AC;?

Follow Jean Gruss on Twitter at @JeanGruss

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BUSINESS OBSERVER | FEBRUARY 15 â&#x20AC;&#x201C; FEBRUARY 21, 2013

BusinessObserverFL.com

BY DENISE KALETTE | EDITOR/TAMPA BAY

Small Budget, Big Impact Using non-traditional methods to promote her hand-blended skincare products, Jennifer Devlin has gained customers from San Francisco to Boston.

Hurricane Sandy. â&#x20AC;&#x153;They decided I was the type of company they wanted to include,â&#x20AC;? she says.

Devlin creates the creams and moisturizers in her Treasure Island kitchen, blending them right on the countertop. A former beauty director at Nordstrom, makeup artist for cosmetic companies, and master esthetician, Devlin carefully planned before starting her business. â&#x20AC;&#x153;I minimized all my expenses. I got debt-free,â&#x20AC;? she says.

She traded a six-figure income and generous corporate expense accounts for independence and entrepreneurship. Twice a week, Devlin works with skincare clients in Pinellas County because she enjoys the contact with customers, she says.

In 2011, the founding year, Devlinâ&#x20AC;&#x2122;s revenue was $17,000.

In 2012, it climbed to $50,000, and this year, she projects that revenue will double, to $100,000.

Her products arenâ&#x20AC;&#x2122;t cheap. On her website, a 2-ounce jar of Celtic Complexion cream made with organic shea butter, coco-

MARK WEMPLE

JENNIFER DEVLIN has a knack for promoting her Celtic Complexion skincare line. nut oil and other ingredients, is priced at $52, plus $5 shipping and handling. From a desk in her home, she packages the incoming orders, and mails them off to clients.

The epiphany that spurred her transition from corporate cosmetics executive to inde-

pendent producer of organic creams, arose when a skin specialist noticed that Devlin had rosacea, a condition that causes reddening of the skin. Devlin learned that a number of chemicals in products she was using could contributeto her rosacea.

She began a quest for healthier

Email Denise Kalette at dkalette@BusinessObserverFL.com

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J

ennifer Devlinâ&#x20AC;&#x2122;s Tampa Bay skincare company, Celtic Complexion, may be a one-woman business, but her goal this year is one many larger firms would envy â&#x20AC;&#x201D; doubling revenue.

Her strategy is to use smallbudget marketing tactics to get big results. She tries uncommon campaigns, such as sponsoring Oklahoma rodeo rider Tana Poppino to reach women in the West. Devlin is paying Poppino, a champion barrel racer, $600 a month under a short-term agreement arranged by Donnell Rodeo Promotions. â&#x20AC;&#x153;She talks about my product on Facebook, she tweets about it and gives away samples,â&#x20AC;? says Devlin, adding that Poppino found her natural creams helpful for women who spend a lot of time outdoors.

In another high-profile promotion, Celtic products were included in gift bags distributed to celebrities at the Sundance Film Festival. Devlin caught the eye of Sundance marketers when she donated $10,000 worth of skincare products to victims of

products that led to the decision to start her own company and use pure ingredients.

Devlin promotes her products with Twitter and Facebook, welcoming reviews by beauty bloggers with large fan bases.

One reviewerâ&#x20AC;&#x2122;s 30,000 followers offer a potential mother lode for new orders. Sales in Boston, with its strong Irish-ancestry population, leapt after a newspaper wrote about the Celtic line.

Low-budget test-marketing has also been fruitful. Sites such as goodebox.com send trialsized, eco-friendly products to subscribers.

But the main strategy for doubling revenue in 2013 is Devlinâ&#x20AC;&#x2122;s expansion into cosmetics production. She is working with a private label to develop makeup that fits her skincare mission.

Her creams last months â&#x20AC;&#x201D; good for customers, but not for a growing company that needs continual income. â&#x20AC;&#x153;I have to add products that have a much shorter shelf life,â&#x20AC;? says Devlin.

The new line is in pre-production as she works with the lab on colors and her strict standards.

She has gained confidence in her products and her marketing. â&#x20AC;&#x153;The first year youâ&#x20AC;&#x2122;re in business, you donâ&#x20AC;&#x2122;t know where to go. You think, Iâ&#x20AC;&#x2122;m going to throw that stuff on the wall to see what sticks.â&#x20AC;? But after two years, she is seeing results. â&#x20AC;&#x153;I know the kind of PR I need to do to get new customers. And itâ&#x20AC;&#x2122;s always about getting new customers.â&#x20AC;?

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10 infocus | marketing |

FEBRUARY 15 â&#x20AC;&#x201C; FEBRUARY 21, 2013 | BUSINESS OBSERVER

infocus | health care |

11

BY JEAN GRUSS | EDITOR/LEE-COLLIER

Healing Wounds P harmaceutical sales is rigorous work, demanding long hours on the road and the skill to negotiate past the gatekeepers to reach busy doctors.

Jonathan Rotella excelled at this and developed an extensive network of contacts selling blockbuster drugs for companies such as Hoffman-La Roche, Sanofi and Schering-Plough in the Bradenton-to-Naples region.

The ambitious 38-year-old who moved to Naples in 2000 quickly made a name for himself among physicians. â&#x20AC;&#x153;Because of those relationships, I learned about wound care,â&#x20AC;? he says.

Patients with chronic diseases such as diabetes often have wounds that are difficult to heal. Rotella realized that he could help hospitals manage these patients more effectively by improving patient outcomes and decreasing patientsâ&#x20AC;&#x2122; length of stay, two measures for which hospitals are being rewarded by the government under the new health care law.

So Rotella formed NexGen Hyperbaric and now operates seven wound-care centers in partnerships with hospitals in six states. Heâ&#x20AC;&#x2122;s planning another three centers as well as negotiating a possible acquisition that would vault his company to 20 centers.

Hyperbaric medicine involves using oxygen at various pressures to treat wounds. Medicare, the governmentâ&#x20AC;&#x2122;s insurance program for older people, has approved hyperbaric medicine for wounds ranging from foot ulcers to crush injuries, Rotella says.

To establish a center, Rotella identifies a â&#x20AC;&#x153;championâ&#x20AC;? physician in a market he

BusinessObserverFL.com

Jonathan Rotella is building a chain of wound-care centers around the country in partnerships with hospitals. One looming challenge: Obamacare.

NANCY DENIKE

JONATHAN ROTELLA, pictured here with his dog Brunello, is building a fast-growing wound-care business. considers underserved, and then together they lobby hospital administrators to contract with NexGen to provide hyperbaric treatment on a fixed-fee schedule.

â&#x20AC;&#x153;I offer a turnkey program with no risk to the hospital,â&#x20AC;? Rotella says.

The hospital doesnâ&#x20AC;&#x2122;t have to spend the capital on a hyperbaric-medicine pro-

gram because NexGen spends $250,000 to $3 million to renovate or build a new wound-care treatment center, usually in an outpatient building on a hospital campus. The hospital collects the reimbursement from insurers.

Meanwhile, physicians can use the NexGen center and generate professional fees from insurers like Medicare as an additional source of income. â&#x20AC;&#x153;Physicians are working harder,â&#x20AC;? says Rotella.

Each NexGen center measures 2,000 to 4,500 square feet and has a staff of eight to 10 people. To help him manage labor costs and keep the focus on patients, Rotella hired AMN Healthcare to screen and provide the staff. â&#x20AC;&#x153;It makes us very efficient,â&#x20AC;? he says.

Rotella uses bank financing to build the centers, though he acknowledges it was hard to convince bankers of the viability of his first project. His first deal in 2006 had a 50% loan-to-value ratio, and Rotella had to put up significant cash savings to make the deal work. He jokes that explaining his business to bankers in the beginning was like explaining quantum physics to first-graders.

Rotella, who declines to cite revenues, says he prefers to build the company on his own using debt rather than take on investors and partners. â&#x20AC;&#x153;The more people you have involved, the more you have to answer to,â&#x20AC;? he says.

The big challenge on the horizon is how the new health care legislation will affect hospitals and reimbursements for hyperbaric medicine. â&#x20AC;&#x153;We really donâ&#x20AC;&#x2122;t know whatâ&#x20AC;&#x2122;s going to happen,â&#x20AC;? says Rotella.

Follow Jean Gruss on Twitter @JeanGruss

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12

BUSINESS OBSERVER | FEBRUARY 15 – FEBRUARY 21, 2013

BusinessObserverFL.com

EXECUTIVE Q & A

BY MARK GORDON | DEPUTY MANAGING EDITOR

MARK WEMPLE

MARIO ANDRETTI recently attended the grand opening celebration at a Tire Choice store in east Manatee County. Andretti, named the driver of the century by the Associated Press in 2000, has been a partner and spokesman for Bridgestone Americas and Firestone tires for four decades.

SPEED

NEED for

A racing legend says being great is about the pursuit, not just the result.

That’s why Mario Andretti still moves fast.

M

ario Andretti turned his name into an iconic brand through 30 years of championship auto racing, but his new business is pitching.

That is, Andretti, 72, now spends about 20 days a month crisscrossing the country for the variety of companies and brands he represents. The list includes Firestone tires, Hot Wheels toys, Go Daddy Web domain names, Phillips Van Heusen clothes and Honda. He was also cast in the 2006 animated movie Cars, where he played himself.

Andretti, moreover, is a tireless entrepreneur. He oversees Andretti Winery, a 53-acre wine operation in Napa Valley. Andretti launched that business in

1996 with his friend Joe Antonini, former chairman and CEO of Kmart Corp. Andretti also owns an Indy-style race car simulation business and, with his son Michael Andretti, a chain of gas stations in California. His previous list of businesses includes auto dealerships, car washes and go-kart tracks.

T he busi ness success, of course, came together after a stellar racing career. Andretti is the only driver to have won the Daytona 500, the Indianapolis 500 and the Formula One World Championship. All told

Andretti, a native of World War II-era Italy, had 109 career racing victories.

Andretti, who recently spent a morning at an east Manatee County tire store for Bridgestone Americas and its Firestone brand, says he works hard in business because he’s always pursuing excellence.

“I was lucky to be in the sport for so many years,” says Andretti. “I was as a motivated at the very end of my career as I was at the beginning. I really loved what I was doing and I was always searching for something better. That’s what drives this train.”

Andretti spoke with the Business Observer about his entrepreneurial career during his

Manatee County pit stop. Here’s an edited transcript of the interview: ••••••••••• What are some of the keys to the success you’ve had in business in your post-racing career?

It’s no secret, but the only formula that really works is to surround yourself with the best people you can possibly find any where for that particular job. It’s all about people. Once you recognize that, you will always be successful in whatever endeavor you are in. In any business that is something technically foreign to my knowledge, I don’t profess to be an expert. So I surround myself with the best people and I learn every day.

EXECUTIVE SUMMARY Individual. Mario Andretti, retired race car driver, entrepreneur Industry. Branding Key. The ability to take risks is the only way to generate long-term business success.

FEBRUARY 15 â&#x20AC;&#x201C; FEBRUARY 21, 2013 | BUSINESS OBSERVER

BusinessObserverFL.com

calendar

What parallels have you been able to draw from racing to being in business?

Business is competitive. Whether itâ&#x20AC;&#x2122;s in sports or you are selling tires. The objective is to be better than the competition.

What defines a good company culture, the kind that makes you want to represent them publicly?

I think itâ&#x20AC;&#x2122;s when the word â&#x20AC;&#x153;excellentâ&#x20AC;? is a prize in everything that they do. (Firestone) over the years has stayed right at the forefront of technology. Why? By being involved in the motor racing sport, the most demanding sport and the most demanding discipline in the world. In my opinion that helped them gain tremendously over the competition. Thereâ&#x20AC;&#x2122;s also a fulfillment factor, where you feel that somewhere along the line the company made a difference.

What companies have you worked with where the brand wasnâ&#x20AC;&#x2122;t as established as Firestone or Hot Wheels?

MagnaFlow is a company I joined about 11 years ago. They were just basically getting into the aftermarket business for special exhausts systems. This company is now worth over $1 billion.

They are the boss in that industry. Iâ&#x20AC;&#x2122;ve been part of that growth and part of that resolve they had to become the best.

â&#x20AC;&#x153;â&#x20AC;?

You have to stick your neck out. If you are afraid to fail you are never going to get out of the house because you might think a brick will come down and hit you in the head.

13

of FEBRUARY 20

LAFFER FORECAST: Economist Arthur Laffer, the father of supply-side economics, will speak at a Gulf Coast CEO Forum meeting. The meeting will run from 7:15 a.m. to 9:30 a.m. at the Sarasota Yacht Club, 1100 John Ringling Blvd., Sarasota. Cost is $50. For more information call 941-366-3468, Ext. 301.

MANUFACTURING SALES: Peter Straw, executive director of the Sarasota and Manatee Manufacturers Association, will discuss sales-force techniques at the associationâ&#x20AC;&#x2122;s monthly meeting. The event will run from 5:15 p.m. to 7:15 p.m. at the Holiday Inn Sarasota-Lakewood Ranch, 6231 Lake Osprey Drive, Sarasota. Cost is $25 for members and $40 for others. For

events

more information contact Straw at Pdstrawpds@comcast.net or call 941-376-4272.

DOWNTOWN TRENDS: Pat Hill of the Tampa research firm HCP Associates will speak at the Tampa Downtown Partnership meeting. The event will run from 7:30 a.m. to 9 a.m. at The Tampa Club, 101 E. Kennedy Blvd., Suite 4200, Tampa. Cost is $20 for members and $25 for others.

For more information contact Kimberly Finn at 813-221-3686 or email kfinn@ tampasdowntown.com.

FEBRUARY 21

GROW YOUR COMPANY FASTER: Tom Hall, chairman of public-relations firm Tucker/Hall, will discuss concepts companies can use to outperform the

competition at a Greater Tampa Chamber of Commerce meeting. The event will run from 11:45 a.m. to 1:30 p.m. at the Greater Tampa Chamber of Commerce office, 201 N. Franklin St., Suite 201, Tampa. Cost is $35 for members or $50 for others. For more information visit tampachamber.com.

GOOD HABITS: Rob Preston, vice president and editor-in-chief of InformationWeek, will discuss the seven habits of innovative information-technology leaders at the Tampa Bay Technology Forumâ&#x20AC;&#x2122;s IT Executive Council meeting. The event will run from 7:30 a.m. to 9 a.m. at the Hilton St. Pete Carillon, 950 Lake Carillon Drive, St. Petersburg. For more information visit tbtf.org.

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Mario Andretti | retired race car driver, entrepreneur 7KH %3 VSLOO ZDV D GLVDVWHU QRW RQO\ IRU )ORULGD­V

What business decision do you regret?

I donâ&#x20AC;&#x2122;t know if itâ&#x20AC;&#x2122;s regrets, but sometimes you become a little bit too ambitious as far as stretching yourself. We had an automobile (dealership) business. We had Toyota, we had Ford, we had Chrysler. But I realized at one point in todayâ&#x20AC;&#x2122;s world I needed to have 50 stores, not 12.

Iâ&#x20AC;&#x2122;d have to take all of my energies in one direction to have 50 stores. So we pulled back and just got out of it. It was something where I felt I didnâ&#x20AC;&#x2122;t really analyze the situation close enough.

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What was a particularly good decision you made in business?

You have to find a leader. And the guy who runs the petroleum station business for us, we took him away from Corporate America. He had opportunities elsewhere, and we hired him away. It turned out to be the best decision of our lives. Weâ&#x20AC;&#x2122;ve grown that business tremendously.

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You have to stick your neck out. If you are afraid to fail you are never going to get out of the house because you might think a brick will come down and hit you in the head. Somewhere along the line you have to feel confident and have a certain vision. Mediocrity is very convenient, but I despise mediocrity. Itâ&#x20AC;&#x2122;s easy to lay back and do things 95% and just ride along.

But if you are ambitious and believe in things then it has to be 100%. Thatâ&#x20AC;&#x2122;s where you get the ultimate satisfaction.

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14

BUSINESS OBSERVER | FEBRUARY 15 – FEBRUARY 21, 2013

BusinessObserverFL.com

RECESSION SURVIVAL

BY MARK GORDON | DEPUTY MANAGING EDITOR

A gutsy move to maintain a hefty payroll in the core of the downturn has finally begun to show dividends for one entrepreneur.

forward

THINKING

MARK WEMPLE

JOANNE LAMBERSON, THURSTON LAMBERSON, DALAS LAMBERSON and TIFFANY MONACO are the family behind TLC Diversified Inc.

T

he stark recession choice Thurston Lamberson faced in 2010 was simple, even common, yet brutally difficult to execute: To layoff a bulk of the staff, 75 people, or maintain the payroll with 40% less work.

Lamberson, founder and president of Palmetto-based TLC Diversified, a niche general contractor for the water/wastewater industry, chose to not layoff en masse. About 20 positions were cut in 2010 and 2011, mostly laborers, but he stuck with the core group of employees.

In the process, Lamberson ran TLC at a sizable loss for nearly two years — a particularly painful experience for someone who calls himself a simple Iowa farm boy.

The pain, however, recently gave way to gain: Revenues at TLC Diversified are up 110%, from $11.5 million in 2011 to $24.2 million in 2012. That’s even 39% better than 2009, when the firm had $17.4 million in sales. The payroll is back up, too. TLC now has 89 employees.

Says Lamberson: “We’re glad we have our company still going at full strength.”

Lamberson, 62, has now turned his anxiety to 2013, which he so far doubts will replicate 2012 in sales growth.

Nonetheless, the sales rebound at TLC Diversified isn’t an isolated experience. Indeed, several Gulf Coast construction firms have had big revenue boosts. Examples

include: • McIntyre Elwell & Strammer General Contractors: Revenues at the Sarasota-based firm increased 33.7% in 2012, from $34.4 million to $46 million. Work at the firm includes several large-scale renovations for Publix stores; • DeAngelis Diamond Construction: The Naples-based commercial construction firm saw revenues rise 15.2% in 2012, from $88.5 million in 2011 to $102 million last year. Co-founder John DeAngelis says the work is still coming in, too, and the firm could hit $125 million in sales by 2013. Says DeAngelis: “We think 2013 is going to be a very good year.”

• Power Design: Sales at the St. Petersburg-based firm, one of the largest full-service electrical contractors in the U.S., rose 28.2% last year, from $110 million in 2011 to $141 million in 2012. The company is up 53.3% since 2010, when it had $91.96 million in sales.

Lauren Permuy, a business development executive with Power Design, a family-owned firm that does work in 17 states, also says 2013 should be a big growth year.

Permuy says one factor in the

“”

recession-era success is the company, like many others, branched out in geography and sectors when the economy sank. “If we were only Florida-based,” says Permuy, “there is no way we would be able to keep our doors open.”

Those firms and others are also hiring again. Sarasota-based Core Construction, for instance, hired nine people over the past three months, for projects that stretch from Georgia to Miami. Now with 37 employees, Core expects to hire another nine people by mid-March. Core President John Wiseman says the company, with a focus that includes multifamily housing and senior-living projects, is “as busy as we have been in four or five years.”

Both Wiseman and DeAngelis say the influx of business comes mostly from clients that were on the sidelines for a few years. Some of those clients include real estate investment trusts and private equity firms — a signal that the long dormant financing end of the industry could be on the mend. “Financing isn’t becoming easy by any stretch,” says Wiseman, “but it is less difficult.”

When the private sector goes to hell, everyone shows up at the public trough to stay alive.

PRACTICAL RESTRAINT Meanwhile, there are several reasons behind the revival at TLC Diversified, from both external and internal forces.

One that stands out is the restraint Lamberson and his wife, Joanne Lamberson, who runs the financial side of TLC, exercised to not overspend during the boom.

The company, further, used boomtime profits to pay down debt on property, equipment and trucks.

Says Thurston Lamberson: “We knew tough times had to come from the good times.”

The company also expanded outside the Gulf Coast, where it picked up jobs in central Florida and Iowa. One project, its largest in 2012, was an $11.3 million contract to work on improvements at a water reclamation treatment facility in Orlando.

Manatee County officials, moreover, enhanced their local contractor rules, which led to a few more local jobs. TLC even took on some rare private sector work, in partnerships with other companies.

Counterintuitively, Lamberson also doubled the estimators on staff, from two to four. His goal was to flood the market with offers to work. “The key to success in this business is number of bids,” he says. “If you put out enough bids you are bound to get something.”

The confident move to mostly keep the staff intact, of course, was another integral factor. While

Thurston Lamberson | TLC Diversified, Palmetto

EXECUTIVE SUMMARY Business. TLC Diversified, Palmetto Industry. Contracting, wastewater treatment Key. Several niche contracting firms are in post-recession rebound mode.

FEBRUARY 15 â&#x20AC;&#x201C; FEBRUARY 21, 2013 | BUSINESS OBSERVER

15

BusinessObserverFL.com

BY THE NUMBERS Several Gulf Coast construction firms are in rebound mode, at least when it comes to revenues. Some examples of the growth: TLC Diversified, Palmetto

McIntyre Elwell & Strammer General Contractors, Sarasota

DeAngelis Diamond Construction, Naples

Power Design Inc.

Ed Taylor Construction South Inc., Tampa

$150 million

$150 million

$150 million

$150 million

$150 million

$24.2 million

90

110.4% growth

30

$46 million 33.7%

90

90

30 2010

2011

2012

Source: TLC Diversified

Lamberson says he thought a lot about how he was responsible for many employees and their families, his decision was only partly altruistic.

It was also practical. â&#x20AC;&#x153;If we had cut some of those guys to be more profitable,â&#x20AC;? Lamberson says, â&#x20AC;&#x153;we wouldnâ&#x20AC;&#x2122;t be able to do this much work now.â&#x20AC;?

LOW DEBT The Lambersons not only kept up the payroll, but they recently made at least a $200,000 investment in technology to help transform the way TLC works. The changes, says Lamberson, â&#x20AC;&#x153;just make data so much more available. We want to stay as high-tech as possible.â&#x20AC;?

Those changes include updated estimating and scheduling software and new hardware, like iPads for project managers in the field to track projects.

Dalas Lamberson, vice president of production at TLC Diversified and the Lambersonsâ&#x20AC;&#x2122; son, says the software allows the company to move fast when labor, material or equipment issues arise.

Intricate drawings of projects are now done electronically, not printed. â&#x20AC;&#x153;We used to do everything on big sheets of paper,â&#x20AC;? Dalas Lamberson says. â&#x20AC;&#x153;Now we do everything on a 30-inch monitor.â&#x20AC;?

That vision is far from the early days of the company.

90

$201 million

30 2010

2011

15.2%

2012

Source: McIntyre Elwell & Strammer

2010

2011

2012

Source: DeAngelis Diamond Construction

In fact, when Thurston Lamberson first started out on his own, in Pompano Beach in 1985, it was a true barebones startup. He and a business partner got things going with a $20,000 loan. Lamberson had previously worked for a construction firm in Minnesota that built grain-processing plants worldwide, from Minneapolis to Moscow.

Lamberson started small, yet business still came in slow. Some weeks in those early years he made payroll off his credit cards. For a while he ran the business out of what was Joanne Lambersonâ&#x20AC;&#x2122;s garage. â&#x20AC;&#x153;We barely had enough work,â&#x20AC;? says Lamberson. â&#x20AC;&#x153;The only thing that kept me in business was my unwillingness to go broke.â&#x20AC;?

But just like he did a few years ago, Lamberson ran an operation with little debt and little overhead. That allowed the company to survive, and by the mid-1990s it booked about $8 million a year in jobs. The company opened an office in Sarasota in 1997 and in 2001 it relocated its headquarters to a 5-acre complex in Palmetto. It continues to maintain an office on the east coast. â&#x20AC;&#x153;It wasnâ&#x20AC;&#x2122;t my intention to become a mega company,â&#x20AC;? says Lamberson. â&#x20AC;&#x153;I always wanted something I could manage.â&#x20AC;?

ATTENTION INVESTORS

$141 million

28.2%

30 2010

2011

109.5%

90 30

2012

Source: Power Design Inc

â&#x20AC;&#x2DC;STAY ALIVEâ&#x20AC;&#x2122; That something is now a statewide leader in construction and renovation for the water and wastewater industry.

Recent projects include a $5.6 million screening and grit removal contract with the city of Clearwater; upgrades to a water and wastewater treatment facility in Martin County, a $6.1 million contract; and a $3.8 million reclaimed water facility job in Palm Beach County.

Lamberson says the certainty of doing work for municipalities and governments was a recession blessing. Plus, he adds that one of the best things about being in such a technical niche of construction is the high barrier to entry. Several big regional firms, in $300 million range, do this work, but there arenâ&#x20AC;&#x2122;t many others out there.

Yet that edge, temporarily, turned into a disadvantage in the recession.

Thatâ&#x20AC;&#x2122;s because companies with little to no experience in the field bid on jobs. Sometimes 30 companies would bid on one project, Lamberson says, when there would normally have been no more than 10.

Those low-bidders â&#x20AC;&#x201D; some, says La mberson, were cash-st rapped homebuilders â&#x20AC;&#x201D; won jobs because

$44 million

2010

2011

2012

Source: Ed Taylor Construction South Inc.

several clients sought to save money any way possible in the downturn. â&#x20AC;&#x153;When the private sector goes to hell,â&#x20AC;? says Lamberson, â&#x20AC;&#x153;everyone shows up at the public trough to stay alive.â&#x20AC;?

Another challenge, more long-term, is the company is currently working out its succession plan. In addition to Dalas Lamberson, thereâ&#x20AC;&#x2122;s Tiffany Monaco, the Lambersonsâ&#x20AC;&#x2122; daughter. Monaco, who first worked for TLC in West Palm Beach, when she was a teenage receptionist, has worked her way up in the accounting department.

Both Dalas Lamberson and Tiffany Monaco are being groomed for leadership positions. The key to that process, says Thurston Lamberson, is one person does field work, while the other does inside financial work. He says heâ&#x20AC;&#x2122;s seen succession efforts fail when there isnâ&#x20AC;&#x2122;t a good balance.

The elder Lamberson says heâ&#x20AC;&#x2122;s not ready to retire, though he and Joanne Lamberson have already begun to spend four months of the year in Iowa.

Heâ&#x20AC;&#x2122;s also doesnâ&#x20AC;&#x2122;t want to go through a downturn again. â&#x20AC;&#x153;When you are 40 or 45 years old, itâ&#x20AC;&#x2122;s just a challenge,â&#x20AC;? says Lamberson. â&#x20AC;&#x153;But when you are in your 60s, do you really want to roll up your shirt sleeves and do it again?â&#x20AC;?

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16 corporatereport |

BUSINESS OBSERVER | FEBRUARY 15 – FEBRUARY 21, 2013

BusinessObserverFL.com

Tampa oil, gas company buys Quality Lease, Rental Service Tampa-based upstream oil and gas services holding company, Rocaceia, has acquired Quality Lease and Rental Service Holdings LLC. The Quality companies offer a wide range of oil and gas field services including rig housing and related support.

“We are excited to become a part of Rocaceia,” Quality President and founder Mike Mobley says in a press release. “With the additional capital and management support they bring to our company, we will be better able to meet the needs of our growing customers.”

Kendrick Pierce & Co. and Skyway Capital Partners served as financial adviser and placement agent for Rocaceia.

Rocaceia has operations in Florida, Texas and Louisiana. Its principal investors are Atlantic Merchant Capital Investors, Main Street Capital and Gulf Standard Energy.

PGT sells N.C. facility, consolidates operations in Venice Venice-based impact-resistant window and door manufacturing company PGT Inc. has sold its Salisbury, N.C., manufacturing facility to an affiliate of Gildan Activewear Inc. for $8 million in cash. The sale is expected to net $7.5 million for the firm after sales costs.

The company is relocating its North Carolina operations to its Venice facilities from the 390,000-square-foot building.

“As previously announced, we listed this facility for sale in connection with the consolidation of our manufacturing operations into our Florida facilities,” Rod Hershberger, presi-

BY SEAN ROTH | RESEARCH EDITOR

dent and CEO of PGT, says in a press release. “This sale further improves our financial strength and aligns with our strategy of focusing on our core impact-resistant markets within the state of Florida and nearby coastal regions.”

Founded in 1980, PGT employs 1,000 at its manufacturing, glass laminating and tempering plants in Florida.

C2 Communications owner chairing local PR society Cyndee Woolley, owner of Naplesbased C2 Communications, was elected to chair the Sunshine District of the Public Relations Society of America.

The district represents seven chapters and more than 1,500 WOOLLEY members of the nationwide public relations association.

She will also serve as secretary of the PRSA National District Council.

Naples’ U.S. Antique Shows buys National Antiques Show & Sale U.S. Antique Shows, a Naples-based division of GLM, has acquired the Miami National Antiques Show & Sale from Dolphin Promotions.

The Miami National Antiques Show features 150 exhibitors annually. Now in its 36th year, it is one of the longestrunning antique shows in South Florida, an international antiques marketplace during the winter season.

The next show will be held Jan. 24-26, 2014, at the Miami Airport Convention Center.

The acquisition creates a strategic tie between the Miami National show

out of the office | CELEBRATION |

SUSAN MEYER, director of sales at Homewood Suites, and JOVINA HUBER, travel agent data manager with the Lee County Visitor and Convention Bureau.

COLLEEN DEGUZMAN, revenue manager at La Quinta Inn & Suites, and JEFFREY PALLA, senior vice president of franchise operations at La Quinta Inn & Suites.

and U.S. Antique Shows’ Original Miami Beach Antique Show.

Dais Analytic Corp. awarded grant by federal government Tampa-based Dais Analytic Corp. has secured a second grant from the federal government for $800,000 to help it market a high-efficiency dehumidification system for HVAC and refrigeration uses.

The Defense for Operational Energy Plans & Programs and the U.S. Department of Energy’s Advanced Research Program provided the funding.

The combined Navy and Department of Energy team is focused on funding heating and cooling technologies to achieve 20% to 50% less fuel usage than current systems. The program is focused on bringing the energy gains to government departments, but they might be brought to market for consumers as well.

“Our approach is radically different from today’s dehumidification,” Brian Johnson, director of development at Dais, says in a press release. “Instead of using environmentally sensitive refrigerants, our unique nanotechnology plastic allows us to manipulate the water molecules directly to change the humidity and/or temperature of the air. This simple approach lowers energy consumption and carbon dioxide emissions while providing what we believe is a far superior level of comfort.”

Targeted in this grant is Dais’s ongoing development of an energyefficient, compact dehumidification system that uses a nano-composite membrane developed by Dais to allow moisture — but not air — to pass through it. This process is engineered to efficiently remove water vapor from the humid air, and is projected to enable high-volume, low-cost mass

production of the dehumidification system.

Dehumidified air can be cooled using far less fuel with systems, such as Dais’s innovative NanoAir membranebased chiller component.

Dade City commission funds new Pasco business incubator Dade City Commissioners approved $50,000 to launch Pasco County’s first business incubator. The incubator will be located in the Dade City Business Center and will be managed by a team led by the Pasco Economic Development Council Inc. Saint Leo University has offered to partner with Pasco EDC and the new business incubator to provide technical assistance to startups.

“The incubator completes a longterm objective for the school of business to deepen our support to the local business community and provide opportunities for our students and faculty to engage in creating new businesses,” Michael Nastanski, dean of the Donald R. Tapia School of Business at Saint Leo University, says in a press release.

C1 Bank becomes Heat corporate partner St. Petersburg-based C1 Bank has entered into a partnership with the NBA’s Miami Heat. As part of the partnership, C1 Bank will be the Presenting Sponsor of the Miami Heat Home Strong program, the team’s ongoing initiative to honor members of the military during every Heat home game. C1 will also be an Official Supporting Sponsor of the Heat Academy; a community program that provides economically disadvantaged students with after-school tutoring and academic programs.

BY JIM JETT | CONTRIBUTOR

FRED HIRSCHOVITS, president and CEO of Twenty Twenty Worldwide Hospitality, and STEVE CLINKENBEARD, vice president of franchise operations with La Quinta Inns & Suites.

STEPHEN HAGENBUCKLE, managing principal with TerraCap, and RAJ PANDYA, director of franchise operations with La Quinta Inn & Suites.

Business executives on Jan. 23 celebrated the $1.8 million renovation of the former AmericInn hotel by real estate investment firm TerraCap, which acquired the property and rebranded it as a La Quinta Inn & Suites in north Naples. The 87-room hotel is located near the intersection of U.S. 41 and Bonita Beach Road.

MARGIE MCGLYNN, director of sales at La Quinta Inn & Suites, and TERRI LAMAINE, owner of T-Square Renovations.

FEBRUARY 15 – FEBRUARY 21, 2013 | BUSINESS OBSERVER

BusinessObserverFL.com

bottom-line behavior

BY DENISE FEDERER | CONTRIBUTING COLUMNIST

Family Meetings: How to build a stronger family The same approaches that work in achieving goals at your business can work at home. The key is how you craft the conversation.

Most business owners and CEOs whom I coach acknowledge the importance of having ongoing meetings with their leadership team. The purpose of these meetings ranges from clarifying their vision for the company to discussing potential challenges and executing company goals successfully. Yet many of these same business leaders are reluctant to have similar transparency in personal discussions with their family, resulting in leaving their families and their financial futures vulnerable.

With the expected intergenerational wealth transfer of $41 trillion through 2052, there is a critical need to ensure that the next generation is able to sustain wealth in a responsible manner.

However, research indicates that a majority of families have been unable to successfully transfer their wealth upon the patriarch’s death. This highlights the need for parents to proactively have conversations with their children about money, family values and their financial future.

Although most business owners are probably loathe to add more meetings to their schedule, treating communication at home more like you treat it at your business can ensure everyone knows the plan. Family meetings offer opportunities to discuss critical issues that can impact future generations. While wealth management will always have a place on the agenda, family meetings

17

can also provide an unparalleled opportunity to build stronger family cohesiveness. Once family members get comfortable with the process, meetings can inspire the development of family mission statements, formalization of family histories, family education projects, philanthropic efforts, and other ventures that reflect established family values.

PREPARING FOR THE MEETING To frame how you approach this idea, just think that a family meeting is to the family what a strategic planning meeting is to a company. Preparation is the key to ensuring a successful outcome.

First, you need to decide who will facilitate the meeting, whether it’s and outsider (such as a family business adviser) or if you will do it yourself. If you are not comfortable initiating personal conversations; your family constellation is complicated (i.e several marriages or children from different relationships), or there are current conflicts brewing, it might be a good idea to engage an outside consultant to guide the family through these intimate discussions.

One of the most important things a family meeting facilitator must do is ensure all the participants have equal standing. Another is conducting some pre-meeting due diligence, which may mean interviewing various family members to become familiar with

their personal agendas as well as their hot buttons.

These pre-meeting interviews should ask relevant questions about all aspects of family members’ views on legacy (values, history, family traditions, wishes to be fulfilled, family heirlooms and possessions of emotional value, and financial assets, for example).

The goal is to identify the unique issues that are critical to family members’ emotional and financial well-being.

The most important question to ask is: “What worries you about your future?”

As a member of the older generation, you need to consider what you want upcoming generations to know about you, your values, lessons learned and life experiences. Consider the impact you want your accomplishments and lessons learned to have on future generations. Just as importantly, ask the younger generation what they want to know and understand about the older generation.

And, just like at the office, you want to enter a family meeting the purpose of achieving a goal, and surprises can derail its achievement. Typical family meeting goals include: • Creating a framework for the optimal development of family financial interests; • Sustaining the value of the family legacy;

Denise P. Federer, Ph.D. is founder and principal of Federer Performance Management Group. She has 27 years of experience working with key executives, business leaders and Fortune 500 companies as a behavioral psychologist, consultant, coach and trainer. Contact her at: dfederer@fpmg.info • Keeping the family together; • Supporting individual family members in meeting their goals and potential; • Setting expectations and responsibilities for family members.

Finally, prior to the family meeting it is imperative that you establish ground rules. Each family should tailor the rules to fit its needs. Some issues to consider are: • Make sure one person talks at a time and everyone gets a chance to speak.

• Keep an open mind. Remember, “where you stand depends on where you sit.”

• Make “I” statements. Don’t blame or attack; talk about how you feel and say what you think.

• Create an action plan with a followup for each topic.

Family meetings can be a critical part of achieving the goals you have as a family as well as making sure you lay the groundwork for the lasting family legacy you envision. As a family leader, they can also provide an opportunity for you to express your vision for your family, recognize and resolve conflicts, preserve family values and share family history so younger generations can gain an understanding about the commitment they need to make to the family and prepare for inherited wealth.

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A Better View of Business

BusinessObserverFL.com

101064

COLLIER

18 commercial real estate | CHARLOTTE-LEE-COLLIER |

BUSINESS OBSERVER | FEBRUARY 15 â&#x20AC;&#x201C; FEBRUARY 21, 2013

BusinessObserverFL.com

BY SEAN ROTH | REAL ESTATE EDITOR

Etcâ&#x20AC;Ś

Port Charlotte

Rotonda West

Punta Gorda

1

Fort Myers Shores

COSTAR

2

Drive Medicalâ&#x20AC;&#x2122;s Inovo Inc. relocating, expanding to Lehigh Acres

1

Fort Myers

Cape Coral

Lehigh Acres

Sanibel

San Carlos Park Immokalee

Naples Park

3

SELLER: JLM Financial Investments 3 LLC PROPERTY: 401 Leonard Blvd. N., Lehigh Acres PRICE: $1.8 million PREVIOUS PRICE: $3.95 million, October 2002 LAW FIRM ON DEED: Robert D. Royston Jr. PA, Fort Myers PLANS, DESCRIPTION:

Naples-based Inovo Inc. purchased the 60,000-square-foot former LeeSar building for $1.8 million.

The price equated to $30 per square foot. The two-year average price per square foot for industrial space is $50 in the Southwest Florida area, according to the CoStar Group.

Constructed in 2001, the tilt-wall building features nine dock-high doors, a sprinkler system and 30-foot ceilings.

Inovo plans to relocate from 30,000 square feet in several Naples buildings to the Lehigh Acres facility.

The expansion follows Drive Medical Design and Manufacturingâ&#x20AC;&#x2122;s purchase of Inovo in late 2011. Inovo is a manufacturer of medical oxygen regulators and conservers.

Gary Tasman and Shawn Stoneburner of Cushman and Wakefield Commercial Property Southwest Florida LLC represented the buyer and Stan Stouder of CRE Consultants represented the seller. â&#x20AC;&#x153;This was more about getting into a single contiguous space that was much more conducive to their business,â&#x20AC;? Tasman says. â&#x20AC;&#x153;It has access to State Road 82, which should also allow them to retain a lot of their employees.â&#x20AC;?

Inovo mortgaged the property to Webster Business Credit Corp. for $2.1 million.

2 Lee Memorial Health System buys Lee Physician Groupâ&#x20AC;&#x2122;s building BUYER: Lee Memorial Health System, Cape Coral SELLER: Three Jâ&#x20AC;&#x2122;s LLP PROPERTY: 9131 College Pointe Court, Fort Myers PRICE: $4 million PREVIOUS PRICE: $3.81 million, December 2002 LAW FIRM ON DEED: Fowler White Boggs PA, Fort Myers

Bonita Springs

BUYER: Inovo Inc. (principals: Rich Kocinski, Harvey Diamond, Tom San Antonio, Douglas Francis, Jeffrey Schwartz and Richard Kolodny), Naples

Golden Gate

Marco Island

Ochopee

PLANS, DESCRIPTION:

The Lee Memorial Health System purchased a 16,447-square-foot medical office building for $4 million.

The price equated to $243 per square foot. The two-year average price per square foot for office space is$120 in the Southwest Florida area, according to the CoStar Group.

The building already houses 17 physicians from the Lee Physician Group. â&#x20AC;&#x153;Weâ&#x20AC;&#x2122;ve been leasing that space for a

little over 10 years now,â&#x20AC;? says Mary Briggs, a spokesperson for Lee Memorial Health System. â&#x20AC;&#x153;We had the right of first refusal on it and the former owner had a purchase offer on it. The numbers also made sense. Buying it should save us $1 million over the term of the lease. Itâ&#x20AC;&#x2122;s an excellent location.â&#x20AC;?

The new owner has no near-term plans to change the two-story building. It houses family practitioners, internists and pulmonary specialists.

COSTAR

3

Naples Community Church buys its Seventh Avenue home

BUYER: Naples Community Church Inc. (principals: Darleen Cors, Douglas Van Oort, William Buchanan, Karna Bodman, Bill Allyn and Kirt Anderson), Naples SELLER: Fontana LLC PROPERTY: 849 Seventh Ave. S., Naples PRICE: $2.25 million PREVIOUS PRICE: $1.13 million, March 1998 LAW FIRM ON DEED: Ross Lanier & Deifik PA, Naples PLANS, DESCRIPTION:

Naples Community Church Inc. purchased the 16,000-square-foot Fontana Building on Seventh Avenue for $2.25 million.

The price equated to $141 per square foot. The two-year average price per square foot for office space ($120) in the Southwest Florida area, according to the CoStar Group.

The two-story office and retail building has served as the churchâ&#x20AC;&#x2122;s sanctuary for the past several years.

It shares space with the FLAVA restaurant, interior design firm Certain Something and Faire Bella Beauty Bottega. â&#x20AC;&#x153;Three and a half years ago we

were meeting in a high school,â&#x20AC;? says senior pastor Kirt Anderson. â&#x20AC;&#x153;What initially drew us to [the building] was the aesthetics of the facility; plus it was right in the middle of our congregation. It was originally built to be a church with two stories inside. It works perfectly for our space.â&#x20AC;?

Anderson says the churchâ&#x20AC;&#x2122;s initial lease arrangement had a purchase agreement with the current seller.

The church plans to continue to lease out much of the space, including 2,000 square feet of vacant space. â&#x20AC;&#x153;This is expensive property, so we had to look for a creative way for the church to buy the property,â&#x20AC;? he says. â&#x20AC;&#x153;Most churches stand empty all week long. This way the building is full most of the week, and we can grow and expand our programs slowly.â&#x20AC;?

Through sharing the building and a capital campaign, the pastor expects the church to pay off the building in three years.

The church mortgaged the property to the former owner Fontana LLC for $1.65 million.

â&#x20AC;˘ South Cross Rental Co. purchased a 5,368-square-foot medical office condominium at World Plaza, 12535 New Brittany Blvd., Suite 28, Fort Myers from Bank of America for $325,000. Brandon Stoneburner of CRE Consultants represented the seller. â&#x20AC;˘ Jose Alfredo Trujillo purchased a 2,480-square-foot freestanding retail building at 4501 Palm Beach Blvd., Fort Myers from Yehud Development Group 3 LLC for $110,000. Fred Kermani of CRE Consultants handled the transaction. â&#x20AC;˘ Torres Family Holdings LLC purchased 5.76 acres of agriculturalzoned land at 14050 Tamiami Trail E., Naples from Tucker and Marie Rooney for $75,000. Fred Kermani of CRE Consultants represented the seller. â&#x20AC;˘ WCU2 Holdings LLC purchased 2.8 acres of waterfront land on Charlotte Harbor at 5000 Tamiami Trail, Port Charlotte from Grande Harbour Corp for $1.74 million. Tony Veldkamp of Sperry Van Ness Commercial Advisory Group handled the transaction. â&#x20AC;˘ Kiazen Elizabeth Street Holdings LLC purchased a 21,600-square-foot industrial property at 855 Elizabeth St., Punta Gorda, from Wells Fargo for $700,000. Fred Kolb of Colliers International Southwest Florida represented the buyer. â&#x20AC;˘ GRM Acquisition Corp. purchased 1.02 acres at 20231 Summerlin Road, Fort Myers from RAI Restaurants Inc. and GE Capital Corp. for $240,000.

Bill Mankin and Karen JohnsonCrowther of Colliers International Southwest Florida handled the transaction. â&#x20AC;˘ Reinhard Zank purchased units 5 and 6, totaling 2,849 square feet, in the Cape Professional Park at 1216 S.W. Fourth St., Cape Coral from Bank of America NA for $165,000. Jim Tamblyn of Colliers International Southwest Florida represented the seller. â&#x20AC;˘ District School Board of Collier County purchased 2.84 acres at 2065 Commerce Ave., Immokalee from CEMEX for $130,000. Jim Garinger of Colliers International Southwest Florida represented the seller. â&#x20AC;˘ RCH Co. of Texas purchased a 998-square-foot office condominium at 2739 Oak Ridge Court, Suite 203, Fort Myers from SunTrust Bank for $56,000. Dan Miller of Colliers International Southwest Florida represented the seller. â&#x20AC;˘ Fort Myers Broadway LLC purchased 0.17 acres at 2230 Liberty St., Fort Myers, from DUMCO Properties LLC for $25,950. Jim Garinger and Fred Kolb of Colliers International Southwest Florida represented the seller. â&#x20AC;˘ C&C Construction and Remodeling Inc. leased an 11,500-square-foot industrial space at 6215 Idlewild St., Fort Myers from Lawhon Properties.

Dan Miller of Colliers International Southwest Florida represented the landlord. â&#x20AC;˘ SOS Furniture Co. Inc. leased 8,250 square feet of retail space at 4500 Tamiami Trail N., Naples from Greenbelt LLC. Patrick Fraley of Investment Properties Corp. handled the transaction. â&#x20AC;˘ Designer Creations LLC purchased 1,600 square feet of industrial condominium space at 5405 Taylor Road, Unit 9, Naples from The Northern Trust Co. and Gus Richard Edwards as trustee of the Gus Richard Edwards Revocable Trust 2003 for $135,000.

William Gonnering of Investment Properties Corp. handled the transaction. â&#x20AC;˘ SOF Ventures 2 LLC leased 2,115

square feet of retail space at 2146 Tamiami Trail N., Naples from CRF Gateway Limited Partnership. Paige Eber of Investment Properties Corp. handled the transaction. â&#x20AC;˘ JBRFGF LLC purchased a 10,460-square-foot industrial building at 17031 Alico Commerce Court, Fort Myers from Palm Royale Properties LLC for $425,000. Bob White of Lee & Associatesâ&#x20AC;&#x2122; Naples-Fort Myers office handled the transaction. â&#x20AC;˘ West Coast Design Build Inc. purchased an 11,760-square-foot industrial building at 2471 Rockfill Road, Fort Myers from Pantropic Power Inc. for $425,000. Bob Johnston, Jerry Messonnier and Derek Bornhorst of Lee & Associatesâ&#x20AC;&#x2122; Naples-Fort Myers office handled the transaction. â&#x20AC;˘ QJR Properties Estero LLC purchased a 1.1-acre parcel at 9451 Corkscrew Road, Estero from Park Circle LLC for $230,000. Bob White of Lee & Associatesâ&#x20AC;&#x2122; Naples-Fort Myers office represented the buyer and Stephanie Miller of Select Real Estate represented the seller. â&#x20AC;˘ Charles & William Underwood purchased a 4,200-square-foot industrial condominium at 300 Leonard Blvd., Units 5 and 6, Lehigh Acres from Montgomery Bank for $136,600. Hal Tate of Lee & Associatesâ&#x20AC;&#x2122; Naples-Fort Myers office represented the buyer and Justin Swiney of Special Assets Manager represented the seller. â&#x20AC;˘ 1-800-Pack-Rat LLC leased 26,844 square feet of industrial space in Southwest Florida Business Center at 7874 Drew Circle, Suites 1-3, Fort Myers from Carroll Partnership LLC. Jerry Messonnier, Bob Johnston and Derek Bornhorst of Lee & Associatesâ&#x20AC;&#x2122; Naples-Fort Myers office represented the tenant and Jim Garinger and Fred Kolb of Colliers International SW Florida represented the landlord. â&#x20AC;˘ Velocity Express leased 15,000 square feet of industrial space at 4075-2 Edison Ave., Fort Myers from Lunsford Real Estate LLC. Bob White of Lee & Associatesâ&#x20AC;&#x2122; Naples-Fort Myers office handled the transaction. â&#x20AC;˘ Hendry Aluminum Inc. leased 5,250 square feet of industrial space at 5582 Lee St., Unit 1, Lehigh Acres from RCH Co. Jerry Messonnier, Bob Johnston and Derek Bornhorst of Lee & Associatesâ&#x20AC;&#x2122; Naples-Fort Myers office handled the transaction. â&#x20AC;˘ RV Tech LLC leased 4,000 square feet of industrial space in Country Lakes Business Park at 5701 Country lakes Drive, Units 1 and 2, Fort Myers from EB Properties Inc. Bob Johnston, Jerry Messonnier and Derek Bornhorst, CCIM of Lee & Associatesâ&#x20AC;&#x2122; Naples-Fort Myers office handled the transaction. â&#x20AC;˘ Extreme Export LLC leased 2,600 square feet of space at 3550 Work Drive, Units B-1 and B-2, Fort Myers from Southeast Spreading Co. LLC. Hal Tate of Lee & Associatesâ&#x20AC;&#x2122; NaplesFort Myers office handled the transaction. â&#x20AC;˘ A-1 Logistics Inc. leased 2,500 square feet of industrial space at 14231 Jetport Loop Road, Unit 15, Fort Myers from Accutek. Hal Tate of Lee & Associatesâ&#x20AC;&#x2122; Naples-Fort Myers office represented the tenant and Bob Johnston, Jerry Messonnier and Derek Bornhorst also of Lee & Associatesâ&#x20AC;&#x2122; Naples-Fort Myers office represented the landlord. â&#x20AC;˘ Womenâ&#x20AC;&#x2122;s Healthcare of S.W. Florida leased 2,049 square feet of space at 7890 Summerlin Lakes Drive, Unit 3, Fort Myers from Two Brothers Restaurant Management Inc. Chuck Smith and Carlos Acosta of Lee & Associatesâ&#x20AC;&#x2122; Naples-Fort Myers office handled the transaction. â&#x20AC;˘ Anchor Towing & Marine Trans-

BusinessObserverFL.com

J.L. Wallace wins contract to build Bonita Isles amenities J.L. Wallace Inc. has been awarded a pre-construction contract with Minto Communities LLC to build amenity features in the new residential community Bonita Isles.

Bonita Isles, a lakefront community in Bonita Springs, will include an island-style clubhouse and amenity center to be constructed

by J.L. Wallace Inc. The builderâ&#x20AC;&#x2122;s work may also include entry gates and arbors, a community center and resort pool, tennis courts, water features, pool cabanas and more. Humphrey Rosal handled the architectural design for the clubhouse. OpiDesign is the site architect. port of Broward leased 2,000 square feet of industrial space in Country Lakes Business Park at 5701 Country Lakes Drive, Unit 11, Fort Myers from EB Properties Inc. Bob Johnston, Jerry Messonnier and Derek Bornhorst of Lee & Associatesâ&#x20AC;&#x2122; Naples-Fort Myers office handled the lease transaction. â&#x20AC;˘ Greg Bock leased 2,000 square feet of space at 5483 Lee St., Unit 12, Lehigh Acres from Palm Royale Properties. Bob White of Lee & Associatesâ&#x20AC;&#x2122; Naples-Fort Myers office handled the transaction. â&#x20AC;˘ Southern Chute Inc. leased 2,000 square feet of industrial space in Country Lakes Business Park at 5701 Country Lakes Drive, Unit 6, Fort Myers from EB Properties Inc. Jerry Messonnier, Bob Johnston and Derek Bornhorst of Lee & Associatesâ&#x20AC;&#x2122; NaplesFort Myers office handled the transaction. â&#x20AC;˘ RK Enterprises International LLC leased 2,400 square feet of office space at 13750 Treeline Ave., Fort Myers.

Godfrey Santini of LandQwest Commercial represented the landlord. â&#x20AC;˘ Ministerio Nueva Esperanza Inc. purchased the 19,206-square-foot indoor roller skating facility, Rollerskating the Net, at 399 Alta Vista Ave., Fort Myers from Manna Christian Missions Inc. for $625,000. The sale included two attached residential lots and will be used by a Spanish Christian church. Stan Stouder of CRE Consultants represented the seller and Jim Boback of Boback Commercial group represented the buyer. â&#x20AC;˘ Fort Myers Auto Mall purchased an 11,469-square-foot industrial building at 2475 Fowler St., Fort Myers from Bridgestone Americas Tire Operations LLC. Enn Luthringer of CRE Consultants represented the buyer. â&#x20AC;˘ Goodwill Industries of Southwest Florida leased 9,600 square feet of retail space in Palm Pointe Shoppes, 11601 S. Cleveland Ave., Fort Myers from 2010 Palm Pointe Limited Partnership. Mike Concilla and Brandon Stoneburner of CRE Consultants represented the landlord. â&#x20AC;˘ Century Link leased 5,000 square feet of industrial warehouse space at 5625 Eighth St., Lehigh Acres from Jack and Lois Smith. Bill Young of CRE Consultants handled the transaction. â&#x20AC;˘ Eye Centers of Florida leased 3,400 square feet of office space in The Financial Center, 7370 College Parkway, Fort Myers. Adam Palmer of LandQwest Commercial represented the tenant. â&#x20AC;˘ Insphere Insurance Solutions Inc. leased 2,917 square feet of office space in The Financial Center, 7370 College Parkway, Fort Myers. Adam Palmer of LandQwest Commercial represented the tenant.

â&#x20AC;˘ Shook Hardy & Bacon LLP leased 7,000 square feet of office space at Jackâ&#x20AC;&#x2122;s Place, 3131 E. Riverside Drive, Fort Myers. Bryan Myers of LandQwest Commercial represented the landlord. â&#x20AC;˘ Stephen Cunningham and Rich Sommerville of LandQwest Commercial assisted Murex Properties LLC in representing Northwestern Mutual, the buyer of the 115-acre Plantation Oaks mobile home park in Flagler Beach for $26.39 million. â&#x20AC;˘ Sue Redmond purchased 133 W. Marion, Punta Gorda from Caldwell Trust for $370,000. Redman will use the building for a hair salon and spa after completing interior improvements. Ken Hoskinson Jr. and Joe C. Hembree of Hembree & Associates

19

represented the seller and Jim Quinn of Keller Williams represented the buyer. â&#x20AC;˘ GVM Tile & Marble Inc. purchased a bank-owned 5,800-square-foot warehouse building at 2255 Alicia St., Fort Myers from Florida Community Bank for $135,000. Jim Boback of Boback Commercial Group handled the transaction. â&#x20AC;˘ Capilano Inc. purchased the 25-lot Bogart Mobile Home Park at 7760 Bogart Drive, North Fort Myers from Bruce Scott for $410,000. James McMenamy of Re/Max Realty Group Commercial Division handled the transaction. â&#x20AC;˘ Gerard Wiktor Holdings LLC purchased the Braman Avenue Apartments, a 12-unit rental complex at 1915 Braman Ave., Fort Myers, from Blanton Properties LLC for $410,000.

The property consists of all two-bedroom, one-bath units, with an average unit size of 800 square feet. Jonathan Richards of CRE Consultants represented the buyer. â&#x20AC;˘ Crimson Plantation Road LLC purchased 3.02 acres of commercial land at 14670 Metropolis Parkway, Fort Myers from Synovus Bank for $407,384.

Hal Arkin of the Frye Commercial Group at Re/Max Realty Group of Fort Myers handled the transaction. â&#x20AC;˘ IMS 2603 Andalusia LLC purchased a 31,171-square-foot industrial building at 2603 Andalusia Blvd., Cape Coral for $350,000. IMS manufactures sliding doors and high-tech industrial products for shipping and offshore industries. Gary Tasman and Shawn Stoneburner of Cushman and Wakefield, Commercial Property Southwest Florida LLC handled the sale.

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85642

FEBRUARY 15 â&#x20AC;&#x201C; FEBRUARY 21, 2013 | BUSINESS OBSERVER

20 commercial real estate | TAMPA BAY |

BUSINESS OBSERVER | FEBRUARY 15 â&#x20AC;&#x201C; FEBRUARY 21, 2013

BusinessObserverFL.com

Tarpon Springs

Keystone

Cheval

1

Lake Magdalene

Citrus Park

3

Oldsmar

Safety Harbor

Thonotosassa Temple Terrace $

Egypt Lake

Town â&#x20AC;&#x2DC;Nâ&#x20AC;&#x2122; Country

East Lake-Orient Park

Tampa

Seffner

Dover

Brandon

Highpoint

Largo

Clearwater

BUYER: GSNP Florida LLC (Nilesh and Ghanshyam Patel), Tampa SELLER: Orix Capital Markets LLC as special servicer for Wells Fargo Bank NA as trustee for the Holders of Banc of America Commercial Mortgage Inc. Commercial Mortgage Pass Through Certificates Series 2005-4 PROPERTY: 17301 Dona Michelle Drive, Tampa PRICE: $3.08 million PREVIOUS PRICE: $125,000, September 1998 LAW FIRM ON DEED: Scheef & Stone LLP, Dallas

Westchase

Belleair

1

Tampa Howard Johnson Express owners buy, rebrand New Tampa Wingate

Dunedin

COSTAR

PLANS, DESCRIPTION:

Lutz

East Lake

Palm Harbor

BY SEAN ROTH | REAL ESTATE EDITOR

Progress Village

Riverview

Pinellas Park

Seminole Bay Pines

Treasure Island

2

Apollo Beach

St. Petersburg

St. Pete Beach Tierra Verde

Ruskin

Sun City

Greater Sun Center

$

PLANS, DESCRIPTION:

Local hoteliers Nilesh and Ghanshyam Patel purchased the 84-room Wingate by Wyndham New Tampa hotel for $3.08 million.

The price equated to $36,607 per unit.

The four-floor hotel, which has since been rebranded as the La Quinta Inn & Suites Tampa North I-75, features an outdoor swimming pool, fitness center and meeting facilities.

The Patels also own the Howard Johnson Express Inn & Suites - South Tampa/Airport. Calls left at the hotel for the new owners were not returned prior to deadline.

The purchase entity GSNP Florida LLC mortgaged the property to Central Bank for $2.93 million.

2 Miami investor Altis buys Skyline Fifth apartment BUYER: Altis Aju Skyline LLC (principal: Frank Guerra), Miami SELLER: Skyline Fifth Avenue US LP PROPERTY: 441 33rd St. N., St. Petersburg PRICE: $19.5 million PREVIOUS PRICE: $17.13 million, June 2011 LAW FIRM ON DEED: Steinberg Garellek, Boca Raton

Etcâ&#x20AC;Ś with Freddie Mac for the purchase. The 10-year loan was at a 3.71% fixed interest rate. â&#x20AC;&#x153;The borrower locked in great, longterm financing on a practically brand new asset whose local popularity is evidenced by its very high occupancy,â&#x20AC;?

Throne says in a press release.

PLANS, DESCRIPTION:

Altis LLC, a purchase entity led by Frank Guerra of Miami, purchased the 178-unit Skyline Fifth apartment complex for $19.5 million.

The price equated to $109,550 per unit.

Located in the Kenwood area of St. Petersburg near Interstate 275 and St. Pete Beach, the property features oneand two-bedroom units in nine floor plans. The property was constructed in 1962, but was completely renovated in 2009.

The gated development was 97% occupied at the time of the sale. Community amenities include a swimming pool, cardio center and a cafĂŠ lounge.

An HFF team, led by Elliott Throne and Manny de ZĂĄrraga, represented Altis in the creation of a $15.6 mllion loan

3 Ontario real estate trust buys Granada Plaza BUYER: PX Granada Plaza LP (H&R Real Estate Investment Trust), Downsview, Ontario, Canada SELLER: Odyssey DP I LLC PROPERTY: 1491-1575 Main St., Dunedin PRICE: $10.78 million PREVIOUS PRICE: $12.4 million, June 2004 LAW FIRM ON DEED: Clark Campbell & Lancaster PA, Lakeland

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.

CHARLOTTE COUNTY NCM Commerce Center LLC sold in lieu of foreclosure to IberiaBank, $1,599,133.91, vacant industrial, 8254 Duffie Drive in Enterprise Charlotte Airport Park and additional land, 2151714.

COLLIER COUNTY Naples Womanâ&#x20AC;&#x2122;s Club sold to City of Naples, $1,530,000, vacant institutional, 610 Park St., 4786540.

HILLSBOROUGH COUNTY Camden USA Inc. sold to 5100 Live Oaks Blvd.

LLC, $63,400,000, Mortgage: $39,600,000, CBRE Multifamily Capital Inc., multifamily residential, 5100 Live Oaks Blvd., Tampa, 2013028201.

RV Realty Associates LLC sold to National Retail Properties LP, $8,000,000, auto dealership, 4811 McIntosh Road and single-family, 13025 Gore Road, Dover, 2013026121.

Downsview, Ontario-based H&R Real Estate Investment Trust purchased the 74,200-square-foot Granada Plaza neighborhood retail center for $10.78 million.

The price equated to $145 per square foot. That figure is in line with the twoyear average price per square foot for retail space ($146) in the Tampa Bay area, according to the CoStar Group.

Anchored by Publix, the retail center was 96% occupied at the time of the sale. Other tenants include Curves, UPS Store, Hair Cuttery and Firehouse Subs. The center occupies a 6.92-acre site at the intersection of County Road 1 and State Road 580.

HFF marketed the property on behalf of the seller, Odyssey DP I LLC an entity affiliated with Lakeland-based Odyssey Diversified Properties Inc. The seller develops and manages retail projects for several national tenants including Bealls, Publix and Starbucks.

The buying REIT has an interest in 41 office properties, 116 single-tenant industrial properties, 139 retail properties and three development projects, principally in the Greater Toronto Area.

MJB of Florida LLC sold to Lennar Homes LLC, $3,428,000, pasture, 98.96 acres, in SEC 3-27S20E and a portion of Meadow Pointe III Parcel SS, 2013019441.

Orix Capital Markets LLC as special servicer for Wells Fargo Bank NA as trustee for the Holders of Banc of America Commercial Mortgage Inc. Commercial Mortgage Pass Through Certificates Series 2005-4 sold to GSNP Florida LLC, $3,075,000, Mortgage: $2,925,000, Central Bank, limited services, 17301 Dona Michelle Drive, Tampa, 2013030564.

Community Bank & Co. sold to Caravel Brazil LLC, $2,091,500, Mortgage: $1,673,200 and $713,647.20, Community Bank & Co., warehouse, 5520 Anderson Road and light manufacturing, 5502 Anderson Road, Tampa, 2013032257.

M Tampa O LLC sold to MI Homes of Tampa LLC, $2,855,000, pasture, 78.81 acres, in SEC 3 and 4-27S-20E, 2013019436.

Quest Management Group Inc. sold to Pyramid Inc., $1,400,000, Mortgage: $1,120,000, Bank of America NA, rehab hospital, 1508 W. Sligh Ave., Tampa, 2013023675.

LEE COUNTY Reflections of CLS LLC sold in lieu of foreclosure to ACM Florida RE LLC, $3,754,834.45, community shopping center, 13550 Reflections Parkway, Fort

â&#x20AC;˘ Alex Blagojevich, senior associate in Marcus & Millichapâ&#x20AC;&#x2122;s Tampa office, and David N. Gaines, vice president of investments in the firmâ&#x20AC;&#x2122;s Chicago office, handled the sale of the Raintree Apartments, a 184-unit apartment complex located in Topeka, Kan., for $5.15 million. â&#x20AC;˘ MIDA Group LLC purchased a 31,000-square-foot industrial facility at 11256 47th St., Clearwater from Triple T. Holdings LLC for $1.13 million.

Elliott Ross and Dennis Bush of The Ross Realty Group Inc. represented the seller and Triple T. Holdings LLC and Judy Humbarger of the MIDA Group represented the buyer. â&#x20AC;˘ Anything IT Inc. leased 30,050 square feet in 41 Industrial Center at 2412 S. Gelman Place, Tampa from 41 Industrial Ctr LP. Elliott Ross of The Ross Realty Group Inc. represented the tenant and Jeff Lamm of Industrial Property Group represented the landlord. â&#x20AC;˘ MIDA Group LLC purchased a 31,000-square-foot industrial building at 11256 47th St. N., Clearwater from Triple T. Holdings LLC for $1.125 million. Dennis Bush and Elliott Ross of The Ross Realty Group Inc. represented the seller.

BY SEAN ROTH | REAL ESTATE EDITOR

Myers, 2013000013070.

8806-2790.

Hutton Florida One LLC sold to Family Dollar Stores of Florida Inc., $1,839,946.25, vacant commercial, 85 Joel Blvd., Lehigh Acres, 2013000016237.

Spacebox Land Oâ&#x20AC;&#x2122; Lakes LLC sold to Extra Space Properties Two LLC, $4,686,800, warehouse, 2550 Land Oâ&#x20AC;&#x2122; Lakes Blvd., Land Oâ&#x20AC;&#x2122; Lakes, 8806-3569.

Albert Erp as trustee of the Exit 24 Land Trust sold to Exit 24 LLC, $1,749,600, vacant industrial, 17.022 acres, in SEC 10-44S-25E, Fort Myers, 2013000010223.

Capozzoli Realty Port Richey LLC sold to Bashmart LLC (82% interest) and Victoria Land Partners LP (18%), $4,180,000, retail stores, 11938 U.S. 19, Port Richey, 8807-0800.

Albert Erp as trustee sold to North Trail Land Trust LLC, $1,379,700, parking lot or mobile home park, 5270 Orange river Blvd., Fort Myers, 2013000010281.

Page Electric Inc. sold to Forest Green Family Communities LLC, $1,900,000, Mortgage: $2,200,000, Glenn Pearson, rental mobile home or RV park, 11337 Hudson Ave., Hudson, 8813-2268.

MANATEE COUNTY Great Eastern Corp. sold to North River Village GEC LLC, $9,207135.60 (no monetary sale but sold for principal balance on mortgage loan), Mortgage assumption: $11,160,000, Western Reserve Life Assurance Co. of Ohio, community shopping center, 6110, 6214, 6210, 6206, 6202, 6138, 6134, 6242, 6238, 6234, 6230, 6222, 6218, 6144, 6250, 6242, 6126, 6250 and 6226 U.S. 301 N., 02455-0976.

Sunshine Realty Partners LP sold to IH Bradenton LLC, $1,890,000, restaurant or cafeteria, 6320 E. State Road 64, Bradenton, 02453-6548.

PASCO COUNTY GoodForest LLC sold to Macyâ&#x20AC;&#x2122;s Florida Stores LLC, $5,000,000, 28233 Paseo Drive, Wesley Chapel,

Longos LLC sold to Robert and Elizabeth Ferrer, $1,422,500, retail, 1809, 1813, 1817, 1825 and 1829 Collier Parkway, Lutz, 8808-1931.

Family Dollar Stores of Florida Inc. sold to Realty Income Properties 19, $1,388,000, retail store, in SEC 2-25S-16E, 8806-2458.

PINELLAS COUNTY None

SARASOTA COUNTY AM II Inc. sold to 280 GGP LLC, $2,650,000, Assignment of mortgage: $400,000, from RL BB Acq II-FL LLC, residential multifamily land, 280 Golden Gate Point, Sarasota, 2013005566.

FEBRUARY 15 â&#x20AC;&#x201C; FEBRUARY 21, 2013 | BUSINESS OBSERVER

BusinessObserverFL.com

commercial real estate | SARASOTAâ&#x20AC;&#x201C;MANATEE |

Palmetto Holmes Beach

Bradenton

3

Lake Manatee Lower Watershed

Bayside Gardens

1 Sarasota Housing Authority buys Osprey Avenue building

2

Upper Myakka River Watershed

1

Sarasota

Myakka City

BUYER: Osprey Housing LLC (Sarasota Housing Funding Corp.), Sarasota SELLER: 269 South Osprey LLC PROPERTY: 269 S. Osprey Ave., Sarasota PRICE:$1 million PREVIOUS PRICE: $200,000 in 1999 LAW FIRM ON DEED: BridgeTrust Title Group, St. Petersburg

Minto Communities starting new Mangrove Walk phase

Parrish

BY SEAN ROTH | REAL ESTATE EDITOR

Beker State Park

Osprey Myakka River State Park

Venice

3 Texas real estate investment firm buys Spacebox Palmetto storage BUYER: VREC Spacebox Palmetto LLC (Vitus Real Estate Capital Mgmt. GP LLC), Austin, Texas SELLER: Spacebox Palmetto LLC PROPERTY: 2100 N. U.S. 301, Palmetto PRICE: $5.81 million LAW FIRM ON DEED: Bryan Nelson PA, Hattiesburg, Miss.

PLANS, DESCRIPTION:

2 Sarasota investment firm buys SR 70 Taco Bell, Long John Silverâ&#x20AC;&#x2122;s BUYER: Taco 70 LLC, Sarasota SELLER: Tromble Land Company LLC PROPERTY: 6310 State Road 70 E., Bradenton PRICE: $1.68 million PREVIOUS PRICE: $300,000, February 2001 LAW FIRM ON DEED: William Parker Harrison Dietz & Getzen, Sarasota PLANS, DESCRIPTION:

A Sarasota purchase entity, represented by attorney William Seider, purchased a 2,958-square-foot Taco Bell and Long John Silverâ&#x20AC;&#x2122;s restaurant building for $1.68 million.

Myakka State Forest

Engelwood

The price equated to $566 per square foot.

Jag Grewal of Ian Black Real Estate represented the buyer and Clint Conway of Sperry Van Ness Commercial Advisory Group represented the seller. â&#x20AC;&#x153;The buyer was just an investor looking for a good return,â&#x20AC;? says Grewal. â&#x20AC;&#x153;This was one of a group of restaurants owned by Rick Tromble. He sold his business a couple years ago to Coastal QSR, which is owned by Prometheus Partners. Theyâ&#x20AC;&#x2122;re one of the largest franchisees of Taco Bell in the county.â&#x20AC;?

Grewal says the store was performing well and that the location, near the Braden River High School and Manatee Technical Institute, was exceptional.

The purchase price equated to a payoff ratio based on tenant income (capitalization rate) of a more than 7%.

Austin, Texas-based real estate firm Virtus Real Estate Capital purchased the 220,000-square-foot Spacebox Palmetto self-storage facility for $5.81 million.

The price equated to $26 per square foot.

The gated property features a 4,300-square-foot consignment mall.

The property includes both climatecontrolled and regular storage units and a variety of associated business and storage services. It also allows automobile, boat and RV parking.

Founded in 2003, Virtus Real Estate Capital has since launched 35 investment funds and partnerships that have invested in 143 commercial properties with a combined acquisition value of more than $1.8 billion. Virtus uses an income plus growth strategy, which means it targets stable income producing properties with the goal of even further improving them.

Minto Communities has launched the second phase of the Mangrove Walk neighborhood in Harbour Isle on Anna Maria Sound. The builder will release 12 buildings with 36 island-style coach homes. The first phase of Mangrove Walk consists of 32 buildings with 96 units, a community pool with cabanas and outdoor fire pit, kayak launch and six furnished model homes. â&#x20AC;&#x153;Only a handful of homes are still available in phase one,â&#x20AC;? William Bullock, vice president of Minto Communities, says in a press release. â&#x20AC;&#x153;We have seen a steady increase in sales and the release of the next phase was necessary to keep up with the demand.â&#x20AC;?

Starting in the $370s, Minto offers six floor plans ranging from 1,621 to 2,960 square feet of living space.

North Port

PLANS, DESCRIPTION:

A nonprofit affiliate of the Sarasota Housing Authority purchased a 6,782-square-foot office building on Osprey Avenue for $1 million.

The price equated to $147 per square foot. The two-year average price per square foot for office space is $115 in the Tampa Bay area, according to the CoStar Group.

The authority plans to relocate its executive offices into 1,600 square feet on the top floor of the building and its Section 8 Housing office in 3,500 square feet on the first level. The authority plans to lease out another 1,700 square feet in the building. â&#x20AC;&#x153;We hope to move sometime in the July timeframe,â&#x20AC;? says Bill Russell, the authorityâ&#x20AC;&#x2122;s executive director. â&#x20AC;&#x153;It will require almost no work. Weâ&#x20AC;&#x2122;ll be doing some tree trimming and very, very little remodeling. We were leasing space near Five Points and we were maxed out. With rents going up and interest rates as low as they are we thought it would be smartest to lock up the property and give us enough room to grow.â&#x20AC;?

DeLieto & Associates of the Commercial Division of Michael Saunders & Co. represented the buyer and Diane Lawson of Sperry Van Ness represented the seller.

The purchase entity Osprey Housing LLC mortgaged the building to Branch Banking and Trust Co. for $240,000.

21

The purchase entity VREC Spacebox Palmetto LLC mortgaged the property to Virtus Real Estate Capital Lender LLC for $3.98 million.

Etcâ&#x20AC;Ś â&#x20AC;˘ Planned Furniture Promotions Inc. leased 40,850 square feet of warehouse space at 1712 Northgate Blvd., Sarasota from Systemair US. Jon Kleiber and Terry Eastman of Coldwell Banker Commercial NRT handled the transaction. â&#x20AC;˘ Perks 4 Pets LLC leased 2,800 square feet of retail space at Beachway Plaza, 7208 Manatee Ave., Bradenton.

Tom Strauss and Matt Yaniglos of LandQwest Commercial represented the landlord. â&#x20AC;˘ Scherer Construction of West Florida LLC has started renovations for MedXchange. Located in Bradenton, the renovations for the two new buildings included a face-lift for an art deco feel, new windows, doors, finishes, HVAC, plumbing and light fixtures and an updated electrical system. The project is scheduled for completion in the spring.

Hunt Group subsidiary building Rosedale second phase Rosedale Construction, a subsidiary of the Hunt Group of Cos., plans to develop 445 single-family homes on 237.3 acres in Rosedale Golf and Country Club adjacent to the existing residences. The Lakewood Ranch community current contains 650 homes. â&#x20AC;&#x153;We were exclusive builders of the original 650 residences at Rosedale and we feel the time is right for this new phase,â&#x20AC;? Patrick Hogan, vice president of the Hunt Group, says in a press release. â&#x20AC;&#x153;Both demand for homes in established communities, as well as for new-home construction, is on the upswing. And with only 22 homes available for re-sale in the existing community and nine new homes, we knew we had to respond to consumer demand.â&#x20AC;?

In addition to homes built by Rosedale Construction, the developer/homebuilder will be opening up the phase to several other homebuilders, including Ashton Woods Homes, John Cannon Homes and M/I Homes.

â&#x20AC;˘ Mike Migone was named the â&#x20AC;&#x153;2012 Advisor of the Yearâ&#x20AC;? by Sperry Van Ness Commercial Advisory Group, which has offices in Sarasota and Manatee counties. â&#x20AC;˘ Gypsy Bay Marketplace LLC leased a 2,120-square-foot office suite at 2620 Manatee Ave. W., Bradenton from Manasota Properties LLC. Angela Varga, of Sperry Van Ness Commercial Advisory Groupâ&#x20AC;&#x2122;s Bradenton office handled the transaction. â&#x20AC;˘ Fusion Energy Solutions leased 4,980 square feet at 4424 and 4428 Ashton Road, Sarasota from Rocco Castoro, as trustee. Nick DeVito of Ian Black Real Estate and Brian Seidel of American Property Group handled the transaction. â&#x20AC;˘ BeHealthy America Inc. leased 6,463 square feet at 6948 Professional Parkway E., Sarasota from Lakewood Investment Partnership. Nick DeVito, Debbie Anglin and Ian Black of Ian Black Real Estate handled the transaction. â&#x20AC;˘ Several local companies have been hired for the $10 million renovation of McKechnie Field, the Bradenton spring training home of the Pittsburgh Pirates. NDC Construction is the construction manager for the project, and Fawley Bryant Architects Inc. designed it. In addition, Wm F. McDonough Plumbing of Sarasota handled the plumbing needs of the renovation, Duncan Seawall of Sarasota constructed the boardwalk for outfield seating and All Steel Consultants of Palmetto was contracted for the structural steel. â&#x20AC;˘ SSI Properties LLC purchased a 15,600-square-foot industrial building at 1014 Ninth St., Bradenton, from Southern Electric Supply Co. Inc. dba Rexel for $500,000. Christopher Leonard of Colliers International Tampa Bay represented the seller. â&#x20AC;˘ AR Manatee LLLP purchased 6.11 acres of vacant general commercial land, at 4217, 4207 and 4115 Manatee Ave., Bradenton, from CNL Bank for $475,000. Kelly Prior and Christopher Leonard of Colliers International Tampa Bay handled the transaction. â&#x20AC;˘ Debra Cooper and Angela Varga of Sperry Van Ness Commercial Advisory Group were awarded a contract to lease the Bradenton Financial Center at 1401 Manatee Ave. W., Bradenton. The Bradenton Financial Center features more than 120,000 square feet of office space and views of the Manatee River. â&#x20AC;˘ Cheesman LLC purchased a 3.65acre residential development site at 9216 36th Ave., Palmetto from Regions Bank for $38,000. Michael Gallatin of Sperry Van Ness Commercial Advisory Group handled the transaction.

22

BUSINESS OBSERVER | FEBRUARY 15 – FEBRUARY 21, 2013

BusinessObserverFL.com

COST OF MANUFACTURING TAX SCENARIO

Say there are two manufacturers of the same product in different states. One state requires manufacturers to pay a 7% sales tax when it purchases equipment for its manufacturing plant; the other state does not.

STATE A

7% sales tax on equipment

ABC Manufacturing Inc.

Average Annual Capital Expenditures ..............................................$200,000 Sales tax (x .07) ............................................................................. $14,000 Cost of equipment ........................................................................ $214,000 5-yr. Cost of Equipment .............................................................. $1,000,000 5-yr. Sales tax (x.07) .......................................................................$70,000 Total Cost ............................................................................... $1,070,000

STATE B

No sales tax on equipment

XYZ Manufacturing Inc.

Average Annual Capital Expenditures ..............................................$200,000 Sales tax ............................................................................................... $0 Cost of equipment ........................................................................$200,000 5-yr. Cost of Equipment .............................................................. $1,000,000 5-yr. Sales tax........................................................................................ $0 Total Cost ............................................................................... $1,000,000

ANALYSIS

• Which manufacturer is likely to have a lower price for his product?

Duh. XYZ Manufacturing • Which manufacturer is likely to have more capital available to pay dividends to shareholders, reinvest in his business or create jobs to expand?

Duh. XYZ Manufacturing • What effect will the sales tax have on ABC Manufacturing? a) It likely will be less profitable than XYZ because of its costs b) It will increase its price to consumers to cover the cost of the tax c) It will be less competitive because it will have less free capital to pay dividends or reinvest d) All of the above • Which state is likely to attract more companies?

Double duh.

• Which state is likely to generate more tax revenues to fund public services?

Duh.

COMMENT from page 3 in the prices of the goods and services they sell.

That’s the concept that should be reiterated in Tallahassee this spring when the Legislature is in session.

Or paint a picture, like the one in the accompanying box. Compare two states — one with a sales tax on machinery and one without. Then do the math and the analysis. The results should be obvious.

This is really an old story. But unfortunately it must be told like Aesop’s Fables — again and again. But unlike a fable, this story is real and has been shown and proven many times. Dr. Arthur Laffer and Stephen Moore — the former a Milton Friedman protege, the latter a longtime economist and economics journalist — have shown many

times in their book, “Rich States, Poor States,” what should be intuitive: States with falling tax burdens always have higher and faster growing personal incomes than in states with rising tax burdens.

What’s more, Laffer and Mooreprovide a clear road map for having a health economy with their “10 Golden Rules of Effective Taxation” See below.

CORPORATE WELFARE

Now, about those corporate subsidies, Enterprise Florida and boosting the state’s economic development spending from $111 million to $278 million. While we don’t know how much of that is earmarked toward incentives and tax breaks, however much it is is too much. It’s corporate welfare, and it’s morally wrong. No business deserves an unearned benefit.

10 GOLDEN RULES OF TAXATION 1. When you tax something more you get less of it, and when you tax something less you get more of it.

2. Individuals work and produce goods and services to earn money for present or future consumption.

3. Taxes create a wedge between the cost of working and the rewards from working.

4. An increase in tax rates will not lead to a dollar-for-dollar increase in tax revenues, and a reduction in tax rates that encourages production will lead to less than a dollar-for-dollar reduction in tax revenues.

5. If tax rates become too high, they may lead to a reduction in tax receipts. The relationship between tax rates and tax receipts has been described by the Laffer Curve.

6. The more mobile the factors being taxed, the larger the response to

change in tax rates. The less mobile the factor, the smaller the change in the tax base for a given change in tax rates.

7. Raising tax rates on one source of revenue may reduce the tax revenue from other sources, while reducing the tax rate on one activity may raise the taxes raised from other activities.

8. An economically efficient tax system has a sensible, broad base and a low rate.

9. Income transfer (welfare) payments also create a de facto tax on work and, thus, have a high impact on the vitality of a state’s economy.

10. If A and B are two locations, and if taxes are raised in B and lowered in A, producers and manufacturers will have a greater incentive to move from B to A. Source: “Rich States, Poor States”

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FEBRUARY 15 – FEBRUARY 21, 2013 | BUSINESS OBSERVER

out of the office | CEO EMERITUS |

23

BusinessObserverFL.com

BY MARK GORDON | DEPUTY MANAGING EDITOR

top

SHELF

MARK WEMPLE

Paul Beggan has a few grand takeaways from a long high-level leadership career. Some notables: Have fun, be proud of your job and never, never be late.

A

t h ree - decade career in sales a nd ma nage ment for Paul Beggan began in sausage ended in spirits.

The sausage part was Beggan’s first job after college, with Oscar Meyer in Madison, Wis. It was a sales position, but he spent time on the factory floor, where he literally witnessed the sausage being made. Says Beggan: “I saw all the gory details.”

That job soon led to a sales position with Bacardi, the rum and spirits giant. Beggan began working for Bacardi in 1982. In 2002 he was named president and CEO of Bacardi Canada, which grew from $68 million in annual sales to $125 million during Beggan’s tenure. In 2007 he moved to Switzerland, where he ran a $250 million software integration project for the company.

Beggan moved to Sarasota in 2010. He now consults with CEOs through the Sarasota-Manatee chapter of Vistage Florida. He also runs a spirits-industry consulting business that currently works with a startup rum company and a startup tequila project.

Beggan recently discussed some of his past work experiences, challenges and successes with the Business Observer.

ON TOUR: At Bacardi Canada, Beggan ran a company with 175 employees, where seven managers reported directly to him. He spent his first three months in the Toronto headquarters on a listening tour. He held a threeday retreat with top managers, where he only participated from the background. Says Beggan: “It was a way for us to move forward with what kind of company we wanted to be.”

FROM THE GUT: Beggan adheres to the hire slow/fire fast philosophy, no matter how difficult it is to let people go. “You always want to believe a person will turn it around,” Beggan says. “But in your gut you know it’s not going to work.”

YOU OUGHTA KNOW: A key move in Beggan’s time at Bacardi Canada was a restructuring of roles and responsibilities. Beggan sought to eliminate communication walls between people and departments. He had signs made up and put all over the office that said, “Do our people know?” If the answer was no, employees were supposed to make sure they found out.

PLAY HARD: One of the raw motivating factors in Beggan’s career was his competitiveness.

For example, he and his team at

Bacardi Canada always checked sales numbers against their American-based counterparts.

“I’m a competitive person,” Beggan says. “You are in business to keep score, and we did that a lot.”

DECISION TIME: Beggan’s favorite business saying is “sooner is better than perfect,” a phrase from famed IBM executive Lou Gerstner. He always sought information and opinions from trusted executives, but he moved with purpose. Says Beggan: “The desire to get out in front of something was always the way to go for me.”

BE POSITIVE: Beggan says he had several good bosses during his career, and a few great mentors. But the bad bosses stick out, too, if only for displaying traits he never wanted to have.

Most prominent on that list was ego. Beggan says when a manager thinks of himself first, not the company or his employees, the results usually lean negative.

PLANS CHANGE: Bacardi made several high-level executive changes in 2010, and the person who appointed Beggan to the Geneva job was forced out. A few months later, with a new CEO, Beggan also saw that his job was on the way out.

BEGGAN’S BITS Here are some of Paul Beggan’s most memorable business/life lessons from a 30-year career in sales and leadership positions.

• If you are a boss with status, don’t give it up: make them take it away at a price; • Stick to your expertise after 40.

Try the new stuff before 40; • Take 10 years to learn the business, 10 years to make a name for yourself; • Have fun, be proud of your job and never, never be late; • Ask questions, be humble and listen; • Fall in love with your direct reports and show them trust, humor, loyalty and support; • Make sure your family is on board — your spouse is everything; • People turn out to be who they think they are; • Prepare to change jobs every five years. Relationships count; • Always make it about the other person, it’s not about you.

Beggan believed at one point the Geneva job was a step on the ladder to his ultimate career goal: Running U.S. operations for Bacardi. That didn’t pan out.

“At one point you are part of the past, not the future,” Beggan says. “It happens to everyone.”

24

BUSINESS OBSERVER | FEBRUARY 15 â&#x20AC;&#x201C; FEBRUARY 21, 2013

BusinessObserverFL.com

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6,908 SF

Zoned PID

5,500 SF Directly on I-75

Zoned ILW

8 Overhead Doors

We Are Your Local Restaurant/Bar Specialists

American Property Group specializes in retail, office, industrial, land, restaurants, business opportunities, property management and more!

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BARRY SEIDEL Broker/RealtorÂŽ

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7750 S. Tamiami Trail Sarasota, FL 34231

www.AmericanPropertyGroup.com | 941.923.0535

104496

3,500 SF up to 20,000SF

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