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GULF COAST

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BREAKING GROUND

One store owner proves SEE PAGE 10 service can How does Sarasota’s still beat the big box stores. planned upscale mall Page 8

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Companies • Trends • Entrepreneurs • CEOs

COFFEE TALK GULF COAST BUSINESS BUZZ

+ HMA acquisition pipeline ‘rich’ Naples-based hospital operator Health Management Associates continues to scout for acquisitions. The Naples-based operator of 70 non-urban hospitals targets health care systems that are struggling but can be turned around with good management and operating leverage. In a call with analysts to discuss recent earnings, HMA President and CEO Gary Newsome says the company has a “rich� pipeline of deals. “There will be some communication pretty soon, I think, in terms of our acquisition process and it will be very pleasing for everyone when they hear it,� Newsome hinted, according to a transcript of the call posted on SeekingAlpha.com.

+ Warehouse reels in out-of-towners Turns out it wasn’t only Sarasota residents who clamored for Costco, the popular bulk quantities warehouse. Scott Christensen, the local store manager, says the chain received at least 400 transfer requests from current Costco employees worldwide who sought a job at the Sarasota store. “They came from the West Coast, the Northeast, Puerto Rico and all points in between,� says Christensen. The 145,000-square-foot store, at the Sarasota Square Mall in south Sarasota County, opened Aug. 17. Speaking at a recent Greater Sarasota Chamber of Commerce event honoring local businesses, Christensen reported the store received 4,000 job applications in total. The 180 jobs were broken down 50-50: Half went to local applicants, while half went to employees within the company to fill specific experience positions.

Space Debate

Rather than lease warehouse space, companies are building their own.

The Weekly Newspaper for Gulf Coast Business Leaders

Clear Day Nationwide Title Clearing shows booming growth in slow times. But an allegation threatens to add an asterisk to its performance. PAGE 14

See COFFEE TALK page 3

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Christensen adds that Costco, which doesn’t disclose individual store sales, has exceeded expectations with the Sarasota location. Sales so far are 15% over budget, and the store has signed up 19,000 members since August — a record for new Costco openings in the Southeast region. Says Christensen: “We look forward to increasing those numbers.”

+ Housing starts to rise in Fort Myers-Naples Housing starts are expected to be strong next year in the Fort Myers-Naples area because builders are bidding against each other for lots, says market tracker Metrostudy. The fact that builders are competing for lots means they anticipate greater demand for new homes next year, says Brad Hunter, who oversees the Fort MyersNaples market for Metrostudy. Already, Metrostudy says the pace of housing starts in Lee County in the third quarter is nearly 36% higher than it was at the same time last year. In Collier it’s up nearly 12% over the same period. Metrostudy, which tracks new-home sales in master-planned communities, says move-ins were 16% higher in the third quarter in Lee County than in the second quarter. In Collier, they were up 13%.

+ Long wait generates happy ending Even in a slump of a commercial real estate market, like the current one, an office property that sits vacant for more than three years can be excruciating. But in one specific case in Hillsborough County, west of Tampa International Airport, persistence has paid off. The property is a 7,700-square-foot building on West Hillsborough Avenue, a strip where straight-up office spaces, instead of flex buildings, are rare. The previous tenant was a company named Space Age Services Inc. “Large office spaces like that are the exception,” says leasing agent Theresa Margaris, “not the norm.” Margaris, with Trinity-based Commercial Asset Partners Realty, says in the eyes of prospective tenants, the building’s high visibility on a main drag is regularly trumped by being too big. Plus, Margaris tells Coffee Talk, the property, built in 2000, is harder to modify than newer buildings. There are five air-conditioning units, for example, and an older septic

Free coffee and doughnuts…for life Coffee Talk loves great marketing promotions, especially when it comes to its favorite brew. Bennett’s Fresh Roast, a popular café near downtown Fort Myers, plans to celebrate the sale of its millionth doughnut by rewarding the lucky buyer with free coffee and doughnuts for life. If you time it right, you might be the winner. Bob Grissinger, the former disc jokey turned cafe entrepreneur, estimates that the winner will buy the shop’s millionth doughnut some time in mid- to late November. Bennett’s has been in business since February 2008 and the place has become a hot spot for coffee and doughnut aficionados. The café specializes in rare coffees and exotic doughnuts such as maple bacon. The winner will be entitled to one doughnut and one cup of coffee each day for the rest of his or her life or as long as Bennett’s remains in business in Fort Myers. The prize is nonaccumulative and non-transferrable, so failure to redeem the prize one day is a forfeiture of that day’s coffee and doughnut, and you can’t let someone else pick it up for you. system that restricts where bathrooms can move. Says Margaris: “This wasn’t a building that lent itself to more than one user.” Hence, the three-year vacancy. The wait, though, is over now that IT software consulting firm Checkpoint Technologies moved into the building, which is now its headquarters. Margaris says the space was initially larger than what Checkpoint sought. But she and local Re/Max Realtec Group broker Mark Ganier, who represented the owner, Shelby Randall, got into heavy negotiations. One key to the ultimate lease, says Margaris, is the landlord was realistic on

See COFFEE TALK on page 5

ECONOMIC SNAPSHOT

GULF COAST EMPLOYMENT SEPTEMBER EMPLOYMENT Area Employment North Port-Sarasota-Bradenton 240,000 Tampa-St. Petersburg-Clearwater 1,151,500 Naples-Marco Island 112,900 Punta Gorda 40,500 Cape Coral-Fort Myers 199,000

What it means: The Tampa Bay region is adding jobs at a faster rate than areas further south and the state as a whole (up 0.9%). Punta Gorda and Cape CoralFort Myers saw year-over-year employment drops in September despite improvements in the real estate and tourism industries. On the Gulf Coast, the TampaSt. Petersburg area added 11,900 jobs in the year ended in September. In that same one-year period, the Cape Coral-Fort Myers area lost 3,000 jobs, the most of any area in the state. Employment growth has slowed since

Annual Change 1.1% 1% 0.5% -1% -1.5%

Source: Florida Department of Economic Opportunity

the spring, as business owners remain cautious in light of economic and political uncertainty. Forecast: Greater certainty over issues such as taxes and health care costs will give business owners a clearer sense of whether to boost hiring going into 2013. With government action on those important issues at a standstill until the November election, it’s not clear whether employment will get a boost before then. However, there are signs that industries such as real estate and tourism are rebounding and could lead to increased hiring early next year.

87801

What the data show: Total nonagricultural employment estimates for the major metropolitan areas of the Gulf Coast in September. The data are not seasonally adjusted.

GULF COAST BUSINESS REVIEW OCTOBER 26 – NOVEMBER 1, 2012

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GULF COAST WEEK REGIONAL BUSINESS NEWS AT A GLANCE

TAMPA BAY NFL star buys into firm

Baltimore Ravens running back Ray Rice has bought an ownership stake in VertiMax, a Tampa-based athletic training system company. Terms of the deal weren’t released. However, in a release, Rice says he has used VertiMax for five years. VertiMax founder and CEO Mike Wehrell, a former football player at the University of

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Florida, built the VertiMax system to help athletes build up leg power, speed and vertical jumping ability.

Jabil announces new CEO

With Chairman William D. Morean’s retirement, Jabil Circuit announced that President and CEO Timothy Main will become the new chairman immediately upon Morean’s departure, and Chief Operating Officer Mark Mondello will take the helm as CEO. Mondello will take over as CEO March 1. Mondello started working at Jabil in 1992 as a manufacturing supervisor. He worked his way up management and has served as COO since 2002.

SARASOTA-MANATEE Builder increases sales

Lennar Homes sold 40 condos in one northeast Manatee County community over the last two months — more than $5 million in total sales volume. The condos sold at an average sales price of $140,000 to $150,000. The sales, moreover, continue the upswing at River Strand, a gated golf and country club section of Heritage Harbour, off State Road 64.

Commission seeks judge

The 12th Judicial Circuit Nominating Commission, for which Florida Gov. Rick Scott recently appointed three new members, is primed to fill a

vacancy. Chaired by local homebuilder Pat Neal, the commission seeks a replacement for longtime Manatee County Judge George Brown Jr., who recently announced he would retire next year. Brown’s term isn’t over, so Scott will replace the judge. The nine-member commission will submit three to six candidates to the governor. The commission will judge the candidates on a list of qualifications, from legal system knowledge to judicial experience to professional conduct. The 12th Judicial Circuit covers DeSoto, Manatee and Sarasota counties.

Governor appoints trustee

Florida Gov. Rick Scott recently appointed Eric Robinson, former chairman of the Sarasota County Republican Party, to serve on the State College of Florida Board of Trustees. An accountant in Venice, Robinson is married to Sarasota County Commissioner Christine Robinson. His fouryear term on the SCF board, which began Oct. 22, is still subject to confirmation by the Florida Senate. Robinson has been on the Florida Board of Accountancy since 2010.

CHARLOTTE-LEE-COLLIER Naples home prices rise The median price of an existing single-family home in

Vinik pulls bid for Channelside Tampa Bay Lightning owner Jeff Vinik, citing insurmountable legal hurdles, has pulled out of a major redevelopment project at Channelside, the mixed-use project next to the Tampa Bay Times Forum. Vinik and his partners with the project, Tampa busiNaples rose 25% to $232,000 in September compared with the same month one year ago, according to the Naples Area Board of Realtors. Meanwhile, the number of existing single-family home sales fell 6% to 268 in September. The inventory of single-family homes for sale in the Naples area declined 12% to 2,884. By contrast, the median price of a condominium in Naples fell nearly 3% to $151,000 in September compared with September 2011. The number of condo sales rose 11% to 268. The inventory of condos for sale in September dropped 12% to 3,311 compared with the same month one year ago.

Lee targets Germany The Lee County Visitor & Convention Bureau appointed Frankfurt-based Global Communications Experts to handle marketing and public relations in Germany. The agency will be responsible for maintaining contacts with tour operators, travel agencies, airlines and consumers.

nessmen Anthony Everett and Andrew Wright, had formed Metis Channelside LLC to revitalize the once-booming commercial area. The Tampa Port Authority, which leases the property, and the Irish Bank Resolution Corp., which took it back in a foreclosure, awarded the Vinik-led group the project in a bid process in May. In 2011, Germany was the second-largest international source of tourists for the Fort Myers area with 111,028 visitors staying in paid accommodations, according to the bureau’s statistics. In July, 16,480 visitors from Germany stayed in paid accommodations in Lee County, a 377% increase over the same month one year ago and 7% of total visitors to the area.

HMA profit falls

Health Management Associates, the Naples-based operator of 70 hospitals, reported net income fell 5% to $41.3 million on net revenue of $1.4 billion in the third quarter compared with the same quarter one year ago. The profit decline was due in large part to higher expenses, including a charge for interestrate swaps. In addition, Hurricane Isaac affected Health Management’s Florida and Mississippi hospital admissions. Still, net revenue grew 18% in the third quarter compared with the same quarter last year.

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COFFEE TALK

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market,� Martin says. “People now look for us to open� in their neighborhood. Not that Martin shies away from a food fight. The Manatee County location, for example, is across the street from a Chipotle and a shopping center down from a Moe’s Southwest Grill. Martin, however, says he follows the demographic trends — not the competitors. “If it’s an A location, we are going in,� says Martin. “I don’t care if everyone is there or no one is there. That’s how confident we are that we can deliver.�

rates. Many brokers say one of the main factors holding up a market recovery is property owners who overreach on price. But Checkpoint also budged. The firm paid for significant building improvements, for instance, including new carpet and cubicles for sales staff. “Certainly,� says Margaris, “at the end of the day everyone was happy with the deal.�

Howard. “There are steps you could take to protect your business.� That includes training managers and having written policies in place about employee classification and overtime rules. Howard, whose firm handles defense work in employment law, also says it’s critical to update the training and policies, so managers don’t get complacent.

+ Florida is on overtime for wage and hour claims

+ Uncertainty abounds prior to Election Day

The reputation of Florida being a heavily litigious state is apparently well earned. Consider this factoid: Nearly 30% of the 1,870 wage and hour claims filed under the national Fair Labor Standards Act occurred in Florida this year, according to Thomson Reuters data. That’s more than California, New York or Texas. Roughly one in 10 of those claims were filed in the U.S. District Court for the Middle District, which covers the bulk of the Gulf Coast, says Tampa attorney Christine Howard. The figures, further, aren’t merely a one-year blip. Florida averaged 34% of all claims over a five-year period. Most of the claims arise when employees, many times through high-powered plaintiff classaction firms, accuse a business of unfair pay practices or unseen overtime pay. The cases could cost businesses thousands of dollars in fees and penalties. Howard, managing partner at Fisher & Phillips LLP in Tampa, says several elements have led to Florida’s lofty position in wage and hour claims. For one, the Fair Labor Standards Act was modified in 2004, and that opened more avenues to bring claims. Also, tourism and hospitality jobs are magnets for these claims, given the industry is both large and filled with many hourly employees. “Certainly Florida has the type of jobs that can be susceptible to misconduct,� Howard tells Coffee Talk. Florida business owners and executives can nonetheless fight back against wage and hour claims. One key, says Howard, is on the prevention side. “You want to be as proactive as possible about this,� says

Pre-Election Day surveys that find high uncertainty levels among small business owners have become as common as Florida summer sun showers. One of the latest surveys to pick up the theme is the American Express 2012 Fall Small Business Monitor. That report, a nationwide poll, finds small business owners’ top priority is to maintain current revenues, rather than make growth plans. Respondents with plans to hire more employees, furthermore, have dropped to 29%, from 35% in the spring survey. “In many ways,� American Express OPEN President Susan Sobbott says in a release, “our research on small business sentiment mirrors economic indicators on the consumer front — confidence and optimism gauges are showing positive signs, but there is a sense that people are not willing to go all-in until after the elections.� Still, the Florida breakdown of the survey is somewhat scattered, with a wide mix of views. For instance, 82% of Floridian respondents plan to grow their business over the next six months, up from 77% in the spring survey. But nearly twothirds from Florida, 65%, say the economy stresses them out, up from 55% in the spring. Another interesting nugget: More than half the statewide respondents, 61%, pay themselves a salary, though the average annual wage is down, from $68,100 last year to $62,100 this year. Nonetheless, the amount of small business owners who pay themselves any salary at all spiked significantly, from 39% last year to the 61% figure this year.

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Steve Martin’s Gulf Coast taco empire continues to grow. Martin opened his eighth Tijuana Flats restaurant on the Gulf Coast, on Cortez Road in west Bradenton, late last year. Store No. 9 opened this summer, in the Feather Sound area of St. Petersburg, and No. 10, in east Manatee County, opens Oct. 29. “It thrills me to death that we keep opening restaurants and creating jobs,� Martin tells Coffee Talk. “We are at the right price point. People can afford to go out and do tacos.� A longtime restaurant industry executive, Martin opened his first Tijuana Flats, known for its quirky collection of hot sauces, in 2002. He poured his 401(k) and other savings, $300,000 in total, into the launch. Stores, after an opening period, tend to generate about $1 million a year in annual sales. (See Business Review, Aug. 13, 2009.) Martin’s not done expanding yet, either. He recently signed a letter of intent for another store, in Palm Harbor, and he’s in talks with Maitland-based Tijuana Flats to open stores in the Fort Myers area. Martin says a key factor in the growth, past price point, is the chain got into the local Tex-Mex quickcasual segment earlier than most competitors, like Denver-based Chipotle Mexican Grill. “We’ve done a good job covering the

6

GULF COAST BUSINESS REVIEW OCTOBER 26 – NOVEMBER 1, 2012

www.review.net

Low taxes, great fishing Keeping taxes low is critical to attracting more high-tech manufacturing companies and jobs to the Gulf Coast. The fishing’s good, too.

A

nyone who thinks taxes don’t matter when it comes to attracting companies to Florida should chat with Douglas Gyure. Gyure’s company, S4J Manufacturing Services, makes special fittings used by more than 1,000 companies in the medical-device field to connect fluid- and gascarrying tubes. Some of its customers include Fortune 500 companies, and the company makes about 1 million fittings a year. Tucked away in an industrial park on the north side of Cape Coral, S4J is the kind of company that industry recruiters are eager to attract. The company manufactures custom parts and provides skilled “blue tech� jobs. When New Jersey boosted taxes in

VIDEO: For Gyure’s outlook on the medical market, visit review.net.

FEATURED PROPERTIES

1990, Gyure’s father, Steven Gyure, decided he’d had enough. “Our governor doubled the state income tax,� the younger Gyure recalls. “Dad said, ‘I’m going away.’ And he loves fishing.� The lesson for politicians and economic development groups who want to attract high-paying jobs to Southwest Florida: The weather’s nice, but low taxes matter a lot. It’s not just corporate taxes that affect corporate relocations. “When you’re in a small business, you look at personal and business taxes,� says Gyure. Florida’s overall comparatively lower tax scheme made it easy to leave New Jersey. “It was far cheaper,� Gyure says. When the elder Gyure decided to leave New Jersey, he didn’t leave many employees behind. “All of our key people came,� says his son, who today manages the business. “We flew them down here to meet with a real estate agent.� The younger Gyure, who had worked for S4J since he started sweeping the

JimJett.com

Douglas Gyure says his company, S4J Manufacturing Services, can do business anywhere in the world because of Internet and shipping. factory floor when he was 8 years old, says cell phones and the Internet make it easier to relocate companies today. “We could be anywhere in the world,� he says. S4J is the kind of high-tech manufacturing that gives the U.S. an edge over the competition. Although it sells 250 standard items, many customers turn to S4J to create special one-of-a-kind parts. “Much of our work is custom,� says Gyure. Gyure says he first saw the company’s parts in action when his wife was in labor in the hospital. S4J connectors connected the blood-pressure monitor hoses to a machine, and Gyure jokes that he was as excited about seeing his products in the delivery room as he was about the birth

of his child. Gyure declines to share sales data, but he says growth has been flat in recent years because of the recession. A looming tax on medical manufacturers as part of Obamacare isn’t encouraging, he says. “We have very little competition, but I don’t feel like we can raise prices,� says Gyure. S4J hasn’t raised prices despite rising labor and material costs. Gyure says automation is the key to productivity improvements. The entire operation runs with 13 employees. “It’s all in the automation and efficiency,� Gyure says, pointing to one machine he recently acquired for $300,000. —Jean Gruss

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GULF COAST BUSINESS REVIEW OCTOBER 26 – NOVEMBER 1, 2012

7

www.review.net

SANDWICH APPEAL An entrepreneur changes the standard “Help, I’ve fallen and can’t get up� alert system. What happens after users push the button could change health care — and its costs.

C

huck Kienzel is familiar with caretaking. Frequent trips across the state to take care of his aging mother-in-law with Alzheimer’s took an emotional toll. It also motivated Kienzel to start on a new company that emerged him from retirement. After selling security systems in Columbus, Ohio, for decades, Kienzel moved to Florida in 1987 to start his own company. He sold that firm in 2002 to retire, but he decided two years ago to go back to work to create Bradenton-based Nurse Alert. “I would only do it if I could find a better way, and I did,� Kienzel says. People may be familiar with personal emergency response systems (PERS), from the famed “I’ve fallen and I can’t get up� commercials. When there is an emergency, a person with the device pushes a button and gets connected with a call center that dispatches emergency personnel or contacts a “key person� in his or her file. Kienzel’s idea, Nurse Alert, takes that idea a step further. Although the device looks similar, the press of the alert button connects users to a triage center with

specialized medical professionals, either a pediatric nurse or geriatric nurse with more than 10 years of experience. The nurse on the line also has access to the patient’s medical records within 40 seconds of the alert. This enables the nurse to give advice or recommendations, or to call for other help if needed. A triage call center isn’t new, but connecting it to an alert system is. The triage center is its own entity, used by the military, hospitals after hours and other care-taking organizations. Aside from reaching the older demographic, Kienzel wants to diversify his users by reaching a younger generation through Pedia Nurse, an alert system for children. Kienzel says no one else currently provides this type of service for children, and offering both versions allows him to reach the sandwich generation. This refers to those who find themselves taking care of young children and aging relatives at the same time. One of Kienzel’s top selling points is his customers’ ability to handle health concerns over the phone rather than during a hospital visit, saving time and

Are you ready to

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Charles Kienzel shows a pamphlet for Pedia Nurse, an alert system for kids. He says his two alert services will appeal to the sandwich generation — those caring for their kids and their elderly parents. money. Kienzel says Nurse Alert is the most economical way to provide service, peace of mind and it prevents unnecessary trips to the doctor. Compare a doctor’s bill with Nurse Alert’s monthly $30 service fee. Kienzel declined to share Nurse Alert’s annual revenues, but says he expects to see a 20% increase in sales this year. Amid budget problems Medicare and Medicaid programs face, an in-home health line seemed a reasonable alternative for South Carolina Rep. Bill Herbkersman. Herbkersman proposed a pilot program using Nurse Alert, with the goal of lowering the state’s Medicaid costs. The program started by targeting Medicaid patients who had frequent trips to

the emergency room. It gave 3,000 volunteers access to Nurse Alert’s service in hopes that health concerns could be solved with a phone call and prevent a costly trip to the ER. According to Kienzel, the program saved an estimated $58 million. Kienzel is talking with legislators in Tallahassee about a similar pilot program in Florida. “In my opinion it’s a long ways away in Florida, but it’ll happen,� Kienzel says. Services from Kienzel’s company are large steps forward in telemedicine, and all of the advances seem just in time for Kienzel. “I’m getting close to being a client,� he joked. –Jennifer Glenfield, contributing writer

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GULF COAST BUSINESS REVIEW OCTOBER 26 – NOVEMBER 1, 2012

www.review.net

Mark Wemple

Steve Litschauer founded Bradenton-based On a Shoestring, a boutique-style athletic footwear store, in 2006. The Florida Retail Federation presented Litschauer with the Florida Outstanding Retail Leader Award earlier this year.

Walk This Way A 35-year law enforcement veteran finds a comfortable fit in entrepreneurship. His next challenge: Stay ahead of big-muscled competitors.

W

hen customers enter Steve Litschauer’s store, he wants them to stay for at least 30 minutes, maybe even an hour. It’s quite an expectation for a guy who sells sneakers. But Litschauer says the patient, deliberate sell has been a key weapon in a remarkable accomplishment: The running and walking shoe store, Bradenton-based On a Shoestring, thrives in an environment where similar one-outlet, boutique-style athletic footwear stores have turned into dinosaurs. One Gulf Coast competitor, for example, Fit2Run, has gone from one local location to six statewide in recent years. And the bigbox competition threat, from Kohl’s to Sports Authority, constantly lingers. On a Shoestring, however, has more than held its own. A retired 30-year veteran of the Manatee County Sherriff ’s office, where he rose to the rank of captain, Litschauer launched the business with his wife, Sharon Litschauer, in 2005. Litschauer says sales have grown

at least 10% a year every year since then, through 2011, when revenues increased 9%. On a Shoestring, in a west Bradenton strip mall that includes a dentist office, a trophy store and a McDonald’s, is in the six-figures in annual revenues. “Our business model is different,” Litschauer says. “We don’t go to the low end, and we don’t go to the $200 to $300 shoe.” Litschauer and the store, with shoes in the $90 to $140 price range, have both been recognized locally and statewide for the ability to fend off bigger competitors. The Independent Running Retailers Association and Competitor Magazine named it one of the 50 best running stores in America in 2009 and 2011. Competitor magazine also named it a top running store in the Southeast in 2008, 2009 and 2011. Earlier this year, moreover, the Florida Retail Federation presented Litschauer with the Florida Outstanding Retail Leader Award. The federation measures community service and business acumen in determining

the award. Like many small business owners, Litschauer says On a Shoestring succeeds partially because it’s heavily involved in the community. The store and brand are highly visible in the Manatee County running community, from 5Ks to half marathons. The store is also a regular in schools, church and local chamber of commerce events. On a Shoestring further markets heavily to the local medical community, where it regularly hosts open houses for podiatrists and other physicians. Part of the goodies the store hands out at those events: a prescription-style pad with the store’s name, address and logo that doctors can give to patients. Still, Litschauer realizes community outreach won’t be worth much without top customer service. That’s why he trains employees to take their time with each customer. “You can’t take a shoe off the rack here,” says Litschauer. “We have to get it for you. We want it to be an experience.”

Litschauer never considered himself an entrepreneur while he worked his way up in law enforcement, first with the city of Bradenton Police Department, and later with the sheriff ’s office. But he also sought a plan for retirement, past sitting “out on the porch and rocking.” The Litschauers first opened On a Shoestring in a corner of MVP Sports, a store down the street, since closed, that was a conglomeration of local sports equipment businesses. The couple, using $100,000 in savings, moved into its current location in 2006. They recently spent $10,000 on an internal renovation, which included new hardwood floors. Litschauer considered moving the store to a bigger location. But he decided to focus on consistent improvement, not expansion. “It’s not just a business,” says Litschauer. “Every day we are helping people.” — Mark Gordon

GULF COAST BUSINESS REVIEW Gulf Coast Bx Review_Oct 26 Issue_Layout 1 10/19/2012 9:21 AM Page 1 OCTOBER 26 – NOVEMBER 1, 2012

www.review.net

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GULF COAST BUSINESS REVIEW OCTOBER 26 – NOVEMBER 1, 2012

www.review.net

COMMERCIAL REAL ESTATE: RETAIL by Mark Gordon | Deputy Managing Editor

MALL MANEUVERS The first new mall in the region in a decade will add nearly 1 million square feet of retail space. How will the mall stack up to the competition?

B

ill Taubman, chief operating officer for one of the more prominent shopping mall development firms in the country, isn’t kidding when he says good things come to those who wait. Like The Mall at University Town Center, a project that by some accounts is nearly 20 years in the making. That waiting period officially ended Oct. 15, when the partners behind the mall, Bloomfield Hills, Mich.-based Taubman Centers and University Park-based Benderson Development, held a celebratory groundbreaking. Planned at 880,000 square feet and more than 100 stores, the mall will be built just west of the University Parkway exit of Interstate 75, off Cattlemen Road. The area is in Sarasota County, with the Manatee County line across University Parkway. “We believe in Florida, and we believe in Sarasota County,” says Taubman. “We’ve

INTERNATIONAL PLAZA TAMPA

had our eye on this location for a long time.” With a projected construction value of $315 million, the mall is one of the largest building developments to break ground in the Sarasota-Manatee region during the past decade. The project, moreover, is one of only a few new malls going up nationwide. Taubman says the mall will utilize both natural light and the newest technologies. “I promise you’re not going to be disappointed,” says Taubman. “(This mall will) represent the future of shopping.” Here’s a glance at some of the present malls on the Gulf Coast and how each compares with The Mall at University Town Center.

ONLINE: For more on how The Mall at University Center stacks up, visit review.net.

THE MALL AT UNIVERSITY TOWN CENTER

SARASOTA-MANATEE

Pam Eubanks

Representatives of Benderson Development, Taubman Centers and Manatee and Sarasota counties participated in the groundbreaking ceremony for The Mall at University Town Center.

WESTFIELD SARASOTA SQUARE MALL SARASOTA

WESTFIELD SOUTHGATE MALL SARASOTA

s¬NUMBER OF STORES¬s

200

at least 100*

123

COASTLAND MALL NAPLES

EDISON MALL FORT MYERS

117

160

960,000 square feet

1.051 million square feet

4,242

4,712

= 10 stores

46

s¬TOTAL GROSS LEASABLE AREA¬s 1.19 million square feet; 125,000 square feet on Bay Street, an outdoor plaza

880,000 square feet*

943,514 square feet

421,398 square feet

s¬PARKING SPACES¬s

= 1,000 spaces

N/A 4,500

6,000

2,000 s¬JOBS¬s

= 100 jobs

N/A

N/A 1,200

2,500 3,500 in holiday season

5,000

2,000 plus 1,000 construction jobs to build mall s¬YEAR OPENED s

1950

2020

2001

1950

2020

2016*

1950

2020

1978

(Westfield acquired property in 2003)

1950

2020

1950

2020

1956

1977

Mall is home to several brands exclusive to the Sarasota market, including Ann Taylor, Banana Republic and Pottery Barn.

H&M, a trendy Sweden-based retailer, plans to open a store in the mall later this year. The store will be H&M’s first location in the Naples-Fort Myers market.

(Westfield acquired property in 2003)

1950

2020

1965

s¬FAST FACT s The mall opened on Sept. 14, 2001, three days after the terrorist attacks. The parent company canceled several grand opening-related events, including Cirque du Soleil.

About 50% of the stores will be new brands in the market. *

* = Projected

The first Costco in the Sarasota-Bradenton market opened here in August.

s¬SOURCESs TAUBMAN CENTERS, SARASOTA SQUARE MALL, SOUTHGATE MALL, EDISON MALL

The first mall in America to have rivals Sears and JCPenney in the same mall.

GULF COAST BUSINESS REVIEW OCTOBER 26 – NOVEMBER 1, 2012

www.review.net

11

UPCOMING

CALENDAR OF EVENTS OCTOBER 30

HALL OF FAME: Junior Achievement of Southwest Florida will induct Richard Akin and Phil McCabe to the Collier County Business Hall of Fame. The event will be held at the Waldorf Astoria Naples, 475 Seagate Drive, Naples. Akin is president and CEO of the Healthcare Akin Network of Southwest Florida Inc., a nonprofit primary health care provider in Collier County. McCabe owns and operates the Inn on Fifth, McCabe’s Irish Pub & Grill and four other restaurants. For more information visit jaswfl.org, contact Anne McCabe Frazier at 239-225-2590 or email info@ jaswfl.org.

NOVEMBER 1

BLUE CHIP: The 18th Annual Southwest Florida Blue Chip Community Business Awards program will recognize successful small business owners in Charlotte, Collier or Lee County who have overcome adversity to achieve success. The event will run from 11:30 a.m. to 1 p.m. at the Harborside Event Center, 1375

Life Center, 675 111th Ave., Naples. Cost is $25 for members, $35 for others. For more information call 239-436-6100, visit cbia. net or email amelia@cbia.net.

Monroe St., Fort Myers. For more information contact Stacey Mercado of BB&TOswald Trippe and Co. at 239-433-7189 or SMercado@BBandT.com. OBAMACARE PRIMER: Allen Weiss, president and CEO of NCH Healthcare Systems Inc., will discuss the impact on the region of the Patient Protection and Affordable Care Act at a Leadership Collier Foundation leadership luncheon. The event will run from 11:30 a.m. to 1 p.m. at the Professional Development Center, 615 3rd Ave. S., Naples. Cost is $15. For more information visit napleschamber.org. ECONOMIC JUMPSTART: Ray Leach, CEO of JumpStart Inc., will discuss JumpStart’s efforts to promote entrepreneurial ventures in Northeast Ohio Leach at a Gulf Coast Venture Forum and Florida Venture Forum meeting. The event runs from 5:15 p.m. to 8 p.m. at the Trianon Bonita Bay, 3401 Bay Commons Drive, Bonita Springs. Cost is $25 for members and $45 for others. For more information visit floridaventureforum. org.

NOVEMBER 7

THE ROSS SHOW: The Collier Building Industry Association will host its annual residential-market presentation featuring land broker Ross McIntosh. The event, dubbed the Ross Show, will run from 5:30 p.m. to 7:30 p.m. at St. John the Evangelist

NOVEMBER 9

EMERGING TRENDS: Charles DiRocco, director of real estate research for PricewaterhouseCoopers, will discuss emerging trends in real estate. The meeting, which will also feature a panel of Southwest Florida developers, will run from 8 a.m. to 10 a.m. at the Grey Oaks Country Club, 2400 Grey Oaks Drive N., Everglades Room, Naples. Cost is $45 per person. For more information visit swflorida.uli.org.

NOVEMBER 13

ONLINE RETAIL: The Florida Venture Forum will host a discussion with entrepreneurs and investors about Internet retailing from 5:15 p.m. to 8 p.m. at the Grand Hyatt Tampa Bay, 2900 Bayport Drive, Tampa. Cost is $25 for members and $45 at the event. For more information visit floridaventureforum.org.

NOVEMBER 14

ENTREPRENEUR AWARD: Brent Britton, prominent Tampa technology and intellectual property attorney and founding partner of the Britton, Silberman & Cervantez law firm, will be the feature presenter at the Charlotte County Economic Development Office’s entrepreneur award luncheon. The event will run from 11:30 a.m. Britton

to 1 p.m. at the Charlotte Regional Medical Plaza, 713 E. Marion Ave., Fourth Floor Conference Room, Suite 149, Punta Gorda. Cost is $10. For more information call the Charlotte County Economic Development Office at 941-764-4941.

NOVEMBER 15

MEET THE CEO: Margaret Callihan, chairman, president and CEO of SunTrust Bank will be the honoree at the American Jewish Committee West Coast Florida’s 2012 Civic Achievement Award Dinner. The event will start at 6 p.m. at Michael’s On East, Sarasota. For more information contact AJC Regional Director Brian Lipton at 941-365-4955 or email liptonb@ajc.org.

NOVEMBER 16

TECH AWARDS: The Tampa Bay Technology Forum will hold an awards gala to recognize technology entrepreneurs from 6 p.m. to midnight at the Hilton Bayfront, 333 First St. S., St. Petersburg. For more information visit tbtf.org.

NOVEMBER 27

MEET ALEX SINK: The Women Owners of Florida Inc. will host Alex Sink, senior advisor with Tampa-based Hyde Park Capital and former Florida chief financial officer. The event starts at 1:30 p.m. at the Hilton Garden Inn, 8270 N. Tamiami Trail, Sarasota. For more information contact Deb Shuck at 941-685-0250.

DECEMBER 4

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12

GULF COAST BUSINESS REVIEW OCTOBER 26 – NOVEMBER 1, 2012

www.review.net

COMMERCIAL REAL ESTATE by Jean Gruss | Editor/Lee-Collier

REVIEW SUMMARY Industry. Commercial real estate Trend. Large warehouses are filling with tenants. Key. Large spaces are in demand as vacancies dwindle and developers are poised to start construction.

JimJett.com

Robert Simpson, president and CEO of LeeSar, says his medical distribution cooperative can serve more health care facilities from its new $40 million distribution center in Fort Myers.

Big-space shortage Tenants are taking up big blocks of warehouse space as the economy recovers, reducing vacancies in many larger buildings. But rents haven’t risen to entice developers — yet.

B

ig space is getting scarce. Distribution companies that cater to growing customers on the Gulf Coast are discovering that there aren’t many large blocks of warehouse space to choose from. The warehouse market is at a difficult point in the cycle, when the recovery is beginning and space is getting tight, but developers are unwilling to deliver new buildings to market because rents haven’t caught up.

Instead, companies that need large warehouses are building their own. For example, food distributor Cheney Brothers is building a 250,000-square-foot distribution center in Charlotte County, and medical distributor LeeSar recently opened a 205,000-square-foot facility it built in Fort Myers. With low land and construction costs, many companies choose to build their own facilities rather than lease space. “The smart developers are going to tie up the

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well-located properties and wait for buildto-suits to come, because they’re coming,” says Bob Johnston, a principal with Lee & Associates in Fort Myers. It’s a similar situation in the Tampa Bay region, especially in east Hillsborough County, Plant City and Lakeland. “There comes a point — and I think we’re there — that there’s just no space,” says Bruce Erhardt, executive director of land brokerage with Cushman & Wakefield of Florida in Tampa.

Erhardt estimates that developers are poised to start building 1 million square feet of warehouse-distribution space in the Tampa Bay region next year. Such speculative construction has not occurred since the start of the real estate downturn. “We do not have enough large distribution facilities with the 20-foot ceilings and the dock high so the big rigs can come in,” says Ron Struthers, a broker with Coldwell Banker Commercial in Punta Gorda. “If somebody could spec a 60,000-square-foot

GULF COAST BUSINESS REVIEW OCTOBER 26 – NOVEMBER 1, 2012

“

Bruce Erhardt Cushman & Wakefield of Florida:

Bill Foley, the president and chief operating officer of Cheney Brothers, says Charlotte County is a central location to distribute food to areas south of the Tampa Bay region. building, they could lease it up.” While vacancies may be declining, rents haven’t yet started to rise to the point that a developer could make a profit on a new warehouse. “We’ve got vacancy saying ‘build’ but we have rents that say ‘don’t build’,” says Erhardt. While warehouse buildings are generally less costly to build than offices or shops, that’s starting to change. For example, Cheney Brothers estimates the computer technology in the new Charlotte warehouse will cost $2 million. LeeSar’s building cost $40 million to build. That’s because computers now monitor every step of the “just-in-time” distribution process so there’s no waste. Sometimes, the challenge is geography. “There’s never been big industrial buildings in Southwest Florida,” says Randy Mercer, founding partner of CRE Commercial and the developer of the original 70,000-square-foot LeeSar building in Lehigh Acres. “We’re at the end of the distribution line.”

VIDEO: To hear more on LeeSar’s expansion, visit review.net.

“

“We’ve got vacancy saying ‘build’ but we have rents that say ‘don’t build.’”

JimJett.com

13

www.review.net

FILL THE WAREHOUSE Tenants are absorbing warehouse space on the Gulf Coast, lowering vacancies in the third quarter compared with the same quarter one year ago. However, persquare-foot rents haven’t risen to the point of enticing developers to build additional space. Area Vacancy 3Q2011 Tampa Bay region 10.4% Southwest Florida (Charlotte, Collier, Lee) 12.5%

Vacancy 3Q2012

Asking rates 3Q2011

Asking rates 3Q2012

9.9%

$4.66

$4.65

9.4%

$5.37

$5.14

Cheney expands to Charlotte

Cheney Brothers, a privately held food distributor headquartered in Riviera Beach, is a growing operation that hit $1 billion in sales this year. The company has been seeking locations on the Gulf Coast, and it picked a site near the Charlotte County Airport and Interstate 75. “This is really a central point for us,” says Bill Foley, Cheney’s president and chief operating officer. From Charlotte County, Foley says it can distribute more than 15,000 products to restaurants and other customers south of the Tampa Bay region. Its trucks can cut across the state using State Road 70 and from Charlotte County it can supply customers in Lee and Collier as well as Sarasota. It already has another distribution center in Ocala that supplies Hillsborough and Pinellas. Cheney plans to build 250,000 square feet of space in Charlotte County initially, but the site could accommodate 400,000 square feet and employ nearly 400 people. That’s enough to fill seven football fields. What’s more, a host of ancillary services may follow Cheney. For example, the company leases a fleet of trucks and it’s likely that a truck-repair facility will locate nearby, says Bruce Laishley, the Charlotte developer who persuaded Cheney to locate there. Laishley says he’s working with nine or

Courtesy

LeeSar’s new distribution facility in Fort Myers measures 205,000 square feet, with room for further expansion. That’s enough space to fill nearly four football fields.

surgical equipment. “HCA Columbia was here last week with their executives and their jaws dropped,” says Simpson. Besides Lee Memorial and Sarasota Memorial hospitals, LeeSar also supplies Central Florida Health Alliance in Leesburg and Huntsville Hospital in Alabama. For the year ended September 2011, LeeSar reported net income of $5.2 million on sales of $158 million. Simpson says the new facility will allow LeeSar to grow and add more capacity because the new facility is nearly three times bigger than the previous space. He also says LeeSar could set up similar distribution facilities in other locations.

10 other businesses to locate nearby. “We expect to see many others,” he says. A road that’s being built to the Cheney site will open up other sites for development.

LeeSar grows in Lee

LeeSar, a nonprofit cooperative established by Lee Memorial and Sarasota Memorial, recently moved into a 205,000-square-foot distribution facility it built in Fort Myers. In addition to medical supplies, the facility includes a 38,000-square-foot, $7 million kitchen that can make 15,000 meals a day, and a 40,000-square-foot sterile processing center where it cleans and packs

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GULF COAST BUSINESS REVIEW OCTOBER 26 – NOVEMBER 1, 2012

www.review.net

COMPANIES by Mark Gordon | Deputy Managing Editor

REVIEW SUMMARY Business. Nationwide Title Clearing, Palm Harbor Issue. Mortgages, financial Key. Firm has grown significantly since 2008, defying the recession.

Mark Wemple

John Hillman is CEO of Nationwide Title Clearing, a Palm Harbor-based mortgage paperwork-processing firm. Revenues at the firm have grown 85% since 2008, from $9.2 million to $17 million in 2011.

Title Town Allegations of mortgage industry irregularities, mixed with connections to a controversial religion, confront a Gulf Coast company. But Nationwide Title Clearing has withstood the salvos.

T

he lunchtime scene at Nationwide Title Clearing, a fast-growth 315-employee mortgage-processing firm in north Pinellas County, is like being back in high school. Nearly every employee takes lunch at the same time. Indeed, the rows of cubicles inside the gated 38,000-square-foot complex, a former Christian church and daycare center, are a virtual ghost town during lunch. The Palm Harbor-based company, partially in response to employee requests, sets daily lunchtime from 12:30 p.m. to 1 p.m. Some folks gather inside the cafeteria to eat. Others eat lunch at metal picnic tables, where one munches on Doritos and yogurt. Some people huddle off to the side, chatting and smoking cigarettes. Still others eat by themselves while reading a book, curling up against a wall. On one recent Tuesday, a few people left the campus and returned with McDonald’s bags. Everyone at lunch, however, has one thing in a common: A Nationwide Title Clearing employee ID badge. The badge is access to the company, a unique — and complicated — success story among Gulf Coast businesses. On the one hand, Nationwide’s growth,

in employees and revenues, defies the recession. Annual sales, for instance, have more than doubled since 2008, to at least $20 million. On the other side, though, a state attorney general recently accused Nationwide of unethical mortgage industry practices. Moreover, several company officials and founders have ties to the Church of Scientology, a somewhat controversial religion with a sizable presence in Pinellas County and Clearwater, both in members and in property it owns. The company continues to fight allegations of wrongdoing. But the Scientology connection, say Nationwide executives and some local officials, are irrelevant to anything at the company. The growth side to Nationwide, meanwhile, is impressive: In the past five years Nationwide has become one of the largest firms in the country that focuses on postclosing services for residential mortgages. That means clients pay Nationwide, essentially a middleman, to handle the reams of paperwork and document verification a mortgage requires, from lien releases to title searches to final documents. Clients, according to the company, include eight of

the 10 largest mortgage firms and banks in the country, in addition to a few federal agencies. It’s labor-intensive work. Each document, say company executives, goes through an eight- to 12-step approval process. Nationwide’s clients have mortgages in every state, which covers more than 3,500 jurisdictions. So the firm’s employees must know the laws and regulations for wherever they process paperwork. Moreover, the company’s proprietary document-tracking system enabled it to stay relevant to clients when the housing bubble burst. “We filled a need,” Nationwide Vice President of Sales Michael O’Connell says. “Our ability to predict what was coming has paid off.” So much so that Nationwide’s annual revenues are up 85% since 2008, from $9.2 million to $17 million in 2011. The payroll more than doubled in that time, from 86 employees in 2008 to 222 at the end of 2011. The growth surge has continued into 2012, where through September Nationwide had 315 employees. Still, Nationwide’s fast growth comes with an asterisk because of its ongoing legal allegations.

‘Undermining integrity’

The state of Illinois, in fact, sued Nationwide earlier this year for alleged violations of the Illinois Consumer Fraud and Deceptive Practices Act. The state attorney general’s office says Nationwide filed faulty documents with Illinois county recorders. The lawsuit, filed in Cook County Circuit Court, asks a judge to impose civil penalties against Nationwide. “The practices that NTC used were a key contributor to the mortgage crisis by undermining the integrity and accuracy of the mortgage servicing and foreclosure process,” Illinois Attorney General Lisa Madigan says in a Feb. 2 statement. Nationwide CEO John Hillman, in an interview with the Business Review inside Nationwide’s campus in mid-September, declined to comment on specific allegations in the Illinois lawsuit. Hillman, though, denied Nationwide engages in any unethical practices, denials that include robo-signing. That term entered the lexicon in late 2010, when several big banks, through employees who signed documents they allegedly didn’t read, were accused of speeding up the foreclosure process.

GULF COAST BUSINESS REVIEW OCTOBER 26 – NOVEMBER 1, 2012

Religious matters

Fending off unethical mortgage industry allegations is a much different challenge than the perception of mixing religion and business. That could be why the affable Hillman — who sometimes smilingly tells visitors to call him Johnny — grows slightly defensive when asked about Nationwide’s connections to the Church of Scientology. The link is most visible in a system the company uses created by Scientology founder L. Ron Hubbard. This fact is highlighted on Nationwide’s job application, which, in the middle of the legalese language, states the company actively utilizes a nonreligious management and processing system Hubbard created. Hillman says the secular system is akin to Six Sigma, a uniform work process that makes everything run more efficiently. At a place like Nationwide, where speed and

“

“

“We’re not a foreclosure shop,” says Hillman. “We’ve never done that. We have employees who sign a lot of documents, but they review every piece of the documents before they sign.” Adds Hillman, regarding the Illinois lawsuit: “I’m sure it will come to a good result soon.” At least one other entity, outside government, has also accused Nationwide of unprincipled mortgage practices. St. Petersburg attorney Matthew Weidner, who specializes in foreclosure defense cases, made some allegations against Nationwide on a blog post in 2010. Nationwide sued Weidner for slander and libel, in a case that was ultimately settled out of court. Weidner declined to comment on the specific case, saying he signed a confidentiality and non-disparagement agreement. Weidner, nonetheless, did say he believes the entire mortgage processing industry remains an overlooked source of some lingering issues in the housing market malaise. “This industry came out of nowhere,” says Weidner. “There are no rules, no nothing.”

Michael O’Connell, vice president of sales, Nationwide Title Clearing: “We filled a need. Our ability to predict what was coming has paid off.”

AT A GLANCE: Nationwide Title Clearing Employees

350 300 250 200 150 100 50

Revenues

*through September

$20 million

315

15 10

$17 million

5 2008

’09

’10

’11

’12*

2008

’09

’10

’11

Source: Nationwide Title Clearing

teamwork are vital, a simple system is a key component of the success, company officials say. The firm, adds Hillman, also uses Hubbard’s system to analyze trends and improve quality control. But Hillman bristles at accusations that Nationwide is a Scientology-controlled business merely because the firm uses Hubbard’s work-processing techniques. The church doesn’t own the company, according to Florida Secretary of State documents, though several people with current or past connections to Scientology are officers and directors. “Scientology doesn’t play a role in the company environment,” Hillman says. “Scientology doesn’t play a role in what we do. There is no connection, other than I’m a Scientologist myself. It’s a nonissue.” Connie Davis, president and CEO of the Greater Palm Harbor Area Chamber of Commerce, says religion never comes up in her conversations and work with Nationwide employees. Nationwide is a major

chamber supporter. “I have nothing but good things to say about the company as a chamber member,” says Davis. “Anything other than that, I’m not aware of.” Hillman, furthermore, says he has no idea how many Scientologists work at Nationwide. He threw out a guess once, when the Tampa Bay Times wrote a story on the company in early 2011, but refuses to speculate now. Says Hillman: “I don’t know how many Mormons are here and I don’t know how many Catholics are here.” Hillman says he understands the genesis of the Scientology questions, given the religion’s sometimes negative perceptions, but understanding doesn’t equal agreement. “It’s odd,” says Hillman, “because in what other company does the religion matter?”

Perfect chain

Nationwide was founded in 1991 in Southern California. At one point Hillman says the company shared offices with Walt

www.review.net

15

Disney Imagineering in Glendale, Calif. A son-in-law of Ivan Kezsbom, one of several Nationwide co-founders, Hillman joined the firm 1995. Hillman worked in human resources, and he also ran the IT department before he was named CEO in 2006. Hillman says his management style is to walk around. He will check in with various departments regularly, but he tries to stay out of decision-making until it’s absolutely necessary. “I allow people to do their jobs,” says Hillman. “I want to empower my employees.” Nationwide relocated to Palm Harbor in 2002. In its first few years on the Gulf Coast, Hillman says the company was mostly stuck in a cyclical market. Revenue growth was stagnant. But a revamped training program in 2008 partially led to the growth spurt. The company also recently enhanced its incentive program for employees. Another area of improvement for the company in recent years has been in the mailroom — a bustling hub of 30 employees. That’s where the company sorts a vast amount of documents, both coming and going. The system for what goes where, executives say, is constantly refined to make it smoother and more efficient. Hillman and other Nationwide officials hope the latest growth boost for the company will be PerfectChain, a trademarked and proprietary system the company launched lasts year. PerfectChain, says the company, detects and reports any issues on recorded documents related to a mortgage that could hold up a sale. Technology innovations like PerfectChain, says Hillman, is where Nationwide’s future lies. The IT infrastructure budget, adds Hillman, is the company’s biggest expense. Yet while Hillman aims for more fast growth, he also wants to make sure Nationwide sticks to its niche: research and processing. Says Hillman: “I don’t want to stray too far from what the company is good at.”

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GULF COAST BUSINESS REVIEW OCTOBER 26 – NOVEMBER 1, 2012

www.review.net

COMMERCIAL REAL ESTATE TAMPA BAY by Sean Roth | Real Estate Editor

Tampa apartment investor adds Arbors at Belleair to portfolio

CoStar

2230 Nursery Road, Clearwater BUYER: Rifai Properties LLC (principals: Hany Rifai), Tampa SELLER: West Coast Holdings LLC and Sark Properties I LLC PROPERTY: 2230 Nursery Road, Clearwater PRICE: $6.6 million PREVIOUS PRICE: $6.9 million, August 2007 LAW FIRM ON DEED: Bush Ross PA, Tampa

PLANS, DESCRIPTION: Investor Hany Rifai purchased the 120-unit Arbors at Belleair in Clearwater for $6.6 million. The price equated to $55,000 per unit or $63 per square foot.

The gated 5-acre garden-style apartment complex features 10 buildings with 12 units each. In 2008, the property received a $500,000 renovation, which included construction of a new fitness center and clubhouse. The roofs of all its buildings were also replaced recently. The development features a security office, several laundry facilities, a swimming pool and fitness center. It was 85% occupied at the time of the sale. Darron Kattan, Bob Goldfinger and

Kevin Kelleher, all of Franklin Street Real Estate Services, handled the transaction. “We’re planning to redo the cabinets, tile the floors and replace the landscaping,� Rifai says. “My general belief is that prices in Florida are just going to continue to climb. They have been on the upswing starting over the last year and half.� The property also included five or six unrentable units that the new owner plans to fix up and put back out to lease. He says the Arbors at Belleair purchase price equated to a payoff ratio based on income (capitalization rate) after the rehabilitation of 7.5 to 8%. Rifai owns and manages the 42nd Street Apartments near USF, 32-unit Oakwood Trace Apartments on Mason Street and a separate Orlando apartment development. “My family and I relocated here a year ago from Canada and I’ve been selling off my Canadian pieces,� he says. “Prices in Canada got a little too high for my taste. As prices pick up here my interest has started to slack a little bit.� Rifai says he is done investing for at least the next year. Kattan describes the property as generally a B- asset: an older property in a good location. “For a 1960s vintage property to trade at $55,000 per unit shows that we have recovered a significant amount of the lost value from the last commercial real estate downturn,� Kattan says in a press release.

Largo investors buy building, lease to HydroLogic Distribution BUYER: 7902 Anderson Road Crossing LLC,

Largo SELLER: Monument Leasing Corp. PROPERTY: 7902 Anderson Road, Tampa PRICE: $1.07 million PREVIOUS PRICE: $880,000, October 1988 LAW FIRM ON DEED: Conroy Conroy Durant &

Rudnick PA, Naples

PLANS,DESCRIPTION: Two undisclosed Largo investors purchased the 25,800-squarefoot former Wesco warehouse building for $1.07 million. The price equated to $41 per square foot. Originally constructed in 1981, the building has been vacant for roughly 18 months. It features 5,600 square feet of office space, two dock-high doors with a covered loading platform and outdoor storage. Jan Boltres of Colliers International Tampa Bay represented the seller and John Anderson of European Equities represented the buyer. Anderson has arranged for plumbing supply distributor HydroLogic Distribution Co. to lease the entire building for at least the next 10 years. The triple net lease obligates the tenant to handle all maintenance and repair of the building and pay for its insurance and taxes. “This was purely an investment,� Anderson says. “[The building] needs some minor improvements to make it fit for them. Mainly things like paint. Minor work in the scope of the overall building. This is passive income for them.� According to Boltres, activity in the industrial market remained strong from January to June, before a drop off in July. Since then, the industrial market has been strengthening, and she says this sale closed at a strong price compared with several recent sales for buildings of similar condition. “Recently, pricing for this submarket has been a bit unpredictable,� Boltres says in a press release. “There is significant demand, but it’s being held up due to uncertainty with the economy, resulting in hesitant buyers.�

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GULF COAST BUSINESS REVIEW OCTOBER 26 – NOVEMBER 1, 2012

www.review.net

Parkway Properties plans purchase of Westshore Corporate Center Orlando-based Parkway Properties Inc. announced it is under contract to purchase the 169,619-square-foot Westshore Corporate Center in Tampa for $22.5 million. The building, located at 600 N. Westshore Blvd., Tampa, is currently managed by Parkway Properties’ affiliate Parkway Realty Services. The 12-story office building was constructed in 1988 and is currently 77.7% leased. Based on 2013 estimated cash net operating income, the purchase price would equate to a payoff ratio (capitalization rate) of 8.5%. Parkway plans to assume the first mortgage secured by the property, which has a current outstanding balance of $14.5 million with a fixed interest rate of 5.8%. It is scheduled to mature in 2015. The purchase is scheduled to close sometime in the fourth quarter as long as the lender agrees to the loan assumption. If the transaction closes the building will be acquired through Parkway Properties Office Fund II LP.

Etc… • Allied Building Products Corp. leased 53,204 square feet of the Gateway Commerce Center at 13555 49th St., Largo from CUNA Mutual Investment Corp. Bruce Vaughan and Jan Boltres of Colliers International Tampa Bay represented the landlord. • DS Waters of America Inc., a bottled water delivery service, leased 24,811 square feet in the Pinellas Commerce Center at 10280 U.S. 19 N., Pinellas Park from Highway 19 Properties LLC.

600 N. Westshore, Tampa

CoStar

Parkway Properties is a self-administered real estate investment trust that owns or has an interest in 39 office properties in nine states with an aggregate of 10.3 million square feet of leasable space as of Aug. 8. It currently owns 788,000 square feet in the Tampa Bay area and manages an additional 1.3 million square feet of commercial space. Mary Clare Codd of Colliers International Tampa Bay represented the tenant. • Construction on Residence Hall 7 at the University of Tampa has topped out. The 11-story, 193,000-square-foot building is being developed to house 528 students and is scheduled to open in August 2013. The project is being designed and built by The Beck Group and is the seventh residence hall built by Beck for the university. • James Vestal, of Marcus & Millichap Real Estate Investment Services’ Tampa office, represented the buyer,

Farland Realty LLC, in the purchase of The Townhomes at Lake Butler for $460,000. The nine-unit apartment complex was built in 2006. • Wells Fargo Advisors has leased 8,000 square feet at City Center in downtown St. Petersburg. This latest lease brings occupancy at the building to more than 80%. Reynolds McCabe of Travers Realty represented Wells Fargo Advisors in the transaction. Feldman Equities Inc., which purchased the building in a joint venture with Tower Realty Partners in late 2010, has since leased up more than 105,000 square feet. • Michael Donaldson, a senior associate and multifamily specialist in Marcus & Millichap’s Tampa office, represented the buyer, an Aventura private investor, in the sale of the 34-unit Arlington Square in Deland for $780,000. • The Next Level CrossFit Tampa plans to open a 7,200-square-foot location at 9843 N 18th St., St. Petersburg. At the same time, the company plans to relocated its existing Tampa facility over to a 25,000-square-foot location at 14401 McCormick Drive, Tampa. • Jonathan S. Ruprai, and Dennis Hopper, both in Marcus & Millichap’s Tampa office, handled the sale of the 55-room Best Western Inn of Palatka. • The law firm Gunster recently leased 14,298 square feet in the 36-story SunTrust Financial Centre at 401 E. Jackson St., Tampa. Sharon Bragg of Jones Lang LaSalle, represented the landlord. • Vaco Tampa LLC, a consulting and placement firm specializing in the finance and technology sectors, leased 4,345 square feet in MetWest One at 4030 W. Boy Scout Blvd., Tampa. Tim Kilkelly of CNL Commercial Real Estate represented the tenant and Angela Odell of Taylor & Mathis represented the landlord. • Enterprise Holdings, the company that operates the Enterprise Rent-A-Car,

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Concourse Center in Westshore National Car Rental and Alamo Rent A Car brands, signed a 20,000-square-foot lease for a 10-year term at the Concourse Center in Westshore at the southeast corner of Memorial Highway and West Spruce Street. The company is scheduled to occupy the property before the end of the year. Enterprise Holdings first entered the Tampa market in 1973 and today it has about 800 employees in the area. The new space will be home to more than 100 employees from the company’s administrative staff and its fleet management affiliate. Located at 3501-3507 East Frontage Road, the four-building Concourse Center office park contains nearly 300,000 rentable square feet. Roxanne Kemph and Clay Wommack of CBRE represented the landlord, a fund managed by DRA Advisors LLC of New York City. • Real Time Staffing Services Inc. has signed a lease for 2,215 square feet in One MetroCenter at 4010 W. Boy Scout Blvd., Tampa. Caleb Lewis with Bishop & Associates represented the tenant and Angela Odell of Taylor & Mathis represented the landlord. • Kellogg & Kimsey Inc. has hired Cuhaci & Peterson Architects to design the interior renovations for JCPenney stores at Westshore Mall in Tampa and Brandon Town Center.

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GULF COAST BUSINESS REVIEW OCTOBER 26 – NOVEMBER 1, 2012

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COMMERCIAL REAL ESTATE SARASOTA-MANATEE

by Sean Roth | Real Estate Editor

Robb & Stucky International buys Bacon’s building BUYER: RSII Properties Inc. (principal: Yaoyu

Chien), Fort Myers SELLER: Swauck Co. LLC PROPERTY: 7557 S. Tamiami Trail and additional 0.99 acres, residential single-family land on a portion of Kai Drive, Sarasota PRICE: $7.4 million PREVIOUS PRICE: $10.47 million, April 2006 LAW FIRM ON DEED: Kutak Rock LLP, Omaha, Neb.

CoStar

7557 S. Tamiami Trail, Sarasota

PLANS, DESCRIPTION: Fort Myers-based Robb & Stucky International purchased the two-story Bacon’s Furniture building on U.S. 41 for $7.4 million. The price equated to $111 per square foot. The 66,856-square-foot building is very familiar territory for the Robb & Stucky brand. For most of the past decade, the building held the upscale furniture retailer,

until Robb & Stucky’s Chapter 11 bankruptcy in early 2011 and eventual liquidation auction. In late June 2011, Port Charlottebased Bacon’s Furniture started leasing the building to consolidate two smaller stores it owned on Tamiami Trail. Steve Lush, president of the new owner of the Robb & Stucky brand, Robb & Stucky International, confirmed the purchase, but declined to comment on the company’s future plans. This purchase isn’t the first time Robb & Stucky International has taken steps to reclaim former Robb & Stucky locations. The new company’s first store location was the former Robb & Stucky retail building in Fort Myers. It plans to open a 60,000-square-foot newly built store in Naples early next year.

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Lindell Capital Increases Lending Portfolio With loans on Rental Homes and Brandon Medical Center Carl Lindell Jr., founder of LINDELL CAPITAL, LLC, has announced the expansion of its loan portfolio to include a local entrepreneur with 51 rental homes and another with a fully leased medical center in Brandon. Lindell said “The demand for a lender with over 40 years of local business experience continues to increase and presents us with unique lending opportunities.” “With our longtime presence in the Tampa Bay area, Lindell Capital has become a natural addition to the Lindell Family group of companies, which include Lindell Investments and Lindell Properties.” Dennis Slater, Executive Vice President and CFO for Lindell, said “We expect continued economic growth in the Southwest Florida area. There is increasing opportunity to restart local area projects, creating an affordable end use, in both the commercial and residential markets.” “These two new loan requests were presented to us by local business entrepreneurs, with a sound business plan and a history of success, but were unable to secure traditional credit facilities. We approved and funded the loans within thirty days.” Slater added, “Our ability to close loans is attracting many local business owners, their CPAs and Advisors, with solid acquisition and business plans for review.” Lindell ended his announcement with the simple statement, “If the request makes good business sense, we’ll consider the loan.”

LINDELL CAPITAL 74955

Email requests to: slater@lindellproperties.com 813.286.3807

COMMERCIAL REAL ESTATE

by Sean Roth | Real Estate Editor

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 None

COLLIER COUNTY FTC Naples LLC sold to Southern Holdings 3 LLC, $49,923,000, office, 999 Vanderbilt Beach Road, Naples, 4745216. Larus Properties LLC sold to Production Avenue Properties LLC, $1,075,000, warehouse or distribution terminal, 3511 Plover Ave. in White Lake Corporate Park, 4745382.

HILLSBOROUGH COUNTY PC Retail LLC sold to Excel Pavilion Crossing LLC, $13,061,361.26, community shopping center, 3799 S. U.S. Highway 301, 2012352133. Linda Schalck and Mallory Italiano Dillion as co-personal representative of the Estate of Anthony S. Italiano Sr. deceased, Anthony S. Italiano Sr. 1990 Revocable Trust, Anthony Cos. LLC, Anthony Distributors Inc. and Caesar Street LLC sold to Crestline Acquisitions Group LLC, $9,500,000, vacant commercial, 1.13 acres, 200 S. Caesar St., 0.86 acres, 302 S. Caesar Ave., 1.06 acres, 502 S. Caesar St., 0.12 acres, 536 Channelside Drive, 0.12 acres, 544 Channelside Drive, 0.12 acres, 546 Channelside Drive, and parking lot, 1.55 acre, 1005 Cumberland Ave., Tampa, 2012338739. Woolbright Bloomingdale LLC sold to LSREF2 Gator LLC, $7,752,961.30, community shopping center, 121 E. Bloomingdale Ave., Brandon and vacant commercial land, 2012351609. Haire Properties LLP and Mary Haire sold to Ferman Premier Finance LLC, $3,000,000, Mortgage: $5,220,888.30, SunTrust Bank, auto dealership, 11001 N. Florida Ave., Tampa, 2012349317. A. Richard and Susan Nernberg sold to 5537 Sheldon LLC, $2,950,000, Mortgage: $1,800,000, Branch Banking & Trust Co., strip center, 5537 Sheldon Road, Tampa, 2012342205. Cardel Homes US Limited Partnership sold to Meritage Homes of Florida Inc., $2,850,600, various lots, Basset Creek Estates, 2012337592. Sutherlin Limited Liability Co. sold to Ferman Premier Finance LLC, $2,800,000, Mortgage: $2,822,513, SunTrust Bank, auto dealership, 302 W. Fletcher Ave., Tampa, 2012349337. Grandview Mobile Home Park also known as Grandview Mobile Home Park LLP sold to Grandview Family Communities LLC, $2,400,000, Mortgage: $2,600,000, Glenn Pearson, mobilehome park, 16.8 acres, 5220 579th Highway, Seffner, 2012337031. Everbank sold to Riverview Lakes Investments LLC, $2,231,000, single-family residential, 10201 S. U.S. 301 and plant nursery, 10323 S. U.S. 301,

Riverview and pasture land, 2012345678. Taipan Raintree LLC sold to Prospect Tampa Townhomes LLC, $2,075,000, lots 1-74 and 76, 78 and 79, Raintree Townhomes, 2012342116. Kenneth Lane Jr. as trustee of the Kenneth E. Lane Revocable Trust sold to 2700 MLK LLC, $1,798,912.61, Mortgage: $2,100,000, Symetra Life Insurance Co., multi-story office, 2700 W. Dr. Martin Luther King Jr. Blvd., Tampa, 2012345284. EV Causeway LLC sold to Wawa Inc., $1,595,000, lot 1, Causeway Commons, 2012347073. Summerfra LLC sold to Cab & F3 Corp., $1,250,000, vacant commercial, 0.79 acres, on Summerlin Square Drive west of S. U.S. 301, 2012352007. Randall Walter as successor trustee of the Barbara J. Walter Revocable Living Trust sold to Gulf Coast Chemical Corp., $1,200,000, Mortgage: $1,080,000, The Bank of Tampa, warehouse, 101 Wayne Place, Tampa, 2012349154. Church of Scientology of Tampa Inc. sold to HCTA Professional Learning Center Inc., $1,200,000, churches, 3102 N. Habana Ave. and 2902 W. Aileen & Habana St., Tampa, 2012345609. Monument Leasing Corp. sold to 7902 Anderson Road Crossing LLC, $1,065,000, warehouse, 7902 Anderson Road, Tampa, 2012348216. KREA LLC sold to ARC KLPLCF001 LLC, $1,025,000, vacant commercial, 2615 James L. Redman Parkway, Plant City, 2012351345.

LEE COUNTY S&S Holdings of Southwest Florida LLC sold to Odin Estates LLC, $8,300,000, grazing land, 14.64 acres, 12320 Old Rodeo Drive, and single-family residential, 5.67 acres, 12350 Old Rodeo Drive, Alva, 2012000208045. Diamond Senior Living I LLC sold to Decathlon RE Heritage Park LLC, $6,005,603, Mortgage: $81,525,000, General Electric Capital Corp., Heritage Park Rehabilitation and Healthcare, 2826 Cleveland Ave., Fort Myers, 2012000218688. MC Investment Properties LLC sold to American Residential Leasing Co. LLC, $5,607,000, various lots in SEC 33-44S-26E, Lehigh Acres, 2012000214221. SLV Reflection Isles LLC sold to Lennar Homes LLC, $4,723,000, lots 36-39, 92-95, 98-101, 144, 187, 216-218, 220-231, 233, 239, 248, 251-254, 272, 273, 321-324, 326-330, 337, 370-381, 384389, 393, 395, 397, 401, 402, 404-423 and 536547 Reflection Isles, 2012000212480.

Bank of the Gulf Coast, warehouse or distribution terminals, 14150 N. Cleveland Ave., North Fort Myers, 2012000208207. SCB Holdings of Southwest Florida LLC sold to Odin Estates LLC, $3,200,000, grazing land, 106.76 acres, 12250 N. River Road, Alva, 2012000208038. Yorktown Funding Inc., Chapter 11 debtor in bankruptcy case, sold to IAFM LLC, $2,244,000, vacant residential land, various lots, Lehigh Acres, 2012000213028. Alico-Agri Ltd. sold to Alico East Fund LLC, $2,100,000, acreage not agricultural, 546.85 acres, 13501 Corkscrew Road, Estero and 552.12 acres, 12030 Alico Road, 613.81 acres, 13500 Alico Road and 692.72, 558.42 and 652.09 acre parcels with no address, Fort Myers, 2012000217086. Cannon 5150 LLC sold to Seven West LLC, $2,090,500, auto sales or repair, 2265 Colonial Blvd., Fort Myers, 2012000209963. Cypress Bend SWP LLC sold to WCI Communities LLC, $1,995,000, lots 6-16, 22-26 and 30-32 (Cypress Bend) Shadow Wood Preserve unit 10, 2012000210363. CVS LLC sold to Feldhall LLC, $1,890,000, Mortgage: $1,512,000, Finemark National Bank & Trust, store, 14970 Captiva Drive, Captiva, 2012000218353. Woodsedge Plaza 163 LLC sold to Gulf Coast Plaza LLC, $1,150,000, community shopping center, 28701 Trails Edge Blvd., Bonita Springs, 2012000217959.

MANATEE COUNTY Health Care REIT Inc. sold to SNF Real Estate Investors LLC dba SNF Real Estate Investors LLC, $9,160,000, Mortgage: $16,940,000, SunTrust Bank, sanitary convalescent homes, 8104 Tuttle Ave., Sarasota, 02439-0097. SMR North 70 LLC sold to Lennar Homes LLC, $6,600,000, orchard grove or citrus land, 150.78 acres, 4810 Lorraine Road and 5895 Pope Road, Bradenton,

PASCO COUNTY CBH Properties Tampa I LLC sold to Henmi Apartments Inc., $2,350,000, vacant commercial, in SEC 29-26S-19E also known as a portion of lots 1 and 2 Terra Bella Commercial Addition, 8758-1107.

Hanson Hardscape Products LLC sold to Oldcastle APG South Inc., $3,900,000, light manufacturing, 421 Leonard Blvd. N., Lehigh Acres, 2012000215118.

PINELLAS COUNTY

ACF 9-A Reflection Isles LLC sold to Lennar Homes LLC, $3,600,000, lots 434-535 and 548612 Reflection Isles, 2012000210106.

SARASOTA COUNTY

BJR & FJR LLC sold to RW Alico Venture LLC, $3,395,000, Mortgage: $2,750,000, Montgomery Bank, vacant industrial, 16171 Lee Road, ornamentals and miscellaneous agricultural, 16151 Lee Road, office 16121 Lee Road, units 107-111, Fort Myers, also known as lots 65 and 66, Formosa 129 Industrial Park and units 107-111, building 1, Alico Road Business Park industrial condominium, 2012000215566. SunTrust Bank sold to Hanover Holdings Ltd., $3,200,000, Mortgage: $2,112,500, First National

None

LT Ranch nka LT Partners LLLP sold to All Saints Catholic Cemetery Inc., $2,896,700, open-use estate, 8990 State Road 72, Sarasota, 2012125350. H&P Realty Group LLC sold to Bethkom Holdings LLC, $1,150,000, Mortgage: $950,000, Hancock Bank, downtown core, 1517 State St., Sarasota, 2012126873. W. Howard Rooks sold to Jonross Inc., $1,000,000, real estate, 7093 and 7095 Manasota Key Road and a portion of Manasota Key Road, Englewood, 2012126762.

GULF COAST BUSINESS REVIEW OCTOBER 26 – NOVEMBER 1, 2012

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Phoenix REIT Cole Trust II buys new Sarasota Trader Joe’s building

Medallion Home buys Forest Glen land

BUYER: Cole TR Sarasota FL LLC, Phoenix SELLER: CAP Sarasota LLC PROPERTY: 4101 S. Tamiami Trail, Sarasota PRICE: $7.23 million PREVIOUS PRICE: $3.95 million, February 2012 LAW FIRM ON DEED: Smith Moore Leatherwood

Cocca Development buys Mall Drive strip center

BUYER: Cocca Development Ltd., Youngstown, Ohio SELLER: Michael and Marjorie Cohn PROPERTY: 2635 Mall Drive, Sarasota PRICE: $825,000 PREVIOUS PRICE: $395,000, February 1983 TITLE FIRM ON DEED: Stewart Title Guaranty Co.,

Tampa

Etc‌ • Absolute Window & Shutter Inc.

leased 2,167 square feet of office space

PLANS, DESCRIPTION: Cocca Development Ltd. purchased a 9,600-square-foot retail strip center for $825,000. The price equated to $86 per square foot. The center, which occupies a 21,601-square-foot site, currently houses Daisy’s Dancewear, Gourmet Pavilion, Heavenly Ham, French Affair and Hurricane Mike’s. Barry Seidel of American Property Group of Sarasota Inc. handled the transaction. “There was one vacant store left in case a user wanted to buy the building,� he says. “The price was very attractive for the buyer. When you add in the vacant store you’re probably looking at an 11% [purchase price payoff ratio based on income] cap. The guy that owned it wanted to retire. They were a cash buyer.� Seidel was particularly familiar with the Ohio-based buyer. A company he owns sold Cocca Development its first Sarasota property, a 1,250-square-foot office building at 7330 S. Tamiami Trail, Sarasota in March for $152,500. Cocca Development is a real estate development and management company. It also does build-to-suite commercial construction through its affiliated construction company V & R Construction. According to its website it has properties in 19 states. Calls to the company for comment were not returned prior to deadline.

PLANS, DESCRIPTION: Bradenton-based Medallion Home purchased the 533.03acre Forest Glen land for $900,000. The price equated to $1,688 per acre. The property, located on the south side of State Road 64 near the Hardee County line, included no residential entitlements and had no access to public sewer or water service. However, a portion of the property could be used for a fill dirt mine. “This was a fantastic opportunity for something we could develop a long time down the road,� Pete Logan, vice president of Medallion Home, says. “Today it doesn’t mean a lot, but if the development economy and markets pick back up there will be a demand for fill. We may be able to use it ourselves at some point. It’s definitely a longterm play.� Bill Eshenbaugh of Eshenbaugh Land Co. and Coldwell Banker Commercial, Saunders Real Estate of Lakeland handled the transaction. Medallion Home recently acquired another 94 acres in Parrish known as Wildcat Preserve in a foreclosure auction for $800,100. The property, located at the northeast corner of Fort Hamer and Golf Course roads, will likely be developed as a residential community sometime in the next several years based on demand. The purchase entity B Squared LLC mortgaged the property to Ranch Mortgage LLC for $900,000. — additional reporting by Pam Eubanks, correspondent

at 171 Center Road, Venice from Cox Family Ltd Partnership. Janet Lincoln and Janet Robinson of Coldwell Banker Commercial NRT handled the transac-

tion. • Aslam, Brimm & Associates LLC leased 3,000 square feet of office space at 151 Center Road, Venice from Cox

2635-2647 Mall Drive, Sarasota

CoStar

Life Care Centers of America buys senior health care facility

BUYER: SNF Real Estate Investors LLC dba SNF Real Estate Investors LLC (Life Care Centers of America Inc.), Cleveland SELLER: Health Care REIT Inc. PROPERTY: 8104 Tuttle Ave., Sarasota PRICE: $9.16 million PREVIOUS PRICE: $560,000, February 1999 LAW FIRM ON DEED: Shuemaker Loop & Kendrick LLP, Toledo, Ohio

PLANS, DESCRIPTION: Life Care Centers of America purchased the 58,250-squarefoot Life Care Center of Sarasota facility an 8.59-acre property for $9.16 million. The price equated to $157 per square foot. Life Care Centers of America has been leasing and operating the center since it was initially constructed in May 2000. According to Leigh Atherton, director of public relations for Life Care Centers of America, the Life Care Center of Sarasota has been a good property for the seniorhousing operator. The facility provides both long-term and post-acute nursing care and rehabilitation services, including stroke and orthopedic rehab, a variety of therapies and wound management. The senior health care facility also features a beauty/barber salon, gift shop, library, private dinning room and ice cream parlor. Life Care operates more than 200 skilled nursing homes, assisted living, retirement, home care and Alzheimer’s centers in 28 states. Along the Gulf Coast, it also operates Life Care centers in Estero, New Port Richey and Punta Gorda. The purchase entity SNF Real Estate Investors LLC dba SNF Real Estate Investors LLC mortgaged the property to SunTrust Bank for $16.94 million.

Family Ltd Partnership. Janet Lincoln and Janet Robinson of Coldwell Banker Commercial NRT handled the transaction.

THE PITTSBURGH PIRATES & BRADENTON MARAUDERS FRQJUDWXODWH their team member STACY MORGAN for her Recognition as one of the Gulf Coast’s 40 Under 40 Business People to Watch.

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A trust of Cole Real Estate Investments has purchased the newly opened Trader Joe’s store building for $7.23 million. The price equated to $411 per square foot. Earlier this year Centennial American Properties purchased the former Rooms To Go retail store and renovated it to house the California specialty grocer. The building and property was purchased by the real estate investment firm’s Cole Credit Property Trust III. While the purchase is Cole’s first Trader Joe’s in Florida, it purchased another Trader Joe’s in Lexington, Ky., in July. Cole says its commercial retail real estate investment strategy focuses primarily on owning single-tenant retail properties, leased long term to well-known, industryleading tenants. Cole is a sponsor of REITs designed to appeal to individual investors. At the end of August, its entities owned and managed more than 1,925 properties in 47 states. PLANS, DESCRIPTION:

93930

LLP, Greenville, S.C.

BUYER: B Squared LLC (principal: Carlos Beruff), Bradenton SELLER: Whitney Bank PROPERTY: 46900 State Road 64, Myakka City PRICE: $900,000 TITLE FIRM ON DEED: Sun Coast Title Co. LLC, Sarasota

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GULF COAST BUSINESS REVIEW OCTOBER 26 – NOVEMBER 1, 2012

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COMMERCIAL REAL ESTATE LEE-COLLIER-CHARLOTTE by Sean Roth | Real Estate Editor

Sarasota firms buy 72 Oasis Tower units BUYER: Domus Group II LLC (Gravitas LLC and AR Group Investments II LLC), Sarasota SELLER: Oasis Associates LLC PROPERTY: 3000 Oasis Grand Blvd., units 402, 406, 407, 502, 503, 605, 705, 905, 1003, 1105, 1205, 1402, 1406, 1603, 1605, 1606, 1703, 1802, 1902, 1905, 2002, 2005, 2102, 2105, 2202, 2203, 2303, 2302, 2305, 2402, 2403, 2405, 2502, 2503, 2505, 2602, 2605, 2606, 2702, 2703, 2705, 28022806, 2903-2906, 3003-2007, lower penthouses 2-7, middle penthouse 2-7 and upper penthouses 3 and 5-7, Fort Myers PRICE: $10.66 million PREVIOUS PRICE: $12 million, December 2004 (includes additional property) LAW FIRM ON DEED: Greenberg Traurig PA, Miami

PLANS, DESCRIPTION: Floridays Development Co. and the investor group Gravitas LLC purchased 72 condominium units in Oasis Tower I for $10.66 million. The price equated to $148,107 per unit. Miami’s The Related Group completed the 17-acre, two-tower high-rise condominium project The Oasis during the residential crash. The 32-story Oasis Tower I in downtown Fort Myers features a total of 200 condominiums. The two Sarasota companies purchased the remaining unsold inventory of condos, which included 16 penthouse units. “Our modus operandi is to make opportunistic acquisitions,� says Angus Rogers, principal and founder of Floridays Development. “Over the last year or so this [property] has a good sales history that’s very compelling. The nice thing is for the amount of money we spent to buy these [condominiums] is literally half of what it would cost to build them. Fortunately, the original developer that was involved in the project did a wonderful job and there aren’t the kind of issues that have haunted other projects.� The new owners plan to gradually put

Oasis Towers

the units back up for sale based on market demand. Market America Realty and Investment Group of Fort Myers has been hired to handle marketing the units. The business model is nearly identical to a project the partners are working on at the 5300 Lofts development in Atlanta. The Sarasota firms purchased 130 of the development’s 242 total units. They have sold off 124 of those units in 15 months, according to Rogers. The joint purchase entity, Domus Group II LLC mortgaged the 72 Oasis units to Seaside National Bank & Trust for $6 million and to the Randall A. Bono Revocable Living Trust for $5 million.

National Real Estate Solution buys Franklin Arms buildings

BUYER: NRES Franklin Arms Building LLC (principal: Steven Puthuff), Saratoga, Calif. SELLER: FCB Franklin Arms LLC PROPERTY: 2310-2320 First Street, Fort Myers PRICE: $3.25 million PREVIOUS PRICE: $3.93 million, October 2004 LAW FIRM ON DEED: Holland & Knight LLP, Miami

PLANS, DESCRIPTION: California’s National Real Estate Solution LLC purchased the two-building Franklin Arms property and a small vacant parcel for $3.25 million. The price equated to $97 per square foot. The property features a three-story, 13,201-square-foot office building and an attached seven-story, 22-unit apartment building. The historic buildings were built in 1915 and more recently renovated in 2000 and 2002. All but one of the apartment units was leased, according to Dan Lyons, vice president of sales and marketing for National Real Estate Solution, and most of the commercial space is rented. The main commer-

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GULF COAST BUSINESS REVIEW OCTOBER 26 – NOVEMBER 1, 2012

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Blvd. and 221 and 231 Canal St., Fort Myers Beach PRICE: $1.25 million PREVIOUS PRICE: $2.6 million, $700,700 and $515,000, July 2005 and $500,000, October 2001 ATTORNEY ON DEED: Charles R. Meador Jr., Fort Myers Beach

Part-time Fort Myers Beach residents Lance King and Sue Connelly-King purchased two commercial buildings on Estero Boulevard and two single-family homes on Canal Street for $1.25 million. The price equated to $251 per square foot for just the commercial space. The larger of the commercial buildings is 2,932 square foot and houses The Cigar Hut, Island Sol and an art gallery. The second commercial building is 2,040 square feet and contains Chillers, a restaurant and ice cream shop, and a gift shop store. The residential homes are currently vacant. Paula Kiker of Lahaina Realty represented the seller and Bob Beasley of RWB Real Estate Inc. represented the buyers. “The only changes are going to be that they clean up the properties so they are looking good again,� Beasley says. “The two residential cottages need to be rehabbed and then they are going to put them back on the rental market. The commercial buildings are just going to be fixed up; all the same tenants are going to remain in place.� The Canadian investors liked the immediate income and the potential for future development based on the downtown commercial zoning, according to Beasley. PLANS, DESCRIPTION:

Broadway Medical Plaza bought by local investor

BUYER: Royal T Properties LLC (Donald Hatfield), Cape Coral SELLER: Broadway Plaza I LLC

Etc‌ • Trader Tots leased 3,120 square feet

of retail space in Central Cape Business Park at 1480-1490 N.E. Pine Island Road, Cape Coral from JPMCC 2006- LDP6 Central Cape Office LLC. Bill Mankin of Colliers International Southwest Florida handled the transaction. • FLGCENT 2180 Immokalee LLC purchased a 4,338-square-foot office condominium at 2180 Immokalee Road, Naples from Sanibel Captiva Community Bank for $615,000. Michael O’Mara of LandQwest Commercial represented the seller. • Durable Ventures LLC purchased a 6,072-square-foot building at 11270 Palm Beach Blvd., Fort Myers from Florida Community Bank for $265,000. Jessica Nolan of Re/Max Realty Group represented the seller and Boots Weathers of Weathers Real Estate represented the buyer. • Palmetto Cape Coral-Skyline LLC purchased an acre commercial parcel on Skyline Boulevard at the intersection with Trafalgar Boulevard for $385,000. The buyer plans to build a 9,200-square-foot Dollar General store on the site. Hal Arkin of the Frye Commercial Team at Re/ Max Realty Group of Fort Myers handled the transaction. • Blandford Enterprises Inc. leased 4,674 square feet of retail space in Wiggins Pass Crossings at 13510 Tamiami Trail N., Naples from Heritage Square Real Estate LLC. Bill Young and Biagio Bernardo of CRE Consultants handled the transaction.

Clearing Commercial Real Estate Hurdles

BUYER: Mustique of Olde Naples LLC (princi-

pals: Jordan Saper and Joe Belz), Naples SELLER: Villas Encorvada LLC PROPERTY: 501, 515 and 555 Fourth Ave. S. and 361 Fifth St. S., Naples PRICE: $2.4 million PREVIOUS PRICE: $875,000, June 2005 and $1.31 million and $600,000, April 2005 LAW FIRM ON DEED: Cheffy Passidomo, Naples PLANS, DESCRIPTION: An investor group headed up by Jordan Saper and Joe Belz purchased four parcels totaling a little over half an acre on Fourth Avenue and Fifth Street for $2.4 million. The property features a collection of small homes and a multifamily buildings that the new owners plan to demolish. Saper with Greenwich, Conn.-based debt and equity real estate financing firm PILOT Real Estate Group LLC and Belz, a Realtor broker associate with Downing-Frye Realty Inc. are the managers heading up the development of a cottage community on the site called Mustique of Olde Na-

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ples. Designed by MHK Architecture and Planning, Emerge Design LLC, the project envisions a total of four multimillion dollar homes on site. “We’re getting ready to do the demolition there so we can start on the first two homes in the next two to four weeks,� Belz says. “Location-wise we’re a block off Fifth and five blocks to the beach. It’s a spectacular location.� Clive Daniel Home has been hired to handle the interior selections and furnishings for one of the two spec buildings and eMERGE Design LLC is the landscape architectural firm. Naples-based custom homebuilder Waterside Builders will construct all of the buildings. As currently planned, one of two homes will feature a fourbedroom/4.5-bathroom floor plan and a second will be a three-bedroom/3.5bathroom home with a den. Construction on the first two homes is expected to take eight to 10 months. The Belz Sells team with DowningFrye Realty will be selling and marketing the community.

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Realtor, PILOT Real Estate execs buy land for Mustique of Olde Naples

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Connelly-King), Peterborough, Ontario SELLER: Liberty Bank FSB PROPERTY: 1172-1174 and 1188-1190 Estero

PLANS, DESCRIPTION: Cape Coral real estate investor Donald Hatfield purchased the four-building Broadway Medical Plaza property for $900,000. The price equated to $31 per square foot. The property is less than two miles from both Lee Memorial Hospital and Hope Hospice. The single-story buildings feature a total of 29,349 square feet of rentable space. The most notable tenants are Region Medical Center, Dr. Crandall and Associates and Fort Myers Women’s Health Center Inc. The plaza was 70% occupied at the time of the sale. Those vacancies cover a 1,240-square-foot dental office space and a 8,050-square-foot space that could be subdivided. The purchase price equated to a payoff ratio based on current income (capitalization rate) of 11%. Jim Tamblyn of Colliers International Florida represented the buyer and is marketing the vacant tenant space. “The property did have some deferred maintenance, but it’s mainly cosmetic,� Tamblyn says. “It needs some landscaping work and for the buyer to scrape and reseal the parking lot. It also needs some roofing work. The buyer plans to spruce up the property.�

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cial tenants are the law firms of Phelan Hallinan PLC and Roetzel & Andress. “Part of our decision was the proposed new convention center,� Lyons says. “With the pier and all the work the city is doing in that area, we really feel like that is an area on its way up. What [the city] has in mind for the next five years is phenomenal.� The property was purchased from an affiliate of Florida Community Bank NA, which foreclosed on the buildings in June. The new owner has hired David Malt of Malt Realty & Development to market the vacant commercial space. National Real Estate Solution also plans to improve the exterior of the buildings and gradually upgrade both the residential and commercial units. The purchase entity NRES Franklin Arms Building LLC mortgaged the property to BRT RLOC LLC for two loans totaling $2.65 million. National Real Estate Solution already owns Fort Myers real estate at 5648-5650 Sixth Ave., 5502-5504 10th Ave., 54235425 Ninth Ave., 1729-1731 Maple Drive, 5635-5637 10th Ave., 5530-5532 Fifth Ave. and 5631-5633 10th Ave.

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GULF COAST BUSINESS REVIEW OCTOBER 26 – NOVEMBER 1, 2012

www.review.net

CORPORATE REPORT

by Sean Roth | Real Estate Editor

IC Intracom management hires former 3M exec as president Michael Thiel, CEO of Tampa-based IC Intracom, announced a restructuring in the consumer electronics company’s leadership, naming Don Barry to the newly created position of president. According to the company, Barry is being tasked with evolving IC Intracom, as well as its Manhattan and Intellinet Network Solutions brands, to better meet the quick changing technology marketplace. Don Barry Barry’s experience included sales and sales management positions at SC Johnson Wax, 16 years at 3M in a variety of positions of increasing responsibility, including brand director and global key accounts director and managing director of 3M Consumer and Office Europe. In 2005, he became the senior vice president of sales, marketing and international business for Dorman Products, a supplier of automotive aftermarket replacement parts and hardware. In 2008, he was tapped to turn around OttLight Technologies, a private equity-backed consumer lighting company. “IC Intracom has achieved a great deal during its 25 years in business, but the owners feel the company is capable of much more,” Barry says in a press release. I completely agree; and as such my job will be to build upon the company’s achievements and help take things to the next level.”

Lay has been chief financial officer of Lazy Days RV Center since September 2007. The management firm credits him with handling a financial restructuring of the company. In addition to his financial responsibilities, he is responsible for managing Lazydays’ retail finance and insurance operations, human resources and purchasing functions. He has held senior-level operating and financial positions throughout his 30-year career, including serving as the president and CEO of telecommunications services provider Universal Access Global Holdings and senior positions with International Specialty Products, United Technologies and the Xerox Corp.

Lazydays promotes CFO to interim CEO

Tampa water treatment services company Seven Seas Water Corp. hired Robert Dixon as the company’s CEO. Most recently, Dixon was the senior vice president and general manager of the $4 billion merchant gases segment for Air Products and Chemicals Inc. and a mem-

Seffner-based Lazy Days RV Center Inc.’s chief financial officer Randy Lay has been promoted to interim CEO, succeeding John Horton. The firm’s board of directors has started a search for a permanent CEO.

Valet Waste plans purchase of similar Texas company

Tampa-based doorstep waste and recycling collection company Valet Waste has announced plans to acquire Addison, Texas-based Zodiac Valet Trash. Upon completion of the transaction, the resulting Valet Waste is expected to be the first truly nationwide provider of doorstep trash collection. “The combination presents a significant opportunity to jointly bring our products, services and geographic coverage to the next level,” Campbell Kerr, CEO of Zodiac Valet Trash, says in a press release. “Together, we will be a more attractive and exciting company for our employees, and a more impactful partner for our customers.”

Seven Seas Water Corp. hires Air Products VP as CEO

ber of the corporate executive committee. He also managed all of Air Products’ major joint ventures around the world, representing more than $2 billion in revenues. He was previously president of Air Products Asia, based in Singapore, where he was responsible for Air Products’ business throughout the Asian region. “Bob was our leading candidate because of his proven ability to lead top performing teams, his strong opRobert Dixon erational skills and his financial acumen,” Douglas Brown, Seven Seas Water’s chairman, says in a press release. “He has developed global and regional strategies for a multi-billion dollar organization and has invested in the operational expertise required to successfully implement those strategies.” Dixon succeeds Brown, who has been CEO since 2007, and will remain chairman on the board of directors.

Two condo association law firms join forces for Goede,Adamczyk & DeBoest

Attorneys John Goede, Mark Adamczyk and Richard DeBoest, II have combined their practices to create the new community association focused law firm Goede, Adamczyk & DeBoest PLLC. DeBoest is co-founder and partner of the Fort Myersbased Condo & HOA Law Group PLLC and Goede and Adamczyk are co-founders and partners of Goede & Adamczyk of Naples and Miami. Since 1963, DeBoest’s Condo & HOA Law Group PLLC has provided legal services to condominium and homeowner associations. His father, Richard D. DeBoest Sr., drafted the first Declaration of Condo-

minium ever filed in Southwest Florida. The firm continues to represent some of the very earliest condominium associations. Goede & Adamczyk, PLLC also has a concentrated focus on condominium and homeowner association law. It represents hundreds of community associations throughout the sate. “By combining our legal staff in the new firm, we can enhance client service, adding Goede & Adamczyk’s real estate law, litigation, estate planning and business law expertise,” Goede says in a press release. The legal teams will continue to work with their existing clients. The new firm will operate from offices in Naples, Fort Myers and Miami.

McClain’s Old Florida Gourmet buys Citra Products of Florida

Sarasota-based distributor McClain’s Old Florida Gourmet purchased the assets, product rights and intellectual property of Winter Haven-based Citra Products of Florida. The acquisition follows a distribution partnership McClain’s Old Florida Gourmet signed with Nancy “Nan” Norman, president of Citra Products in 2010. Terms of the deal were not released. Citra’s first products were invented in the early 1900s by Norman’s grandfather Charles Schiller, who was a citrus grower. After research and experimentation, the first Citra fruit gadget was created with the goal of making it easier to eat oranges and grapefruit. The Citra Sipper was taken to the 1933-1934 World’s Fair in Chicago and more than 50,000 were sold in Florida prior to World War II. Citra products now include the Citra Sipper, peeler knife, fruit spoon, sqeeter, Mr. Skinner and many more. The products are sold in many Florida grove stores, LegoLand, fresh fruit markets and a number of other Florida locations. McClain’s says it plans to maintain the “iconic integrity” of Citra and keep production of products in the United States. It also plans to expand distribution of the products throughout the country, Canada, Mexico and the Caribbean. Citra Products of Florida’s products will continue to be produced from a facility in Tennessee.

INDUSTRY UPDATE by Jim Jett | Contributor

Members of the Collier County Lodging and Tourism Alliance hosted Jim Gibson, director of marketing for the Seminole Casino in Immokalee, Sept. 26 in Naples. Gibson discussed the casino’s increased emphasis on hosting events such as hot-air ballooning and barbecue festivals to attract more people to the area.

Darren Robertshaw, vice president at Trianon Hotels, and James Gibson, director of marketing at Seminole Casino.

Brandy Ollie, co-owner at Go Platinum Transportation, and Randy Smith, CEO at Naples Transportation & Tours.

Rick Medwedeff, general manager at Marco Island Marriott Beach Resort, and Thomas White, general manager at Hawthorn Suites.

Kelly Capolino, Realtor at Keating Associates Real Estate ProfessionRay Spera, vice president of finance at Seminole Casino, and als, and Judith Svetaka, marketing John Comeau, player development executive at Seminole Casino. director at Florida Marina Club.

Stephen Dorcy, general manager at Inn at Pelican Bay, and Sam Saad III, city council member at city of Naples.

Jennifer Thomas, group sales manager at Seminole Casino, and Steve McIntire, general manager of the Park Shore Resort.

GULF COAST BUSINESS REVIEW OCTOBER 26 – NOVEMBER 1, 2012

www.review.net

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