Sept 27, 2013

S E P T E M B E R 27 - OC TO B E R 3, 2013 | T H R E E D O LL A R S

FLOR IDA’S NE WSPAPER FOR T HE C - SUI T E

Real Estate | Residential developers lay the groundwork for a commercial boost. PG.9 P A S C O • H I L L S B O R O U G H • P I N E L L A S • M A N AT E E • S A R A S O TA • C H A R L O T T E • L E E • C O L L I E R

PITCH

inside ECONOMY

Employment Rises

IT

Tampa Bay posted the largest increase in the state in August employment.

PAGE 6

DEVELOPMENT

Mall Ball

The largest construction project on the Gulf Coast plans to create a new retail reality for the Sarasota market.

PAGE 7

After launching 500 products worth more than $4 billion in sales, the selfproclaimed infomercial king shares why every business is pitch-worthy.

PAGE 12

COMMERCIAL REAL ESTATE

Good Sign

Broker Barry Seidel switched from selling space to seeking more of it for the recent expansion of his firm. He says he’s had the busiest summer in 20 years.

PAGE 8

MARKET OUTLOOK

Lead the Way

Residential real estate’s upswing provides a boost to the commercial sector as more financing enters the market.

PAGE 9

COMMERCIAL REAL ESTATE

Retailers Roll

Well-located retail properties start to show new life as vacancies fall. Rents have begun to rise, and the hunt is on for prime real estate as deals become scarce.

PAGE 10

NEWS

Corporate Report

Riverview-based i9 Sports grows its franchises, Amscot opens new branches, and a celebrity chef lauds a local eatery.

PAGE 14

TOP DEALS PPi Technologies buys new building to expand operations. 16 Inn on Fifth’s McCabe buys more Naples land for redevelopment. 18

Kevin Harrington | Infomercial Pioneer

15 Social media isn’t about ROI — it’s about engagement.

PAGE

116578

DON’T MISS

Tampa’s Bridgeview Apartments purchased for $31 million. 19

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BUSINESS OBSERVER | SEPTEMBER 27 – OCTOBER 3, 2013

BusinessObserverFL.com

Vol. XVII, No. 38

A DIVISION OF THE OBSERVER MEDIA GROUP

Exceeding your expectations with local market knowledge, a global network, and the highest level of professionalism.

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“The road is cleared,” said Galt. “We are going back to the world.”

He raised his hand and over the desolate earth he traced in space the sign of the dollar.

Ayn Rand, Atlas Shrugged 106706

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SEPTEMBER 27 – OCTOBER 3, 2013 | BUSINESS OBSERVER

BusinessObserverFL.com

CoffeeTalk

3

Arthrex ‘Sultan’ on Forbes list Welcome to the club, Reinhold Schmieding.

The Naples entrepreneur who founded and grew Arthrex to $1.3 billion in annual revenues recently joined the Forbes 400 list of richest people in America. With an estimated net worth of $2.5 billion, Schmieding ranks as the 222nd richest person in the nation.

This is Schmieding’s first appearance on the list, but SCHMIEDING Forbes wasn’t kind to the reclusive entrepreneur who reportedly cancelled an interview with the magazine at the last minute without explanation.

In an unflattering profile titled “The Secretive Sultan of Sports Medicine,”

Forbes focused on Schmieding’s reputation among associates, rivals and former employees as a hard-charging, litigious competitor who maintains North Korean-style secrecy. (Schmieding couldn’t be reached for comment on the Forbes story, which is also posted on the magazine’s website.)

It’s a shame because Schmieding has such a great story to tell, and his arrival on the Forbes 400 list should have been a golden opportunity to show off his accomplishments. The self-made entrepreneur built Arthrex from scratch into a giant in the field of surgical devices, outwitting some of the better-funded giants of the medical-device industry. Instead, he’s allowed rivals and others to tell his story for him.

Schmieding joins other Gulf Coast residents on the list of America’s richest, including Shahid Khan (Naples, $3.8 billion), Richard Schulze (Bonita Springs, $2.7 billion), Edward DeBartolo Jr. (Tampa, $2.6 billion), and Tom Golisano (Naples, $1.9 billion).

Re-Imagine

Sleek

Hertz CFO says no to Florida Rental-car giant Hertz recently held a career fair in Bonita Springs where it will move its global headquarters from New Jersey over the next two years.

One job it’s looking to fill: chief financial officer.

Elyse Douglas, Hertz senior vice president and CFO, says she’d rather resign than move to Florida. Her resignation becomes effective Oct. 1.

Hertz did not disclose why Douglas isn’t moving, except to cite “personal reasons” for not leaving the New York City area.

In a statement, the company says:

“Chairman and CEO Mark Frissora and its board of directors requested that key executives, including the CFO, move with the company and establish residency in the state of Florida. As of October 2013, the executive team will become the first group of Hertz employees to relocate to a temporary site in Naples, Florida, while the new headquarters is constructed in Estero.”

David Rosenberg, currently the CFO of Hertz International, will serve as the company’s CFO on an interim basis until a permanent replacement is selected.

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Giving it the college try and business experience. He’s held executive roles at DeVry University in several cities, and he also oversaw graduate programs at Argosy University in Florida and Hawaii. On the business side, meanwhile, Ogrodnik worked in human resources at an education company, and he also ran his own management-consulting firm.

Ronald and Ryan Ogrodnik, in addition to the others who work at Sarasota University, have a passion for Montessori education values, which emphasize independence and a child’s natural development. That kind of zeal is an asset because launching a school, it turns out, includes some bureaucratic hurdles. “It’s not like starting a lemonade stand,” Ryan Ogrodnik tells Coffee Talk. “This is two years in the making.”

See COFFEE TALK on page 5

HALL VOTED AFTER GUILTY PLEA Lee County Commissioner Tammy Hall voted on the county’s crucial annual budget after she admitted stealing campaign funds, documents show.

Hall signed a plea agreeHALL ment with federal prosecutors Sept. 16, court records filed on Sept. 23 show. Two

days after she signed the document, on Sept. 18, Hall voted to approve Lee County’s annual budget as a member of the county commission.

While the vote wasn’t close, it was one of the most important of the year.

Hall announced her resignation on Sept. 23 after federal prosecutors filed her agreement to plead guilty to one count of wire fraud. According to the U.S. Attorney’s office, Hall diverted and embezzled $33,756 of donor contributions to her 2010 election for personal expenditures at luxury stores and for her mortgage.

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Licensed psychologist and former college professor Dr. Ronald Ogrodnik is going back to school.

Only this time Ogrodnik will take his entrepreneurial chops with him as the founder and president of Sarasota University. The startup school, a Florida-licensed online university with a corporate office in Lakewood Ranch, has eight students in its first cohort, which started in early September. The school offers three graduate programs: Two are Montessori-based education degrees and one is an M.B.A. degree with three concentrations.

“A lot of people talk about starting their own school,” says Sarasota University Admissions Director Ryan Ogrodnik, Ronald Ogrodnik’s son.

“Now he’s living out his dream, starting a university.”

Ronald Ogrodnik has both academia

4

BUSINESS OBSERVER | SEPTEMBER 27 – OCTOBER 3, 2013

BusinessObserverFL.com

topstories from BusinessObserverFL.com SARASOTA-MANATEE

Mobile marketing firm to hire 40 Mobile marketing technology firm MobileBits Corp. plans to hire 40 employees over the next three years and expand its facility by 2,000 square feet.

The firm, now with fewer than 10 employees, has an office in the IntegraClick Business Center in north Sarasota County. The hires and expansion are aided by a performance-based incentive grant from Sarasota County for $120,000, according to a release. MobileBits seeks sales, marketing and customer service professionals, in addition to software developers.

The firm, publicly traded over the counter, had $1.53 million in revenues for the ninemonth period that ended July 31. That’s up 295.5% from $386,887 for the nine months that ended July 31, 2012.

quote of theweek

“�

Half of a huge pie is better than 100% of a pie that never gets baked.

Kevin Harrington | Infomercial pioneer, on the importance of partnerships SEE PAGE 12

TAMPA BAY

Vitera parent to pay $644M for Ga. firm Carrollton, Ga.-based Greenway Medical Technologies Inc. has reached a definitive agreement to sell the company to Vitera Healthcare Solutions LLC

what do you think?

of Tampa. Greenway Medical Technologies provides software, including for electronic health records, to health care providers.

Under the terms of the deal, Vista Equity Partners, which owns Vitera Healthcare Solutions, will pay Greenway stockholders $20.35 in cash for each share of Greenway common stock. The price represents a 62% premium to Greenway’s 90-day volume weighted average stock price, and a 20% premium to Greenway’s share price the day before the merger agreement was signed.

The all-cash transaction is valued at $644 million.The deal is expected to close in the fourth quarter.

employs 652 people in Hillsborough County, the majority based in the company’s headquarters in Westshore, and an additional 119 throughout the state.

In August, Hillsborough County commissioners and the Tampa City Council approved a combined local incentive package of $502,800 in addition to the $2.01 million in incentives committed by the state of Florida through the state’s Qualified Target Industry program. The incentives are scheduled to be distributed over nine years and are performance-based.

HealthPlan Services to grow by 1,000 jobs

Lee County Commissioner Tammy Hall agreed with federal prosecutors to plead guilty to one count of wire fraud and resigned from the county’s board of county commissioners.

According to the plea agreement, Hall diverted and embezzled $33,756 from her election-campaign fund. She spent the money on undisclosed personal items from Saks Fifth Avenue, Nordstrom, Club Monaco and jewelry store Mark Loren Designs as well as on her mortgage.

HealthPlan Services announced it is expanding its Tampa offices. The company has signed a lease with property owner Penn-Florida for a 95,689-square-foot building at 6700 Lakeview Center Drive.

HealthPlan Services says the additional space is needed to accommodate the more than 1,000 jobs it expects to add by 2018.

HealthPlan Services currently

CHARLOTTE-LEE-COLLIER

Lee commissioner faces prison time

Is the SEC going too far in attempting to regulate CEO pay?

Vote at BusinessObserverFL.com

Last week’s question:

Hall, 53, of Cape Coral, is scheduled to appear before U.S. Magistrate Judge Douglas Frazier Oct. 3. She faces as long as 20 years in prison.

HMA CFO departs after shakeup Health Management Associates, the Naples-based operator of 71 hospitals, says Chief Financial Officer Kelly Curry has left the company.

HMA says Gary Bryant, 43, has been appointed senior vice president and interim chief financial officer. Bryant joined HMA in 2006 as corporate controller and since 2010 he has served as principal accounting officer, vice president and controller at HMA. He was promoted to senior vice president and controller April 1.

In addition to Curry’s departure, HMA says Senior Vice President of Finance Kerrin Gillespie has resigned. No replacement was named.

The management shakeups come on the heels of the ouster of HMA’s board of directors by activist shareholders in August, led by Glenview Capital Management. The New York private-equity firm controls 14.6% of HMA’s shares.

Does it make a difference if companies incentivize employees’ good health?

55% Yes 35% No 10% Not sure

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SEPTEMBER 27 – OCTOBER 3, 2013 | BUSINESS OBSERVER

CoffeeTalk

BusinessObserverFL.com

5

FROM PAGE 3

Burger man bites into loan marketplace A Tampa-area restaurateur recently discovered a solution to the vexing issue of the day that faces many small business owners. It’s the one where bankers say they will loan money, but entrepreneurs say they receive a constant stream of rejections.

Mark Van Dame, though, used BoeFly, an online marketplace that connects small business owners with lenders through proprietary matching technology. The BoeFly system, says Van Dame, put him in touch with several lenders nationwide that offered financing. He ultimately settled on HomeBanc, with the institution’s Sarasota branch.

The loan allowed Van Dame to accomplish his business goal: He opened the first Jake’s Wayback Burgers franchise location in the Tampa area, and the second on the Gulf Coast. He opened the burger joint, known for diner-style comfort food, near Fish-

Hawk Ranch in August. (The location also sells the Triple Triple Burger, an impossibly colossal sandwich made with nine patties and nine slices of cheese. It costs $15.) Cheshire, Conn.based Jake’s has another Florida location in Sarasota, in the Westfield Sarasota Square mall.

“When I decided to open my first restaurant franchise,” Van Dame says in a statement, “I knew financing it would be a challenge, and I expected a long and tedious process toward securing a bank loan.”

But Van Dame, with 17 years’ experience in senior-level positions in the consumer products industry, was pleasantly surprised at the ease of the BoeFly system. BoeFly, according to a press release, says Jake’s Wayback Burgers is one of more than 125 franchise brands that use the matching system to help franchisees find financing.

To Friend or not to friend Attention all social media savvy executives: The people who work for you might not want to accept your call for online friendship.

A new survey from Office Team, a Menlo Park, Calif.-based staffing service firm, reveals that unsociable nugget. The survey states that nearly seven out of 10 senior managers who responded, 68%, are “uncomfortable being (Facebook) friended by their bosses.” Nearly two-thirds, 62%, are also uncomfortable being friended by employees they supervise. That rate of discomfort is up from 47% and 48%, respectively, over a similar survey conducted in 2009.

The survey is based on telephone interviews with more than 1,000 senior managers at companies with 20 or more employees. “People have different comfort levels when it comes to social media, so it’s best not to blanket colleagues with friend requests,” OfficeTeam Executive Director Robert Hosking says in a statement. “Along

with being selective about who you ask to connect with online, you should always post prudently. You don’t want to share information that could reflect poorly on you.”

Here are some OfficeTeam tips on how a senior manager can approach Facebook at work: • Let the boss or a more senior employee “make the first move. Proactively sending a friend request could create an awkward situation.”

• See who colleagues have on their networks. Use that to guide who you reach out to with a friendship request; • If you are in doubt, ask that person if he or she is interested in social media connection before you send the invite; • Don’t succumb to peer pressure.

“You aren’t obligated to share social media updates with everyone in the office. If you’re concerned about slighting people by turning down invites, you can accept friend requests but use privacy settings and lists to control who can view certain content.”

Correction A Sept. 20 Tampa Bay real estate brief on TerraCap’s purchase of the Lakeside

center incorrectly spelled John and Mackenzie Gerlach’s last name.

Norman Love is a chocolate master, but the team he’s assembled at Norman Love Confections in Fort Myers can compete with the best in the nation.

Chocolatiers (don’t you love that title) Maura Metheny and Dan Forgery were named this year’s national showpiece champions, along with winning Best Chocolate Showpiece at the Pastry Live 2013 National Showpiece Championship in Atlanta.

This isn’t about lounging around and eating chocolates all day. The theme this year was the art of illusion, and the Norman Love duo created a magician-themed chocolate sculpture that took hundreds of hours and six months to perfect.

Metheny is Love’s chef chocolatier in charge of design and innovation and Forgery is a chef chocolatier in charge of production. The competition involved seven teams of two chefs competing for six hours to build chocolate sculptures.

Hey, it’s hard work being a chocolatier.

115854

CAN I EAT THAT?

6

BUSINESS OBSERVER | SEPTEMBER 27 – OCTOBER 3, 2013

BusinessObserverFL.com

BY THE NUMBERS

economicsnapshot

7.0% Employment The state’s unemployment rate for August. It is at its lowest rate since September 2008.

41k The Tampa Bay metro area added the most year-over-year jobs in the state in August, with employment increasing 41,700.

The secondhighest was Miami, which had an employment gain of 35,200.

2 The number of areas in the state that saw employment fall in August compared with August 2012.

7.6 7.5 7.4 7.3 7.2 Aug. 2012 Sept. ’12

Oct. ’12

Nov. ’12

Dec. ’12

Jan. ’13

WHAT THE DATA SHOW Total nonagricultural employment estimates in the major metropolitan areas of the Gulf Coast in August. The data are not seasonally adjusted.

Feb. ’13

Mar. ’13

AREA

May ’13

June ’13

July ’13

Aug. ’13

% ANNUAL CHANGE

EMPLOYMENT

TampaSt. PetersburgClearwater

1,194,900 3.6%

North PortSarasotaBradenton

FORECAST Recent surveys of businesses by employment firm Manpower suggest continued hiring through the fourth quarter from Tampa to Naples. The recovery in industries such as tourism and real estate continue to boost employment in areas such as Naples. In the Tampa area, Manpower says job prospects appear best in construction, wholesale and retail trade, professional and business services, education, leisure and government.

244,500 0.7%

Punta Gorda

41,900 1.5%

Cape CoralFort Myers

206,900 1.4%

NaplesMarco Island

120,200 6.3% Source: Florida Department of Economic Opportunity

THE POWER OF GLOBAL. THE KNOWLEDGE OF LOCAL. ns e ar

Vacant Commercial General Land For Sale

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Apr. ’13

AUGUST EMPLOYMENT

WHAT IT MEANS Through August, one-third of the annual employment gains in Florida occurred in the Tampa-St. PetersburgClearwater area. In that period, Tampa’s employment grew by 41,700 jobs, nearly the size of the entire employment base of Punta Gorda. On an annual percentagechange basis, the Naples area posted the strongest growth in the state (up 6.3%) as real estate sales and developments continue to boost economic conditions. Statewide, annual employment grew by 126,200 or 1.7% through August.

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SEPTEMBER 27 – OCTOBER 3, 2013 | BUSINESS OBSERVER

7

BusinessObserverFL.com

infocus | commercial real estate |

BY MARK GORDON | DEPUTY MANAGING EDITOR

MALL

MAN

MARK WEMPLE

OCTAVIO “TAV” ORTIZ was recently named general manager of The Mall at University Town Center. A $315 million two-story, enclosed mall in north Sarasota County with 880,000 square feet of retail space, the shopping center is expected to open in October 2014.

The largest construction project in the Sarasota-Bradenton region, a $315 million mall, takes a big step forward. ‘It’s a fabulous facility,’ the new general manager says.

T

he Mall at University Town Center, a recession-busting project that has captivated both the Sarasota-Bradenton business community and the local construction industry, has a new point man.

That leader is Octavio “Tav” Ortiz. Bloomfield Hills, Mich.-based Taubman Centers, which oversees the mall in a joint venture with Benderson Development, named Ortiz general manager of the mall in early September.

Ortiz comes to the project, a $315 million two-story, enclosed mall with 880,000 square feet of retail space, from a diverse career in retail management. Past career stops include general manager of The Shops at Willow Bend in North Dallas and executive positions with Simon Property Group locations in Sunrise, Georgia and North Carolina. Ortiz has been on the leadership team of three previous mall projects beginning with the construction phase.

Retail tenants a lready announced for The Mall at University Town Center include Dillard’s, Macy’s and Saks Fifth Avenue. Expected restaurants include Cheesecake Factory and Seasons 52. The mall itself is expected to open in October 2014.

“It’s a fabulous facility,” Ortiz says. “Once we open and take off, we should be very successful. The mall will be a major destination.”

A Houston-area native who now

“”

lives with his wife and son in east Manatee County, Ortiz will spend the first few weeks of his new job on a local road show. That includes meetings with local officials, business leaders and reporters. Ortiz, 47, recently sat down with the Business Observer to talk about his career and the highly anticipated mall. Here’s an edited transcript of the conversation: The last mall project planned for the site was delayed because of the recession. Why is this the right time to open a mall?

“There are so many unique situations here. The infrastructure is here, but there is a lack of retail.

Sarasota is truly an underserved market when it comes to better retail options. There’s not a lot of competition here. This is a great opportunity.”

How will the recession, and the inconsistent rebound in the economy, impact that opportunity?

“The economy has been doing very well here. I think that will continue way past the mall opening.

The housing market has rebounded extremely well here. Tourism is still great, and that’s a big piece of our business. We think it’s a great community. If not, we wouldn’t be developing here.”

What else is unique about the project?

“The surrounding area is not

usually developed like this. It’s a unique situation where the mall is the last piece of the puzzle that’s being dropped in. Typically the mall comes first and things are built around it. But here the mall is the last piece and the infrastructure is already here. (Nathan Benderson Park, a rowing and aquatic sports center, is also next to the mall.) The most interesting part is preparing for when the development guys leave and hand us the key and say: ‘Here you go. Here’s your brand-new shopping center.’”

What is the interest in leasing from retailers, given how much the recession has changed the brickand-mortar model?

“There’s going to be over 100 new stores, and half will be new to the market. There’s a huge amount of interest in this market. We feel we can have major impact here and become a major destination. Our trade area goes from basically Fort Myers all the way to just south of St. Petersburg. That’s 1.2 million people, which is a huge trade area for us. Tourism brings 45 million people (to Florida) a year who spend $1.9 billion, and there are 125,000 seasonal residents with incomes over $150,000 who are really looking for better options. We hope to fill those needs.

You’ve heard it and we’ve heard it: There’s been a huge interest in the tenant mix, and we want to bring those tenants to this market

AT A GLANCE Location: Cattleman Road in north Sarasota County; west of the Interstate 75 University Parkway exit.

Jobs: 1,000 for construction; 2,000 expected once mall opens.

Cost: $315 million Size: 880,000 square feet of retail space on two floors.

Owners: Bloomfield Hills, Mich.-based Taubman Centers and University Parkbased Benderson Development Co. General contractor: dck worldwide, Pittsburgh Scheduled opening date: October 2014 so people can enjoy them.”

What are some of the challenges you face now, a little more than a year before the planned opening?

“Taubman does a great job opening shopping centers. My main focus is really to coordinate the construction and hire the local team. We are looking for a marketing director who we want to bring on board in October, and we are looking for a facilities director who we want to bring on board in November. And we really want to get immersed in the community. We want to understand how the community works.”

Follow Mark Gordon on Twitter @markigordon

The mall will be a major destination. Octavio Ortiz | The Mall at University Town Center

8 infocus | commercial real estate | BusinessObserverFL.com

BUSINESS OBSERVER | SEPTEMBER 27 – OCTOBER 3, 2013

BY MARK GORDON | DEPUTY MANAGING EDITOR

NEW HEIGHTS LORI SAX

ADAM SEIDEL, left, and his brother BRIAN SEIDEL are with American Property Group of Sarasota. Local commercial real estate broker BARRY SEIDEL, Brian and Adam Seidel’s father, founded the firm in 1986.

A local commercial real estate firm backs up bullish feelings about the market with its own checkbook.

I

t’s more than market confidence that led longtime local commercial real estate broker Barry Seidel to invest $1 million into an expansion at his firm, American Property Group of Sarasota.

Another factor: His son Brian Seidel, one of two Seidel boys to work at the firm, is 6-foot-3. And that caused a problem at the company’s old office, which was basically a 1,250-square-foot cubicle farm on U.S. 41 in south Sarasota.

The elder Seidel witnessed his son crouching all the time at his desk, and that, combined with a prediction on a commercial real estate rebound, drove the expansion. “He looked like a giant in there,” Seidel says.

The expansion began in late 2011, when Barry Seidel bought the former Prudential Palms Real Estate office at 7750 S. Tamiami Trail.

Seidel paid $380,000 for the building, which, at 4,800 square feet, was 300% larger than the too-small space it had occupied since 1994.

The expansion has since included more than $700,000 for renovations at the building; several new agent hires, including Jim Boyd, a well-known commercial property appraiser; and a heavy investment in technology for marketing.

Now, nearly two years later, American Property Group is one

“”

of the fastest-growing commercial real estate brokerages in the Sarasota-Bradenton region. Revenues through the first eight months of 2013 have doubled over last year, says Seidel, who declines to release specific figures. Seidel adds that he alone closed $16 million worth of local sales in August, and that doesn’t include the seven other agents in the firm.

“There were four very difficult years for all my clients,” says Seidel. “But now the market is booming. We are really busy. This has been the busiest summer I can remember in 20 years.”

Seidel has had several other recent triumphs. Most notably, commercial real estate data firm CoStar Group named Seidel a 2012 Power Broker. The award recognizes local agents with the highest leasing volume among their peers.

Seidel had an inkling the past year was going well when several clients started to look for investment properties again — a signal to him that money had begun to come off the sidelines.

“I’m in the money business,” says Seidel. “Commercial real estate is driven by dollars.”

Seidel, moreover, has come to realize he’s also in the technology business. That’s why he recently hired a marketing director.

Says Seidel: “We decided that we

ONE BUSY SUMMER Barry Seidel, president and founder of American Property Group of Sarasota, says this past summer was the busiest he’s had for commercial real estate BARRY SEIDEL deals in 20 years. Recent acquisitions his firm worked on include: • Represented Charter One Hotels & Resorts Inc. when the hotelmanagement firm bought a new headquarters in the Lakewood needed someone with technology experience to bring us into the 21st century.”

That new hire, Andy Metz, added a blog and videos to the firm’s regular marketing initiatives.

American Property Group also still utilizes traditional advertising, including print media ads in the Business Observer and other publications. Says Metz: “We want to have the perfect balance of online and offline.”

Seidel and his wife, Leslye, a partner in American Property Group, moved to Sarasota from

Ranch Corporate Park. Transaction was a $1.3 million deal for a 9,091-square-foot building; • Represented investors in a 1031 tax-deferred exchange acquisition of seven commercial buildings on Venice Avenue and a two-unit retail storefront on Main Street in downtown Sarasota.

The combined price for all the properties, including an apartment building and several restaurants, was $7.58 million; • Represented the buyer and seller of a 14,250-square-foot retail strip center at the intersection of Bee Ridge Road and U.S. 41 in Sarasota. Property sold for $3.7 million.

Philadelphia in 1986. Barry Seidel had been in several businesses up north, from running a restaurant to owning a burglar alarm company. With his sons now working full-time in the business, Seidel, 66, sometimes hears questions about how much longer he will stay at it.

His answer: a long while.

“I have no plans of dying or stopping working,” says Seidel. “People say I should stop and retire, but this is what I love.”

Follow Mark Gordon on Twitter @markigordon

We are really busy. This has been the busiest summer I can remember in 20 years. Barry Seidel | American Property Group of Sarasota

SEPTEMBER 27 – OCTOBER 3, 2013 | BUSINESS OBSERVER

BusinessObserverFL.com

infocus | commercial real estate | he first speaker at a recent packed real estate conference in Fort Myers wasn’t a builder, developer or financier.

It was Ron Toll, the provost of Florida Gulf Coast University in Fort Myers, who reminded his audience that the university was one of the few bright spots during the real estate crash.

Fact is, the university sustained many construction-related firms through the dark days of the recession when virtually no private-sector building was going on.

When the university saw its first class in 1997, it had three buildings. Now, there are 90 major buildings on the campus accommodating 14,100 students near Interstate 75 and Alico Road.

It’s a good thing that the economy is recovering because the university’s building boom is over for now, the victim of state cutbacks. “There is no more money to build at the same clip as before,” Toll told a gathering of the Real Estate Investment Society recently.

But the diminishing state spending is now being offset by the resurgence in private commercial construction. New hotels, shops, restaurants and offices are appearing on prominent corners throughout Lee and Collier counties.

Underpinning this resurgence is the recovery in residential real estate as homebuilders ramp up. For example, in 2009, there was a 14-month supply of housing in Lee County. Today, that supply has dwindled to about four to six months based on the current pace of sales, according to Paige Rausch, commercial adviser with Boback Commercial Group in Fort Myers.

Builders have taken notice. Through

BY JEAN GRUSS | EDITOR/LEE-COLLIER

Developers, builders and investors are laying the groundwork for the real estate recovery as financing becomes more widely available. buckle says they were undervalued. “The pendulum had swayed way too far in this market,” he says. “We have properties where we’re raising rental rates.”

The financing of commercial acquisition and development is becoming more available, says Paul Stasaitis, senior managing director with Holliday Fenoglio Fowler in Miami. The firm connects institutional investors and real estate entrepreneurs who need financing.

“There’s a home for just about everything right now,” says Stasaitis.

Lenders range from insurance companies to commercial banks, debt funds and the commercial mortgage-backed securities market. Stasaitis says banks are now the most active providers of construction financing, with apartments the most desirable asset.

No sector is taboo. “There have been several condo-construction loans done in 2013,” Stasaitis says.

Commercial mortgage-backed securities are attractive to investors again as memories of the real estate crash recede.

“There’s probably upwards of 30 CMBS aggregators in the marketplace,” Stasaitis says.

Stasaitis says funds that provide debt are providing money for speculative projects in the right locations. “We just see more and more capital coming into the market,” he says.

Despite the increase in available capital, Stasaitis says investors are being selective. They’re picking developers with experience and a track record of success.

“You have to know everything that’s going on,” he says.

Follow Jean Gruss on Twitter @JeanGruss

BRIAN TIETZ

PAIGE RAUSCH, a commercial adviser with Boback Commercial Group in Fort Myers, says the inventory of homes for sale in Lee County has dwindled to four to six months based on current sales. the second quarter of this year, 1,442 new single-family homes have been added to Lee’s tax rolls, 46% more than all of 2012, Rausch says, citing data from the Lee County Property Appraiser.

Through August, Lee County has permitted 614 single-family homes, 10% more than all of last year. “We don’t have inventory,” Rausch says. “You’re going to start to see the prices come up.”

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BUSINESS OBSERVER | SEPTEMBER 27 – OCTOBER 3, 2013

BusinessObserverFL.com

COMMERCIAL REAL ESTATE

BY JEAN GRUSS | EDITOR/LEE-COLLIER

Retailers are back scouting new locations throughout Southwest Florida. Dan Creighton is one developer who’s benefiting from better times.

SHOP TALK BRIAN TIETZ

DAN CREIGHTON, the CEO of Creighton Development and Construction, has retail projects underway in multiple locations, including this prominent corner at U.S. 41 and College Parkway in Fort Myers.

T

he northwest corner of U.S. 41 and College Parkway in Fort Myers may be located at one of the busier intersections in town, but it wasn’t a happy place during the real estate bust.

As many 100,000 cars pass the intersection each day, but the retail corner remained unloved as tenants vacated it during the crash. Dan Creighton was one of those who would drive by, always wondering in the back of his mind why that corner was failing despite the high traffic.

“It’s like a rock in your shoe,” says Creighton, a Cape Coralbased developer who paid $3.5 million for the 57,000-square-foot property in 2010.

Now, Creighton says tenants on parcels fronting U.S. 41 are paying north of $30 a square foot net of expenses. “We’re getting really strong rents,” he says. The plaza’s tenants include West Marine, Pet Supermarket and burger purveyor Five Guys.

He’s even jumping into the grocery business, buying Ada’s Natural Market. The organic-food market will move into Creighton’s plaza at U.S. 41 and College from its current location on U.S. 41 near Page Field and will be run by his wife, Heather Creighton.

Creighton says he’s spending $1.5 million to move Ada’s, which will open at the new location on

RETAILERS ARE BACK Shops are gobbling up space in the Fort Myers-Naples area, pushing down vacancies and spurring new development as rents start to rise again.

Data from market tracker CoStar Group shows retailers have absorbed about 875,000 square feet of space in the area that includes Charlotte, Collier and Lee counties over the past year. That’s enough space to fill 15 football fields.

The vacancy rate in the region has dropped from 8.1% in the third quarter of 2012 to 7.4% in the second quarter of this year, according to CoStar. That’s even as a total of 452,255 square feet of retail space has been built in Southwest Florida over the past year.

“The sun is starting to shine again,” says Dougall McCorkle, an associate with Premier Commercial in Naples.

Naples is commanding some of the highest rents in the region, with asking rates on tony Fifth Avenue in downtown Naples seeking $45 to $55 a square foot net of expenses, McCorkle says. During the downNov. 1. Ada’s has a loyal clientele of organic-food lovers who can’t find this kind of produce at most stores. “It’s been very profitable,” he says.

But back in 2010, it was still unclear if the country would ever emerge from the recession. “Peo-

turn, rents had fallen to $25.

Even locally owned businesses are adding locations again. “Those that survived the downturn are finally starting to make money again,” McCorkle says. “Naples has always been a little lucky because we’ve got higher net worth individuals who want to open up their own business.”

But it’s happening throughout the region as local entrepreneurs are leasing space. “That’s something we haven’t seen in the last five years,” says Karen JohnsonCrowther, managing director and principal at Colliers International in Fort Myers.

National companies are eyeing markets such as Fort Myers and Naples, tertiary areas that were ignored during the downturn. Relatively low land costs are attracting many retailers who couldn’t afford to buy during the boom, says Jim Boback with Boback Commercial Group in Fort Myers. “Land is kind of back in vogue because things are starting to happen,” he says.

Some retailers will come in and ple sat on the sidelines out of fear,” says Creighton, CEO of Creighton Development and Construction.

Creighton was an early risk taker, however, jumping in to secure commercial land and buildings on busy thoroughfares throughout Lee Count y surrounded

build their own space. “Wawa is going enter the market,” says Bill Young, senior associate with CRE Consultants in Naples, referring to the growing gas-station chain.

“They’ll probably come in and want to do 10 locations right off the bat.”

Restaurant chains such as Culver’s, sports equipment stores such as Dick’s Sporting Goods and grocery chains such as Aldi and Wal-Mart are scouting sites in the region, brokers say.

For now, retailers want wellestablished locations that have existing residential developments.

They’re not interested in building any stores where future growth is anticipated. “It’s too early in the cycle,” says Gary Tasman, executive director with Commercial Property Southwest Florida in Fort Myers.

Developers likely won’t build retail centers without leasing the space in advance, so don’t expect a construction boom that could lead to overbuilding. “Rents are growing a bit, but not at the rate that will justify speculative development,” says Tasman. by well-established residential neighborhoods. His philosophy: “Good property will stand the test of time.”

The California native survived the downturn by building Walgreens drugstores and 7-Eleven convenience stores, projects that

EXECUTIVE SUMMARY Company. Creighton Development and Construction Industry. Real estate development Key. Retail follows residential real estate.

SEPTEMBER 27 â&#x20AC;&#x201C; OCTOBER 3, 2013 | BUSINESS OBSERVER

â&#x20AC;&#x153;â&#x20AC;?

Good property will stand the test of time. Dan Creighton | Creighton Development and Construction didnâ&#x20AC;&#x2122;t stop during the recession.

Today, Creighton and his business partner Brent Evans have some 30 projects underway, mostly in â&#x20AC;&#x153;infillâ&#x20AC;? areas that are surrounded by areas full of residents. Creighton signs are visible at many prominent intersections in the region.

Banks are financing many of Creightonâ&#x20AC;&#x2122;s retail projects, including Fort Lauderdale-based Stonegate Bank and Naplesbased First National Bank of the Gulf Coast. â&#x20AC;&#x153;Non-recourse financing is back,â&#x20AC;? says Creighton.

Non-recourse lending means the borrower isnâ&#x20AC;&#x2122;t personally liable for the loan, but the property is secured by the real estate collateral. This signifies that banks are more confident about the underlying values of commercial real estate and suggests theyâ&#x20AC;&#x2122;re easing lending requirements.

Retailers have raised capital and some of that cash is sitting idle in money markets earning meager returns, so thereâ&#x20AC;&#x2122;s pressure to build new stores to generate higher yields. â&#x20AC;&#x153;They need a return on that investment,â&#x20AC;? says Creighton.

With the recovery in general economic conditions in the Fort Myers area, consumers are in the mood to spend again. â&#x20AC;&#x153;Thereâ&#x20AC;&#x2122;s so much pent-up demand,â&#x20AC;? Creighton says.

BusinessObserverFL.com

11

calendar

of OCTOBER 1

ROSKAMP CEO: Michael Mullan, CEO of the Roskamp Institute and president of Sci-Brain, will be the guest speaker at The Argus Foundationâ&#x20AC;&#x2122;s October Meet the Minds. The event will start at 11:30 a.m. at the Marina Jack, 1 Marina Plaza, Sarasota.

Cost is $35 per person.

For more information contact Sharlene at 941-365-4886 or e-mail shill9448@aol.com.

MULLAN HEALTH CARE IMPACT: Larry Lawman of Bouchard Insurance, Kathy Hargreaves of Kerkering, Barberio and Melanie Hancock of Hill Ward Henderson will discuss the impact of Obamacare. The event will run from 8 a.m. to 11:30 a.m. at The Francis, 1262 N. Palm Ave., Sarasota. For more information contact Rick Ratner by email at rratner@ emtpeo.com or call 941-306-4020.

OCTOBER 3

DATA CENTERS: Cameron Bulanda, Insightâ&#x20AC;&#x2122;s vice president of data center specialty, will host a roundtable discussion on the future of data centers at the Tampa Bay Technology Forumâ&#x20AC;&#x2122;s CIO/ CTO Roundtable. The event will run from 7:30 a.m. to 9 a.m. to the Centre Club, 123 S. Westshore Blvd., Suite 8, Tampa.

For more information visit tbtf.org.

OCTOBER 4

YOUNG PROFESSIONALS: Emerge Tampa Bay will hold a summit for young professionals from 1 p.m. to 5 p.m. at the

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Centre Club, 123 S. Westshore Blvd., Sarasota. Cost is $25. For more information, contact Ashley Ehrman at 813-2769448 or AEhrman@TampaChamber.com.

OCTOBER 8

TOURISM TRENDS: Lee County Visitor & Convention Bureau Executive Director Tamara Pigott will discuss tourism trends at a Real Estate Investment Society meeting. The luncheon will run from 11:30 a.m. to 1 p.m. at the Pelican Preserve Country Club, 9802 Pelican Preserve Blvd., Fort Myers. For more information visit reis-swfl.org.

OCTOBER 9

ENTREPRENEUR SOCIETY: Dave Sanderson, the last passenger on the US Airways Flight 1549 that ditched in the Hudson River, will be the keynote speaker at the Entrepreneur Society of Naplesâ&#x20AC;&#x2122; annual fundraising dinner. The event will run form 6 p.m. to 10 p.m. at the Hodges University, 2647 Professional Way, Northbrooke, Room ST 150, Naples. Cost is $100 per person. For more information visit eson.me.

OCTOBER 11

MEET THE DIRECTORS: The Florida Directorsâ&#x20AC;&#x2122; Institute will hold an all-day program for directors of public and large private companies at The University of Tampa, Vaughn Center, Ninth Floor, 401 W. Kennedy Blvd., Tampa. For more information visit ut.edu/centers/fdi.

OCTOBER 12

BUILDING AWARDS: The Lee Building Industry Association will hold its

industry awards celebration dinner from 6 p.m. to 10 p.m. at the Hyatt Regency Coconut Point Resort & Spa, 5001 Coconut Road, Bonita Springs. Cost is $100 per person. For more information visit bia.net.

OCTOBER 15

AIRPORT CHIEF: Tampa International Airport CEO Joe Lopano will discuss the airportâ&#x20AC;&#x2122;s master plan at the Greater Tampa Chamber of Commerce Public Policy Roundtable. The event will run from 7:30 a.m. to 9:30 a.m. to The Centre Club, 123 S. Westshore Blvd., Floor 8, Tampa. Cost is $40 for members and $45 for others. For more information visit LOPANO tampachamber.com.

OCTOBER 18

TECHNOLOGY AWARDS: The Tampa Bay Technology Forum will hold an awards ceremony from 6 p.m. to 11 p.m. at the Hilton Tampa Downtown, 211 N. Tampa St., Tampa. For more information visit tbtf.org.

OCTOBER 22

WOMENâ&#x20AC;&#x2122;S FORUM: The St. Petersburg-Pinellas chapter of Business and Professional Women will highlight womenâ&#x20AC;&#x2122;s success stories at the groupâ&#x20AC;&#x2122;s fall forum. The event will run from 5:30 p.m. to 8:00 p.m. at The Studio@620, 620 First Ave. S., St. Petersburg. Cost is $15 for members in advance or $20 for others. For more information visit bpwstpetepinellas.org.

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BUSINESS OBSERVER | SEPTEMBER 27 – OCTOBER 3, 2013

BusinessObserverFL.com

ENTREPRENEURS

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elf-proclaimed infomercial K ing Kev in Ha rring ton, the idea pitch guru behind 500 products over the last 30 years, launched his entrepreneurial life selling newspapers on a street corner.

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Harrington was 10 years old back then, in 1967 in Cincinnati.

He would go on to start a drivewaysealing business by the time he was 15. After that Harrington dabbled in the heating and air-conditioning business and in franchise development. And in his 30s, Harrington ran a bar and restaurant in St. Petersburg with some buddies.

Infomercials, though, is where Harrington, who lives on St. Pete Beach and is chairman of Clearwater-based As Seen on TV, conquered his throne. Harrington produced his first infomercial in 1984. The infomercial concept, an extended TV commercial that now hawks everything from arched back stretchers to Zumba fitness DV Ds, was then an unproven novelty.

Harrington proved it could work: In nearly 30 years of infomercials he claims to have launched at least 500 products that have resulted in more than $4 billion in worldwide sales. That includes 20 different products that each surpassed $100 million. A firm he founded to produce the infomercials, National Media Corp., was chronicled in case studies at Harvard and MIT. Harrington, finally, was an original shark on the reality TV show “Shark Tank” in 2009. The show pits investors, the sharks, against entrepreneurs and small business owners who seek funding. Harrington was on the show for three seasons.

“He’s captivating,” says Bruce Serbin, a Fort Lauderdale-based media consultant and publicist who has worked with Harrington on Key Person of Influence, an entrepreneur improvement seminar with shows nationwide. “He knows the business and he knows what he’s talking about. He gets you pumped up.”

Harrington, 56, recently sat down with the Business Observer, where he detailed his five Ps of product-selling success — no matter the product or industry. The five concepts, part of the Key Person seminars, are: PITCH Anyone selling something, be it a product or a service, should have several pitches at the ready of varying lengths, says Harrington.

Lengths should be one minute, 90 seconds, three minutes and five minutes.

Time put into writing the pitch a nd memor i zing it, however, should be infinitely longer than the delivery. “There’s an art to the perfect pitch,” Harrington says.

“There’s an art to being able to get it out quickly and generate interest.”

The art part, he says, is to tell a story about both the problem and the solution while weaving in the business aspects. Emotions can be an asset, Harrington says, especially a nice smile. But he warns against too much emotion: He recalls an awkward moment on Shark Tank when an entrepreneur cried during her pitch. It soured the presentation.

BY MARK GORDON | DEPUTY MANAGING EDITOR

Pioneering pitchman Kevin Harrington oozes success in selling stuff through infomercials.

One key: Promote yourself and your product early and often.

MARK WEMPLE

KEVIN HARRINGTON produced his first infomercial in 1984. The St. Pete Beach-based entrepreneur has since been behind 20 product launches that each surpassed $100 million in total sales.

BUT WAIT, THERE’S MORE! Infomercial pioneer Kevin Harrington has been involved with dozens of businesses and thousands of products over the past 30 years. Career highlights include: • Founded Quantum International in the mid-1980s.

Firm merged into National Media Corp. in 1991, and eventually surpassed $500 million in annual sales; • Onetime CEO of HSN Direct, a joint venture with St.

Petersburg-based Home Shopping Network; • Helped launch the Entrepreneur’s Organization, a global support group with 113 chapters in 38 countries and more than 924,000 members; • Also helped start the Electronic Retailing Association, which represents the $125 billion electronic retailing industry. The association has more than 450 member companies;

• Chairman of As Seen On TV, a Clearwater-based firm that sells products from TV pitches; • Recently joined the board of Boca Raton-based Celsius Holdings Inc. Firm created and sells what it calls the “world’s first calorieburning beverage backed by clinical science.”

• Blockbuster products he helped sell through infomercials include the Ginsu Knife; the Great Wok of China; and the FoodSaver.

EXECUTIVE SUMMARY Entrepreneur. Kevin Harrington Industry. Infomercials, retail, consumer products Key. Pay attention to all the details when selling any product.

SEPTEMBER 27 – OCTOBER 3, 2013 | BUSINESS OBSERVER

PUBLISH Harrington offers a twist on the “publish or perish” mantra college professors use to advance their careers. In this case, Harrington says publishing, from a book to a blog, is essential to sell on a wide scale.

“We always say if you have book, you can get on radio,” says Harrington. “Radio is always looking for unique and quirky. And that gives you the ability to get your persona out there.”

In 2008 Harrington wrote “Act Now!: How I Turn Ideas into Million-Dollar Products.” The book, says Harrington, drew the attention of talent scouts who work for Mark Burnett, the superstar reality TV producer behind “Shark Tank,” “The Apprentice,” “Survivor” and “The Voice.” A short time later Harrington was cast in the debut season of “Shark Tank,” alongside fellow sharks like New York real estate mogul Barbara Corcoran and fashion entrepreneur Daymond John.

A Ta mpa con nec t ion even awaited Harrington on “Shark Tank’s” premiere episode, which was broadcast Aug. 9, 2009. That was in two of the contestants, Nick Friedman and Omar Soliman, who sought capital for their Tampa-based startup, College Foxes Packing Boxes. That business was a spinoff of a company the duo previously founded, College Hunks Hauling Junk. Harrington declined

“”

to make an offer to invest in the entrepreneurs.

PRODUCTIZE The productize aspect of selling, says Harrington, is an often overlooked factor in building long-term success. “Productizing is really important,” he says. “Products never sleep.”

Harrington considers productizing the act of turning a unique service or expertise into a tangible product sold long after the creator has moved on to other projects. A good example of that, Harrington says, is the work he did with fitness entrepreneur Tony Little. Harrington produced an infomercial for Little’s Ab Isolator workout videos that led to $300 million in sales.

The productizing side of that effort is Harrington took Little’s simple workout and even simpler catchphrase, “You can do it!” and made it sustainable. Harrington says he later did similar work with Jack LaLanne, another fitness and exercise guru.

But Harrington emphasizes that productizing isn’t only for exercise videos. It works in the massage industry, for instance, and other club-based sales approaches. “I don’t care if I’m sitting with a doctor, a lawyer or an air-conditioning company,” says Harrington.

“Everyone can productize their business.”

13

BusinessObserverFL.com

PROMOTE This is the “don’t be shy” part of Harrington’s five-step pitch plan.

He encourages entrepreneurs to seek ways to raise their profiles and “become Google famous.” The fastest way to do that — land a spot on “Oprah” or “The Today Show” — is a rare occurrence, Harrington concedes, but there is hope. In fact, Harrington says websites like YouTube and Facebook provide countless, inexpensive promotion opportunities.

That’s the difference, he adds, between old media and new media.

“Old media is a few channels broadcast to a million,” he says.

“New media is a million channels broadcast to a few. That’s where people can create their profiles.”

Promotion, says Harrington, trips up many entrepreneurs who have failed to embrace social media. Harrington says that’s a mistake. “The world has changed,” he says. “If you don’t change the way you always did business, you will be out of business.”

PARTNERSHIPS The idea that a business owner should utilize others to leverage the full power of a concept, service or product, says Harrington, should be a no-brainer. “Half of a huge pie,” he says, “is better than 100% of a pie that never gets baked.”

SCORE WITH FOUR Entrepreneur Kevin Harrington has helped launch at least 500 products that have resulted in more than $4 billion in worldwide sales. There are four factors he looks for when he judges the viability of a new product. Those factors are: • Mass market potential: “If it’s too niche,” he says, “you can’t make it work in multimedia and on TV.” • Problem solving ability: “The continuity aspect of a product is important. If it doesn’t work,” says Harrington, “people won’t buy it.”

• Never done before: “Is it unique enough,” asks Harrington, “where nothing on the market is similar?”

• Enhance the enchantment: Harrington says every product he’s had big success with contains a “magic transformation” element that blows people away.

Yet many entrepreneurs, he says, balk at partnerships. He thinks that’s because inventors and creators fear choosing the wrong partner or relinquishing too much control. Harrington tells people to seek advice on a partnership, but not to ignore those opportunities.

“I recommend everyone partner,” Harrington says. “That’s where a lot of people miss the boat. They are afraid of giving up something.”

The world has changed. If you don’t change the way you always did business, you will be out of business.

Kevin Harrington | infomercial entrepreneur

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BUSINESS OBSERVER | SEPTEMBER 27 – OCTOBER 3, 2013

BusinessObserverFL.com

BY SEAN ROTH | RESEARCH EDITOR

center at 1307 N. University Drive.

Founded in 1989, Amscot Financial employs more than 2,000 people. It has operations in 20 Florida counties, including Hillsborough, Manatee Pasco, Pinellas and Sarasota.

i9 Sports franchisee grows southern territories Former heavyweight boxer Larry Jackson has purchased and started operating the i9 Sports franchise territories in Charlotte, Manatee and Sarasota counties.

Jackson began his career with i9 Sports as a coach in 2006 before becoming an owner in Manatee County in 2008. The expansion more than doubles the number of kids in his league from 1,350 to almost 3,000. As part of the expansion, Jackson goes from managing one location to seven and will double his staff from 15 to 30.

Founded in 2003, Riverview-based fitness franchise i9 Sports has franchises in 30 states, and reported $5.4 million in 2012 revenues to the Business Observer. It offers flag football, soccer, basketball, baseball and cheerleading.

Tampa’s Amscot Financial opens two new branches Tampa-based Amscot Financial has opened new branch locations in Ormond Beach and Coral Springs. This brings the total number of Amscot Financial branches to 221.

The new Ormond Beach branch is located at 1425 W. Granada Blvd., near the intersection with North Williamson Boulevard. The Coral Springs branch is in the Ramblewood Square shopping

Cruise line docking second ship from Port of Tampa Royal Caribbean International has announced plans to deploy a second ship at the Port of Tampa beginning in fall 2014. Royal Caribbean International has been operating one ship at the port during winter cruise seasons since January 2002. Brilliance of the Seas, which will sail seasonally four- and five-night Western Caribbean cruises, will now be joined by a second Royal Caribbean ship, Vision of the Seas, which will offer seven-night Western Caribbean cruises, throughout winter 2014-15.

“The Port of Tampa has been a great partner for more than a decade, and we look forward to continued growth with the Tampa Port Authority in the future,” Adam Goldstein, president and CEO of Royal Caribbean International, says in a press release.

There will now be six cruise ships that homeport in Tampa. More than a million passengers are expected to pass through the port, the largest number in the port’s 31-year history as a cruise port.

Tampa’s DOW Electronics buying Shifting Sands Stereo Tampa-based DOW Electronics has purchased certain assets and the operations of Dania-based Shifting Sands Stereo Distributing Inc. This acquisition is expected to bring DOW Electronics an additional distribution location, customer list, vendor relationships and employees with industry knowledge of consumer electronics and custom integration products.

“This acquisition better positions our company as a leading Southeast consumer electronics and custom integration distributor by providing us with stronger technical knowledge and a broader product offering to help better serve our existing and future customer base,” John Yodzis, executive vice president of DOW Electronics, says in a press release.

The 54-year-old DOW Electronics is a wholesale audio and video technology distributor focusing on independent retail businesses. It currently has 154 employees operating out of 14 sales and distribution locations servicing nine Southeast states, Puerto Rico, and the U.S. Virgin Islands.

Formed in 1988, Shifting Sands Stereo Distributing Inc. is a distributor of audio, video, home theater and control systems.

Cale America signs distribution deal with Minnesota engineering firm Tampa-based Cale America Inc. has entered into a distribution agreement with automation engineering firm IQa Engineering LLC. IQa Engineering will be responsible

for selling and supporting Cale products and services in Minnesota, Iowa, North Dakota, South Dakota and parts of Wisconsin. The firm already partners with 3M for its off-street products and Daktronics for digital signage products.

The Blaine, Minn.-based engineering firm specializes in factory automation and industrial control systems, including parking and access-control projects.

Celebrity chef Emeril films show at Beach Bistro The Beach Bistro will be featured in a future episode of celebrity chef Emeril Lagasse’s 13-part “Emeril’s Florida” television series. The Food Network show and Lagasse filmed at the Holmes Beach restaurant earlier this month.

“Two locations and six dishes in, he was praising my rack of lamb,” Sean Murphy, owner of the Beach Bistro and operating partner/founder of Eat Here restaurants, says in a press release. “He loved the Bistro Bouillabaisse, and he told me that the Bistro’s Food Heaven was amazing and that I should be locked up for being crazy enough to imagine a dish with lamb, butter-poached lobster and foie gras all on one plate.”

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15

BY JAMES R. GREGORY | CONTRIBUTING COLUMNIST

Quality trumps quantity in social media Social media may not provide huge returns, but they can help build an engaged, loyal customer base.

1. Choose your platforms strategically to effectively engage your clients.

While the primary social media outlets (Facebook, Twitter, YouTube) are the price-of-entry options, there’s a continuously growing amount of secondary social media outlets you can utilize. Just don’t try to have a presence in all of them. Remember, you can be part of anything, just not part of everything. Focus more on which outlets align with your company’s services, products and marketing style.

2. Keep an eye on competitor usage of social media.

Each industry and market has a different entry level that has to be met for social media to get above the white noise. Some industries are more suited for YouTube than Facebook, or Twitter over Instagram, or Vine over Uber.

Keep a pulse on where your competitors are using social media. Also, keep an eye on where your clients are on social media. Find where those two segments align and focus your social media efforts there before experimenting with secondary or tertiary social media services.

3. Use the 3/1 rule of knowledge contribution versus product promotion when posting.

Social media is not meant to be a source of high profits for a company.

It’s meant to engage with clients and consumers. With that in mind, for every three posts of knowledge contribution, where you provide something insightful or useful, you can post one service or product promotion.

The three parts advice to one part promotion is an effective balance for engaging clients via social media. If you inundate them with “buy our service/ product” posts too often, clients will stop paying attention to you.

4. Evolve your website when appropriate to prevent aging.

Websites are a standard weapon you need in your social media arsenal. You can’t just create a site in 2013 and leave static content on there for 10 years.

One design with non-updated content doesn’t cut it anymore.

Clients seek regularly updated content on websites. Content should be updated weekly or monthly, depending on how closely engaged you are with clients. Website design should be reviewed at least every two years to ensure that you’re providing an effective and efficient layout for clients to engage with you online.

5. Utilize third-party experts when appropriate.

Depending on your company’s size and bandwidth to focus on social media, utilizing a third-party service or

independent contractor to help manage your social media efforts makes sense.

Make sure that you have a media strategy you want accomplished and make sure whatever third party you work with is in agreement and capable of achieving the results you want.

For those with established social media platforms and strategies, I’ve found three initiatives to best leverage social media efforts and to best manage long-term maintenance.

1. Look for general trends in visits to your website.

It is in your best interests to review your website statistics on a quarterly, or at least bi-annually, basis.

Review visitor numbers to determine what times have the highest viewing rates. Time your marketing releases accordingly to reach the most viewers efficiently. Identify trending search terms that viewers use to find your website.

Make an effort to post fresh content in relation to search terms growing in popularity.

2. Trace social media contact back to your marketing activities.

Keep track, as best you can, of who’s following you on which social media platform. When clients/consumers reach out to you, you can cross-reference to determine how they found you or what marketing effort reached them. This is great for your marketing and sales teams to justify their various efforts.

3. Use social media surveys to generate insights to your marketing efforts.

It’s worth utilizing a survey every year to generate insights into your marketing efforts. Reach out to clients who follow you on a social media outlet, and request their opinion on your company’s services/products/marketing efforts.

Entering participants into a raffle for a gift card or discount for your products/ services provides an added incentive for participants.

Use the insights and answers compiled from the surveys to better leverage your marketing and sales initiatives.

Social media by definition is more social than business. It’s not as easy to quantify and qualify your efforts and engagements with clients. It’s still worth the effort to strategically use social media to build relationships and engage with customers and those who are most likely to become customers in the future.

James R. Gregory is founder and CEO of CoreBrand, a global brand strategy, communications and design firm headquartered in New York, with offices in Los Angeles and Tampa. Gregory has written four books on creating value with brands: “Marketing Corporate Image,” “Leveraging the Corporate Brand,” “Branding Across Borders” and “The Best of Branding.” Contact him at JGregory@corebrand.com.

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16 commercial real estate | SARASOTA–MANATEE | BusinessObserverFL.com

1 Sarasota’s PPi Technologies to relocate to larger building BUYER: Smartresource LLC (principals: C. Stuart Murray and Sandra-Leigh Christensen), Sarasota SELLER: Systemair MFG Inc. PROPERTY: 1712 Northgate Blvd., Sarasota PRICE: $3.75 million PREVIOUS PRICE: $205,000, April 1989 LAW FIRM ON DEED: Najmy Thompson PL, Bradenton PLANS, DESCRIPTION:

An affiliate of PPi Technologies purchased the 81,612-square-foot former System Air industrial building for $3.75

million.

The price equated to $46 per square foot. That figure is the same as the twoyear average price per square foot for industrial space ($46) in the Tampa Bay area, according to the CoStar Group.

PPi Technologies plans renovate the U-shaped building to serve as its new manufacturing plant. The company plans to spend $700,000 to renovate one side of the building for its Redi-2-DrinQ division, which produces pouched beverages, including alcohol. In addition, it will be spending another $500,000 on the other side of the building for the machinery manufacturing side of the business, called PPiTech Global Sales. The middle the building will be used for storage.

“That building will be the largest contract packaging center for alcohol in the United States,” says company CEO R. Charles Murray. “It will be capable of producing 1 billion [beverage] pouch units a year.”

PPi Technologies plans to ramp up to that level over the next five years.

Even so, initially it will be doubling its production level from its current facility, which can produce 120 million pouches.

Murray expects to hire 15 new people once the company is in new the location

BUSINESS OBSERVER | SEPTEMBER 27 – OCTOBER 3, 2013

in December.

Aesthetic Finishers Inc. is the contractor for the improvements, and the architect is Tampa’s FleischmanGarcia Architecture.

Jon Kleiber and Terry Eastman handled the transaction under the Real Estate Office of James Buchanan Realty, but are now with Coldwell Banker Commercial NRT. The duo will be listing PPi Technologies’ 19,800-square-foot current building at 1610 Northgate Blvd., Sarasota for sale.

Purchase entity Smartresource LLC mortgaged the property to Branch Banking and Trust Co. for $3.43 million.

2 Validus Senior Living buys Hidden Lakes Living BUYER: 1200 54th Avenue LLC, Tampa SELLER: Hidden Lakes Living LLC PROPERTY: 1110 and 1200 W. 54th Ave., Bradenton PRICE: $11 million LAW FIRM ON DEED: Barnett Bolt Kirkwood Long & McBride PA, Tampa

commercial real estate | TRANSACTIONS | DEEDS/MORTGAGES The following real estate transactions more than $1,000,000 were filed in Charlotte, Collier, Hillsborough, Lee, Manatee, Pasco, Pinellas and Sarasota county courthouses. The information lists the seller, buyer, amount of sale, mortgage and lender, if available, address and book and page of the document.

CHARLOTTE COUNTY None

COLLIER COUNTY MT Crown Properties Inc. sold to 1726 Medical Building I LLC, $3,950,000, Mortgage: $2,560,000, Florida Community Bank NA, office, 1726 Medical Blvd., Naples, 4885113.

2210 Floor 3 LLC sold to LB 2210 Vanderbilt LLC, $2,075,000, Mortgage; $1,345,500, First National Bank of the Gulf Coast, commercial, 2210 Vanderbilt Beach Road, units 301-307, 4885437.

542 Third Avenue LLC sold to Raymond and Alice McCabe, $2,525,000, vacant residential, 0.23 acres, 542 Third Ave. N., 4883208.

WR Development II LLC sold to McCabe Family Limited Partnership, $2,500,000, Mortgage: $1,000,000, WR Development II LLC, parking lot or mobile home park, 760 Third Ave. S. and 3000 Eighth St. S., 4883239.

AGR TM LLC sold to CCC Traditions LLC, $1,380,000, vacant commercial, 2083, 2092, 2093, 2097 and 2098 Torino Way and 2106 Modena Court, 4882708.

HILLSBOROUGH COUNTY CRP II — Tampa Festival LLC sold to WHLR — Tampa Festival LLC, $11,850,000, Mortgage: $8,887,500, Rialto Mortgage Finance LLC, community shopping center and strip center, 2525 E. Hillsborough Ave. and fast food, 2601 E. Hillsborough Ave., Tampa, 2013330987.

GE Capital Franchise Finance Corp. sold to Arc CafeUSA001, $6,468,440, restaurant, 5779 W. Fowler Ave., Temple Terrace, 2013335138.

GE Capital Franchise Finance Corp. sold to Arc CafeUSA001 LLC, $5,710,835, restaurant, 10243 Big Bend Road, Riverview, 2013335140.

CGCMT 2004 C1 North Hoover LLC sold to Tampa International Business Center LLC, $4,700,000, office, 5730 Hoover Blvd. and 5301, 5520, 5550 and 5570 W. Idlewild Ave., Tampa, lots 1-3, block A, Airport Service Center, 2013329869.

FCE Properties of Tampa LLC sold to Store Master Funding IV LLC, $4,109,275.98, Mortgage: $4,109,275.98, CitiBank NA, auto repair, 8418 Palm River Road, Tampa, 2013333484.

Palmetto Thonotosassa-HWY 301 LLC sold to Falling Up Investments LLC, $4,030,000, vacant commercial, 11818 Jackson Road, Thonotosassa, 2013328046.

TMF13 LLC and 2004 140th LLC sold to BH Tampa 140 LLC, $3,750,000, multifamily residential, 13812,

13911 and 13801 N. 19th St., Tampa, 2013329394.

CYP4 Owner LLC sold to PKY CYP4 LLC, $2,900,000, commercial parking lot, 402 N. Hoover Blvd., Tampa, 2013327304.

CNL APF Partners LP sold to Arc CafeHLD001 LLC, $1,902,049, restaurant, 16203 N. Dale Mabry Highway, Tampa, 2013335136.

OD Flowers Tampa LLC sold to BPROP FL Tampa 1930 LLC, $1,800,000, Mortgage: $1,692,804.11, BB Descendant Trust, trucking terminal, 1930 Tampa East Blvd., Tampa, 2013334611.

RKM Fowler Williams LLC sold to Family Dollar Stores Inc., $1,751,192.44, vacant commercial, 11701 Williams Road, Thonotosassa, 2013332799.

Racetrac Petroleum Inc. sold to Blue Marlin Stations LLC, $1,700,000, convenience store or gas station, 6501 W. Hillsborough Ave., Tampa, 2013333045.

Columbus Drive LLC sold to THS Investments LLC, $1,626,000, Mortgage: $2,422,500, Branch Banking & Trust, warehouse, 2721 N. 36th St., Tampa, 2013340301.

Family Dollar Stores of Florida Inc. sold to Realty Income Trust 2, $1,570,200, in SEC 17-30S-20E, 2013332967.

Great American Corp. sold to Discovery Village at Tampa Palms LLC, $1,500,000, vacant industrial, a portion of Brookside Trace Court, Tampa also known as lots E2, E3 and E4 Tampa Technology Park West Flex, 2013333461.

Ribhi Hammad and Ziad Hasan sold to Plaza Retail Development LLC, $1,350,000, Mortgage: $1,000,000, SunTrust Bank, strip center 5305 Ehrlich Road, Tampa, 2013324880.

LEE COUNTY RP Bonita Beach Rd LLC sold to Lennar Homes LLC, $44,000,000, in SEC 1-48S-26E, Bonita Springs, 2013000206578.

FCE Properties of FT Myers LLC sold to Store Master Funding IV LLC, $6,828,796.83, Mortgage: $6,828,796.83, CitiBank NA, auto sales or repair, 5151 Dr. Martin Luther King Kr. Blvd., Fort Myers, 2013000200992.

OB Florida CRE Holdings LLC sold to Green Office Park LLC, $3,700,000, Mortgage: $1,850,000, IberiaBank, office, 10461, 10471, 10481, 10491 and 10501 Ben C. Pratt Six Mile Cypress Parkway and common element, 10201-10241 Ben C. Pratt Six Mile Cypress Parkway, Fort Myers, 2013000200992.

Family Dollar Stores of Florida Inc. sold to Realty Income Properties 29 LLC, $1,932,100, store, 85 Joel Blvd., Lehigh Acres, 2013000205272.

Palmetto North FT Myers-US 41 LLC sold to Gregory and Chong Suiter, $1,744,930.91, Mortgage: $1,312,265.69, Security National Bank of Omaha, vacant commercial, 19261 N. Tamiami Trail, North Fort Myers, 2013000198095.

Family Dollar Stores of Florida Inc. sold to Realty Income Properties 29 LLC, $1,736,800, store, 2222 Fowler St., Fort Myers, 2013000205219.

Family Dollar Stores of Florida Inc. sold to Realty Income Properties 29 LLC, $1,549,100, vacant commercial, 4712 Palm Beach Blvd., Fort Myers,

BY SEAN ROTH | REAL ESTATE EDITOR

PLANS, DESCRIPTION:

Tampa-based Validus Senior Living purchased the 78-bed Hidden Lakes Living for $11 million.

The price equated to $141,026 per unit.

The facility provides memory-care services for Alzheimer’s and dementia patients. It features a number of specialized technologies to assist and protect those patients, including fallmotion sensors in the residents’ suites.

Validus Senior Living purchased the center along with the 58-bed Ivy Ridge Living in St. Petersburg from Mark Bouldin.

“This agreement is part of our strategic growth plan to expand our memory-care assisted-living offerings throughout the Southeast and beyond,” Validus Senior Living CEO Steven Benjamin says in a press release.

A third Validus Senior Living memory-care community in Sarasota is currently under development and should be completed in December.

Validus Senior Living, an affiliate of the Validus Group, provides property development, acquisition and management of senior housing.

Purchase entity 1200 54th Avenue

BY SEAN ROTH | REAL ESTATE EDITOR

2013000205252.

Family Dollar Stores of Florida Inc. sold to Realty Income Properties 29 LLC, $1,530,700, vacant commercial, 2012 Santa Barbara Blvd., Cape Coral, 2013000205176.

Family Dollar Stores of Florida Inc. sold to Realty Income Properties 29 LLC, $1,477,100, stores, 2614 Skyline Blvd., Cape Coral, 2013000205091.

Family Dollar Stores of Florida Inc. sold to Realty Income Properties 29 LLC, $1,394,100, store, 8291 Aloha Road, Fort Myers, 2013000205187.

MANATEE COUNTY GE Capital Franchise Finance Corp. sold to ARC CafeUSA001 LLC, $6,731,125, restaurants or cafeterias, 4301 W. Cortez Road, Bradenton, 02488-1924.

OB Florida CRE Holdings LLC sold to Cargor Partners VI - Buckeye 928 LC, $5,000,000, Mortgage: $3,000,000, Florida Federal Land Bank Association, agriculture, 932.381 acres, 11100 Buckeye Road, Palmetto, 02487-5591.

Lakewood Ranch Commerce Park LLC sold to Creekside Ranch Apartments LLC, $3,200,000, Mortgage: $24,250,000, Synovus Bank, 17 acres, in SEC 17-35S-19E, 02487-5301.

Hanlex Ellenton LLC sold to Chastain Ellenton LLC, $2,049,800, vacant commercial, 3615 U.S. 301, Ellenton, 02487-7043.

HQ Properties Inc. sold to LYXTR LLC, $2,000,000, mixed-use store, office, residential, 7201 E. 15th St. and 1550, 1609, 1610, 1661, 1671, 1681 and 1701 Biotech Way, Sarasota, 02487-6243.

PDG Electric LLP sold to Rare Hospitality Management Inc., $1,355,000, restaurants or cafeterias, 4502 W. 14th St., Bradenton, 02487-5743.

PASCO COUNTY GE Capital Franchise Finance Corp. sold to Arc CafeUSA001 LLC, $7,068,200, restaurants, 28422 State Road 54, Wesley Chapel, 8925-3983.

GE Capital Franchise Finance Corp. sold to Arc CafeUSA001 LLC, $5,274,400, restaurants, 8537 Little Road, New Port Richey, 8925-3975.

Storage Ventures III LLC sold to Amsdell Storage Ventures XVI, $4,200,000, Mortgage; $3,150,000, CitiGroup Global Markets Realty Corp., warehouse, 4413 Madison St., New Port Richey, 8922-0239.

PINELLAS COUNTY Bayside Terrace LLC sold to NIC 4 Bayside Terrace Owner LLC, $16,261,200, Mortgage: $114,250,000 (a portion), General Electric Capital Corp., assisted living facility, 9381 U.S. 19 N., Pinellas Park, 18115-2519.

Clearwater Storage Partners sold to PS Florida One Inc., $7,885,500, mini-storage warehouse, 14770 66th St. N., Clearwater, 18121-2170.

Grand Hope Investments Inc. sold to D&E Property Investments Inc., $3,000,000, general warehouse for commercial retailer, distribution or truck terminal or warehouse, 1401 and 1501 Lake Ave. S.E., Largo, 18113-2325.

Socia Enterprises of Clearwater Inc. sold to Laspina Clearwater Properties LLC, $3,000,000, Mortgage: $2,450,000, Socia Investment Corp., bowling alley, pool hall, enclosed arena, skating rink or gymnasium, 27867 U.S. 19 N., Clearwater, 18141-2405.

Shadi Property Investments LLC sold to Commons at Fed Plaza LLC, $2,290,000, neighborhood shopping center, 850 49th St. N., St. Petersburg, 181311868.

Fifth Third Bank sold to GFP St. Pete Property LLC, $1,905,300, financial institutions, 6700 22nd Ave. N., St. Petersburg, 18134-1758.

Saint Mark’s Church of St. Petersburg sold to Anona United Methodist Church Inc., $1,800,000, church, 6801 38th Ave. N. and vacant commercial land on a portion of 68th Street N., St. Petersburg, 18145-1175.

Family Dollar Stores of Florida Inc. sold to Realty Income Properties 29 LLC, $1,602,600, retail store, 6875 66th St. N., Pinellas Park, 18146-1647.

Peter Galinski sold to Twin Ponds Investments Inc., $1,600,000, Mortgage: $1,200,000, Peter and Barbara Galinski vacant residential a portion of 61st Avenue South and 62nd Avenue South, St. Petersburg, 18138-0874.

Lokey Oldsmobile Inc. sold to Largo Medical Center Inc., $1,500,000, automobile, motorcycle, farm machinery or tractor trailer dealership, 2339 Gulf to Bay Blvd. and vacant commercial land, a portion of Gulf to Bay Boulevard, Clearwater, 18129-1341.

Wayne Bond as trustee sold to Largo Property Investments LLC, $1,450,000, Mortgage: $1,087,500, USAmeriBank, restaurant or cafeteria, 5375 East Bay Drive, Largo, 18090-0812.

In & Out Express Wash & Lube Inc. sold to U.S. 19 In & Out Car Wash & Lube Inc., $1,200,000, car wash, 32663 U.S. 19 N., Palm Harbor, 18127-0257.

SARASOTA COUNTY Sarall Ltd. sold to Smulron LLC, $4,575,000, Mortgage: $3,787,500, First America Bank, community multi-story strip store, 229 W. Venice Ave., strip store, 223 and 233 W. Venice Ave. and restaurant, 121 W. Venice Ave., Venice, 20131201135.

Sarall II LLC sold to Smulron LLC, $3,000,000, Mortgage: $3,787,500, First America Bank, community multi-story strip store, 1540 Main St., Sarasota and store, 243 W. Venice Ave. and restaurant, 125 W. Venice Ave., Venice, 2013120136.

Myakka River RV Resort sold to Myakka River Resort LLC, $2,575,000, Mortgage: $1,850,000, Intervest National Bank, recreational vehicle park, 10400 S. Tamiami Trail, North Port, 2013119624.

West Florida Distributors Inc. sold to Gulf Coast Real Estate Inc., $1,837,500, industrial light warehouse, 4500 Carmichael Ave., Sarasota, 2013118364.

William and Lynn Bacon sold to Bacon Properties LLC, $1,534,200, Mortgage: $1,520,000, Florida Shores Bank Southwest, general commercial, 7522 S. Tamiami Trail, Sarasota, 2013121742.

Soltis Family LLC sold to 4281-4305 Clark Road LLC, $1,410,000, commercial intensive, 4281 Clark Road, Sarasota in Clark Commercial Center, 2013122514.

SEPTEMBER 27 – OCTOBER 3, 2013 | BUSINESS OBSERVER

LLC mortgaged the property and Ivy Ridge Living to KeyBank National Association for $16.8 million.

BusinessObserverFL.com

Beker State Park

301 275

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Palmetto Holmes Beach

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789

O.E. Wheel Distributors buys its Centre Park building

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301

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Sarasota

Myakka City

780

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BUYER: 7205 East LLC (principals: James Moore and Lance Bullock), Sarasota SELLER: Rucha LLC PROPERTY: 7205 E. 22nd St., Sarasota PRICE: $1 million LAW FIRM ON DEED: Berlin-Patten PLLC, Sarasota

Upper Myakka River Watershed

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45

Osprey Myakka River State Park

681

93

Venice

PLANS, DESCRIPTION:

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776

North Port

Myakka State Forest

Engelwood

ETC. • Lockwood Ridge LLC purchased a 2,200-square-foot medical office building at 1501 N. Lockwood Ridge Road, Sarasota from Dr. Gene Koval Jr. for $218,225. Peter Bartys of the Sarasota office of Sperry Van Ness Commercial Advisory Group handled the transaction.

• AM Investments of Sarasota LLC purchased an acre of commercial land at 3099 Fruitville Road, Sarasota from James and Glenda Thornton for $528,500. Ken Clanton of Wagner Realty

represented the buyer and Tony Veldkamp of Sperry Van Ness Commercial Advisory Group represented the sellers.

• Gail Bowden with the Sperry Van Ness Commercial Advisory Group’s Sarasota office helped a buyer purchase a building in Kissimmee for $6.95 million. Bowden represented Sonco Properties LLC, which purchased the three condominium pieces of 222 Broadway Ave., Kissimmee from CPS LLP, North Star LLP and City Centre Kissimmee LLC.

• The Florida Green Building Coalition has named Lakewood Ranchbased Neal Communities of Southwest Florida LLC as its Builder of the Year.

Awards were given out in eight categories including best commercial builder, best local government (city and county), best home, best builder (single-family and multifamily), best certifying agent, and best volunteer of the year. Neal was lauded as the best builder of single-family homes, and was the top winner out of 10 nominees.

PRESENTS

Paul Hrabal

Paul Hrabal is a serial entrepreneur who has founded successful companies within the technology and investment industries.

Risk Taking: Our greatest personal and professional accomplish-

ments come when we take risks, yet our fear of failure hinders most of us from taking even a fraction of the risks that we should. Our October Speaker, Paul Hrabal, features a joint event with the Association for Corporate Growth

Wednesday, October 9th, 2013 Registration 7:15 • Breakfast: 7:30 Program: from 8 a.m. to 9:15 a.m.

*NEW LOCATION: The Francis 1280 N. Palm Avenue Sarasota, Florida

Admission: $50 (non-­members)

119313

An affiliate of Sarasota-based O.E. Wheel Distributors purchased a 15,200-square-foot distribution building in Centre Industrial Park for $1 million.

The price equated to $66 per square foot. That figure is higher than the twoyear average price per square foot for industrial space ($46) in the Tampa Bay area, according to the CoStar Group.

O.E. Wheel has been leasing the 6-year-old building prior to negotiating an agreement to buy it.

Loyd Robbins of Harry E. Robbins Associates Inc. handled the transaction.

O.E. Wheel designs, manufactures and sells tires and wheels.

Purchase entity 7205 East LLC mortgaged the property to the seller Rucha LLC for $975,000.

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COSTAR

Restaurateur Ed Chiles is renovating the Beachhouse Restaurant on Bradenton Beach. Plans include a new kitchen, bathrooms, furnishings, dining room and bar and deck design. The makeover will take place in two phases. The first phase, which includes renovating the kitchen, inside dining area, bathrooms and bar area, will occur from September to January.

The second phase will create a second story, open-air bar and new waterfront seating area to the outside deck area. This phase of the construction will take place from August to December 2014.

There will be no increase in seating or capacity.

Architect Barron Schimberg, designer Patti Schimberg and general contractor Whitehead Construction will be working together on the project.

Chiles recently completed renovation of the Sandbar Restaurant on Anna Maria Island.

Lake Manatee Lower Watershed

Bradenton

Bayside 45 Gardens

Beachhouse Restaurant renovations scheduled to start this month

62

Parrish

17

Reservations required. Register online at GulfCoastCEOForum.com or e-­mail kim@gulfcoastceoforum.com RSVP by 5 p.m. October 4 For more information, call: (941) 932-­2671 Check us out: GulfCoastCEOForum.com or Email kim@gulfcoastceoforum.com

18 commercial real estate | CHARLOTTE-LEE-COLLIER |

BUSINESS OBSERVER | SEPTEMBER 27 – OCTOBER 3, 2013

BusinessObserverFL.com

1 Inn on Fifth’s McCabe buys parking lot for future

BY SEAN ROTH | REAL ESTATE EDITOR

• Advanced Psychiatry and Addiction Specialists Inc. leased a 2,250-square-foot medical office space at 12431 Brantley Commons Court, Fort Myers from Besauma Investments LLC. Michael Frye of the Frye Commercial Group at Re/Max Realty Group represented the tenant and Theresa Blauch-Mitchell of Boback Commercial Group represented the landlord.

45

Port Charlotte

776

Rotonda West

35

Punta Gorda 771 17 75

BUYER: McCabe Family Limited Partnership (Gulf Shore Investment Properties Inc.), Naples

Fort Myers Shores

80

SELLER: WR Development II LLC PROPERTY: 760 Third Ave. S. and 3000 Eighth St. S., Naples PRICE: $2.5 million PREVIOUS PRICE: $2.8 million, May 2006 LAW FIRM ON DEED: Cohen & Grigsby PC, Naples

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Lehigh Acres

Cape Coral 867

82

93 45

Sanibel

San Carlos Park Immokalee 41 29

Bonita Springs

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PLANS, DESCRIPTION:

Naples developer Phil McCabe purchased a parking lot at the corner of Third Avenue South and Eighth Street South for $2.5 million.

The price equated to $87 per square foot for the land.

McCabe, who already owns much of the roughly three-acre block between Seventh and Eighth Street South, purchased the property to add to that balance.

“I’ll be redeveloping that block,” he says. “I’ve been assembling land there for it for the last 15 years. There are two small pieces I’m still working on, but we will be breaking ground there on May 1st.”

McCabe says he’s still developing his plans for the site, but that it will be an expansion of his The Inn on Fifth.

The developer recently completed a renovation of the hotel and construction of an expansion, a three-story residential building housing 32 new club-level suites, an executive board room and 12,000 square feet of retail space. He has also has demolished the existing McCabe’s Irish Pub & Grill to build a new restaurant building there more in keeping with the upscale fourdiamond hotel, McCabe says.

Purchase entity McCabe Family Limited Partnership mortgaged the property to seller WR Development II LLC for $1 million.

Fort Myers

Naples Park

Golden Gate

Marco Island

BUYER: LB 2210 Vanderbilt LLC (principals: Stephen and Mark Wilson), Naples SELLER: 2210 Floor 3 LLC PROPERTY: 2210 Vanderbilt Beach Road, units 301-307, Naples PRICE: $2.08 million PREVIOUS PRICE: $2.95 million, July 2005 LAW FIRM ON DEED: Conroy Conroy Durant & Rudnick PA, Naples PLANS, DESCRIPTION:

An affiliate of London Bay Homes purchased the 11,911-square-foot third floor of an office building for $2.08 million.

The price equated to $174 per square foot. That figure is higher than the two-year average price per square foot for office space ($120) in Southwest Florida, according to the CoStar Group.

The Naples-based homebuilder previously leased other space in the Vanderbilt Beach Road building, and it

45

Ochopee 41

bought the additional space to consolidate and enlarge the company’s offices and operations.

“We’re pleased to see the steady uptick in sales and construction activity in Southwest Florida over the past 18 months,” Mark Wilson, president and CEO of London Bay, says in an email to the Business Observer. “As a result, London Bay Homes has grown by almost 35% in the past year, so the time was right to considerably expand our office space. The new space also gives us the opportunity to showcase a state-of-the-art home design center in a central location, for the ultimate convenience of our clients.”

The larger location will house about 80 employees, including the company’s in-house architectural department and Romanza Interior Design services.

Craig Timmins and David Stevens of Investment Properties Corp. represented the seller. London Bay Realty Inc. represented the buyer.

Purchase entity LB 2210 Vanderbilt LLC mortgaged the property to First National Bank of the Gulf Coast for $1.35 million.

2 London Bay Homes buys third floor of office building

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3 Litton Interior Design building sells for $1.48 million BUYER: Ninety Six 01 LLC (principals: Jan and Kim Kantor and Raymond and Anette Ciccarelli), Naples SELLER: H.D. Litton Inc. PROPERTY: 9601 Tamiami Trail N., Naples PRICE: $1.48 million PREVIOUS PRICE: $800,300, June 1995 LAW FIRM ON DEED: Bond Shoeneck & King PLLC, Naples PLANS, DESCRIPTION:

Two Partners of Ciccarelli Advisory Services Inc., Kim Ciccarelli Kantor and Raymond Ciccarelli, and Jan Kantor and Annette Ciccarelli purchased the 7,450-square-foot Litton Interior Design building for $1.48 million.

The price equated to $198 per square foot. That figure is higher than the

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

David J. Stevens and Clint Sherwood of Investment Properties Corp. represented the seller and Dougall McCorkle of Premier Commercial Inc. represented the buyer.

“They were attracted to its location on U.S. 41 in the North Naples market,” McCorkle says. “The building is the right size and met their needs.”

Speaking through McCorkle, the buyers declined to comment at this time on the purchase.

Ciccarelli Advisory Services is a family wealth management firm.

Ninety Six 01 LLC mortgaged the building to First National Bank of the Gulf Coast for $1.18 million.

ETC… • TJJD Holding LLC, operating as Gates Construction, leased 6,339 square feet of office space in Riverview Corporate Center at 27599 Riverview Center Blvd., Suite 205, Bonita Springs from The Variable Annuity Life Insurance Co. Randy Mercer and Brandon Stoneburner of CRE Consultants represented the landlord and Craig Timmins of Investment Properties Corp. represented the tenant.

• Mattress Firm leased a 4,200-square-foot retail property at 8291-8293 Dani Drive Suite 101, Fort Myers from Central Line Properties LLC. Karen Johnson-Crowther of Colliers International Southwest Florida represented the landlord.

• Stephen and Katherine Stokes purchased a 1,258-square-foot office condominium at 13730 Cypress Terrace Circle, Suite 400, Fort Myers from J. Christopher McGinnis PHD for $116,000. Jay Doug Stokes of Miloff Aubuchon represented the buyer.

• Donald and Marijo Kidd purchased 1,848 square feet of industrial condominium space at 28210 Old 41 Road, Unit 310, Bonita Springs from Maliheh Alizadeh Dilmaghani for $96,250. Christine McManus of Investment Properties Corp. handled the transaction.

• Ramanna Properties LLC purchased 4,087 square feet at 11926 Fairway Lakes Drive, Fort Myers from St Mark Coptic Orthodox Church of Southwest Florida Inc. for $320,000.

Brandon Stoneburner and Randy Mercer of CRE Consultants represented the seller and Lisa Sands of VIP Commercial represented the buyer.

• Mamad Properties LLC purchased 1,103 square feet of office space in The Fountains Professional Park at 3372 Woods Edge Circle, Bonita Springs from SA Florida One LLC for $93,755.

Craig Timmins and Clint Sherwood of Investment Properties Corp. handled the transaction.

• Riverside Five LLC purchased four office condominiums at 20020 Veterans Blvd., Units 21, 22, 23 and 24, Port Charlotte from M & I Regional Properties LLC for $160,000. Ronald Struthers of Coldwell Banker Commercial NRT represented the seller and Steve Gant of Riverside Realty Services represented the buyer.

• Alta Resources Corp. leased 63,261 square feet of office space at 12600 Gateway Blvd., Fort Myers from Lexington Fort Myers LP. Gary Tasman of Cushman and Wakefield | Commercial Property Southwest Florida LLC handled the lease.

• 5780 Taylor Road LLC purchased 3,564 square feet of industrial condominium space at 5780 Taylor Road, Unit 2, Naples from P&A Enterprises of Naples Ltd. for $220,000. Christine McManus of Investment Properties Corp. handled the transaction.

• Gary Tasman and Shawn Stoneburner of Cushman and Wakefield | Commercial Property Southwest Florida LLC handled the sale of 36 acres of vacant land at Pine Island Road and Northeast 24th Boulevard, Cape Coral to Liberty Health Park LLC for $5.52 million.

• J.L. Wallace Inc. has begun construction on the fuel canopy at the City of Fort Myers Public Works annex.

The project calls for replacing the fueling slabs and the installation of a pre-engineered canopy over the city’s fueling station. Design services are being provided by Gulf States Manufacturers.

• Arthur Rooney III and Christine Rooney purchased 1,500 square feet of warehouse condominium space at 4776 Radio Road, Unit 208, Naples from Alkel Trading Corp. for $95,000.

Christine McManus of Investment Properties Corp. handled the transaction.

• Gary Tasman and Shawn Stoneburner of Cushman and Wakefield | Commercial Property Southwest Florida LLC handled the sale of a 326-unit apartment complex at 15031 McGregor Blvd., Fort Myers to McGregor 325 LLC for $4.5 million.

• Florida Decorators Warehousing and Delivery Inc. leased 22,675 square feet of industrial flex space at 28741 S. Cargo Court, Units 1 and 2, Bonita Springs from CSPE012 LLC. William Gonnering of Investment Properties Corp. handled the transaction.

• Diapazon USA LLC purchased 587 square feet of industrial space in Enterprise Design Center at 3573 Enterprise Ave., Unit 73, Naples, from FOCD LLC for $35,000. Tim Schneider and Dave Wallace of CRE Consultants represented the buyer and Jim Doane of Welsh Co. represented the seller.

• Bedman Enterprises Inc. leased 2,400 square feet of retail space in Empire Plaza at 600 Goodlette-Frank Road N., Suites 106 and 107, Naples from Casa Homes Associates. Fred Kermani of CRE Consultants handled the transaction.

SEPTEMBER 27 – OCTOBER 3, 2013 | BUSINESS OBSERVER

BusinessObserverFL.com

commercial real estate | TAMPA BAY |

COSTAR

1

Capital Square Realty Advisors buys Tampa’s Bridgeview Apartments BUYER: CSRA Bridgeview Apartments DST (The Corporation Trust Co. and CSRA Bridgeview Apartments Signatory Trust), Glen Allen, Va. SELLER: Bridgeview Apartments LLC PROPERTY: 5307 Reflections Club Drive, Tampa PRICE: $31 million PREVIOUS PRICE: $20.8 million, December 2009 LAW FIRM ON DEED: Jerry E. Aron PA, West Palm Beach PLANS, DESCRIPTION:

An affiliate of Capital Square Realty Advisors LLC purchased the 348-unit Bridgeview Apartments for $31 million.

The price equated to $89,080 per unit.

Built in 1986, the garden-style property contains 17 wood-frame and stucco residential buildings. Amenities include a clubhouse with a new business center, swimming pool, playground, fitness center and tennis and racquetball courts. The infill property features three lakes.

The apartment development was 92% occupied at the time of the sale.

The purchase entity, CSRA Bridgeview Apartments DST, mortgaged the

property to Ladder Capital Finance LLC for $21.5 million.

Capital Square Realty Advisors LLC specializes in the creation and management of commercial real estate investment programs, particularly for 1031 tax-deferred exchange investors. It has created more than 100 investment entities totaling more than $3 billion. In July, it purchased the 102-unit Ashford Club Apartments in Tallahassee.

COSTAR

2

BY SEAN ROTH | REAL ESTATE EDITOR

foot. That figure is lower than the twoyear average price per square foot for retail space ($146) in the Tampa Bay area, according to the CoStar Group.

The 30-year-old strip center features a number of small retail tenants ranging in size from 500 to 3,553 square feet. According to the real estate research firm CoStar Group’s last assessment of the center, tenants include Hauser’s Coins Allstate, Razzel’s Lounge and Subway.

Elliott Ross of RMC Ross Realty represented the seller, Hampton Center Inc. Subway Development of Tampa Bay is the franchise headquarters for Subway Restaurants in DeSoto, Hardee, Hernando, Hillsborough, Manatee, Pasco, Pinellas, and Sarasota counties. The company did not reply to a request for comment prior to deadline.

Subway Development affiliate buys Hampton Plaza strip center BUYER: GTB Foods Inc. (principal: Michael LaSalla), Clearwater SELLER: Hampton Center Inc. PROPERTY: 2790-2794 Gulf to Bay Blvd., Clearwater PRICE: $2.4 million PREVIOUS PRICE: $1.26 million, December 1997 LAW FIRM ON DEED: Law Firm of Trenam Kemker, Tampa PLANS, DESCRIPTION:

GTB Foods Inc., a company led by Michael LaSalla, the president and CEO of Subway Development of Tampa Bay, purchased the 21,525-square-foot Hampton Plaza retail center for $2.4 million.

The price equated to $111 per square

19

COSTAR

3

B&L Investments LLC buys Riverview Bell Plaza Phase II BUYER: B&L Investments Riverview LLC (principal: Brad Luger and Henry Brenner Jr.), Tampa SELLER: DD/Riverview II LLC PROPERTY: 10265 Big Bend Road, Riverview PRICE: $2.19 million PREVIOUS PRICE: $3.34 million, March 2005 LAW FIRM ON DEED: Lewis Roca Rochgerber LLP, Phoenix PLANS, DESCRIPTION:

An affiliate of Tampa-based invest-

ment group B&L Investments LLC purchased the 12,920-square-foot Riverview Bell Plaza Phase II for $2.19 million.

The price equated to $169 per square foot. That figure is higher than the two-year average price per square foot for retail space ($146) in the Tampa Bay area, according to the CoStar Group.

The 7-year-old strip center had a single 1,430-square-foot vacancy at the time of the sale. Its current tenants, include Amscot, Mi Casa Mexican Restaurant, Lovely Nails and Wireless and More. The new owners have an agreement to lease the final suite to Caffe Italia, according to Brad Luger, a B&L Investments partner.

“There has been quite a bit of activity in that area of Riverview with a lot of new homes,” says Luger. “There’s been a lot of interest in this intersection because of the new [St. Joseph’s Hospital-South] under construction.”

The purchase did not include any of the outparcels to the center.

Purchase entity B&L Investments Riverview LLC mortgaged the property to Genworth Life Insurance Co. for $1.5 million.

B&L is an investment firm that acquires neighborhood shopping centers in Tampa MSA.

ETC… • Nancy Phaneuf Commercial Real Estate and Development assisted Southeastern Paper Group in securing a new Central Florida distribution center in Lakeland. Southeastern Paper Group signed a seven-year lease for the 80,000-square-foot warehouse at 7080 Haverty’s Way.

COVERAGE THAT SPANS FLORIDA COUNTIES

8

{

Out-reach your competition

PASCO

PINELLAS MANATEE SARASOTA CHARLOTTE LEE COLLIER

OCTOBER 18 Special Issue:

Economic Forecast Business leaders weigh in with their predictions of what the coming year will bring their business and industry

Advertising Reservation Deadline: October 10 Our lineup of 2013 special issues offers an entire year of opportunities to advertise and reach Florida’s Gulf Coast business leaders. To receive more information or our editorial calendar, contact Diane Schaefer at 941.362.4848.

A Better View of Business

BusinessObserverFL.com

115822

HILLSBOROUGH

20

BUSINESS OBSERVER | SEPTEMBER 27 – OCTOBER 3, 2013

BusinessObserverFL.com

RICHARDSON KLEIBER WALTER

Jeff Button Jennifer Kleiber-Button 941-378-2328

KLEIBER BUTTON INC.

www.SarasotaWarehouses.com

Lic Real Estate Broker

Industrial & Office Properties For Sale or Lease Multi-Unit Industrial Complex High Occupancy Frontage on University Pkwy 3 Building Complex

SOLD

$26.38 Per Sq/Ft $1,750,000

13,250 SF Office/Warehouse 4500 Northgate Ct, Sarasota Paved Fenced Storage on 1.18 Ac Loading Dock & Ground Level Loading 1,000 SF Office 20’ Eave Height 3 Phase Power – Ability to Divide

NEW LISTING

Paved Fenced Yard 20’ Eave - Ground Level Loading & Covered Loading Dock

For Sale $ 1,350,000 / $45 Per Sq/Ft

7,000 – 14,000 SF Sale / Lease New Shell Warehouse

2,000 Sq/Ft Flex Space Units Light Industrial – Office / Showroom

3210 59th Dr East, Bradenton

31,850 SF in Tampa 15,610 Sq/Ft Clearspan Warehouse w/2,000 Sq/Ft Office 16,240 Sq/Ft Clearspan Covered Paved Work Area 20’+ Eave Height, Loading Ramp, 3 Phase

FOR LEASE $6.96 / SF Gross

New Buildings with 20’ Eave 3 Phase Capable – Storefront Entry

GREAT DEALS! Call for Pricing

SOLD

3 Phase Power, 2 Story Office, Large Paved Fenced Storage Yard Single User or Multiple Units

For Sale $675,000

REDUCED FOR SALE $399,000

REDUCED

FOR SALE $592,500

Fenced & Paved Outside Storage 1634 Barber Rd – Sarasota 2,550 Sq/Ft Office 5 Overhead Doors Clear Span Warehouse

$2,440 Per Month Gross

FOR LEASE

MAKE OFFER

Currentley Divided into two 9,750 Sq/Ft Units, 20’ Eave Insulated Ceilings / 6 OHD’s

For Sale $624,000

7,500 Sq/Ft Multi-Tenant Office Building w/Storage 3 Units – Partially Leased Less than Replacement Cost

For Sale $595,000 $79.33 Per Sq/Ft

3,600 Sq/Ft Free Standing Office / Showroom Fruitville Rd & I-75 Corridor Zoned PID Must See

Call For Details For Sale $299,999

19,800 Sq/Ft Warehouse Short Sale!

Professional Office is FULLY FURNISHED and includes Open Reception Work Area, 3 Private Offices, Computer Server Area, Kitchen/Break room.

9,165 Sq/Ft Office / Warehouse I-75 / Fruitville Rd Corridor

5 Private Offices, Workroom/Conference Room Kitchenette / Reception / Waiting Room

6,703 Sq/Ft Building On Whitfield Ave Uses Include Retail / Office / Industrial

863 SF Office Condo Lakewood Ranch 7365 Merchant Ct, Suite 7

FOR SALE $119,500

2,140 Sq/Ft Office Space On Fruitville Rd -Zoned OPB 3277 Fruitville Rd

Multi-Tenant Investment Property

I-75 / Fruitville Rd Area Multiple Private Offices, Loading Dock, 3 Phase Power, A/C Warehouse/Production Area

12,670 SF Manufacturing Warehouse 505 Paul Morris Dr, Englewood

20’ Eave Height / Paved Fenced Yard!

Loading Dock & Grade Level Doors DON’T MISS THIS OPPORTUNITY!

High Visibility / 3 Phase / Ample Parking A/C Storage Warehouse Area – Nice Office Loading Dock & Grade Level Doors

5,000 SF Free Standing Office / Warehouse

For Sale $370,000

Fruitville Rd & I-75 Corridor 9,000 SF Office/Warehouse

7,425 SF Multi-Tenant Investment Property 2001 Whitfield Park Ave

SOLD

30,000 SF Industrial Facility 1212 East 44th Avenue

1631,1635,1639 W University Pkwy FOR LEASE $920 Per Month Per Unit

REDUCED

3 Phase power / Fenced Storage Yard 18’ Eave Height, Insulated Ceiling, FOUR 14‘ X 14’ Overhead Doors

FOR SALE $420,000

For Sale $821,500 For Lease $5.95/SF

NEW LISTING

6,000 SF Office / Warehouse 1599 Apex Rd, Sarasota

For Sale $450,000

PENDING

1,750 Sq/Ft Flex Space Condo 3240 59th Dr East, Unit 108 Like New! Showroom!

Built in 2007 / 20’ Ceiling Height

For Sale $105,000

Cheap Office Space

1,440 SF @ $840 / Month Gross 2,880 SF @ $1,680/Month Gross 3,360 SF @ $1,740 / Month Gross Includes Trash & HVAC Maint Multiple Floor Plans

122210

66,348 Sq/Ft Total