Monthly Archives: November 2012

DeSoto Square Mall sold

DeSoto Square Mall sold

BY: GULF COAST BUSINESS REVIEW
November 19, 2012

Desoto Square Mall Sold

BRADENTON — An affiliate of Great Neck, N.Y., real estate firm Mason Asset Management has purchased Manatee County’s largest enclosed mall, DeSoto Square Mall, for $24.6 million.

The price equated to $36 per square foot.

Elliot Nassim of Mason Asset Management confirmed the purchase, but did not reply to additional questions prior to deadline. The firm is known in local real estate circles as an opportunistic buyer, who targets undervalued properties to improve them.

Built in 1973 and last renovated in 1996, the 678,377-square-foot mall has faced troubles of late both from a shifting retail marketplace away from enclosed malls to big boxes and from the loss of one of its four main anchors, Dillard’s. The center was 75.5% occupied (165,553 square feet vacant) at the time of the sale, a figure heavily influenced by the 100,151-square-foot vacant anchor space. Its other anchors are Macy’s, JCPenney and Sears, whose building is separately owned and was not included in the sale.

For full article, CLICK HERE <—–=======

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41 Modern townhomes proposed for downtown Sarasota on Ringling Blvd just West of Osprey

41 Modern townhomes proposed for downtown Sarasota on Ringling Blvd just West of Osprey

The Queue a 41-unit downtown sarasota townhome project

November 15, 2012 by: Roger Drouin | City Editor

The Queue, a 41-unit townhome development two blocks south of Main Street, is slated to become one of the first residential projects to break ground downtown since the real-estate market went bust.

CLICK HERE For Link to downtown sarasota development opportunity <——=======

Construction of the two- and three-story townhomes on a 2.2-acre vacant parcel of land between Ringling Boulevard and Morrill Street could begin as early as March, said Jim Bridges, CEO of Jebco Ventures, Inc.
Jebco Ventures, an Atlanta and Sarasota-based real-estate company, purchased the property in March. Jebco filed preliminary design plans with the city this month.

The townhome project meets the city’s zoning code, but the Planning Board and City Commission would have to approve technical developer requests before construction could begin, including: the city vacating ownership of two alleys and a plan to build a new drainage pipe under the project.

The Queue joins the Jewel, an 18-story condominium tower at 1301 Main St., and the Homes of Laurel Park, a 26-home project, as the first residential developments in several years in line for construction downtown.

Downtown Sarasota Re-Development Opportunity

At two-and-three stories in height, The Queue is a smaller scale project than the previous one proposed in 2007 for the same parcel. At that time, luxury condominium developer The Leonard Group unveiled The Atrium on Ringling, an octagonal, mixed-use 18-story tower rising above a rectangular base building surrounded by arcades. That project was never built.

For Full Article, CLICK HERE <——=====

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Sarasota Planning Board OK’s Walmart Supercenter on Ringling Boulevard

Sarasota Planning Board OK’s Walmart Supercenter on Ringling Boulevard

November 15, 2012 by: Roger Drouin | City Editor

The Sarasota Planning Board Wednesday approved a Walmart Supercenter on Ringling Boulevard.

The site plan for the 97,000-square-foot project was approved 3-2.

Wal-Mart Stores Inc. plans to demolish the existing plaza and build the store in its place. The Ringling Shopping Center lost its anchor tenant in October 2011 when Publix Super Markets Inc. closed as the plaza’s anchor tenant to make way for its new Publix at 2031 Bay Street.

The Walmart store will include general merchandise, a pharmacy, deli, produce and groceries.

While there has been mixed opinions on the supercenter, during the last few weeks, Wal-Mart Stores Inc. gained support from some neighborhood leaders in surrounding neighborhoods after the corporation agreed to move the 97,000-square-foot store 50 feet closer to Ringling Avenue, thus moving the building away from the south property line, where several homes would abut the new store. Additional trees and greenspace were also added to the plans for the project’s southern edge.

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4 Reasons Investors Love Multifamily

4 Reasons Investors Love Multifamily

Multi-Family

Article via Real Estate BisNow

Multifamily is a darling among investors, and arguably Florida is the darling among the states in that sector.

1) EVERYBODY WANTS IT

Demand for quality multi-housing product continues to be extremely strong, with interest coming from institutional, private, and foreign equity alike. While demand for core investments remains strong, there’s also a growing demand for value-add investments as investors get more comfortable that property fundamentals will remain healthy over the long-term.

2) PRICES ARE HIGHER

There’s significant competition for properties in the multi-housing arena, which is driving low cap rates and upward pricing. Cap rates are ranging from 4.5% to 5.5% for core, centrally located properties in South Florida and 5.5% to 7% for older, more value-add product. Yields are slightly higher in other parts of Florida.

3) BUT NOT TOO HIGH

As long as attractive debt remains readily available, the HFF crew believes pricing will remain stable. Driving a lot of investor interest is the wide availability of inexpensive GSE financing, and for all the talk of “winding down” Fannie and Freddie, that isn’t going to happen soon. This attractive debt is extremely accretive to value and allows investors to achieve substantial cash-on-cash returns on their investment dollars.

4) NO OVERBUILDING, YET

While the apartment pipeline is growing, demand should keep up with supply over the next several years. There’s brisk absorption of new construction properties, in the range of 25 to 40 units per month. But there will be certain submarkets where several assets will be delivered simultaneously, and so in those places there will be momentary increases in vacancy as the new assets lease up.

Click Here for link to full article.

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Real Estate Wants / Needs — 11/6/2012

Real Estate Wants / Needs — 11/6/2012

CRE at NAI with Sean Dreznin

* I have 4 strong buyers seeking downtown Sarasota properties. They are savvy owners who will pay fair prices for quality properties. If you own a property, have a listing, know someone… please let me know, contact me or get me the data, as these 4 individual buyers are ready, willing and able.

* I have numerous apartment investors seeking solid investments. Looking for fair prices.

NEEDS

* I need apartment owners who want to sell. I am working with a few currently and have some product to sell if you are looking or have someone looking, but will need confidentiality signed.

* I need foreclosure opportunities. I am tied into a strong corporate purchaser who is looking for foreclosure residential properties.

* I need cell phone tower leases. I am working with a purchaser of cell phone tower leases. They are looking to acquire. Let me know if you are interested.

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