Coast Bank Closes On Republic Bank Building
BRADENTON - Coast Bank of Florida has closed on its $6.8 million cash purchase of downtown Bradenton's Republic Bank building that is expected to become the new headquarters for the bank's holding company, Coast Financial Holdings Inc.
The six-story, 52,284 square foot building at 1301 Sixth Avenue West, currently houses a Republic Bank branch that, subject to regulatory approval, which will be converted to a Coast Bank branch in mid-May. It would be the seventh Coast Bank branch in Manatee County.
Other Coast operations will be located in the second and third floors of the building and some 45 to 50 Coast executives and administrative employees will relocate to the new building, according to Brian Peters, president and chief executive.
Peters said the move would give Coast a very visible branch in downtown Bradenton, as well as provide operational efficiencies.
Other current tenants in the rest of the building are expected to remain, Peters said.
When renovations are finished and the move is completed, Coast plans to sell its current 10,515 square foot operations center at 6205 Cortez Road, which it purchased for $1.5131 million in November 2002.
Coast purchased the Republic Bank Building from 1301 Associates, LC who had acquired it from Republic Bank for $3.5 million in Janueary 1999.
(04.08.04)
BB&T To Acquire Republic Bank
ST. PETERSBURG - BB&T Corp.agreed Tuesday to pay $436 million for Republic Bank of St. Petersburg, a move that will will significantly bolster the company's fledgling Florida franchise by adding $2.8 billion in assets and 71 offices, including 12 in Sarasota and Manatee counties. Pending regulatory approvals, the deal is expected to close in the second quarter of 2004.
Winston-Salem, N.C.-based BB&T, the nation's 11th-largest bank with $90 billion in assets, entered the Florida market last year when it bought the former First South Bank. The bank currently has 18 branches in Florida with $975 million in deposits. Its three branches in Sarasota, Bradenton, and Venice hold $131 million in deposits.
William R. Klich, the former Sarasota banker who has headed Republic since 2000, will become BB&T's statewide president with headquarters St. Petersburg. (12.03.03)
Sarasota Square Mall Sells For $77 Million
SARASOTA - Los Angeles, CA-based Westfield America Trust, Inc. has acquired Sarasota Square Mall for $77 million or $83.26 per square foot.
Based on the $77 million acquisition price, Westfield said the property will yield 8.4% (overall capitalization rate), indicating a net operating income (NOI) of $6.468 million or $7.71 per square foot.
Sarasota Square is an 893,000 square foot regional mall anchored by Burdines, Dillard's, JCPenney and Sears. There are an addional 108 specialty shops.
Originally was built in 1977 and expanded in 1979 and again in 1989, the single-level center is the largest mall in Sarasota.
The center's annual sales in 2002 totaled some$127 million with specialty store sales at approximately $320 per square foot.
Westfield also owns Westfield Shoppingtowns Brandon in Brandon, Citrus Park in Tampa, Countryside in Clearwater and Southgate in Sarasota. (10.01.03)
Duke Realty In 100,000 SF Build-to-Suit at Lakewood Ranch
BRADENTON - Indianapolis, IN-based Duke Realty Corporation plans to break ground later this month on an $18-million build-to-suit undertaking in the Town Center section of Lakewood Ranch.
The two-story, 100,000-square foot building will house the corporate headquarters and 170 employees of Edwards Systems Technology, a 131-year-old commercial and industrial manufacturer of fire alarms and life safety systems relocating from the Highway 301 corridor in south Manatee County in September 2004.
Cushman and Wakefield of Florida, Inc. represented Edwards in negotiations with Duke. HOK of Tampa is the architect.
Edwards Systems Technology, a subsidiary of Charlotte, NC-based SPX Corp, will be the fourth largest employer at Lakewood Ranch, behind FCCI, Lakewood Ranch Medical Center, and Teleflex, after ADT Security with 400 employees ceases opeartions there this Fall. (09.13.03)
RBC Centura to buy Florida operations from Ohio bank
CINCINNATI, OH - RBC Centura Bank, the Rocky Mount-based subsidiary of Royal Bank of Canada, announced that it has agreed to buy the Florida operations of Cincinnati-based Provident Financial Group Inc. for around $75 million in cash.
The deal includes 13 offices, 16 ATMs and 135 employees. The offices serve 21,000 households in west-central Florida and had $750 million in deposits and $350 million in loans as of April 30. There are five each Provident offices in Manatee and Sarasota Counties.
The deal is subject to regulatory approval, but is expected to be completed in the fall. The offices would operate under the RBC Centura brand name immediately following the deal's completion.
The deal would add to the 11 RBC Centura branches already open in Florida, most of which were obtained through the bank's January acquisition of Admiralty Bancorp Inc. (07.10.03)
Bradenton Nation's 10th Hottest Home Market
Home values rose in most places during 2002, and in some hot markets, such as Bradenton, prices jumped more than 20%.
Of 120 markets tracked by the National Association of Realtors (NAR), 39 saw double-digit gains in home prices between the fourth quarter of 2001 and the fourth quarter of 2002 -- an all-time record. In 10th place was Bradenton with a 4th Quarter 2002 median home price of $156,800, 20.10% above the $130,600 reported one year earlier.
Other Florida areas in the top 10 included Melbourne/Titusville/Palm Bay at No. 6 and Ft. Lauderdale/Hollywood/Pompano Beach at No. 7. Sarasota was not included in the top 120.
Following are median sales prices of existing single-family homes for the top ten markets ranked by growth:
| City/Metro Area |
Median Price
4th Qtr., 2001 |
Median Price
4th Qtr., 2002 |
Percent
Change |
| Sacramento, CA |
$177,000 |
$224,200 |
26.7 |
| San Diego, CA |
$299,500 |
$379,300 |
26.6 |
| Providence, RI |
$165,400 |
$206,100 |
24.6 |
| Nassau/Suffolk, NY |
$269,900 |
$333,600 |
23.6 |
| Monmouth/Ocean, NJ |
$214,300 |
$261,700 |
22.1 |
| Melbourne/Titusville/Palm Bay, FL |
$95,600 |
$115,600 |
20.9 |
| Ft. Lauderdale/Hollywood/Pompano Beach, FL |
$169,500 |
$204,800 |
20.8 |
| Orange Cnty. (Anaheim/Santa Ana MSA), CA |
$360,900 |
$434,600 |
20.4 |
| New York/N. New Jersey/Long Island,NY/NJ/CT |
$266,500 |
$320,300 |
20.2 |
| Bradenton, FL |
$130,600 |
$156,800 |
20.1 |
Source: National Association of Realtors
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Sarasota Chamber Report Indicates Stable Office Market
SARASOTA - Office lease rates in downtown Sarasota have remained stable, while interest in owner-occupied buildings is increasing, according to a report prepared by the Greater Sarasota Chamber of Commerce.
Prepared by the Office Space Marketing Committee of the Sarasota County Committee for Economic Development, a division of the chamber, the report indicates that gross rents range from $17 to $23 per square foot. Downtown occupancy is estimated at 90 percent, down from a previously reported rate of 96 percent.
According to Committe Chairman Nevin Thpmas, "Companies were not as eager to add new locations, and a shortage of larger spaces would not accommodate many users who were looking in Sarasota."
Rather than leasing, commercial brokers told committee members about active interest from buyers who want to occupy their own buildings.
Favorable interest rates, slack investment markets and the maturation of local businesses have led renters to become owners, the chamber's report states.
The city's 10-percent vacancy should not be viewed as cause for alarm, Thomas wrote in the report.
"A rate as low as 4 percent is a barrier to entry into the market and drives up rental rates for everyone," he said.
Sarasota's rate could turn around fairly quickly with a few new leases because the inventory is only a little less than 2 million square feet, Thomas indicated. (02.07.03)
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