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Antaramian sells seven buildings in downtown Naples
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Jack Antaramian, a key player in the redevelopment of Naples’ Fifth Avenue South, has sold seven buildings in the city’s main street retail district.
Daily News
Click on the map above for the locations of the properties on Fifth Avenue South in Naples sold by developer Jack Antaramian’s company to New York-based Black Rock. Properties included in the sale include, from left, 305 Fifth Ave. S., 365 Fifth Ave. S., 375 Fifth Ave. S., 405 Fifth Ave. S., 625 Fifth Ave. S., 780 Fifth Ave. S., and 900 Fifth Ave. S.
BlackRock, a New York-based global investment, risk management and advisory company, closed on the properties late last week after two to three months of negotiations, Antaramian said Monday.
He declined to reveal the sale price for the all-cash transaction, citing his agreement with the buyer.
The sale included seven two- and three-story buildings on Fifth Avenue South and a vacant parcel behind 405 Fifth Ave. S., said Frank Delgado of Summit Management Group.
Summit manages the properties with addresses of 305 Fifth Ave. S., 365 Fifth Ave. S., 375 Fifth Ave. S., 405 Fifth Ave. S., 625 Fifth Ave. S., 780 Fifth Ave. S. and 900 Fifth Ave. S.
Officials from BlackRock weren’t available Monday to comment on the sale or any plans the company has for the properties.
According to the company’s corporate Web site, it managed $1.1 trillion as of March 31, 2007.
"I’ve had (the properties) for several years," Antaramian said. "... It just made sense to sell them and to move on to other things."
BlackRock was among several interested buyers, Antaramian said.
Five of the buildings sold in their entirety, Delgado said.
At 780 Fifth Ave. S., a three-story building, the sale included only the first floor retail space occupied by Bank of America, Starbucks, Meson Ole! Jr. and others; at 625 Fifth Ave. S., another three-story building, the first and second floors were sold.
Developer and hotelier Phil McCabe, who owns the Inn on Fifth and other property on the street, wasn’t surprised that Antaramian chose to sell now.
"One, the commercial real estate market is booming nationwide," he said. "Two, if the owner sees that income is not going to increase in the next five years then it’s ... the time to sell. It was probably a good business decision on his part."
Antaramian’s Fifth Avenue South properties are fully developed, so the income stream is steady, McCabe said. On top of that, the street faces parking issues and increased competition, which will limit the income generated in the coming years.
"Unlike the residential market, commercial real estate is still very viable," McCabe said.
BlackRock, the new owners, will play an important role in the future of Bob Pine’s business, which is located in one of the recently purchased properties.
Tristan Spinski / Daily News
A pedestrian walks by Starbucks and Premier Properties on the 700 block of Fifth Avenue South as Rhonda Greenwell, left, of New Albany, Indiana, and her two-year-old daughter, play in the wishing fountain on Monday, July 2, 2007. Jack Antaramian's company developed the building, along with several others on 5th Avenue South, and has sold a number of the properties to New York-based Black Rock, a global investment management, risk management and advisory services company. "I've had (the properties) for several years," Antaramian said. "It just made sense to sell them and to move on to other things."
Pine has rented his 1,100 square feet at 365 Fifth Ave. S. since 1998 at $20 per square foot per year base rent, plus $2 per square foot common area maintenance fees, he said.
When the lease is up next year, he expects the rent to rise considerably.
"My only question will be, how friendly or unfriendly will (the new owners) be?" Pine said. "How accessible? How much will they listen to their tenants?"
Pine’s business, which is retail and wholesale, centers on antique silver, jewelry and watches. He is concerned about the proliferation of banks and financial service companies on the main street, and hopes the new owners will encourage restaurants and retailers to move in.
"Fifth Avenue South is obviously successful," said Chet Hunt, assistant city manager in Naples. "But I think there is serious competition that has emerged and is going to emerge. I don’t think that we can sit back on our haunches and take things for granted; we need to keep it competitive."
As for the property sale, not much should change on the street in the short term, Hunt said, because most of the buildings already have established tenants.
"Antaramian has done outstanding projects and I think they’ve been a real benefit to Naples," he said.
Mayor Bill Barnett agreed, calling Antaramian "one of the key players" on the street and still "a major player" in downtown Naples.
PROPERTIES SOLD*
* Sale includes buildings at addresses listed, but not the tenant businesses named below.
• 305 5th Ave. S. — The Lowry Hill Building, which includes ICS LLC., Lowry Hill, Lovejoy Antiques, Mellon, and MQ Windows.
• 365 5th Ave. S. — Asbell, Ho, Klaus & Goetz law firm; J. Semmler International Collections, Keller Williams Platinum Realty Inc., Wells Fargo, and residential units on the third floor.
• 375 5th Ave. S. — Northern Trust building, which includes upstairs apartments.
• 405 5th Ave. S. — Regency Row building includes PNC Bank, Peach Tree Designs, TD Ameritrade, JRL Design, Arcadia Resources Inc., and Gold & Dees law firm.
• 625 5th Ave. S. — Fifth Third Bank, Port Royal Jewelers and Prudential Florida WCI Realty; sale does not include condominiums on third floor.
• 780 5th Ave. S. — Bank of America, Starbucks, Simply Natural, Regatta, Meson Ole Jr., Premier Properties; sale does not include 780 On Fifth executives suites on the second floor or the mixed-used condominiums on the third floor.
• 900 5th Ave. S. — Wachovia Bank, Ayan Denistry, Herscoe Hajju Architects and includes three residential condominiums on the top floor.
Comments
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Selling at the bottom of the real estate cycle? This doesn't seem to be in character with a shrewd developer. Must need the cash for something...I wonder what? HHmmmmm...
And I wonder why the crack investigators for the paper aren't asking the question.
#1 Posted by Vanda1 on July 2, 2007 at 12:55 p.m. (Suggest removal)
What's up Jack? This is an interesting sale here.
#2 Posted by beetlejuice on July 2, 2007 at 12:57 p.m. (Suggest removal)
Well... I guess he sold... because he won't be flipping these properties for a 500 percent profit in the near future.
#3 Posted by tootsie on July 2, 2007 at 12:58 p.m. (Suggest removal)
Will this market get better? Ask Jack. He is feeling the real estate heat right now and it is not pretty. It has to go up soon.
#4 Posted by beetlejuice on July 2, 2007 at 12:59 p.m. (Suggest removal)
Wow, it's amazing how many of the bloggers immediately speculate and jump to unfounded conclusions about the reasons for Mr. Antaramian's sale, all of which are critical of him. Could jealousy be playing a role here? What's next -- is someone going to speculate that "Jack" must certainly be going bankrupt??? Ridiculous speculation...all of it.
#5 Posted by Like_It_Is on July 2, 2007 at 1:44 p.m. (Suggest removal)
I wish the gentleman well, he has done a super job rehabbing downtown Naples along with Mr. McCabe...in observing the local mgt. of a high 8 figure fund, I'm glad we didn't pull the trigger and buy any Blackstone BX when its IPO popped out...it sunk like a rock/stone...
#6 Posted by Trexler on July 2, 2007 at 2:01 p.m. (Suggest removal)
At least we won't have to stomach another carbon copy set of Antaramian buildings going up on Fifth Avenue. Maybe the new buyers will have some new and interesting ideas for the exterior of their properties. Are the buyers so stupid to think it the purchase prices will be kept secret? And furthermore, who cares? Won't everyone who cares eventually know the price once the deeds are recorded in the Collier Appraiser's website, or does big money pad the right pockets to keep that information private?
#7 Posted by dkg1960 on July 2, 2007 at 2:08 p.m. (Suggest removal)
The word from Black in NYC is the properties will be HQ for Black due to real estate pressure in
Manhattan.
This bodes well for more and better employment
in Naples, Florida.
Word also from Wall Street is that Kravis is
buying a building in PBay for southern branch.
Finally Chase may take over failing 5/3 Bank
in Naples!!!!
#8 Posted by will1313 on July 2, 2007 at 3 p.m. (Suggest removal)
Obviously, there are a bunch of people who post comments but have no knowledge of the local commercial real estate market. "Bottom of the real estate market" - maybe residential but certainly not commercial which has continued its long and steady climb in 2006 and 2007. You won't find a good commercial property priced less than it was two years ago.
#9 Posted by JohhnyB on July 2, 2007 at 3:29 p.m. (Suggest removal)
Hey, JohnnyB, I got some "good commercial real estate" I'll sell you at 2005-2006 prices...and a bridge, too.
#10 Posted by Vanda1 on July 2, 2007 at 3:52 p.m. (Suggest removal)
Back for more entertainment...NDN, the clearity & definition of the map above is like the "homicide map" for the week of the LATIMES.com
#11 Posted by Trexler on July 2, 2007 at 5:02 p.m. (Suggest removal)
Obviously, Vandal, you don't have any good commercial property to sell because of your stupid comments that it has decreased in value here. Galard, do you realize that Black Rock has a most successful track record. Do you know something about Naples future that they don't? Do you think those investors who just built Coconut Point and Gulf Coast Town Center are stupid? Do you think the recent buyers of strip centers in North Collier are stupid because they paid 10-15% more than they would have last year? Still not convinced? Then drive around and look at how many NEW commercial properties are being built. Call a commercial builder, the good ones have all they can handle right now.
#12 Posted by JohhnyB on July 2, 2007 at 6:45 p.m. (Suggest removal)
Most of you are leaving out the fact that some of the sold properties are BANKS!
#13 Posted by Opinionated on July 2, 2007 at 7:34 p.m. (Suggest removal)
I guess it doesn't matter why he is selling. Those are his buildings he allowed to do as he pleases with them.
The offer must have been good otherwise I doubt the Jack A would have sold them. He does not impress me as a guy who gives real estate away.
It will be interesting to see the sale price when it gets posted on the Appraiser's web site. Despite popular belief real estate transactions are a matter of pubic record. You just have to wait until the information is posted.
#14 Posted by swfl_ff on July 2, 2007 at 7:48 p.m. (Suggest removal)
Something to keep a close eye on in Bonita Springs is the Imperial Landings "project". Let's just see how well this thing goes.
#15 Posted by ravenhawk on July 2, 2007 at 7:50 p.m. (Suggest removal)
I told an investor that selling his house for $350.000 now was a bad idea because it was worth $450,000 last year and it's the bottom of the market. He told me that was true but he bought it for $225,000 in 2003 and that making $125,000 profit was just fine with him. Maybe Jack feels the same way.
#16 Posted by docwatson on July 2, 2007 at 8:02 p.m. (Suggest removal)
Commercial property is valued by rent cashflow (not how much your house isn't selling for)... Naples looks pretty good from that perspective. Institutional money will provide a long term outlook for these properties and will help to insure the integrity of 5th Avenue. This sale is a plus for the community.
#17 Posted by Nagator on July 2, 2007 at 10:01 p.m. (Suggest removal)
The commercial boom is merely yet another transfer of wealth; the new shopping plazas tempt the unwary to strike it rich by opening a shop at "The Goldmine Mall". Thanks to outrageous rents and percentage of business "off the top" charged by the landlords, these shopkeepers and restauranteurs fail by the score, losing their lifelong savings within a year or two.
#18 Posted by greathornedlizard on July 2, 2007 at 10:36 p.m. (Suggest removal)
Lizard Failed?
#19 Posted by Naplestango on July 2, 2007 at 11:15 p.m. (Suggest removal)
Lizard achieved tremedously!
He Commodity-hedge fund magnate who winters
in Naples and summers in Idaho.
Rumor has it that he is on Cramer Mad Moneys
watch list.
No failure here!
#20 Posted by will1313 on July 3, 2007 at 12:51 a.m. (Suggest removal)
Naples isn't as desirable as it once was before it took on the character of big cities like Miami and Tampa. I predict darker days ahead, get out while you still can.
#21 Posted by doodlebug on July 3, 2007 at 12:55 a.m. (Suggest removal)
I'm just glad Jack found a buyer. Could you imagine the FIRESTORM had he not? LOL.
#22 Posted by boulderbilly on July 3, 2007 at 3:34 a.m. (Suggest removal)
Interesting comment by Greathornedlizard. Doesn't it apply to many other so-called ventures in our New or Tapeworm Economy? Transfer of property is incidental. Transfer of wealth 'above the line', as they say in Hollywood, is what's at issue.
How very nice for hole-i-garchs. Not so nice for the rest of us.
Dr. Paul Vincent Zecchino
Manasota Key, Florida
03 July, 2007
'no soy medico'
#23 Posted by paul_vincent_zecchino on July 3, 2007 at 5:53 a.m. (Suggest removal)
Development is where it's at. Jack's going to take his money and put it to work in something new, like Pine Ridge Village & Lofts. Now! go get a job.
#24 Posted by nitekbob on July 3, 2007 at 8:52 a.m. (Suggest removal)
The Housing Market has still not reached the bottom guys, prices are still falling and will for quite some time.
#25 Posted by ToddMunch on July 3, 2007 at 10:12 a.m. (Suggest removal)
JohnnyB,
Gulf Coast Town center and Coconut Point was purchased and permitted during the high times. Ask some of the retailers is their sales are what they thought when the first signed on. I can tell you that they are struggeling at the Coconut Point location.
Jack purchased and permitted at the start of the boom. So he is making a tidy little sum. I'm sure he will roll over most of the profits into a grab now that the market is week.
#26 Posted by Fletcher on July 3, 2007 at 11:35 a.m. (Suggest removal)
WHAT A COUP~BRAVO JACK BRAVO !!!!!! ENJOY THE FRUITS OF YOUR LABOR. IT WASN'T EASY PUTTING NAPLES ON THE MAP
#27 Posted by chuckit on July 3, 2007 at 12:55 p.m. (Suggest removal)
Fletcher, Galard, can you read? Commercial property value has steadily increased. You are like others here who are confused about commercial versus residential real estate. Boom and bubble terms apply to residential. It seems there are an endless supply of tenants looking for commercial space. Jack and others doubled and tripled rents on Fifth Avenue but they are still at full occupancy. Afterall, there is very little commercial space on Fifth and plenty of demand. Most of the investors in new strip malls have their full investment back at CO at which time their investment has doubled in value. Their percentage of return each following year is infinite because they have 0 of their own money invested.
I can't wait for Jack to begin in Bonita. Smart investors should buy up all the property near him.
#28 Posted by JohhnyB on July 3, 2007 at 3:24 p.m. (Suggest removal)
The politicians own the land by him, thats why they sold him the property at bargain prices.
#29 Posted by docwatson on July 3, 2007 at 4:50 p.m. (Suggest removal)
"... At 780 Fifth Ave. S., a three-story building, the sale included only the first floor retail space occupied by Bank of America, Starbucks, Meson Ole! Jr. and others; at 625 Fifth Ave. S., another three-story building, the first and second floors were sold. ..." [[[snip]]]
I never heard that one before except for condos by the unit. Is this a special type of building permitted or zoned... where you are allowed to sell it "floor by floor"?
#30 Posted by tootsie on July 3, 2007 at 5:52 p.m. (Suggest removal)
Watson, you can't be a real Doc because what you said was about the dumbest thing out of many dumb responses on here. Did you ever thing this was the only way that Old 41 was ever going to be redone? Bringing Jack in is a life saver for Old 41.
#31 Posted by JohhnyB on July 3, 2007 at 5:55 p.m. (Suggest removal)
Good! Now the new owners can put in that Giant Nike Town store on 5th, or a HardRock, Naples restaurant! blah blah blah...that would be awesome.
#32 Posted by cheetahtomoh on July 3, 2007 at 6:17 p.m. (Suggest removal)
Been any mysterious fires latley?
#33 Posted by boulderbilly on July 3, 2007 at 6:51 p.m. (Suggest removal)
swfl ff...
I don't think you have to wait for a formal Assessor posting if you really want to know. The information is recorded at the County Recorders Office... grantee/grantor indexes to look up... then you can pull up the documents to have a look. If these buildings were sold by the floor... then there will be a Deed for each parcel transfer.
But if there was a property swap in the transaction, that information might not be clear in recorded records unless the swap was located in Collier County. Businessmen such as these frequently do swaps in a property sale. Maybe Jack had his eye on a property owned by Blackrock too.
#34 Posted by tootsie on July 3, 2007 at 7:20 p.m. (Suggest removal)
billybobnos must also recall certain properties owned by a certain person (when he was starting out) on Marco in the 80's that burnt to the ground. And yes of course they were insured!
#35 Posted by gcflycatcher on July 3, 2007 at 7:44 p.m. (Suggest removal)
MAYBE YOU SHOULD SELL NOW TOO.
#36 Posted by OLDSURF on July 3, 2007 at 8:12 p.m. (Suggest removal)
Word from Las Vegas is that the Hard Rock Cafe
will move into the spot occupied by both
Bank of America and Starbucks. The deal has
been floating for several weeks now.
Case Management is the deal maker!
Watch for 2 tear downs of new stores on Fifth.
Waterside Shopps here we come!
Chico's is a goner.
#37 Posted by will1313 on July 3, 2007 at 9:25 p.m. (Suggest removal)
Thanks for the comment tootsie. I forgot about that. Either way it does become public knowledge.
I guess Jack A feels it's time to sell and he is satisfied with the price.
Maybe he is looking to build up his cash reserves for his future projects.
#38 Posted by swfl_ff on July 3, 2007 at 10:45 p.m. (Suggest removal)
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