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Manatee-Sarasota
Business Observer Friday, Jun. 5, 2015 5 years ago

Bank of the Ozarks buys two Manatee branches

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Bank of the Ozarks purchased two of its branches in Manatee County for a combined $3.3 million.

BUYER: Bank of the Ozarks (officers: George and Linda Gleason, Tyler Vance, Greg McKinney, Dan Thomas, Karen White, Jean Arehart, Nicholas Brown, Richard Cisne, Robert East, Catherine Freedberg, Henry Mariani, Robert Proost, R.L. Qualls, John Reynolds, Dr. Sherece West-Scantlebury, Ross Whipple and Joseph Strack), Little Rock, Ark.
SELLER: Horizon Partnership LLP
PROPERTY: 2102 59th St. W., Bradenton
PRICE: $1.9 million
PREVIOUS PRICE: $307,500, September 1999

SELLER: TCB LLP
PROPERTY: 501 and 503 W. Eighth Ave., Palmetto
PRICE: $1.4 million
PREVIOUS PRICE: $502,000 November 2003
LAW FIRM ON DEED: Esposito Law Group PA, Bradenton

PLANS, DESCRIPTION:
Bank of the Ozarks purchased two of its branches in Manatee County for a combined $3.3 million.

The bank acquired a 6,832-square-foot building with a drive-thru on 59th Street West in Bradenton for $1.9 million, equal to $278 per square foot. It purchased a 6,756-square-foot bank building on Eighth Avenue West in Palmetto for $1.4 million, equal to $207 per square foot.

Both of the figures are larger than the two-year average price per square foot for retail space ($129) in the Tampa Bay area, according to the CoStar Group.

The Bradenton branch was built in 2001, and Palmetto bank building was constructed in 2005.

Little Rock, Ark.-based Bank of the Ozarks took over the two branches when it acquired the business of Horizon Bank in 2010.

Ian Black and Steve Horn of Ian Black Real Estate and Jason Bartz of The Riverside Real Estate Co. handled the transaction.

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