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Commercial Real Estate
Business Observer Friday, May 25, 2012 7 years ago

Former Beall's storage building sells for $1.5 million

The price equated to $29 per square feet.

BUYER: Veethree Electronics & Marine LLC (principals: Shekhar Tewatia and Vishal Lalani), Naperville, Ill.

SELLER: Armed Forces Bank NA

PROPERTY: 2050 E. 47th Terrace, Bradenton

PRICE: $1.5 million

PREVIOUS PRICE: $253,700, September 1988

LAW FIRM ON DEED: Norton Hammersley Lopez & Skokos PA, Sarasota

PLANS, DESCRIPTION: Naperville, Ill.-based Veethree Electronics & Marine purchased a 52,050-square-foot former Beall's storage facility in Manasota Industrial Park for $1.5 million.

The price equated to $29 per square feet.

The 22-year-old building features 37,500 square feet of climate-controlled storage, several dock or graded truck bays and 3,300 square feet of office space. It occupies a 4.15-acre site.

William Blalock of Wyman, Green & Blalock Real Estate Inc. represented the seller and Bob Kolton of Michael Saunders & Co. represented the buyer.

Veethree Electronics & Marine declined to comment on the purchase.

The Illinois-based firm purchased the Teleflex instrumentation business in March 2009 and opened an office in Sarasota. That location currently operates from 2420 Trailmate Drive.

Veethree Electronics & Marine mortgaged the building to Bank of America for $1.48 million.

This article has been updated to reflect the building's previous usage and the industrial park where it was located.

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