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Business Observer Friday, Feb. 14, 2020 7 months ago

Insurance firm purchases building, lot for $4.5 million

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Sunz purchased a 43,863-square-foot office building at 1201 6th Ave. W. for $3.75 million and a 1-acre lot at 816 12th St. W. for $750,000.

BRADENTON — Sunz Insurance is preparing for continued growth with two recently closed commercial real estate transactions.

Bradenton-based Sunz serves professional employer organizations (PEOS), staffing agencies and large companies nationwide. 

Sunz Property II LLC purchased a 43,863-square-foot office building at 1201 6th Ave. W. for $3.75 million and a 1-acre lot at 816 12th St. W. for $750,000, according to a statement. Both are in downtown Bradenton, adjacent to the existing Sunz Insurance office building at 1301 6th Ave. W., a 59,000-square-foot building Sunz moved into in 2015.

Jag Grewal of Ian Black Real Estate represented Sunz Property II LLC in the transactions. The seller for both properties was Harry Bakker, represented by Ben Bakker of Michael Saunders & Co. in the transactions.

“This was another opportunity to invest in downtown Bradenton as it’s going through a revitalization phase,” says Steve Herrig, CEO and chairman of Sunz Insurance, in the statement. “We wanted to stay ahead of the curve in the community and be part of the wonderful activities taking place in downtown Bradenton. We envision ourselves growing out of our existing building in the not-too-distant future. This will give us another space to grow into, and the lot can serve as parking for employees.”

Tenants currently in the office building at 1201 6th Ave. W. include Bank of America, law firms, financial services companies and co-working company Connect Bradenton. The building was 93% occupied at the time of the sale, the release states. 

Herrig says he expects Sunz, which posted $375.24 million in gross revenue in 2018, to continue experiencing a 25% to 30% growth rate year-over-year. Plans for the new building will eventually include upgrades to modernize the space, such as exterior painting and artwork, an outdoor picnic area for tenants and their guests, parking lot cleanup and additional parking.

Herrig also plans to continue the expansion of Connect Bradenton with additional co-working options and updated audio and visual equipment.

 

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