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BUYER: Ken Neal Corp. (officers: Craig Blethen and Harry Neal), Sarasota
SELLER: John and Myrtis Elder
PROPERTY: 1605 W. University Parkway, Sarasota
PRICE: $825,000
PREVIOUS PRICE: $400,000, December 1999
LAW FIRM ON DEED: Williams Parker Harrison Dietz & Getzen, Sarasota
PLANS, DESCRIPTION:
Sarasota's Ken Neal Corp. purchased the 17,086-square-foot former 301 Mower Shop industrial building for $825,000.
The price equated to $48 per square foot. That figure is lower than the two-year average price per square foot for industrial space ($104) in the Tampa Bay area, according to the CoStar Group.
Ken Neal Corp., which invests in oil and gas drilling, will locate its offices into a portion of the building along with the associated company Matrix24 Laboratories LLC, which makes the natural mosquito control product EverSafe. Matrix24 Laboratories will use the building to consolidate a leased space at 6151 Lake Osprey Drive and operations from a 5,000-square-foot home.
“The location was good for us because of where we live and where we have our other offices,” says Craig Blethen, CEO of Matrix24 Laboratories and president of Ken Neal Corp. “We also liked the visibility of the building. This past summer was our first year on the market and things are looking good. It is going to be very, very nice for us to have some breathing room.”
Matrix24 Laboratories has started shipping products to Home Depot stores in Florida, Louisiana and Texas and will have products in most Walgreens drug stores this spring.
The new owner also plans to operate a mower sales and service business, called University Mower, from a portion of the building.
Bill Rex of Coldwell Banker Commercial NRT handled the transaction.
The building sits on 2.82 acres, which also offers Ken Neal Corp. room for future development/expansion.
Ken Neal Corp. mortgaged the property to the sellers, John and Myrtis Elder for $662,086.
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