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Business Observer Monday, Aug. 10, 2009 11 years ago

Lost Kangaroo Pub owner buys Hardin, Palmer buildings moving


BUYER: CBR Holdings LLC (Robert Woodring Jr.), Bradenton
SELLER: Arthritis Foundation Florida Chapter Inc.
PROPERTY: 402, 404, 406 and 408 W. 12th St., and office buildings, 410 and 412 W. 12th St., Bradenton
PRICE: $2 million
PREVIOUS PRICE: $1.43 million, April 2004
TITLE FIRM ON DEED: Barnes Walker Title Inc., Bradenton
PLANS, DESCRIPTION: Robert Woodring Jr., owner of the Lost Kangaroo Pub, purchased the Palmer and Hardin historic downtown Bradenton buildings, totaling 12,500 square feet, for $2 million. The purchase price equated to $160 per square foot.

The Lost Kangaroo Pub currently operates from a leased location across Main Street (427 12th St W.). The bar will take a total of 4,000 square feet on the bottom level of one of the buildings. The remaining space is being leased back by the former owner, the Arthritis Foundation Florida Chapter Inc., for three years with an additional two-year option.

“We're in the process of moving right now,” Woodring says. “We'll essentially be gutting it and renovating it.”

The bar is scheduled to reopen toward the end of September. Murdock Construction is the general contractor for the renovation.

Woodring's purchase entity CBR Holdings LLC mortgaged the property to the Arthritis Foundation for $1 million.

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