Fifth Third Bank buys Tampa Colonial branch

BUYER: Fifth Third Bank (principals: Kevin Kabat, Sankaran Mahesh, James Hubbard and Paul Reynolds), Cincinnati

SELLER: Federal Deposit Insurance Corp. as receiver of Colonial Bank

PROPERTY: 12002 Anderson Road, Tampa

PRICE: $1.78 million

PREVIOUS PRICE: $436,000, January 1996

LAW FIRM ON DEED: McCathern Mooty LLP, Dallas

PLANS, DESCRIPTION: Cincinnati-based Fifth Third Bank purchased a 2,511- square-foot Colonial Bank branch in the Westgate Shopping Center for $1.78 million.

The price equated to $707 per square foot.

The 13-year-old building features two drive-thrus.

“It's an outparcel to a Publix-anchored shopping center,” says Bonnie Patchen, vice president of marketing in Tampa for Fifth Third. “We find it meets our demographics very well.”

The bank hopes to convert the branch and have it open by the first quarter of 2011.

Fifth Third Bank recently purchased four former Colonial Bank branches in the state, including a second one in Tampa and one each in Bonita Springs and central Florida. Federal regulators shut down Colonial last year.