BUYER: Cortez BBC LLC (principal: Jeremiah Supple), Lafayette, La.
SELLER: TSPFL Holding LLC
PROPERTY: 12160 W. Cortez Road, Bradenton
PRICE: $2.94 million
PREVIOUS PRICE: $5.26 million, June 2010 (forced duress sale)
LAW FIRM ON DEED: Goodlette Coleman & Johnson PA, Naples
PLANS, DESCRIPTION: Two Louisiana investors, Doug Manning and Jeremiah Supple, purchased most of the Bradenton Boat Club for $2.94 million.
The acquisition included the club's buildings, wet slips, business operations and all but 20 of the 282 dry-rack boat slips. The property was taken over by a subsidiary of Whitney National Bank in a deed in lieu of foreclosure in June.
Manning and his family moved to the area to operate the facility. His goal is to improve operations and do some minor deferred maintenance. The investors put 100 of the docks back up for sale at significantly lower price points and are looking to lease the rest of the facility.
“The former owner drastically overspent,” Manning says. “Our new sales rates are 50% or more off the prices that were in effect six months ago. We will have the lowest rental rates in the state.”