BUYER: Maraba LLC (principals: Paul Marchese Jr. and James Abrams), Sarasota
SELLER: Stearns Bank
PROPERTY: 5103 and 5107 Lena Road, Bradenton
PRICE: $1.68 million
PREVIOUS PRICE: $675,000, February 2006
LAW FIRM ON DEED: Williams Parker Harrison Dietz & Getzen, Sarasota
PLANS, DESCRIPTION: Sarasota businessmen Paul Marchese Jr. and James Abrams purchased two flex buildings in Creekwood East Corporate Park for $1.68 million.
The price equated to $35 per square foot.
The two buildings feature a total of 48,600 square feet of office and warehouse space and are divided into 27 tenant units. The property was 50% occupied at the time of the sale, according to Marchese.
“We just saw it as a good business opportunity,” he says. “We'll be cleaning it up and making it more desirable. It was being run by the bank, and we think we can run it a lot more efficiently.”
The partners are marketing the space for $7 to $8 a square-foot with common area maintenance fees.
The purchase entity Maraba LLC mortgaged the property to Angelshot LLC for $1.6 million.