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BUYER: JPMorgan Chase Bank NA, Columbus, Ohio
SELLER: The Plaza at Palmer Ranch Associates LLC
PROPERTY: a portion of 8415 S. Tamiami Trail, Sarasota
PRICE: $1.25 million
PREVIOUS PRICE: $6.23 million, February 1990 (includes additional property)
LAW FIRM ON DEED: Bryan J. Stanley PA, Clearwater
PLANS, DESCRIPTION: JPMorgan Chase Bank NA purchased a parcel bordering Central Sarasota Parkway in Palmer Ranch for $1.25 million.
Calls to the bank for comment were not returned prior to publication.
The property is planned for a new bank branch as part of JPMorgan Chase's extensive Florida expansion.
JPMorgan Chase Bank has already announced plans to open a branch at U.S. 41 and Jacaranda Boulevard in Venice this year. The bank also plans to open five new branches each in Hillsborough and Lee counties, three in Manatee County, two in Pinellas County and a single branch each in Charlotte, Collier and Pasco counties.
Each branch averages 4,200 square feet and contains 10 to 12 employees. The bank says new branch locations cost between $2 million and $6 million to develop.
The bank has budgeted $100 million to open new Florida branches this year.
“Florida is one of Chase's high-priority growth markets,” Mel Martinez, chairman of Florida, Mexico, Central America and the Caribbean, says in a press release.
Chase has announced plans to add a total of 375 to 500 branches in Florida by 2015.
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