BUYER: IRISS Lakewood LLC (principal: Fred Starling), Sarasota
SELLER: Lakewood Ranch Commerce Park LLC
PROPERTY: 10306 Technology Terrace, Bradenton
PRICE: $1.01 million
TITLE FIRM ON DEED: University Title Services, Lakewood Ranch
PLANS, DESCRIPTION: Sarasota contractor and real estate investor Fred Starling purchased 4.23 acres in Lakewood Ranch Business Park for $1.01 million.
Starling's construction company, Fred M. Starling Inc., is developing a 32,000-square-foot headquarters and manufacturing facility on the site for IRISS. The new building will feature office, administrative and training space and 18,000 square feet of production space.
IRISS makes infrared windows for inspecting electrical conductors and circuit parts. The firm expects to occupy the new space in May 2013.
Manatee County commissioners awarded IRISS $12,000 in performance based incentives for the new building and $6,393 to cover its transportation impact-fee mitigation. Florida also committed $48,000 based on the firm's projected hiring and capital investment.
The purchase entity IRISS Lakewood LLC mortgaged the property to American Momentum Bank for $3.8 million.